What is American Public Education's net debt?

American Public Education (APEI) reported net debt of -$67.54M in Q1 2026.

How has American Public Education's net debt changed year-over-year?

American Public Education's net debt decreased by 702.8% year-over-year, from $11.21M to -$67.54M.

What is the long-term trend for American Public Education's net debt?

Over 5 years (2020 to 2025), American Public Education's net debt has grown at a -42.7% compound annual growth rate (CAGR), from -$218.84M to -$13.54M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

American Public Education APEI Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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UnifirstUNF

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HES

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3.1×-0.1×

TDA

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11.8×+10.5×

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

FCF margin9.4%—

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.

$153.5Mtotal debt−$221.0Mcash and equivalents=-$67.54M

The official record: American Public Education’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Public Education's net debt?: American Public Education (APEI) reported net debt of -$67.54M in Q1 2026.
How has American Public Education's net debt changed year-over-year?: American Public Education's net debt decreased by 702.8% year-over-year, from $11.21M to -$67.54M.
What is the long-term trend for American Public Education's net debt?: Over 5 years (2020 to 2025), American Public Education's net debt has grown at a -42.7% compound annual growth rate (CAGR), from -$218.84M to -$13.54M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.