American Public Education, Inc. — Earnings Quality Grade C
APEI · Consumer Defensive
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 37 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 3.9%, CFFO 26.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -24.8% vs revenue 3.9%. Normal
SG&A/Gross Profit = 80.1%, exceeds 70%
Gross margin 54.2%, change +1.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.96. Profits backed by cash
FCF $0.0B, FCF/NI = 1.46
Accruals ratio = -5.8%. Low accruals
Cash $0.2B covers debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 30% of equity. Manageable
Debt/EBITDA = 2.5x. Healthy
Other assets 1.3% vs revenue 3.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.74 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25