Tearsheet

Phoenix Education Partners (PXED)


Market Price (7/12/2026): $33.58 | Market Cap: $1.2 BilSector: Consumer Discretionary | Industry: Education Services

Phoenix Education Partners (PXED)


Market Price (7/12/2026): $33.58
Market Cap: $1.2 Bil
Sector: Consumer Discretionary
Industry: Education Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 10%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%

Megatrend and thematic drivers
Megatrends include Digital Education & Lifelong Learning. Themes include Online Learning Platforms, Education Technology Solutions, and Workforce Development & Upskilling.

Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -81%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.4%

Key risks
PXED key risks include [1] its history of significant regulatory sanctions and high dependence on federal funding, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 10%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%
3 Megatrend and thematic drivers
Megatrends include Digital Education & Lifelong Learning. Themes include Online Learning Platforms, Education Technology Solutions, and Workforce Development & Upskilling.
4 Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -81%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.4%
6 Key risks
PXED key risks include [1] its history of significant regulatory sanctions and high dependence on federal funding, Show more.

PXED in ETFs

Weight = PXED's share of each fund

IWM0.01%
IWO0.01%
AVUV0.01%
VTWO0.00%
SCHA0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Phoenix Education Partners (PXED) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Phoenix Education Partners reported strong adjusted earnings for fiscal Q2 2026, which ended February 28, 2026, significantly surpassing analyst expectations. The company announced adjusted diluted earnings per share of $0.58, notably exceeding the consensus estimate of $0.35 by 65.62%. This earnings beat, reported on April 7, 2026, indicated better-than-expected profitability and fueled positive investor sentiment during the specified period.

2. The company demonstrated a commitment to shareholder returns through a new share repurchase program and a consistent dividend payout. Phoenix Education Partners authorized a share repurchase program of up to $50 million of its common stock. Additionally, the Board of Directors approved a regular common stock cash dividend of $0.21 per share, paid on May 22, 2026. These actions signaled management's confidence in the company's financial health and ability to generate cash flow, attracting investors seeking value and income.

Show more
Updated on 7/1/2026

Phoenix Education Partners (PXED) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Phoenix Education Partners reported strong adjusted earnings for fiscal Q2 2026, which ended February 28, 2026, significantly surpassing analyst expectations. The company announced adjusted diluted earnings per share of $0.58, notably exceeding the consensus estimate of $0.35 by 65.62%. This earnings beat, reported on April 7, 2026, indicated better-than-expected profitability and fueled positive investor sentiment during the specified period.

2. The company demonstrated a commitment to shareholder returns through a new share repurchase program and a consistent dividend payout. Phoenix Education Partners authorized a share repurchase program of up to $50 million of its common stock. Additionally, the Board of Directors approved a regular common stock cash dividend of $0.21 per share, paid on May 22, 2026. These actions signaled management's confidence in the company's financial health and ability to generate cash flow, attracting investors seeking value and income.

3. Operational improvements were evident with increased student enrollment and higher retention rates, indicating underlying business strength. Average total degreed enrollment for fiscal Q2 2026 increased by 1.8% year-over-year to approximately 82,600 students. This growth was largely driven by improved retention trends, with retention from the most recent annual cohort rising to 76.6%, an increase of approximately 500 basis points year-over-year. These metrics suggested a stable and growing student base, contributing to a positive outlook for future revenue.

4. Phoenix Education Partners' inclusion in the Russell 2000 Growth-Defensive and Value-Defensive Indexes likely generated increased institutional investment. The announcement of this dual inclusion around late June 2026 typically leads to passive fund buying, as index-tracking funds adjust their portfolios to reflect the new constituents. This development signaled growing institutional recognition and could have contributed to increased demand for PXED stock.

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Stock Movement Drivers

Fundamental Drivers

The 7.7% change in PXED stock from 3/31/2026 to 7/10/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)33120267102026Change
Stock Price ($)31.2233.647.7%
Change Contribution By: 
Total Revenues ($ Mil)0.0%
Net Income Margin (%)0.0%
P/E Multiple0.0%
Shares Outstanding (Mil)36360.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/10/2026
ReturnCorrelation
PXED7.7% 
Market (SPY)16.1%1.9%
Sector (XLY)7.6%14.1%

Fundamental Drivers

The 12.6% change in PXED stock from 12/31/2025 to 7/10/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)123120257102026Change
Stock Price ($)29.8633.6412.6%
Change Contribution By: 
Total Revenues ($ Mil)1,0070.0%
Net Income Margin (%)13.3%0.0%
P/E Multiple7.90.0%
Shares Outstanding (Mil)36360.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/10/2026
ReturnCorrelation
PXED12.6% 
Market (SPY)11.0%21.1%
Sector (XLY)-1.6%32.7%

Fundamental Drivers

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Market Drivers

6/30/2025 to 7/10/2026
ReturnCorrelation
PXED  
Market (SPY)23.2%22.7%
Sector (XLY)8.5%30.8%

Fundamental Drivers

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null

Market Drivers

6/30/2023 to 7/10/2026
ReturnCorrelation
PXED  
Market (SPY)76.3%22.7%
Sector (XLY)41.2%30.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PXED Return-----21%16%-8%
Peers Return1%-25%53%21%3%-19%17%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
PXED Win Rate----0%71% 
Peers Win Rate38%43%53%53%50%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
PXED Max Drawdown------22% 
Peers Max Drawdown-19%-41%-32%-34%-43%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LOPE, GV, DUOL, LAUR, GHC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)

How Low Can It Go

PXED has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

EventXLYS&P 500
2025 US Tariff Shock
  % Loss-21.8%-18.8%
  % Gain to Breakeven27.9%23.1%
  Time to Breakeven105 days79 days
2024 Yen Carry Trade Unwind
  % Loss-11.2%-7.8%
  % Gain to Breakeven12.6%8.5%
  Time to Breakeven37 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.6%-9.5%
  % Gain to Breakeven15.8%10.5%
  Time to Breakeven42 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.9%-24.5%
  % Gain to Breakeven56.0%32.4%
  Time to Breakeven874 days427 days
2020 COVID-19 Crash
  % Loss-33.9%-33.7%
  % Gain to Breakeven51.3%50.9%
  Time to Breakeven82 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.6%-19.2%
  % Gain to Breakeven24.4%23.8%
  Time to Breakeven98 days105 days

Compare to LOPE, GV, DUOL, LAUR, GHC

In The Past

State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

PXED has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

EventXLYS&P 500
2025 US Tariff Shock
  % Loss-21.8%-18.8%
  % Gain to Breakeven27.9%23.1%
  Time to Breakeven105 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.9%-24.5%
  % Gain to Breakeven56.0%32.4%
  Time to Breakeven874 days427 days
2020 COVID-19 Crash
  % Loss-33.9%-33.7%
  % Gain to Breakeven51.3%50.9%
  Time to Breakeven82 days140 days
2008-2009 Global Financial Crisis
  % Loss-51.0%-53.4%
  % Gain to Breakeven104.3%114.4%
  Time to Breakeven372 days1085 days

Compare to LOPE, GV, DUOL, LAUR, GHC

In The Past

State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Phoenix Education Partners (PXED)

Phoenix Education Partners (PXED) operates the University of Phoenix, a leading online higher education provider focused on serving adult learners. The company's mission is to deliver career-relevant, affordable, and flexible education to help students achieve their professional goals and advance their careers. As a pioneer in online learning, PXED leverages an AI-ready data infrastructure and robust technology solutions to enhance the student experience, improve success, and connect students effectively with employers, adapting to the evolving demands of the modern workforce.

The core of PXED's offerings consists of 72 degree-granting programs, which represented approximately 97% of its net revenue for fiscal year 2024. These programs include Bachelor's, Master's, Associate's, and Doctoral degrees across diverse disciplines such as Business & IT, Health Professions, and Social & Behavioral Sciences. In addition to degrees, PXED offers 33 non-degree certificate programs and professional development courses. The company is also developing new talent solutions for employers, including "Talent Source," a platform for connecting employers with skilled students, and "Skillmore," an AI-powered tool for designing internal skill development pathways for employees.

PXED primarily serves working adult students, with an average age of 37; a significant majority are employed, care for dependents, or are first-generation college students. The company is dedicated to providing tailored education solutions for these adult learners who face unique time constraints and responsibilities. A key growth area for PXED is its business-to-business (B2B) enrollment strategy, through which students access programs via over 2,500 employer relationships. B2B enrollments constituted 30% of the total average degreed enrollment in fiscal year 2024, demonstrating a strong growth trajectory as PXED assists employers in upskilling their workforce and sourcing talent.

AI Analysis | Feedback

Here are 1-3 brief analogies for Phoenix Education Partners (PXED):

  • It's the Carvana of accredited degrees for working adults, offering a fully online and career-focused university experience.
  • Think of it as LinkedIn Learning for accredited degrees, providing comprehensive online higher education tailored for career advancement and employer partnerships.
  • It's like the Amazon of online higher education for working professionals – a vast, digitally-driven platform providing flexible, career-aligned degrees and certificates.

AI Analysis | Feedback

  • Degree Programs: Comprehensive online higher education programs leading to Associate's, Bachelor's, Master's, and Doctoral degrees in various disciplines.
  • Non-Degree Certificate Programs: Shorter, credit-bearing certificate programs designed to provide students with critical skills for career advancement.
  • Professional Development Courses: Non-credit courses offering specialized training and skill development for individuals and employees seeking career growth.
  • Talent Source: A talent-sourcing platform that connects employers directly with students whose skill profiles align with specific job postings.
  • Skillmore: An AI-powered tool that assists employers by scanning their skill inventory and designing internal development pathways for employees.

AI Analysis | Feedback

Phoenix Education Partners (PXED) primarily serves individual students, with the majority (approximately 70% in fiscal year 2024) of its total degreed enrollment being independent enrollees. While the company also has significant and growing business-to-business (B2B) relationships with over 2,500 employers, the names of these specific customer companies are not provided in the background information.

The company's major categories of individual customers are:

  1. Working Adults Seeking Career Advancement: This represents the largest segment of their student body, consisting primarily of employed individuals (76% are currently employed) looking to develop knowledge and skills to achieve professional goals and advance their careers. Their education is often pursued to meet the demands of the modern workforce.
  2. Adult Learners with Significant Life Responsibilities: These students face unique challenges that traditional programs often do not address, including time constraints, work commitments, and caring for dependents (64% care for dependents at home). They are typically older, with an average age of 37 and 95% of new students over the age of 22, and benefit from the University's flexible, asynchronous learning models.
  3. First-Generation College Students and Minority Groups: A substantial portion of the student body comprises individuals who are the first in their families to attend college (61% are first-generation college students) and those who identify as members of minority groups (62% of students who completed an optional survey). These students are seeking accessible higher education opportunities tailored to their needs.

AI Analysis | Feedback

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AI Analysis | Feedback

Christopher M. Lynne, Chief Executive Officer

Christopher M. Lynne has spent over 20 years in higher education, advocating for career-focused education for nontraditional students, and was the first in his immediate family to attend higher education. He joined the University of Phoenix in 2018 as Chief Financial Officer, became President in 2022, and was appointed CEO of Phoenix Education Partners in October 2025. Mr. Lynne led the company's transition to a public company in 2025. During his tenure, he has driven the university's transformation, expanding its focus beyond degrees to include innovative career mobility solutions for students, alumni, and employers. He previously held leadership roles at Northcentral University as COO and CFO, at HotChalk as President and COO, and was the owner of Transcend Education Group. Phoenix Education Partners, the parent company of the University of Phoenix, has received backing from Apollo Global Management and Vistria Group. Mr. Lynne holds a B.S. in Accounting from Purdue University and an MBA from the Booth School of Business at the University of Chicago.

Blair Wilde Westblom, Chief Financial Officer and Treasurer

Blair Wilde Westblom leads the finance, real estate, and facilities functions for Phoenix Education Partners. She has over 21 years of finance leadership experience, including in publicly traded and private companies across various industries such as higher education, biotechnology, investment banking, and REITs. Ms. Westblom joined the University of Phoenix in 2010 as an associate director of finance, progressing through several promotions to become Chief Financial Officer in January 2023. Before joining the University, she served as a senior group controller at Genentech, a Roche subsidiary, where she managed the fiscal operations for its $3 billion biologic oncology business. In conjunction with the company's Initial Public Offering (IPO) in October 2025, Ms. Westblom received a significant equity compensation package.

Raghu Krishnaiah, Chief Operating Officer

Raghu Krishnaiah serves as the Chief Operating Officer of Phoenix Education Partners.

Srini Medi, Chief Legal Officer, Senior Vice President, General Counsel and Secretary

Srini Medi is the Chief Legal Officer, Senior Vice President, General Counsel, and Secretary for Phoenix Education Partners.

John Woods, Ph.D., Chief Academic Officer and Provost

John Woods, Ph.D. is the Chief Academic Officer and Provost at the University of Phoenix. He holds a PhD in higher education administration from Bowling Green State University.

AI Analysis | Feedback

1. Securities Probe and Allegations of Misleading Information: Phoenix Education Partners (PXED) is currently under investigation by law firms, including Rosen Law Firm, for potentially issuing "materially misleading business information" to the market. This ongoing probe, announced in February 2026, could lead to significant legal and financial liabilities, as well as lasting reputational damage for the company, and is expected to place downward pressure on its stock price.

2. Significant Data Breach Incident: In January 2026, a major data breach affecting nearly 3.5 million individuals at the University of Phoenix was reported, with unauthorized access to sensitive information occurring as early as August 2025. This cybersecurity incident highlights deficiencies in data security management and could result in decreased investor confidence, potential legal actions, and further damage to the company's reputation and stock value.

3. Regulatory Scrutiny and Potential Policy Changes: The for-profit education sector, in which Phoenix Education Partners operates, is subject to extensive regulatory requirements and ongoing scrutiny. Risks include potential Department of Education policy changes and a failure to comply with applicable regulations, which could lead to significant monetary liabilities, fines, penalties, and even the loss of access to federal student loans and grants. Such outcomes could have a material adverse effect on the company's business and financial condition.

AI Analysis | Feedback

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AI Analysis | Feedback

Phoenix Education Partners (PXED), operating as the University of Phoenix, addresses several key markets within the education and professional development sectors, primarily in the U.S.

The addressable market for their core offering of **online higher education, including degree-granting programs** for adult learners, is significant. The U.S. online education market, which encompasses both academic and corporate online training, is valued at approximately USD 74.8 billion. More specifically, the market for fully online higher education in the U.S. is over USD 20 billion and is experiencing rapid growth. Another estimate places the U.S. e-learning market, which includes K-12, higher education, and corporate training, at over USD 128.37 billion in 2024, with projections to grow to USD 278.27 billion by 2033. The broader U.S. online education market is projected to grow from USD 12.35 billion in 2025 to USD 128.54 billion by 2034, covering academic degrees, professional certifications, and corporate workforce training.

For their **non-degree certificate programs, professional development courses, and talent solutions programs for employers (B2B enrollments)**, the relevant markets include corporate training and professional development in the U.S. The U.S. professional development market is valued at over USD 70 billion. The corporate training market in North America reached approximately USD 62.1 billion in 2024. Other estimates indicate the U.S. corporate training market is poised to grow, with some projections citing it around USD 163.5 billion.

Considering the company's dedicated focus on **adult learners**, the U.S. market for adult education, often referred to as continuing education, was valued at USD 66.91 billion in 2024 and is projected to reach USD 95.98 billion by 2030.

AI Analysis | Feedback

Phoenix Education Partners (PXED) is expected to drive future revenue growth over the next 2-3 years through the following key strategies:

  1. Continued Growth in Business-to-Business (B2B) Enrollments: The company identifies B2B enrollments as a "significant opportunity for further growth." This segment has shown robust expansion, with Average Total Degreed Enrollment increasing from 13,300 in fiscal year 2022 to 23,300 in fiscal year 2024, reflecting a 32% compound annual growth rate (CAGR). B2B enrollments now represent 30% of the University’s Average Total Degreed Enrollment.

  2. Expansion of Non-Degree Offerings and New Talent Solutions Programs: Phoenix Education Partners considers its non-degree offerings for students and employers a "growing priority." This includes shorter credit-bearing certificates and non-credit professional development courses aimed at career advancement and employee upskilling. Additionally, the company is developing new talent solutions like Talent Source, a talent-sourcing platform, and Skillmore, an AI-powered tool for designing development pathways. These new programs and services are designed to address evolving workforce demands and create new revenue streams.

  3. Increased Overall Enrollment of Adult Learners through Tailored Education Solutions: The company is dedicated to adult learners, who represent an attractive and growing sub-segment of the higher education market. Phoenix Education Partners is "constantly evolving the flexible, asynchronous learning models and the robust technology solutions designed to meet their unique needs." This focus on a differentiated value proposition for working adults is evidenced by the increase in Average Total Degreed Enrollment from 78,900 in fiscal year 2024 to 82,700 during the first nine months of fiscal year 2025, indicating continued success in attracting and retaining this demographic.

AI Analysis | Feedback

Share Issuance

  • Phoenix Education Partners completed an initial public offering (IPO) on October 10, 2025, by selling 4.25 million shares of common stock at $32.00 per share, raising approximately $136 million.
  • The offering included an option for underwriters to purchase an additional 637,500 shares, bringing the total to 4.9 million shares sold.
  • The proceeds from the IPO went to certain existing shareholders, primarily Apollo Global Management and The Vistria Group, not to Phoenix Education Partners itself.

Inbound Investments

  • Prior to its IPO in 2025, the University of Phoenix, the company's main operating entity, was taken private in a $1.1 billion buyout in 2017 by Apollo Global Management and The Vistria Group.

Capital Expenditures

  • Capital expenditures for the fiscal year ended August 31, 2025, totaled $22.5 million.
  • For the first quarter of fiscal year 2026 (ended November 30, 2025), capital expenditures amounted to $4.7 million.
  • The company's capital spending supports its "asset-light model" and is focused on purpose-built platforms, AI-ready data infrastructure, and technology to enhance the student experience and connectivity.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Phoenix Education Partners Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PXEDLOPEGVDUOLLAURGHCMedian
NamePhoenix .Grand Ca.VisionaryDuolingo Laureate.Graham  
Mkt Price33.64151.000.18124.7640.461,158.4882.61
Mkt Cap1.24.0-5.85.85.05.0
Rev LTM1,0141,126-1,0991,7384,9821,126
Op Inc LTM188311-157417277277
FCF LTM124260-405264293264
FCF 3Y Avg-238-295217271255
CFO LTM145294-433370369369
CFO 3Y Avg-277-316295353306

Growth & Margins

PXEDLOPEGVDUOLLAURGHCMedian
NamePhoenix .Grand Ca.VisionaryDuolingo Laureate.Graham  
Rev Chg LTM-7.4%-35.5%13.8%3.7%10.6%
Rev Chg 3Y Avg-7.1%-39.6%10.9%7.3%9.1%
Rev Chg Q-0.4%6.7%-26.5%15.4%6.0%6.7%
QoQ Delta Rev Chg LTM-0.1%1.8%-5.9%2.1%1.4%1.8%
Op Inc Chg LTM-10.7%-124.4%19.2%-0.2%14.9%
Op Inc Chg 3Y Avg-9.8%-246.5%14.9%15.0%15.0%
Op Mgn LTM18.5%27.6%-14.2%24.0%5.6%18.5%
Op Mgn 3Y Avg-26.9%-8.3%23.1%5.1%15.7%
QoQ Delta Op Mgn LTM-0.6%0.2%-1.2%-1.4%0.5%0.2%
CFO/Rev LTM14.3%26.1%-39.4%21.3%7.4%21.3%
CFO/Rev 3Y Avg-26.4%-37.6%18.4%7.4%22.4%
FCF/Rev LTM12.2%23.1%-36.9%15.2%5.9%15.2%
FCF/Rev 3Y Avg-22.6%-35.0%13.6%5.6%18.1%

Valuation

PXEDLOPEGVDUOLLAURGHCMedian
NamePhoenix .Grand Ca.VisionaryDuolingo Laureate.Graham  
Mkt Cap1.24.0-5.85.85.05.0
P/S1.23.6-5.33.31.03.3
P/Op Inc6.413.0-37.313.818.113.8
P/EBIT8.612.9-37.314.39.812.9
P/E12.318.4-13.820.616.916.9
P/CFO8.313.7-13.515.513.613.6
Total Yield8.9%5.4%-7.2%4.9%6.2%6.2%
Dividend Yield0.8%0.0%-0.0%0.0%0.3%0.0%
FCF Yield 3Y Avg-5.3%-4.3%6.7%6.6%6.0%
D/E0.10.0-0.00.10.20.1
Net D/E-0.1-0.0--0.20.10.0-0.0

Returns

PXEDLOPEGVDUOLLAURGHCMedian
NamePhoenix .Grand Ca.VisionaryDuolingo Laureate.Graham  
1M Rtn9.0%0.2%-25.8%2.3%10.9%1.0%1.7%
3M Rtn21.5%-9.3%-35.5%38.6%22.9%5.3%13.4%
6M Rtn7.7%-14.4%-85.7%-29.4%14.1%1.4%-6.5%
12M Rtn-10.5%-13.3%-90.1%-67.2%69.6%25.9%-11.9%
3Y Rtn-10.5%40.7%-96.9%-16.5%246.7%109.6%15.1%
1M Excs Rtn7.1%-1.7%-34.5%3.3%12.3%-1.0%1.1%
3M Excs Rtn5.2%-21.1%-52.1%26.8%10.2%-5.5%-0.2%
6M Excs Rtn-2.9%-19.8%-94.9%-38.7%7.6%-5.0%-12.4%
12M Excs Rtn-31.5%-35.3%-110.7%-89.0%45.8%5.1%-33.4%
3Y Excs Rtn-80.9%-22.8%-168.1%-82.1%178.9%40.6%-51.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
University1,007950835
Total1,007950835


Operating Income by Segment
$ Mil20252024
University172152
Total172152


Net Income by Segment
$ Mil20252024
University135115
Total135115


Price Behavior

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PXED Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.12-0.040.090.800.240.10
Up Beta-0.59-1.00-0.06-0.130.760.20
Down Beta1.550.900.270.55-0.500.34
Up Capture-7%44%17%123%52%5%
Bmk +ve Days11244067140429
Stock +ve Days112231618585
Down Capture-101%-75%3%124%101%55%
Bmk -ve Days10172358112321
Stock -ve Days101831639494

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PXED
PXED-10.6%52.6%-0.10-
Sector ETF (XLY)7.7%18.7%0.2630.8%
Equity (SPY)22.1%12.5%1.3122.7%
Gold (GLD)23.5%27.8%0.753.0%
Commodities (DBC)23.6%18.7%0.99-4.3%
Real Estate (VNQ)13.4%13.9%0.6711.3%
Bitcoin (BTCUSD)-43.4%42.8%-1.2119.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PXED
PXED-2.2%52.6%-0.10-
Sector ETF (XLY)6.3%23.9%0.2230.8%
Equity (SPY)13.4%17.1%0.6122.7%
Gold (GLD)17.8%18.3%0.793.0%
Commodities (DBC)7.3%19.5%0.27-4.3%
Real Estate (VNQ)2.9%18.9%0.0511.3%
Bitcoin (BTCUSD)13.5%53.4%0.4419.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PXED
PXED-1.1%52.6%-0.10-
Sector ETF (XLY)12.9%22.1%0.5330.8%
Equity (SPY)15.6%17.9%0.7522.7%
Gold (GLD)11.6%16.1%0.593.0%
Commodities (DBC)6.0%18.0%0.26-4.3%
Real Estate (VNQ)5.1%20.7%0.2111.3%
Bitcoin (BTCUSD)58.3%66.2%0.9819.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 531202656.5%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity35.8 Mil
Short % of Basic Shares0.7%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/7/2026-0.8%-8.7%-2.7%
1/13/2026-10.5%-3.8%-12.6%
11/20/20252.8%11.2%7.7%
SUMMARY STATS   
# Positive111
# Negative222
Median Positive2.8%11.2%7.7%
Median Negative-5.6%-6.3%-7.7%
Max Positive2.8%11.2%7.7%
Max Negative-10.5%-8.7%-12.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/7/2026-0.8%-8.7%-2.7%
1/13/2026-10.5%-3.8%-12.6%
11/20/20252.8%11.2%7.7%
SUMMARY STATS   
# Positive111
# Negative222
Median Positive2.8%11.2%7.7%
Median Negative-5.6%-6.3%-7.7%
Max Positive2.8%11.2%7.7%
Max Negative-10.5%-8.7%-12.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
02/28/202604/07/202610-Q
11/30/202501/13/202610-Q
08/31/202511/20/202510-K
05/31/202510/09/2025424B4
Collapse to Preview
Report DateFiling DateFiling
02/28/202604/07/202610-Q
11/30/202501/13/202610-Q
08/31/202511/20/202510-K
05/31/202510/09/2025424B4

Insider Activity

Updated 5/5/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nisar, Adnan ATVG-I-E-AEG Holdings, LPSell1017202529.92105,4523,155,124147,669,053Form
2Nesbitt, Martin HTVG-I-E-AEG Holdings, LPSell1017202529.92105,4523,155,124147,669,053Form
3Tvg-I-E-Aeg, Holdings, LPDirectSell1017202529.92105,4523,155,124147,669,053Form
4Nisar, Adnan ATVG-I-E-AEG Holdings, LPSell1014202529.92703,01521,034,209150,824,177Form
5Nesbitt, Martin HTVG-I-E-AEG Holdings, LPSell1014202529.92703,01521,034,209150,824,177Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nisar, Adnan ATVG-I-E-AEG Holdings, LPSell1017202529.92105,4523,155,124147,669,053Form
2Nesbitt, Martin HTVG-I-E-AEG Holdings, LPSell1017202529.92105,4523,155,124147,669,053Form
3Tvg-I-E-Aeg, Holdings, LPDirectSell1017202529.92105,4523,155,124147,669,053Form
4Nisar, Adnan ATVG-I-E-AEG Holdings, LPSell1014202529.92703,01521,034,209150,824,177Form
5Nesbitt, Martin HTVG-I-E-AEG Holdings, LPSell1014202529.92703,01521,034,209150,824,177Form
6Tvg-I-E-Aeg, Holdings, LPDirectSell1014202529.92703,01521,034,209150,824,177Form

Investor Activity (13F)

Updated Jul 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Apollo Management Holdings, L.P.$783.4 Mil13.1%82Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Apollo Management Holdings, L.P.$783.4 Mil13.1%82Hold13F
Core Cache Last Updated: 7/10/2026