American Public Education Inc. (APEI) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, APEI scores 66 out of 100, a letter grade of C+, with the verdict "Roarable Hold — Upper Neutral / Watch for Breakout." The fundamental cash engine pillar scores 15 of 20, supported by ROIC of 17.6% and an FCF yield of 5.69%, suggesting the operating business is generating returns above a typical cost of capital while the stock trades at a yield that leaves room for upside if cash generation holds. The whale 13F flow pillar scores 6 of 20, the weakest reading in the rating, indicating institutional accumulation and options positioning are not a current tailwind. The insider conviction pillar scores 16 of 20, reflecting SEC Form 4 and Congressional PTR cluster flow as a relative strength. The macro regime fit pillar scores 13 of 20, consistent with a beta of 1.0 and a sector sensitivity that moves roughly in line with the broader market. The forensic balance sheet pillar scores 16 of 20, supported by an Altman Z-Score of 4.08, a Piotroski F-Score of 8 out of 9, and a Debt/Equity ratio of 0.32. For a prospective investor, the rating frames APEI as a financially sound business whose upside case depends on improving institutional conviction and sustained cash generation, while valuation at 25.7x trailing earnings and 23.9x forward earnings leaves limited margin for error. The rating is a structured summary of the source data and is not a recommendation.

Revenue grew from $600.5M in FY 2023 to $648.9M in FY 2025, and net income moved from $-47.3M to $31.6M over the same period. Per the market data, operating margin is 7.4% and net margin 4.9%, with ROIC at 17.6%. Per the Roarable RQD rating, the Altman Z-Score is 4.08 and the Piotroski F-Score is 8 out of 9. Cash of $174.1M against debt of $94.7M in FY 2025 and a Debt/Equity ratio of 0.32 describe a balance sheet the rating classifies as forensically sound.

• What drives the revenue and margin profile, and what are the underlying products, customers, and segments? The source data provides no business description detail.
• Why does the RQD whale 13F flow pillar score only 6 of 20 when the insider conviction pillar scores 16 of 20, and who are the institutional holders?
• What explains the swing from a net loss of $-47.3M in FY 2023 to net income of $31.6M in FY 2025, and is the FY 2025 level repeatable?
• What are the EPS values for each reported period, given that all reported EPS fields are N/A?
• What are the cash and debt figures for FY 2023, which the source data leaves unreported?