The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for American Public Education's Beneish M-Score or its related term are showing as below:
APEI'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.64 Max: 0.17
Current: -2.85
During the past 13 years, the highest Beneish M-Score of American Public Education was 0.17. The lowest was -3.31. And the median was -2.64.
American Public Education Beneish M-Score Related Terms
American Public Education Beneish M-Score Historical Data
* 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.
APEI vs PXED, AFYA, KLC: Beneish M-Score Comparison
For the Education & Training Services subindustry, American Public Education's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Education Industry
For the Education industry and Consumer Defensive sector, American Public Education's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Public Education's Beneish M-Score falls into.
American Public Education Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of American Public Education for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9654
+
0.528 * 0.9642
+
0.404 * 1.0114
+
0.892 * 1.0384
+
0.115 * 0.8484
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0008
+
4.679 * -0.07786
-
0.327 * 0.928
=
-2.85
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(18.167 / (18.167 + 165.687))
/
(16.31 / (16.31 + 123.725))
=
0.098812
/
0.116471
=
0.8484
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(40.395 - -5.994
-
88.271)
/
537.914
=
-0.07786
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
American Public Education has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
American Public Education (APEI) has a Beneish M-Score of -2.85 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on American Public Education and its competitors. According to the industry distribution chart, American Public Education ranks #76 out of 243 companies in the Education industry, placing it in the top 31.3%.
Is American Public Education's Beneish M-Score too high?
American Public Education's current Beneish M-Score is -2.85. Based on the distribution chart, American Public Education ranks #76 out of 243 companies in the Education industry, which is above the industry midpoint. Overall, American Public Education has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does American Public Education's Beneish M-Score compare to PXED and AFYA?
According to the Education industry distribution chart, American Public Education ranks #76 out of 243 companies for Beneish M-Score. This puts American Public Education in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Education company?
A good Beneish M-Score depends on the Education industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on American Public Education and its competitors. American Public Education's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is American Public Education stock overvalued right now?
Based on GuruFocus' analysis, American Public Education (APEI) is currently considered Significantly Overvalued. The stock's GF Value™ is $20.36, compared to a current price of $52.98 — trading 160.2% above its estimated fair value. The current Beneish M-Score is -2.85. American Public Education's overall GF Score™ is 69/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For American Public Education (APEI), the current Beneish M-Score is -2.85 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is American Public Education (APEI) Overvalued in 2026?
Based on GuruFocus' analysis, American Public Education stock appears to be overvalued.
The current stock price of $52.98 is trading 160.2% above its estimated GF Value™ of $20.36.
GuruFocus considers American Public Education to be Significantly Overvalued.
Key valuation signals for APEI:
Beneish M-Score: -2.85
GF Value™: $20.36 vs. price of $52.98 (160.2% above fair value)
No single metric tells the full story. See the APEI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
American Public Education Inc provides online and campus based 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 University segment which is the key revenue generator, provides online postsecondary education as a distance-learning, graduate-level institution for military officers seeking a degree in military studies; 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.
69GF Score
Get the complete analysis for APEI
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
APEI has been successfully added to your 
