American Public Education, Inc. (APEI) Balance Sheet
APEI balance sheet, 2025
December 31, 2025 · U.S. dollars$543.4M assets = $248.7M liabilities + $294.8M equity
Both columns are drawn to the same scale: what APEI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
APEI financial health
Descriptive bands, not a rating. Fiscal 2025.
APEI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $320.7M2016 | $543.4M2025 | +6.0%/yr | |
| Total liabilities | $56.0M2016 | $248.7M2025 | +18.0%/yr | |
| Shareholders’ equity | $264.7M2016 | $294.8M2025 | +1.2%/yr | |
| Cash & short-term investments | $146.4M2016 | $176.5M2025 | +2.1%/yr | |
| Total debt | $559,0002016 | $163.0M2025 | +87.9%/yr | |
| Net cash (debt) | $145.8M2016 | $13.5M2025 | −$132.3M | |
| Working capital | $121.5M2016 | $184.8M2025 | +$63.2M | |
| Book value per share | $16.322016 | $15.802025 | −0.4%/yr | |
| Current ratio | 3.882016 | 3.462025 | −0.42 | |
| Debt / equity | 0.002016 | 0.552025 | +0.55 | |
| Shares outstanding | 16.2M2016 | 18.7M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APEI assets
APEI liabilities and equity
APEI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
APEI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $176.5M | $131.9M | $116.7M | $129.5M | $122.6M | $226.5M | $201.4M | $212.1M | $179.2M | $146.4M |
| Cash & equivalents | $176.5M | $131.9M | $116.7M | $129.5M | $122.6M | $226.5M | $201.4M | $212.1M | $179.2M | $146.4M |
| Short-term investments | — | — | — | — | — | $10.5M | — | — | $0 | $0 |
| Receivables | $65.7M | $63.4M | $51.4M | $45.2M | $41.3M | $17.7M | $11.3M | $15.0M | $7.1M | $6.9M |
| Inventory | $0 | $0 | $27.2M | $0 | $21.7M | $0 | −$1.8M | $1 | $0 | $0 |
| Other current assets | $17.7M | $65.2M | $22.1M | $11.4M | $17.0M | $7.7M | $11.9M | $5.5M | $4.8M | $10.4M |
| Total current assets | $259.8M | $260.6M | $217.4M | $186.1M | $202.6M | $251.8M | $222.9M | $232.6M | $191.1M | $163.7M |
| Property, plant & equipment (net) | $128.3M | $168.2M | $187.5M | $209.8M | $180.4M | $77.2M | $90.2M | $86.9M | $92.4M | $97.7M |
| Goodwill & intangible assets | $87.8M | $87.8M | $91.1M | $167.3M | $328.6M | $30.3M | $30.3M | $37.6M | $38.5M | $33.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $10.5M | $10.5M | $12.0M | $12.5M | $14.6M |
| Other non-current assets | $67.5M | $53.6M | $61.3M | $122.1M | $14.0M | $1.3M | $1.0M | $1.9M | $4.5M | $10.8M |
| Total assets | $543.4M | $570.1M | $557.4M | $685.2M | $725.6M | $371.0M | $354.9M | $371.0M | $339.0M | $320.7M |
| Liabilities | ||||||||||
| Accounts payable | $4.8M | $7.8M | $8.7M | $3.8M | $13.5M | $3.8M | $3.5M | $9.1M | $8.8M | $6.9M |
| Short-term debt | $11.4M | $13.6M | $13.3M | $14.4M | $36.2M | $2.4M | $2.3M | — | $1.7M | $559,000 |
| Deferred revenue | $23.0M | $23.5M | $23.8M | $23.8M | $21.8M | $22.1M | $17.4M | $18.3M | $19.4M | $20.6M |
| Total current liabilities | $75.0M | $79.2M | $74.0M | $70.8M | $83.7M | $55.1M | $45.3M | $44.3M | $43.4M | $42.2M |
| Long-term debt | $94.7M | $93.4M | $94.7M | $93.2M | $151.8M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $68.3M | $107.2M | $110.0M | $115.8M | $83.2M | $8.8M | $11.8M | — | — | — |
| Other long-term liabilities | $78.9M | $93.6M | $96.7M | $171.6M | $74.5M | $9.0M | $12.9M | $5.4M | $6.3M | $13.9M |
| Total liabilities | $248.7M | $266.2M | $265.4M | $335.5M | $310.0M | $64.1M | $58.2M | $49.7M | $49.6M | $56.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $181,000 | $177,000 | $176,000 | $189,000 | $187,000 | $148,000 | $152,000 | $164,000 | $163,000 | $161,000 |
| Retained earnings (deficit) | −$16.5M | −$41.8M | −$49.1M | $13.9M | $128.9M | $111.2M | $106.0M | $133.9M | $108.6M | $87.4M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$18,000 | −$7,000 | $1.6M | $3.1M | $108,000 | $0 | $0 | −$114.4M | −$99.2M | −$86.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $294.8M | $303.9M | $292.0M | $349.7M | $415.6M | $306.9M | $296.7M | $321.3M | $289.4M | $264.7M |
| Key figures | ||||||||||
| Total debt | $163.0M | $200.6M | $204.7M | $209.0M | $257.4M | $8.8M | $11.8M | — | $1.7M | $559,000 |
| Net cash (debt) | $13.5M | −$68.7M | −$88.1M | −$79.5M | −$134.8M | $217.6M | $189.7M | — | $177.5M | $145.8M |
| Working capital | $184.8M | $181.4M | $143.4M | $115.3M | $119.0M | $196.8M | $177.6M | $188.2M | $147.8M | $121.5M |
| Tangible book value | $207.0M | $216.1M | $200.8M | $182.4M | $87.0M | $276.6M | $266.4M | $283.6M | $250.9M | $230.8M |
| Book value per share | $15.80 | $16.74 | $16.05 | $18.49 | $22.77 | $20.40 | $18.25 | $19.31 | $17.67 | $16.32 |
| Shares outstanding | 18.7M | 18.1M | 18.2M | 18.9M | 18.3M | 15.0M | 16.3M | 16.6M | 16.4M | 16.2M |
| Current ratio | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 | 4.92 | 5.25 | 4.41 | 3.88 |
| Quick ratio | 3.23 | 2.47 | 2.27 | 2.47 | 1.96 | 4.43 | 4.70 | 5.12 | 4.30 | 3.63 |
| Debt / equity | 0.55 | 0.66 | 0.70 | 0.60 | 0.62 | 0.03 | 0.04 | — | 0.01 | 0.00 |
| Equity / assets | 54.2% | 53.3% | 52.4% | 51.0% | 57.3% | 82.7% | 83.6% | 86.6% | 85.4% | 82.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $76.3M | $221.0M | $176.5M | $191.3M | $174.9M | $161.6M | $131.9M | $162.2M | $129.8M | $153.2M | $116.7M | $127.9M |
| Cash & equivalents | $146.5M | $221.0M | $176.5M | $191.3M | $174.9M | $161.6M | $131.9M | $162.2M | $129.8M | $153.2M | $116.7M | $127.9M |
| Short-term investments | $76.3M | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | $39.6M | $42.0M | $65.7M | $51.5M | $40.1M | $41.9M | $63.4M | $48.0M | $42.9M | $44.9M | $51.4M | $29.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.4M | $0 | $0 | $27.7M | $23.1M |
| Other current assets | $166.6M | $19.2M | $17.7M | $16.2M | $19.9M | $69.0M | $65.2M | $20.9M | $50.8M | $25.7M | $21.6M | $23.1M |
| Total current assets | $282.5M | $282.1M | $259.8M | $259.1M | $235.0M | $272.5M | $260.6M | $236.5M | $223.5M | $223.8M | $217.4M | $203.1M |
| Property, plant & equipment (net) | $124.9M | $123.7M | $128.3M | $132.3M | $162.1M | $165.7M | $168.2M | $190.3M | $192.2M | $187.4M | $187.5M | $200.1M |
| Goodwill & intangible assets | $87.8M | $87.8M | $87.8M | $87.8M | $87.8M | $87.8M | $87.8M | $87.8M | $88.6M | $89.9M | $91.1M | $92.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $42.5M | $44.2M | $67.5M | $46.0M | $52.5M | $52.7M | $53.6M | $55.0M | $56.4M | $57.9M | $61.3M | $59.7M |
| Total assets | $537.7M | $537.9M | $543.4M | $525.3M | $537.4M | $578.7M | $570.1M | $569.6M | $560.7M | $559.0M | $557.4M | $555.3M |
| Liabilities | ||||||||||||
| Accounts payable | $5.1M | $8.1M | $4.8M | $7.7M | $10.1M | $7.8M | $7.8M | $10.5M | $7.0M | $7.3M | $8.7M | $8.0M |
| Short-term debt | $11.1M | $16.2M | $11.4M | $11.7M | $13.4M | $13.5M | $13.6M | $13.5M | $12.2M | $13.2M | $13.3M | $14.2M |
| Deferred revenue | $23.9M | $25.2M | $23.0M | $24.0M | $25.0M | $25.1M | $23.5M | $27.3M | $25.6M | $26.9M | $23.8M | $29.2M |
| Total current liabilities | $87.0M | $94.5M | $75.0M | $91.4M | $82.9M | $83.4M | $79.2M | $89.4M | $78.9M | $79.6M | $74.0M | $82.3M |
| Long-term debt | $81.6M | $83.2M | $94.7M | $94.4M | $94.1M | $93.7M | $93.4M | $93.1M | $92.8M | $95.0M | $94.7M | $94.3M |
| Lease obligations | $66.2M | $65.2M | $68.3M | $71.9M | $101.6M | $105.0M | $107.2M | $110.2M | $112.6M | $109.1M | $110.0M | $111.5M |
| Other long-term liabilities | $55.1M | $54.0M | $78.9M | $60.2M | $88.2M | $91.5M | $93.6M | $96.7M | $100.4M | $95.8M | $96.7M | $97.3M |
| Total liabilities | $223.7M | $231.7M | $248.7M | $246.0M | $265.1M | $268.6M | $266.2M | $279.2M | $272.0M | $270.5M | $265.4M | $273.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $183,000 | $184,000 | $181,000 | $181,000 | $180,000 | $180,000 | $177,000 | $177,000 | $177,000 | $176,000 | $176,000 | $178,000 |
| Retained earnings (deficit) | $6.0M | $231,000 | −$16.5M | −$29.1M | −$34.7M | −$34.3M | −$41.8M | −$53.3M | −$54.0M | −$52.9M | −$49.1M | −$58.9M |
| Accumulated other comprehensive income | −$7,000 | $0 | −$18,000 | −$27,000 | −$28,000 | −$48,000 | −$7,000 | $190,000 | $867,000 | $1.4M | $1.6M | $2.5M |
| Total shareholders' equity | $314.1M | $306.2M | $294.8M | $279.3M | $272.2M | $310.0M | $303.9M | $290.4M | $288.7M | $288.5M | $292.0M | $281.4M |
| Key figures | ||||||||||||
| Total debt | $147.8M | $70.3M | $163.0M | $166.2M | $195.7M | $198.7M | $200.6M | $203.3M | $205.4M | $204.1M | $204.7M | $205.8M |
| Net cash (debt) | −$71.6M | $150.7M | $13.5M | $25.1M | −$20.7M | −$37.1M | −$68.7M | −$41.1M | −$75.6M | −$50.9M | −$88.1M | −$78.0M |
| Working capital | $195.6M | $187.6M | $184.8M | $167.7M | $152.1M | $189.1M | $181.4M | $147.1M | $144.6M | $144.1M | $143.4M | $120.8M |
| Tangible book value | $226.2M | $218.4M | $207.0M | $191.5M | $184.4M | $222.2M | $216.1M | $202.6M | $200.1M | $198.6M | $200.8M | $189.0M |
| Book value per share | $16.70 | $16.28 | $15.80 | $14.89 | $15.10 | $16.83 | $16.55 | $15.92 | $15.92 | $16.20 | $16.32 | $15.79 |
| Shares outstanding | 18.8M | 18.8M | 18.7M | 18.8M | 18.0M | 18.4M | 18.4M | 18.2M | 18.1M | 17.8M | 17.9M | 17.8M |
| Current ratio | 3.25 | 2.98 | 3.46 | 2.84 | 2.83 | 3.27 | 3.29 | 2.65 | 2.83 | 2.81 | 2.94 | 2.47 |
| Quick ratio | 1.33 | 2.78 | 3.23 | 2.66 | 2.59 | 2.44 | 2.47 | 2.35 | 2.19 | 2.49 | 2.27 | 1.91 |
| Debt / equity | 0.47 | 0.23 | 0.55 | 0.60 | 0.72 | 0.64 | 0.66 | 0.70 | 0.71 | 0.71 | 0.70 | 0.73 |
| Equity / assets | 58.4% | 56.9% | 54.2% | 53.2% | 50.7% | 53.6% | 53.3% | 51.0% | 51.5% | 51.6% | 52.4% | 50.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
APEI financial position
At the end of fiscal 2025 (December 31, 2025), American Public Education had total assets of $543.4 million (down 4.7% from a year earlier), total liabilities of $248.7 million and shareholders' equity of $294.8 million. It held $176.5 million in cash and short-term investments against $163.0 million of debt, a net cash position of $13.5 million. Its current ratio was 3.46. In the latest quarter (ended June 30, 2026) total assets were $537.7 million and equity $314.1 million.
Related: APEI income statement, APEI cash flow statement, APEI key metrics. See the APEI stock overview for the latest quote and news.
APEI balance sheet FAQ
What are American Public Education's total assets?
American Public Education reported total assets of $543.4 million at the end of fiscal 2025 (December 31, 2025), compared with $570.1 million a year earlier.
How much debt does American Public Education have?
American Public Education had $163.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.55.
How much cash does American Public Education have?
American Public Education held $176.5 million in cash and short-term investments at the end of fiscal 2025; with $163.0 million of debt that is net cash of $13.5 million.
What is American Public Education's book value?
American Public Education's shareholders' equity (book value) was $294.8 million at the end of fiscal 2025, or $15.80 per share.
What is American Public Education's current ratio?
American Public Education had current assets of $259.8 million and current liabilities of $75.0 million, a current ratio of 3.46 (it can cover its short-term obligations).
How much goodwill does American Public Education have?
American Public Education carried $87.8 million of goodwill and intangible assets, 16.2% of total assets, at the end of fiscal 2025.