$51.50

-0.09 (-0.17%)

Weekly Expected Move ±5.9%

$47 $50 $53 $56 $60

NASDAQ · Consumer Defensive · Education & Training Services · Alpha Radar Sell · Power 32 · $944.7M mcap · 17M float · 2.00% daily turnover · Short 53% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

40.7 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 16.0% · 5Y Avg: -14.5%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale ★

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. APEI shows a Weak competitive edge (40.7/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 16.0% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$62

Low

$63

Avg Target

$64

High

Based on 3 analysts since May 11, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 9Hold: 10Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$60.20

Analysts5

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-13	Barrington	—	$36	$62	+26	+15.1%	$53.86
2026-05-13	D.A. Davidson	Tom White	$43	$64	+21	+26.5%	$50.59
2026-05-12	Lake Street	—	$47	$62	+15	+13.7%	$54.53
2026-03-13	Truist Financial	Jasper Bibb	$38	$55	+17	-4.6%	$57.66
2026-03-13	William Blair	—	Initiated	$58	—	+0.2%	$57.89
2026-02-18	Northland Securities	—	Initiated	$51	—	+13.6%	$44.90
2026-01-30	Lake Street	—	$40	$47	+7	+11.3%	$42.23
2026-01-27	Griffin	Griffin Boss	$37	$53	+16	+25.4%	$42.25
2025-11-24	D.A. Davidson	Tom White	Initiated	$43	—	+22.9%	$35.00
2025-11-21	Truist Financial	—	$16	$38	+22	+8.0%	$35.17
2025-11-21	Lake Street	—	$38	$40	+2	+13.7%	$35.17
2025-10-15	Lake Street	—	Initiated	$38	—	-0.6%	$38.23
2025-08-11	Barrington	Alexander Paris	$15	$36	+21	+23.1%	$29.25
2025-08-07	Griffin	Griffin Boss	Initiated	$37	—	+27.5%	$29.03
2022-08-11	Truist Financial	—	$21	$16	-5	+26.9%	$12.61
2022-08-11	Barrington	—	$20	$15	-5	+20.3%	$12.47
2022-05-12	Truist Financial	—	Initiated	$21	—	+52.8%	$13.74
2022-05-11	Barrington	Alexander Paris	Initiated	$20	—	+45.8%	$13.72

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. APEI receives an overall rating of B+. Strongest factors: ROE (4/5), ROA (5/5). Areas of concern: P/E (2/5), P/B (2/5).

Rating Change History

Date	From	To
2026-05-11	B	B+
2026-05-04	B+	B
2026-04-30	B	B+
2026-04-28	B+	B
2026-04-22	B	B+
2026-03-13	C-	B
2026-03-12	B	C-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 69 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. APEI scores highest in Safety (100/100) and lowest in Profitability (50/100). An overall grade of A places APEI among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

4.51

Safe Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✗ ✓ ✗ ✓ ✓

Beneish M-Score

-2.81

Unlikely Manipulator

Ohlson O-Score

-8.16

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

Score: 86.4/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 2.19x

Accruals: -8.6%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. APEI scores 4.51, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. APEI scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. APEI's score of -2.81 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. APEI's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. APEI receives an estimated rating of AA (score: 86.4/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). APEI's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

23.31x

PEG

0.26x

P/S

1.43x

P/B

3.08x

P/FCF

14.50x

P/OCF

12.12x

EV/EBITDA

14.29x

EV/Revenue

1.60x

EV/EBIT

18.33x

EV/FCF

14.31x

Earnings Yield

3.78%

FCF Yield

6.90%

Shareholder Yield

1.00%

Graham Number

$27.53

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 23.3x earnings, APEI commands a growth premium. Graham's intrinsic value formula yields $27.53 per share, 87% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.783

NI / EBT

Interest Burden

0.896

EBT / EBIT

EBIT Margin

0.087

EBIT / Rev

Asset Turnover

1.184

Rev / Assets

Equity Multiplier

1.860

Assets / Equity

ROE

13.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. APEI's ROE of 13.5% is driven by Asset Turnover (1.184), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

61.55%

Fair P/E

131.60x

Intrinsic Value

$282.71

Price/Value

0.20x

Margin of Safety

79.88%

Premium

-79.88%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with APEI's realized 61.6% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $282.71, APEI appears undervalued with a 80% margin of safety. The adjusted fair P/E of 131.6x compares to the current market P/E of 23.3x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$51.50

Median 1Y

$45.62

5th Pctile

$16.02

95th Pctile

$129.08

Ann. Volatility

63.5%

Analyst Target

$60.20

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Angela K. Selden President and Chief Executive Officer	$838,846	$3,103,874	$5,063,608
Richard W. Sunderland, Jr. Former Executive Vice President, Chief Financial Officer	$493,351	$620,775	$1,479,205
Nuno S. Fernandes President, American Public University System	$510,962	$434,556	$1,319,325
Mark L. Arnold President, Rasmussen University	$411,923	$331,100	$1,217,650
Thomas A. Beckett Senior Vice President and General Counsel	$418,884	$455,247	$1,180,621
Edward H. Codispoti. Executive Vice President, Chief Financial Officer	$91,731	$318,057	$482,230

CEO Pay Ratio

105:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $5,063,608

Avg Employee Cost (SGA/emp): $48,251

Employees: 5,841

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

5,841

-4.5% YoY

Revenue / Employee

$111,087

Rev: $648,862,000

Profit / Employee

$5,403

NI: $31,557,000

SGA / Employee

$48,251

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	6.1%	5.1%	4.9%	4.1%	-26.5%	-27.4%	-30.1%	-32.9%	-17.6%	-17.5%	-14.7%	-12.8%	3.3%	5.0%	5.4%	8.2%	9.6%	10.7%	10.5%	13.5%	13.50%
ROA	5.1%	4.3%	3.2%	2.7%	-17.4%	-18.1%	-16.3%	-17.9%	-9.5%	-9.5%	-7.6%	-6.6%	1.7%	2.6%	2.9%	4.3%	5.1%	5.7%	5.7%	7.3%	7.26%
ROIC	20.9%	18.8%	3.9%	3.2%	-17.0%	-17.3%	-25.3%	-27.2%	-13.2%	-11.9%	-10.0%	-7.8%	4.7%	5.6%	5.4%	7.3%	8.3%	9.2%	12.3%	16.0%	16.03%
ROCE	9.5%	8.7%	5.9%	5.7%	-17.3%	-17.6%	-20.4%	-22.9%	-10.4%	-9.2%	-8.9%	-6.7%	7.5%	7.0%	6.9%	8.4%	9.2%	10.3%	10.3%	12.3%	12.30%
Gross Margin	61.0%	56.7%	56.3%	53.7%	51.8%	52.0%	52.2%	50.6%	49.1%	51.5%	53.7%	53.1%	50.2%	50.8%	56.3%	54.5%	51.8%	54.2%	53.8%	54.9%	54.91%
Operating Margin	2.5%	1.3%	10.7%	3.4%	-94.4%	-0.7%	-0.2%	-3.6%	-44.3%	4.2%	10.4%	3.4%	1.5%	2.7%	13.1%	7.4%	4.3%	5.9%	12.0%	12.5%	12.47%
Net Margin	0.7%	-0.3%	6.1%	3.4%	-73.5%	-2.5%	-4.3%	-3.8%	-34.8%	-2.2%	8.5%	0.3%	0.2%	1.5%	7.9%	5.4%	2.8%	3.4%	8.0%	10.1%	10.15%
EBITDA Margin	10.0%	5.7%	18.5%	11.6%	-89.5%	4.8%	10.3%	1.6%	-38.9%	8.9%	17.3%	6.7%	5.5%	6.0%	15.5%	9.9%	6.8%	8.4%	14.6%	14.9%	14.85%
FCF Margin	5.1%	-1.7%	1.1%	3.5%	6.6%	8.4%	2.1%	0.0%	-0.6%	1.8%	5.3%	6.0%	5.1%	3.6%	4.4%	7.3%	7.8%	9.2%	7.1%	11.2%	11.20%
OCF Margin	6.6%	0.2%	3.9%	6.2%	9.5%	11.2%	4.8%	2.8%	2.1%	4.3%	7.6%	8.8%	8.2%	7.2%	7.8%	10.3%	10.5%	11.5%	9.5%	13.4%	13.39%
ROE 3Y Avg	snapshot only																				2.57%
ROE 5Y Avg	snapshot only																				-4.95%
ROA 3Y Avg	snapshot only																				1.46%
ROIC 3Y Avg	snapshot only																				-1.32%
ROIC Economic	snapshot only																				10.14%
Cash ROA	snapshot only																				16.24%
Cash ROIC	snapshot only																				31.39%
CROIC	snapshot only																				26.23%
NOPAT Margin	snapshot only																				6.84%
Pretax Margin	snapshot only																				7.83%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				43.15%
SBC / Revenue	snapshot only																				0.92%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	29.10	31.27	23.63	26.77	-3.20	-1.75	-2.03	-0.82	-1.27	-1.33	-3.65	-6.16	30.15	16.65	24.59	16.79	19.20	23.20	22.35	26.48	23.308
P/S Ratio	1.61	1.38	1.00	0.83	0.55	0.28	0.38	0.17	0.14	0.15	0.29	0.42	0.52	0.44	0.63	0.65	0.85	1.13	1.09	1.62	1.433
P/B Ratio	1.74	1.57	1.01	0.96	0.74	0.42	0.67	0.30	0.24	0.25	0.59	0.87	1.09	0.92	1.30	1.35	1.81	2.44	2.39	3.63	3.075
P/FCF	31.59	-81.68	94.55	23.55	8.34	3.39	18.18	1174.66	-25.76	8.34	5.46	6.91	10.13	12.23	14.26	8.87	10.94	12.34	15.30	14.50	14.496
P/OCF	24.31	736.09	25.79	13.24	5.79	2.55	7.98	6.18	6.92	3.46	3.79	4.73	6.35	6.10	8.11	6.31	8.14	9.86	11.38	12.12	12.117
EV/EBITDA	7.63	6.60	9.94	8.96	-5.38	-3.83	-3.36	-1.68	-5.12	-6.50	-17.24	-47.52	6.95	6.57	8.71	8.10	9.97	12.18	10.78	14.29	14.287
EV/Revenue	0.95	0.76	1.32	1.10	0.79	0.51	0.52	0.30	0.28	0.28	0.43	0.56	0.67	0.58	0.74	0.76	0.96	1.24	1.07	1.60	1.602
EV/EBIT	10.53	9.62	14.60	14.70	-3.98	-2.73	-2.50	-1.30	-2.59	-2.98	-6.07	-10.54	11.27	10.56	13.65	11.68	13.74	16.01	14.40	18.33	18.331
EV/FCF	18.71	-44.86	124.93	31.46	12.01	6.03	24.38	2078.17	-49.78	15.82	8.25	9.32	12.93	16.23	16.73	10.35	12.31	13.49	15.01	14.31	14.313
Earnings Yield	3.4%	3.2%	4.2%	3.7%	-31.3%	-57.3%	-49.3%	-1.2%	-78.9%	-75.3%	-27.4%	-16.2%	3.3%	6.0%	4.1%	6.0%	5.2%	4.3%	4.5%	3.8%	3.78%
FCF Yield	3.2%	-1.2%	1.1%	4.2%	12.0%	29.5%	5.5%	0.1%	-3.9%	12.0%	18.3%	14.5%	9.9%	8.2%	7.0%	11.3%	9.1%	8.1%	6.5%	6.9%	6.90%
PEG Ratio	snapshot only																				0.263
Price/Tangible Book	snapshot only																				5.168
EV/OCF	snapshot only																				11.964
EV/Gross Profit	snapshot only																				2.983
Acquirers Multiple	snapshot only																				18.342
Shareholder Yield	snapshot only																				1.00%
Graham Number	snapshot only																				$27.53

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	4.57	4.57	2.42	2.42	2.42	2.42	2.63	2.63	2.63	2.63	2.94	2.94	2.94	2.94	3.29	3.29	3.29	3.29	3.46	3.46	3.462
Quick Ratio	4.57	4.57	2.42	2.42	2.42	2.42	2.63	2.63	2.63	2.63	2.94	2.94	2.94	2.94	3.29	3.29	3.29	3.29	3.46	3.46	3.462
Debt/Equity	0.03	0.03	0.62	0.62	0.62	0.62	0.60	0.60	0.60	0.60	0.70	0.70	0.70	0.70	0.66	0.66	0.66	0.66	0.55	0.55	0.553
Net Debt/Equity	-0.71	-0.71	0.32	0.32	0.32	0.32	0.23	0.23	0.23	0.23	0.30	0.30	0.30	0.30	0.23	0.23	0.23	0.23	-0.05	-0.05	-0.046
Debt/Assets	0.02	0.02	0.35	0.35	0.35	0.35	0.30	0.30	0.30	0.30	0.37	0.37	0.37	0.37	0.35	0.35	0.35	0.35	0.30	0.30	0.300
Debt/EBITDA	0.21	0.22	4.61	4.31	-3.15	-3.20	-2.24	-1.92	-6.50	-8.08	-13.53	-28.53	3.50	3.77	3.76	3.39	3.24	3.02	2.54	2.20	2.205
Net Debt/EBITDA	-5.25	-5.42	2.42	2.26	-1.65	-1.68	-0.85	-0.73	-2.47	-3.07	-5.82	-12.27	1.50	1.62	1.29	1.16	1.11	1.03	-0.21	-0.18	-0.183
Interest Coverage	—	21.13	8.60	4.69	-9.93	-8.39	-7.07	-8.69	-4.60	-5.11	-9.63	-11.53	14.47	14.49	16.01	14.23	14.00	13.85	11.36	14.16	14.161
Equity Multiplier	1.21	1.21	1.75	1.75	1.75	1.75	1.96	1.96	1.96	1.96	1.91	1.91	1.91	1.91	1.88	1.88	1.88	1.88	1.84	1.84	1.844
Cash Ratio	snapshot only																				2.352
Debt Service Coverage	snapshot only																				18.171
Cash to Debt	snapshot only																				1.083
FCF to Debt	snapshot only																				0.453
Defensive Interval	snapshot only																				298.1 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.91	0.97	0.76	0.88	1.02	1.11	0.86	0.85	0.85	0.85	0.97	0.97	0.98	0.99	1.11	1.13	1.14	1.16	1.17	1.18	1.184
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	22.89	24.21	15.60	18.07	20.74	22.65	15.47	15.34	15.28	15.31	12.87	12.97	13.09	13.14	11.01	11.19	11.36	11.54	10.13	10.29	10.287
Payables Turnover	34.21	37.34	20.01	24.57	29.41	32.80	33.34	33.59	33.93	34.09	46.97	46.73	46.93	47.28	35.82	36.13	36.39	36.31	47.54	48.15	48.146
DSO	16	15	23	20	18	16	24	24	24	24	28	28	28	28	33	33	32	32	36	35	35.5 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	11	10	18	15	12	11	11	11	11	11	8	8	8	8	10	10	10	10	8	8	7.6 days
Cash Conversion Cycle	5	5	5	5	5	5	13	13	13	13	21	20	20	20	23	23	22	22	28	28	27.9 days
Fixed Asset Turnover	snapshot only																				5.137
Cash Velocity	snapshot only																				3.734
Capital Intensity	snapshot only																				0.825

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	10.9%	13.0%	30.1%	44.5%	67.9%	73.3%	44.8%	24.0%	7.6%	-1.3%	-1.0%	0.7%	2.0%	2.2%	4.0%	4.9%	5.5%	6.7%	3.9%	3.8%	3.84%
Net Income	39.1%	-11.6%	-5.7%	-38.9%	-6.2%	-7.4%	-7.5%	-9.4%	29.6%	32.5%	58.9%	67.5%	1.2%	1.2%	1.3%	1.6%	1.7%	97.4%	95.8%	64.9%	64.94%
EPS	10.4%	-29.6%	-24.5%	-46.8%	-6.2%	-7.4%	-7.4%	-9.3%	26.0%	28.4%	56.4%	65.1%	1.2%	1.2%	1.3%	1.6%	1.7%	92.1%	92.8%	61.6%	61.55%
FCF	-56.9%	-1.1%	-88.9%	-57.4%	1.2%	9.6%	1.9%	-99.5%	-1.1%	-79.1%	1.5%	414.8%	10.5%	1.1%	-12.1%	26.7%	59.6%	1.7%	65.9%	59.2%	59.15%
EBITDA	25.0%	5.0%	44.6%	29.1%	-3.0%	-3.0%	-2.7%	-2.8%	60.7%	67.8%	83.8%	93.4%	2.8%	3.1%	4.5%	9.3%	5.9%	22.3%	20.3%	24.7%	24.74%
Op. Income	32.6%	-0.4%	22.7%	-23.8%	-5.6%	-6.1%	-5.5%	-6.9%	39.2%	46.5%	64.8%	74.5%	1.4%	1.4%	1.7%	2.1%	51.1%	83.9%	45.2%	43.5%	43.47%
OCF Growth	snapshot only																				35.54%
Asset Growth	snapshot only																				-4.68%
Equity Growth	snapshot only																				-2.99%
Debt Growth	snapshot only																				-18.77%
Shares Change	snapshot only																				2.10%
Dividend Growth	snapshot only																				-77.84%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	3.5%	5.5%	12.1%	17.9%	23.7%	28.2%	28.4%	27.9%	26.1%	24.6%	23.1%	21.7%	22.6%	20.5%	14.2%	9.4%	5.0%	2.5%	2.3%	3.1%	3.11%
Revenue 5Y	0.5%	1.8%	6.0%	9.7%	13.1%	15.2%	15.2%	15.0%	14.9%	15.0%	15.1%	15.4%	15.8%	16.3%	16.9%	17.2%	16.6%	16.1%	15.1%	14.4%	14.44%
EPS 3Y	-12.0%	-18.2%	-15.1%	-15.7%	—	—	—	—	—	—	—	—	-15.7%	2.6%	-2.3%	18.8%	—	—	—	—	—
EPS 5Y	-14.0%	-13.2%	-8.7%	-6.7%	—	—	—	—	—	—	—	—	-13.9%	1.3%	6.4%	12.0%	12.5%	7.9%	6.3%	7.6%	7.56%
Net Income 3Y	-8.3%	-14.8%	-11.5%	-12.1%	—	—	—	—	—	—	—	—	-16.8%	1.5%	-3.2%	17.8%	—	—	—	—	—
Net Income 5Y	-11.3%	-10.6%	-6.0%	-4.0%	—	—	—	—	—	—	—	—	-12.4%	3.8%	10.0%	16.5%	16.8%	12.8%	10.9%	10.5%	10.51%
EBITDA 3Y	-9.5%	-9.7%	2.0%	5.1%	—	—	—	—	—	—	—	—	12.2%	10.6%	-1.5%	-0.3%	—	—	—	—	—
EBITDA 5Y	-11.1%	-11.6%	-4.0%	-0.3%	—	—	—	—	—	—	—	—	4.0%	7.0%	8.5%	14.4%	13.3%	11.7%	10.7%	9.8%	9.81%
Gross Profit 3Y	4.1%	5.3%	10.5%	14.3%	18.8%	22.6%	22.2%	21.3%	18.4%	16.9%	15.5%	14.3%	15.5%	14.1%	10.1%	7.2%	4.3%	3.0%	3.0%	4.5%	4.46%
Gross Profit 5Y	0.2%	1.0%	4.7%	7.7%	10.6%	12.3%	11.7%	11.3%	10.8%	10.7%	11.0%	11.4%	12.0%	12.5%	13.5%	14.1%	13.4%	13.2%	11.7%	11.0%	10.96%
Op. Income 3Y	-9.4%	-11.2%	-2.3%	-9.6%	—	—	—	—	—	—	—	—	5.1%	5.2%	2.9%	17.2%	—	—	—	—	—
Op. Income 5Y	-13.5%	-11.2%	-4.5%	-4.0%	—	—	—	—	—	—	—	—	-1.1%	3.2%	9.9%	20.2%	18.4%	16.4%	14.2%	12.0%	11.98%
FCF 3Y	-24.0%	—	-49.6%	-19.4%	-2.5%	6.4%	-25.6%	-86.3%	—	-37.7%	-7.4%	-2.9%	23.0%	—	84.3%	39.6%	11.1%	5.5%	53.2%	8.4%	8.43%
FCF 5Y	-16.5%	—	-35.5%	-7.8%	4.7%	12.9%	-17.3%	-70.4%	—	-20.6%	-1.9%	2.4%	-4.5%	-12.3%	-2.2%	6.1%	5.1%	6.4%	2.9%	13.1%	13.07%
OCF 3Y	-24.6%	-75.4%	-28.3%	-10.2%	3.0%	10.3%	-8.7%	-26.4%	-35.7%	-20.6%	0.5%	6.3%	31.7%	3.1%	44.3%	29.1%	8.6%	3.4%	28.5%	74.1%	74.13%
OCF 5Y	-19.1%	-59.1%	-21.9%	-5.9%	3.9%	9.8%	-9.4%	-20.6%	-24.8%	-10.3%	0.6%	5.0%	0.8%	-2.7%	5.0%	9.2%	7.8%	8.0%	6.7%	14.7%	14.67%
Assets 3Y	3.1%	3.1%	25.1%	25.1%	25.1%	25.1%	24.5%	24.5%	24.5%	24.5%	14.5%	14.5%	14.5%	14.5%	-7.7%	-7.7%	-7.7%	-7.7%	-7.4%	-7.4%	-7.44%
Assets 5Y	4.1%	4.1%	17.7%	17.7%	17.7%	17.7%	15.1%	15.1%	15.1%	15.1%	8.5%	8.5%	8.5%	8.5%	9.9%	9.9%	9.9%	9.9%	7.9%	7.9%	7.93%
Equity 3Y	2.0%	2.0%	9.0%	9.0%	9.0%	9.0%	5.6%	5.6%	5.6%	5.6%	-1.7%	-1.7%	-1.7%	-1.7%	-9.9%	-9.9%	-9.9%	-9.9%	-5.5%	-5.5%	-5.54%
Book Value 3Y	-2.1%	-2.1%	4.6%	4.5%	4.4%	3.3%	-1.1%	-2.2%	-0.7%	-0.2%	-7.1%	-4.3%	-0.4%	-0.6%	-9.1%	-9.2%	-8.5%	-9.6%	-5.0%	-5.1%	-5.09%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	56.8%	29.3%	12.4%	1.2%	0.1%	-0.6%	-11.5%	-22.7%	-39.2%	-39.20%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.00	0.13	0.38	0.48	0.49	0.53	0.66	0.74	0.73	0.74	0.84	0.89	0.85	0.81	0.89	0.91	0.85	0.77	0.77	0.81	0.812
Earnings Stability	0.40	0.57	0.27	0.04	0.44	0.47	0.46	0.45	0.66	0.64	0.50	0.44	0.18	0.13	0.09	0.06	0.01	0.01	0.01	0.03	0.027
Margin Stability	0.98	0.98	0.98	0.96	0.95	0.94	0.93	0.92	0.91	0.91	0.91	0.91	0.91	0.91	0.92	0.93	0.92	0.92	0.92	0.92	0.916
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	1.00	1.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	0	1	1	1	0	1	1	0	1	1	1	0	1	1	1	1	1	1	1	1
Earnings Persistence	0.84	0.95	0.98	0.84	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.500
Earnings Smoothness	0.67	0.88	0.94	0.52	—	—	—	—	—	—	—	—	—	—	—	—	0.08	0.34	0.35	0.51	0.510
ROE Trend	0.01	0.00	-0.00	-0.02	-0.28	-0.29	-0.38	-0.42	-0.11	-0.10	-0.02	0.02	0.25	0.27	0.30	0.33	0.17	0.17	0.16	0.17	0.167
Gross Margin Trend	0.01	-0.00	-0.03	-0.05	-0.07	-0.08	-0.08	-0.08	-0.07	-0.06	-0.04	-0.02	-0.01	-0.00	0.01	0.01	0.02	0.03	0.02	0.01	0.013
FCF Margin Trend	-0.08	-0.16	-0.11	-0.08	-0.03	0.02	-0.05	-0.08	-0.06	-0.02	0.04	0.04	0.02	-0.01	0.01	0.04	0.05	0.06	0.02	0.05	0.045
Sustainable Growth Rate	6.1%	5.1%	4.9%	4.1%	—	—	—	—	—	—	—	—	1.4%	3.1%	3.4%	6.2%	7.7%	9.3%	9.6%	13.1%	13.05%
Internal Growth Rate	5.3%	4.4%	3.3%	2.8%	—	—	—	—	—	—	—	—	0.7%	1.6%	1.8%	3.4%	4.2%	5.2%	5.5%	7.5%	7.55%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.20	0.04	0.92	2.02	-0.55	-0.69	-0.25	-0.13	-0.18	-0.38	-0.96	-1.30	4.75	2.73	3.03	2.66	2.36	2.35	1.96	2.19	2.185
FCF/OCF	0.77	-9.01	0.27	0.56	0.69	0.75	0.44	0.01	-0.27	0.42	0.69	0.68	0.63	0.50	0.57	0.71	0.74	0.80	0.74	0.84	0.836
FCF/Net Income	snapshot only																				1.827
OCF/EBITDA	snapshot only																				1.194
CapEx/Revenue	1.5%	1.9%	2.8%	2.7%	2.9%	2.8%	2.7%	2.8%	2.6%	2.5%	2.3%	2.8%	3.1%	3.6%	3.4%	3.0%	2.7%	2.3%	2.4%	2.2%	2.20%
CapEx/Depreciation	snapshot only																				0.888
Accruals Ratio	-0.01	0.04	0.00	-0.03	-0.27	-0.30	-0.20	-0.20	-0.11	-0.13	-0.15	-0.15	-0.06	-0.05	-0.06	-0.07	-0.07	-0.08	-0.05	-0.09	-0.086
Sloan Accruals	snapshot only																				-0.023
Cash Flow Adequacy	snapshot only																				5.584
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%	3.5%	5.0%	3.5%	2.4%	1.9%	2.3%	1.5%	1.4%	1.0%	0.6%	0.4%	0.1%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.08	$0.16	$0.25	$0.34	$0.34	$0.34	$0.34	$0.33	$0.32	$0.32	$0.22	$0.15	$0.07	$0.00
Payout Ratio	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	—	—	58.0%	38.0%	37.6%	24.3%	20.1%	13.2%	8.7%	3.3%	3.27%
FCF Payout Ratio	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	16.5%	—	42.0%	19.0%	16.6%	19.5%	27.9%	21.8%	12.8%	11.4%	7.0%	6.0%	1.8%	1.79%
Total Payout Ratio	16.1%	19.7%	17.1%	11.4%	—	—	—	—	—	—	—	—	1.1%	74.7%	63.9%	39.9%	33.4%	25.8%	22.5%	26.5%	26.47%
Div. Increase Streak	—	—	—	—	—	—	—	0	0	0	0	1	1	1	1	0	0	0	0	0	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	3.21	1.10	0.40	0.02	-0.01	-0.05	-0.31	-0.54	-0.78	-0.777
Buyback Yield	0.6%	0.6%	0.7%	0.4%	0.5%	0.9%	0.7%	1.4%	10.7%	10.2%	6.2%	5.3%	1.8%	2.2%	1.1%	0.9%	0.7%	0.5%	0.6%	0.9%	0.88%
Net Buyback Yield	-15.6%	-17.2%	-19.8%	0.4%	0.5%	0.9%	0.7%	1.4%	10.7%	10.2%	6.2%	5.3%	1.8%	2.2%	1.1%	0.9%	0.7%	0.5%	0.5%	0.8%	0.78%
Total Shareholder Return	-15.6%	-17.2%	-19.8%	0.4%	0.5%	0.9%	0.7%	2.8%	14.1%	15.2%	9.7%	7.7%	3.8%	4.5%	2.6%	2.4%	1.7%	1.1%	0.9%	0.9%	0.90%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.73	0.71	0.70	0.72	0.76	0.77	0.78	0.80	0.85	0.88	0.86	0.84	0.60	0.78	0.61	0.68	0.69	0.68	0.72	0.78	0.783
Interest Burden (EBT/EBIT)	0.84	0.79	0.67	0.57	1.13	1.14	1.18	1.13	1.24	1.34	1.28	1.52	0.49	0.61	0.78	0.88	0.93	0.93	0.91	0.90	0.896
EBIT Margin	0.09	0.08	0.09	0.08	-0.20	-0.19	-0.21	-0.23	-0.11	-0.09	-0.07	-0.05	0.06	0.06	0.05	0.06	0.07	0.08	0.07	0.09	0.087
Asset Turnover	0.91	0.97	0.76	0.88	1.02	1.11	0.86	0.85	0.85	0.85	0.97	0.97	0.98	0.99	1.11	1.13	1.14	1.16	1.17	1.18	1.184
Equity Multiplier	1.20	1.20	1.52	1.52	1.52	1.52	1.84	1.84	1.84	1.84	1.94	1.94	1.94	1.94	1.89	1.89	1.89	1.89	1.86	1.86	1.860

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$0.97	$0.82	$0.94	$0.79	$-5.06	$-5.23	$-6.06	$-6.61	$-3.74	$-3.75	$-2.64	$-2.30	$0.58	$0.89	$0.88	$1.33	$1.59	$1.70	$1.69	$2.15	$2.15
Book Value/Share	$16.29	$16.28	$22.04	$22.01	$21.98	$21.96	$18.43	$18.34	$19.44	$19.63	$16.32	$16.39	$16.10	$16.00	$16.55	$16.50	$16.85	$16.20	$15.80	$15.68	$16.75
Tangible Book/Share	$14.68	$14.67	$4.62	$4.61	$4.60	$4.60	$9.61	$9.56	$10.14	$10.24	$11.22	$11.28	$11.08	$11.01	$11.76	$11.73	$11.98	$11.52	$11.09	$11.01	$11.01
Revenue/Share	$17.60	$18.60	$22.21	$25.69	$29.44	$32.12	$31.95	$31.53	$33.29	$33.68	$33.56	$33.98	$33.69	$33.61	$34.01	$34.46	$35.74	$34.90	$34.77	$35.05	$36.05
FCF/Share	$0.90	$-0.31	$0.24	$0.90	$1.94	$2.70	$0.68	$0.00	$-0.18	$0.60	$1.77	$2.05	$1.73	$1.21	$1.51	$2.52	$2.78	$3.20	$2.47	$3.92	$4.04
OCF/Share	$1.17	$0.03	$0.86	$1.60	$2.79	$3.59	$1.54	$0.88	$0.68	$1.44	$2.54	$3.00	$2.77	$2.42	$2.66	$3.54	$3.74	$4.01	$3.32	$4.69	$4.83
Cash/Share	$12.02	$12.01	$6.50	$6.50	$6.49	$6.48	$6.82	$6.79	$7.20	$7.26	$6.52	$6.55	$6.43	$6.39	$7.18	$7.16	$7.32	$7.03	$9.46	$9.39	$12.09
EBITDA/Share	$2.20	$2.13	$2.96	$3.17	$-4.33	$-4.25	$-4.91	$-5.70	$-1.79	$-1.45	$-0.85	$-0.40	$3.23	$2.98	$2.91	$3.22	$3.44	$3.54	$3.44	$3.93	$3.93
Debt/Share	$0.47	$0.47	$13.65	$13.64	$13.62	$13.60	$11.01	$10.96	$11.62	$11.73	$11.44	$11.49	$11.29	$11.22	$10.92	$10.89	$11.12	$10.70	$8.73	$8.67	$8.67
Net Debt/Share	$-11.55	$-11.54	$7.15	$7.14	$7.13	$7.12	$4.19	$4.17	$4.42	$4.46	$4.92	$4.94	$4.86	$4.83	$3.74	$3.73	$3.81	$3.66	$-0.73	$-0.72	$-0.72

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.509
Altman Z-Prime	snapshot only																				7.360
Piotroski F-Score	6	4	3	4	4	4	4	4	6	6	7	7	7	6	8	8	9	8	6	7	7
Beneish M-Score	-1.98	-1.80	0.07	-0.05	-0.86	-1.10	-3.42	-3.41	-2.97	-3.07	-3.34	-3.38	-2.92	-2.81	-2.62	-2.65	-2.64	-2.69	-2.64	-2.81	-2.814
Ohlson O-Score	snapshot only																				-8.165
ROIC (Greenblatt)	snapshot only																				18.40%
Net-Net WC	snapshot only																				$0.59
EVA	snapshot only																				$16953644.93

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				AA
Credit Score	93.33	88.30	58.74	53.32	40.77	35.91	35.39	33.95	32.94	36.01	41.78	42.46	66.25	66.56	66.76	73.03	70.71	76.83	82.82	86.39	86.392
Credit Grade	snapshot only																				3
Credit Trend	snapshot only																				13.362
Implied Spread (bps)	snapshot only																				80.000
Industry Credit Rank	snapshot only																				77
Sector Credit Rank	snapshot only																				76

APEI NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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