American Public Education

APEI · NASDAQ

$48.56−$0.79 (−1.60%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $49.35

APEI analyst rating

BuyConsensus of 5 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy4
Hold1
Underperform0
Sell0

12-month price target · 9 analysts

Average $64.99 (+33.8% upside)

Low: $55.55
Now: $48.56
High: $73.50

Upgrades and downgrades

The latest rating actions, newest first

APEI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Lake Street	Aug 11, 2026	Maintains	Buy	$62.00 → $64.00	48%
DA Davidson	Jun 1, 2026	Maintains	Buy	$64.00	40%
Barrington Research	May 13, 2026	Maintains	Outperform	$56.00 → $62.00	63%
DA Davidson	May 13, 2026	Maintains	Buy	$58.00 → $64.00	40%
B. Riley Securities	May 12, 2026	Maintains	Buy	$67.00 → $68.00	29%
Barrington Research	May 4, 2026	Maintains	Outperform	$56.00	63%
DA Davidson	Mar 16, 2026	Maintains	Buy	$48.00 → $58.00	40%
Truist Securities	Mar 16, 2026	Maintains	Hold	$38.00 → $55.00	63%
Barrington Research	Mar 13, 2026	Maintains	Outperform	$51.00 → $56.00	63%
Lake Street	Mar 13, 2026	Maintains	Buy	$47.00 → $56.00	48%

The case for and against

Updated Oct 21, 2026

Bull case

APEI is attractive because its core Military+ franchise holds a leading position in a large, durable market, with APUS commanding about 30% share in active-duty military and generating more than 100% of consolidated EBITDA on roughly 50% of 2025 revenue. The company also benefits from improving Health+ and Rasmussen performance, with Q1 revenue up 6.2% to $174.7 million, adjusted EBITDA up 37.5% to $29.2 million, and 2026 guidance raised to $686.0-$696.0 million in revenue and $93.0-$102.0 million in adjusted EBITDA. Its balance sheet cleanup, recurring free cash flow, and focus on AI-automation-resilient programs such as nursing support a favorable risk-reward profile and a longer runway for profitable growth.

Bear case

APEI is facing a fundamentally fragile outlook because its key military segment, while growing, remains heavily exposed to regulatory compliance, accreditation risk, and government funding channels such as Title IV, DoD TA, and VA benefits. Although first-quarter revenue rose 6.5% to $89.4 million and net course registrations increased 4.0% to 106,600, the business still depends on shifting marketing spend, student acquisition efficiency, and continued military demand that could weaken if deployments or competition intensify. Management’s second-quarter guidance also looks conservative versus consensus, with midpoint adjusted EBITDA of $17.3 million below $18.0 million and diluted EPS of $0.37 below $0.40, reinforcing concerns about limited earnings leverage.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.