COMP <GO>

APEI vs EDU // FORWARD P/E MULTIPLE

American Public Education Inc. (NASDAQ) VS. New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) (NYSE) • 15-METRIC TALLY: APEI 1 — EDU 12

▲ FORWARD P/E MULTIPLE LEADER: EDU

APEI — American Public Education Inc. ROARABLE C+ • RQD 69/100

LAST: $44.30 (+0.64%) • MKT CAP: $810.8M

DES <GO> FA <GO> 10-K RED <GO>

forward-pe

23.9x

EDU — New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) SUPERIOR ROARABLE B- • RQD 70/100

LAST: $49.09 (-3.21%) • MKT CAP: $7.61B

DES <GO> FA <GO> 10-K RED <GO>

forward-pe

13.4x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (APEI VS. EDU) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	APEI	EDU	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	54.20%	54.60%	-0.40	EDU	/gross-margins <GO>
Return on Invested Capital (ROIC)	17.60%	21.30%	-3.70	EDU	/roic <GO>
EV/EBITDA & P/E Valuation	11.9x	9.3x	+2.60	EDU	/valuation <GO>
Free Cash Flow Yield	5.69%	10.25%	-4.56	EDU	/fcf-yield <GO>
Operating Margin	7.40%	11.40%	-4.00	EDU	/operating-margins <GO>
Net Profit Margin	4.90%	8.40%	-3.50	EDU	/net-margins <GO>
Revenue Growth (YoY)	3.90%	15.50%	-11.60	EDU	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.27%	-1.27	EDU	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	4.08	4.92	-0.84	EDU	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	9/9	-1.00	EDU	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	28.8	26.9	+1.86	APEI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.96	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	23.9x	13.4x	+10.50	EDU	/forward-pe <GO>
Enterprise Scale & Market Cap	$810.8M	$7.61B	-$6.80B	EDU	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	APEI REV	EDU REV	APEI GROSS %	EDU GROSS %	APEI FCF	EDU FCF
FY 2025	$648.9M	$5.66B	54.2%	54.6%	$46.1M	$780.2M
FY 2024	$624.6M	$4.90B	52.7%	55.4%	$27.8M	$654.7M
FY 2023	$600.5M	$4.31B	—	—	$45.5M	$928.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

APEI // BETA —

EDU // BETA 0.96