What is American Public Education's free cash flow margin?

American Public Education (APEI) reported free cash flow margin of 9.4% in Q3 2025.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

American Public Education APEI Free cash flow margin

Free cash flow margin at other companies

Strategic Education, Inc.STRA

13.7%+4.1pp

Universal Technical InstituteUTI

0.2%—

PRD

Perdoceo EducationPRDO

25.8%+2.8pp

Other financials

Income statement

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Revenue$174.7M+6.2%

Gross profit$100.1M+11.7%

Operating income$21.6M+76.7%

Net income$17.7M+99.4%

EPS (diluted)$0.94+129%

Balance sheet

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Cash & equivalents$221.0M+17.9%

Total debt$153.5M-22.8%

Total equity$306.2M-1.2%

Total assets$537.9M-7.0%

Cash flow

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Operating cash flow$63.3M+71.1%

CapEx$2.5M-35.2%

Free cash flow$60.8M+83.6%

Valuation

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Market cap$956.25M+77.9%

Enterprise value$888.71M+62.0%

P/E23.7×+0.3×

P/S1.5×+0.6×

Profitability

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Gross margin55%+2.0pp

Operating margin8.7%+2.4pp

Net margin6.1%+2.5pp

Returns & leverage

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Return on equity13.1%+5.4pp

Debt / equity0.5×-0.1×

Current ratio3×-0.3×

Where this comes from

Calculated from American Public Education’s reported figures.

free cash flow/total revenue=9.4%

Based on trailing twelve months.

The official record: American Public Education’s 10-Q, filed November 10, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Public Education's free cash flow margin?: American Public Education (APEI) reported free cash flow margin of 9.4% in Q3 2025.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.