Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
American Public Education's Sloan Ratio for the quarter that ended in Dec. 2023 was -14.18%.
As of Dec. 2023, American Public Education has a Sloan Ratio of -14.18%, indicating there is a warning stage of accrual build up.
American Public Education Sloan Ratio % Historical Data
The historical data trend for American Public Education's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Education & Training Services subindustry, American Public Education's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
American Public Education Sloan Ratio % Distribution
For the Education industry and Consumer Defensive sector, American Public Education's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where American Public Education's Sloan Ratio % falls into.
American Public Education Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
American Public Education's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
American Public Education's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was -5.74 (Mar. 2023 ) + -51.232 (Jun. 2023 ) + -3.328 (Sep. 2023 ) + 13.014 (Dec. 2023 ) = $-47.3 Mil.
American Public Education's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was 12.758 (Mar. 2023 ) + 15.741 (Jun. 2023 ) + 20.158 (Sep. 2023 ) + -3.143 (Dec. 2023 ) = $45.5 Mil.
American Public Education's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -3.206 (Mar. 2023 ) + -3.347 (Jun. 2023 ) + -2.829 (Sep. 2023 ) + -4.39 (Dec. 2023 ) = $-13.8 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
American Public Education (NAS:APEI) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, American Public Education has a Sloan Ratio of -14.18%, indicating there is a warning stage of accrual build up.
American Public Education Sloan Ratio % Related Terms
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American Public Education (American Public Education) Business Description
American Public Education Inc provides online and on-campus postsecondary education including various undergraduate and graduate degree programs. The fields of study include business administration, health science, technology, criminal justice, education, liberal arts, national security, military studies, intelligence, and homeland security. There are three reporting segments: the American Public Education segment which is the key revenue generator; the Rasmussen University Segment and the Hondros College of Nursing segment. The revenue is generated from net course registrations and enrollment, tuition rate, net tuition, and other fees.
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