# Education & Training Services — company-by-company sector analysis

> Education & Training Services: Stride, Inc. owns the largest revenue base; Legacy Education Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Education & Training Services has underperformed S&P 500 by 0.5% over 52 weeks and 7% over 13 weeks. 6 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 18 beat the sector itself. Stride, Inc. leads with revenue of $2,536 million, based on 10 of 20 comparable companies through Mar 2026.

## Sector relative strength

Education & Training Services has underperformed S&P 500 by 0.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 7%. 6 of 18 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Lincoln Educational Services Corporation is the strongest against the sector itself at +15.4%.

13-week sector return versus NIFTY 500: 7.0%
52-week sector return versus NIFTY 500: -0.5%
Stocks leading NIFTY: 6/18
Stocks leading sector: 3/18

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 20
Combined market value: ₹52.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Lincoln Educational Services Corporation (LINC): 59/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 24.9/35 | Capital efficiency 7.7/25 | Valuation 9.5/20 | Relative strength 17.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 24.9 + 7.7 + 9.5 + 17 = 59.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. American Public Education, Inc. (APEI): 58/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 22.6/35 | Capital efficiency 10.5/25 | Valuation 9.3/20 | Relative strength 15.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 22.6 + 10.5 + 9.3 + 15.2 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Grand Canyon Education, Inc. (LOPE): 56/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.1/35 | Capital efficiency 21.5/25 | Valuation 9.8/20 | Relative strength 2.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 22.1 + 21.5 + 9.8 + 2.4 = 55.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Perdoceo Education Corporation (PRDO): 54/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 22.5/35 | Capital efficiency 15.0/25 | Valuation 14.1/20 | Relative strength 2.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 22.5 + 15 + 14.1 + 2.7 = 54.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Franklin Covey Co. (FC): 51/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 21.5/35 | Capital efficiency 11.3/25 | Valuation 7.0/20 | Relative strength 11.3/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 21.5 + 11.3 + 7 + 11.3 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. TAL Education Group (TAL): 51/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.5/35 | Capital efficiency 8.6/25 | Valuation 11.5/20 | Relative strength 9.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 21.5 + 8.6 + 11.5 + 9.4 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Universal Technical Institute, Inc. (UTI): 50/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 9.4/35 | Capital efficiency 8.2/25 | Valuation 14.1/20 | Relative strength 18.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 9.4 + 8.2 + 14.1 + 18.5 = 50.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 15.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Legacy Education Inc. (LGCY): 50/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 17.6/35 | Capital efficiency 14.5/25 | Valuation 10.8/20 | Relative strength 7.3/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.6 + 14.5 + 10.8 + 7.3 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Laureate Education, Inc. (LAUR): 50/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.1/35 | Capital efficiency 12.4/25 | Valuation 10.0/20 | Relative strength 11.1/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 16.1 + 12.4 + 10 + 11.1 = 49.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Strategic Education, Inc. (STRA): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.1/35 | Capital efficiency 11.8/25 | Valuation 10.9/20 | Relative strength 6.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.1 + 11.8 + 10.9 + 6.4 = 47.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. New Oriental Education & Technology Group Inc. (EDU): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.7/35 | Capital efficiency 10.3/25 | Valuation 10.2/20 | Relative strength 5.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 20.7 + 10.3 + 10.2 + 5.9 = 47.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Stride, Inc. (LRN): 45/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 13.0/35 | Capital efficiency 14.8/25 | Valuation 13.5/20 | Relative strength 3.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 13 + 14.8 + 13.5 + 3.2 = 44.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Graham Holdings Company (GHC): 44/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.6/35 | Capital efficiency 8.3/25 | Valuation 11.1/20 | Relative strength 7.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.6 + 8.3 + 11.1 + 7 = 44
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. KinderCare Learning Companies, Inc. (KLC): 43/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 10.7/35 | Capital efficiency 5.1/25 | Valuation 10.0/20 | Relative strength 16.7/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 10.7 + 5.1 + 10 + 16.7 = 42.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Covista Inc. (CVSA): 40/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 15.3/35 | Capital efficiency 13.3/25 | Valuation 4.8/20 | Relative strength 7.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 15.3 + 13.3 + 4.8 + 7 = 40.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Chegg, Inc. (CHGG): 40/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.2/35 | Capital efficiency 4.7/25 | Valuation 11.3/20 | Relative strength 5.1/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.2 + 4.7 + 11.3 + 5.1 = 40.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. McGraw Hill, Inc. (MH): 28/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 10.5/35 | Capital efficiency 5.0/25 | Valuation 8.7/20 | Relative strength 4.1/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 10.5 + 5 + 8.7 + 4.1 = 28.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Neucleus Group Limited (NEUC): 56/100 — Thin evidence · provisional; evidence 11%
   - Growth & earnings 17.5/35 | Capital efficiency 18.2/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 18.2 + 10 + 10 = 55.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Phoenix Education Partners, Inc. (PXED): 52/100 — Thin evidence · provisional; evidence 36%
   - Growth & earnings 13.5/35 | Capital efficiency 17.4/25 | Valuation 10.6/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 13.5 + 17.4 + 10.6 + 10 = 51.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Coursera, Inc. (COUR): 27/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 11.0/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 11 + 3.3 + 10 + 3 = 27.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Lincoln Educational Services Corporation has the strongest one-year price move in Education & Training Services at +81.7%. It also leads on Mansfield relative strength against the S&P 500 at +21.1%. 6 of 18 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Lincoln Educational Services Corporation (LINC): 82%
2. American Public Education, Inc. (APEI): 79%
3. Universal Technical Institute, Inc. (UTI): 57%
4. Laureate Education, Inc. (LAUR): 51%
5. Graham Holdings Company (GHC): 24%

### Strongest relative strength versus NIFTY 500
1. Lincoln Educational Services Corporation (LINC): 21%
2. Universal Technical Institute, Inc. (UTI): 16%
3. American Public Education, Inc. (APEI): 8.0%
4. KinderCare Learning Companies, Inc. (KLC): 4.4%
5. Laureate Education, Inc. (LAUR): 3.6%

## Revenue Scale & Growth Durability

What the numbers say: Stride, Inc. is the scale leader at $2,536 million, 20.6% ahead of McGraw Hill, Inc.. Legacy Education Inc.'s growth is 28.3% from a $77 million base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Stride, Inc. is the scale benchmark; Legacy Education Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Stride, Inc.'s growth falls below Legacy Education Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Stride, Inc. · $2,536 million | 20.6% versus #2 · McGraw Hill, Inc. | 8/8 recent comparable periods | 10/20 companies · 345 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Stride, Inc. (LRN): ₹2.5K Cr
2. McGraw Hill, Inc. (MH): ₹2.1K Cr
3. Covista Inc. (CVSA): ₹1.9K Cr
4. Universal Technical Institute, Inc. (UTI): ₹868 Cr
5. Perdoceo Education Corporation (PRDO): ₹856 Cr

### Revenue growth — fastest growers
1. Legacy Education Inc. (LGCY): 28%
2. Lincoln Educational Services Corporation (LINC): 20%
3. Perdoceo Education Corporation (PRDO): 18%
4. Universal Technical Institute, Inc. (UTI): 11%
5. Stride, Inc. (LRN): 11%

### 20-quarter Revenue history
- EDU: Sep 2021 ₹1.3K Cr | Dec 2021 ₹658 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹524 Cr | Sep 2022 ₹745 Cr | Dec 2022 ₹638 Cr | Mar 2023 ₹754 Cr | Jun 2023 ₹861 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹870 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TAL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹541 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹275 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹619 Cr | Dec 2024 ₹606 Cr | Mar 2025 ₹610 Cr | Jun 2025 ₹575 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹770 Cr | Mar 2026 ₹802 Cr | Jun 2026 —
- LAUR: Sep 2021 ₹268 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹385 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹251 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹362 Cr | Dec 2023 ₹409 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹499 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- GHC: Sep 2021 ₹809 Cr | Dec 2021 ₹863 Cr | Mar 2022 ₹915 Cr | Jun 2022 ₹933 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CVSA: Sep 2021 ₹289 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹361 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹410 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹457 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹503 Cr | Mar 2026 ₹487 Cr | Jun 2026 —
- LOPE: Sep 2021 ₹207 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹200 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹211 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- LRN: Sep 2021 ₹400 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹425 Cr | Dec 2022 ₹458 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹483 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹521 Cr | Jun 2024 ₹534 Cr | Sep 2024 ₹551 Cr | Dec 2024 ₹587 Cr | Mar 2025 ₹613 Cr | Jun 2025 ₹654 Cr | Sep 2025 ₹621 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹630 Cr | Jun 2026 —
- UTI: Sep 2021 ₹97 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- MH: Sep 2021 ₹585 Cr | Dec 2021 ₹403 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹511 Cr | Sep 2022 ₹629 Cr | Dec 2022 ₹407 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹641 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹419 Cr | Jun 2024 ₹523 Cr | Sep 2024 ₹689 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹473 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹669 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹464 Cr | Jun 2026 —
- PRDO: Sep 2021 ₹174 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- STRA: Sep 2021 ₹270 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹312 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹304 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹323 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- COUR: Sep 2021 ₹110 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹169 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹196 Cr | Jun 2026 —
- LINC: Sep 2021 ₹89 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹240 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹223 Cr | Jun 2025 — | Sep 2025 ₹257 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- APEI: Sep 2021 ₹98 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- KLC: Sep 2021 ₹457 Cr | Dec 2021 ₹475 Cr | Mar 2022 ₹476 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹545 Cr | Dec 2022 ₹548 Cr | Mar 2023 — | Jun 2023 ₹613 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹690 Cr | Sep 2024 ₹671 Cr | Dec 2024 ₹647 Cr | Mar 2025 ₹668 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹677 Cr | Dec 2025 — | Mar 2026 ₹688 Cr | Jun 2026 ₹673 Cr
- FC: Sep 2021 ₹69 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹68 Cr
- LGCY: Sep 2021 ₹7 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹172 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹63 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 -43% | Dec 2022 -3.0% | Mar 2023 23% | Jun 2023 64% | Sep 2023 48% | Dec 2023 36% | Mar 2024 60% | Jun 2024 32% | Sep 2024 30% | Dec 2024 19% | Mar 2025 -2.0% | Jun 2025 9.3% | Sep 2025 6.1% | Dec 2025 15% | Mar 2026 20% | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 -80% | Dec 2022 -77% | Mar 2023 -50% | Jun 2023 23% | Sep 2023 40% | Dec 2023 61% | Mar 2024 60% | Jun 2024 51% | Sep 2024 50% | Dec 2024 62% | Mar 2025 42% | Jun 2025 39% | Sep 2025 39% | Dec 2025 27% | Mar 2026 31% | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 17% | Mar 2023 20% | Jun 2023 20% | Sep 2023 20% | Dec 2023 18% | Mar 2024 9.6% | Jun 2024 8.0% | Sep 2024 1.9% | Dec 2024 3.4% | Mar 2025 -14% | Jun 2025 5.0% | Sep 2025 8.4% | Dec 2025 28% | Mar 2026 16% | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 25% | Dec 2022 23% | Mar 2023 13% | Jun 2023 18% | Sep 2023 9.9% | Dec 2023 9.7% | Mar 2024 12% | Jun 2024 7.2% | Sep 2024 8.5% | Dec 2024 6.8% | Mar 2025 1.1% | Jun 2025 2.6% | Sep 2025 6.0% | Dec 2025 0.4% | Mar 2026 6.0% | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 22% | Dec 2022 -2.2% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 4.2% | Dec 2023 8.3% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 13% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 4.5% | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 1.0% | Dec 2022 3.2% | Mar 2023 2.5% | Jun 2023 5.5% | Sep 2023 6.2% | Dec 2023 7.3% | Mar 2024 10% | Jun 2024 7.6% | Sep 2024 7.2% | Dec 2024 5.4% | Mar 2025 5.1% | Jun 2025 8.8% | Sep 2025 9.7% | Dec 2025 5.1% | Mar 2026 6.9% | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 6.3% | Dec 2022 12% | Mar 2023 11% | Jun 2023 6.2% | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 15% | Dec 2024 16% | Mar 2025 18% | Jun 2025 22% | Sep 2025 13% | Dec 2025 7.5% | Mar 2026 2.8% | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 14% | Dec 2022 14% | Mar 2023 61% | Jun 2023 51% | Sep 2023 53% | Dec 2023 46% | Mar 2024 12% | Jun 2024 16% | Sep 2024 15% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 13% | Dec 2025 10.0% | Mar 2026 6.8% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 7.5% | Dec 2022 1.0% | Mar 2023 10% | Jun 2023 -2.0% | Sep 2023 1.9% | Dec 2023 -2.0% | Mar 2024 4.5% | Jun 2024 4.4% | Sep 2024 7.5% | Dec 2024 4.3% | Mar 2025 13% | Jun 2025 2.5% | Sep 2025 -2.9% | Dec 2025 4.3% | Mar 2026 -1.9% | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.6% | Sep 2022 -3.5% | Dec 2022 10% | Mar 2023 7.1% | Jun 2023 11% | Sep 2023 7.1% | Dec 2023 -16% | Mar 2024 -14% | Jun 2024 -11% | Sep 2024 -5.6% | Dec 2024 19% | Mar 2025 27% | Jun 2025 26% | Sep 2025 25% | Dec 2025 20% | Mar 2026 4.2% | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.4% | Sep 2022 -2.6% | Dec 2022 -0.7% | Mar 2023 -0.8% | Jun 2023 5.1% | Sep 2023 8.8% | Dec 2023 12% | Mar 2024 13% | Jun 2024 8.3% | Sep 2024 7.0% | Dec 2024 2.6% | Mar 2025 4.8% | Jun 2025 2.9% | Sep 2025 4.6% | Dec 2025 3.9% | Mar 2026 0.7% | Jun 2026 —
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 24% | Dec 2022 23% | Mar 2023 23% | Jun 2023 23% | Sep 2023 22% | Dec 2023 19% | Mar 2024 14% | Jun 2024 10% | Sep 2024 6.0% | Dec 2024 5.9% | Mar 2025 5.9% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 9.5% | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.5% | Sep 2022 3.4% | Dec 2022 4.6% | Mar 2023 4.8% | Jun 2023 8.5% | Sep 2023 8.7% | Dec 2023 12% | Mar 2024 18% | Jun 2024 16% | Sep 2024 14% | Dec 2024 16% | Mar 2025 15% | Jun 2025 13% | Sep 2025 24% | Dec 2025 20% | Mar 2026 22% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.1% | Dec 2025 2.8% | Mar 2026 -0.5% | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 53% | Dec 2022 -1.3% | Mar 2023 -3.2% | Jun 2023 -2.0% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 2.7% | Jun 2024 4.1% | Sep 2024 1.3% | Dec 2024 7.2% | Mar 2025 7.1% | Jun 2025 6.5% | Sep 2025 6.5% | Dec 2025 -3.7% | Mar 2026 6.1% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 15% | Mar 2023 — | Jun 2023 23% | Sep 2023 20% | Dec 2023 13% | Mar 2024 — | Jun 2024 13% | Sep 2024 2.4% | Dec 2024 4.7% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 0.9% | Dec 2025 — | Mar 2026 3.0% | Jun 2026 -3.9%
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 13% | Mar 2023 8.8% | Jun 2023 7.6% | Sep 2023 -1.3% | Dec 2023 -1.5% | Mar 2024 -1.6% | Jun 2024 2.8% | Sep 2024 7.7% | Dec 2024 1.5% | Mar 2025 -1.6% | Jun 2025 -8.2% | Sep 2025 -15% | Dec 2025 -7.3% | Mar 2026 0.0% | Jun 2026 1.5%
- LGCY: Sep 2021 40% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 38% | Mar 2024 33% | Jun 2024 30% | Sep 2024 40% | Dec 2024 27% | Mar 2025 58% | Jun 2025 38% | Sep 2025 36% | Dec 2025 36% | Mar 2026 11% | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.5% | Sep 2022 -4.1% | Dec 2022 -1.0% | Mar 2023 -6.9% | Jun 2023 -6.2% | Sep 2023 -4.2% | Dec 2023 -8.3% | Mar 2024 -7.5% | Jun 2024 -11% | Sep 2024 -13% | Dec 2024 -24% | Mar 2025 -30% | Jun 2025 -36% | Sep 2025 -43% | Dec 2025 -49% | Mar 2026 -48% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Grand Canyon Education, Inc. leads opm at 30.9%; Chegg, Inc. leads margin change at +22.3 percentage points.

Investor read: Grand Canyon Education, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Grand Canyon Education, Inc. · 30.9% | 8.4% versus #2 · Perdoceo Education Corporation | 5/8 recent comparable periods | 19/20 companies · 345 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Grand Canyon Education, Inc. (LOPE): 31%
2. Perdoceo Education Corporation (PRDO): 29%
3. Stride, Inc. (LRN): 21%
4. Covista Inc. (CVSA): 19%
5. Legacy Education Inc. (LGCY): 19%

### Margin change — fastest expanders
1. Chegg, Inc. (CHGG): +22.3 pp
2. TAL Education Group (TAL): +11.6 pp
3. Franklin Covey Co. (FC): +9.5 pp
4. American Public Education, Inc. (APEI): +5.0 pp
5. Perdoceo Education Corporation (PRDO): +4.2 pp

### 20-quarter OPM history
- EDU: Sep 2021 2.5% | Dec 2021 -117% | Mar 2022 -23% | Jun 2022 -20% | Sep 2022 11% | Dec 2022 -0.4% | Mar 2023 8.8% | Jun 2023 5.6% | Sep 2023 19% | Dec 2023 2.5% | Mar 2024 9.4% | Jun 2024 0.9% | Sep 2024 20% | Dec 2024 1.9% | Mar 2025 11% | Jun 2025 -0.7% | Sep 2025 20% | Dec 2025 5.6% | Mar 2026 13% | Jun 2026 —
- TAL: Sep 2021 -26% | Dec 2021 -11% | Mar 2022 0.1% | Jun 2022 -13% | Sep 2022 5.1% | Dec 2022 -14% | Mar 2023 -17% | Jun 2023 -21% | Sep 2023 7.7% | Dec 2023 -8.6% | Mar 2024 -2.6% | Jun 2024 -4.2% | Sep 2024 7.7% | Dec 2024 -2.9% | Mar 2025 -2.6% | Jun 2025 2.5% | Sep 2025 11% | Dec 2025 12% | Mar 2026 9.0% | Jun 2026 —
- LAUR: Sep 2021 13% | Dec 2021 -3.7% | Mar 2022 4.3% | Jun 2022 33% | Sep 2022 19% | Dec 2022 23% | Mar 2023 6.2% | Jun 2023 33% | Sep 2023 16% | Dec 2023 27% | Mar 2024 4.0% | Jun 2024 33% | Sep 2024 20% | Dec 2024 29% | Mar 2025 -5.6% | Jun 2025 37% | Sep 2025 18% | Dec 2025 33% | Mar 2026 -10% | Jun 2026 —
- GHC: Sep 2021 -2.1% | Dec 2021 2.6% | Mar 2022 4.4% | Jun 2022 4.2% | Sep 2022 5.9% | Dec 2022 -5.2% | Mar 2023 2.7% | Jun 2023 5.3% | Sep 2023 -5.1% | Dec 2023 3.5% | Mar 2024 3.1% | Jun 2024 2.2% | Sep 2024 6.8% | Dec 2024 5.8% | Mar 2025 4.1% | Jun 2025 6.0% | Sep 2025 5.2% | Dec 2025 3.8% | Mar 2026 4.7% | Jun 2026 —
- CVSA: Sep 2021 -7.6% | Dec 2021 6.7% | Mar 2022 9.0% | Jun 2022 13% | Sep 2022 6.7% | Dec 2022 13% | Mar 2023 16% | Jun 2023 11% | Sep 2023 7.6% | Dec 2023 15% | Mar 2024 15% | Jun 2024 17% | Sep 2024 17% | Dec 2024 23% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- LOPE: Sep 2021 22% | Dec 2021 41% | Mar 2022 32% | Jun 2022 17% | Sep 2022 17% | Dec 2022 35% | Mar 2023 30% | Jun 2023 17% | Sep 2023 19% | Dec 2023 35% | Mar 2024 31% | Jun 2024 19% | Sep 2024 20% | Dec 2024 34% | Mar 2025 30% | Jun 2025 21% | Sep 2025 6.9% | Dec 2025 35% | Mar 2026 31% | Jun 2026 —
- LRN: Sep 2021 -1.7% | Dec 2021 14% | Mar 2022 14% | Jun 2022 10% | Sep 2022 -6.8% | Dec 2022 15% | Mar 2023 15% | Jun 2023 11% | Sep 2023 0.7% | Dec 2023 17% | Mar 2024 17% | Jun 2024 14% | Sep 2024 8.6% | Dec 2024 21% | Mar 2025 21% | Jun 2025 8.7% | Sep 2025 11% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —
- UTI: Sep 2021 13% | Dec 2021 13% | Mar 2022 3.3% | Jun 2022 1.9% | Sep 2022 3.1% | Dec 2022 3.7% | Mar 2023 3.6% | Jun 2023 0.4% | Sep 2023 6.1% | Dec 2023 8.1% | Mar 2024 6.1% | Jun 2024 4.2% | Sep 2024 13% | Dec 2024 14% | Mar 2025 8.1% | Jun 2025 6.9% | Sep 2025 11% | Dec 2025 7.1% | Mar 2026 0.2% | Jun 2026 —
- MH: Sep 2021 -0.4% | Dec 2021 -3.0% | Mar 2022 -127% | Jun 2022 11% | Sep 2022 15% | Dec 2022 -71% | Mar 2023 -12% | Jun 2023 9.1% | Sep 2023 22% | Dec 2023 1.7% | Mar 2024 -9.7% | Jun 2024 15% | Sep 2024 26% | Dec 2024 5.8% | Mar 2025 5.9% | Jun 2025 18% | Sep 2025 23% | Dec 2025 7.0% | Mar 2026 -1.4% | Jun 2026 —
- PRDO: Sep 2021 22% | Dec 2021 22% | Mar 2022 24% | Jun 2022 20% | Sep 2022 17% | Dec 2022 13% | Mar 2023 22% | Jun 2023 26% | Sep 2023 24% | Dec 2023 11% | Mar 2024 28% | Jun 2024 28% | Sep 2024 26% | Dec 2024 21% | Mar 2025 24% | Jun 2025 25% | Sep 2025 24% | Dec 2025 20% | Mar 2026 29% | Jun 2026 —
- STRA: Sep 2021 2.7% | Dec 2021 10% | Mar 2022 5.2% | Jun 2022 8.0% | Sep 2022 3.0% | Dec 2022 10% | Mar 2023 -0.5% | Jun 2023 5.8% | Sep 2023 9.0% | Dec 2023 18% | Mar 2024 14% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 14% | Sep 2025 12% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- COUR: Sep 2021 -29% | Dec 2021 -41% | Mar 2022 -31% | Jun 2022 -38% | Sep 2022 -27% | Dec 2022 -39% | Mar 2023 -27% | Jun 2023 -25% | Sep 2023 -24% | Dec 2023 -17% | Mar 2024 -18% | Jun 2024 -18% | Sep 2024 -12% | Dec 2024 -17% | Mar 2025 -8.0% | Jun 2025 -8.1% | Sep 2025 -8.0% | Dec 2025 -16% | Mar 2026 -13% | Jun 2026 —
- LINC: Sep 2021 6.5% | Dec 2021 39% | Mar 2022 -0.4% | Jun 2022 0.5% | Sep 2022 5.3% | Dec 2022 12% | Mar 2023 -1.3% | Jun 2023 27% | Sep 2023 2.0% | Dec 2023 8.7% | Mar 2024 -0.4% | Jun 2024 -1.1% | Sep 2024 5.1% | Dec 2024 9.2% | Mar 2025 2.9% | Jun 2025 2.5% | Sep 2025 4.4% | Dec 2025 12% | Mar 2026 4.5% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -37% | Dec 2024 -11% | Mar 2025 -34% | Jun 2025 — | Sep 2025 -40% | Dec 2025 -37% | Mar 2026 -40% | Jun 2026 —
- APEI: Sep 2021 1.3% | Dec 2021 11% | Mar 2022 3.4% | Jun 2022 -94% | Sep 2022 -0.7% | Dec 2022 -0.2% | Mar 2023 -3.6% | Jun 2023 -44% | Sep 2023 4.2% | Dec 2023 12% | Mar 2024 3.4% | Jun 2024 1.5% | Sep 2024 2.7% | Dec 2024 13% | Mar 2025 7.4% | Jun 2025 4.3% | Sep 2025 5.9% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- KLC: Sep 2021 14% | Dec 2021 14% | Mar 2022 18% | Jun 2022 23% | Sep 2022 24% | Dec 2022 13% | Mar 2023 — | Jun 2023 12% | Sep 2023 15% | Dec 2023 7.9% | Mar 2024 5.1% | Jun 2024 12% | Sep 2024 8.1% | Dec 2024 -14% | Mar 2025 7.3% | Jun 2025 9.8% | Sep 2025 3.9% | Dec 2025 — | Mar 2026 -24% | Jun 2026 -41%
- FC: Sep 2021 6.3% | Dec 2021 9.1% | Mar 2022 6.2% | Jun 2022 9.0% | Sep 2022 11% | Dec 2022 9.2% | Mar 2023 4.6% | Jun 2023 9.2% | Sep 2023 14% | Dec 2023 7.8% | Mar 2024 2.4% | Jun 2024 11% | Sep 2024 21% | Dec 2024 2.1% | Mar 2025 -2.4% | Jun 2025 -3.3% | Sep 2025 11% | Dec 2025 -5.7% | Mar 2026 -3.4% | Jun 2026 6.2%
- LGCY: Sep 2021 9.1% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 4.5% | Mar 2023 10% | Jun 2023 11% | Sep 2023 13% | Dec 2023 16% | Mar 2024 19% | Jun 2024 6.5% | Sep 2024 19% | Dec 2024 12% | Mar 2025 20% | Jun 2025 11% | Sep 2025 14% | Dec 2025 13% | Mar 2026 19% | Jun 2026 —
- CHGG: Sep 2021 0.2% | Dec 2021 13% | Mar 2022 2.7% | Jun 2022 3.8% | Sep 2022 -6.9% | Dec 2022 3.7% | Mar 2023 -2.4% | Jun 2023 -10% | Sep 2023 -37% | Dec 2023 7.1% | Mar 2024 -1.4% | Jun 2024 -297% | Sep 2024 -163% | Dec 2024 -19% | Mar 2025 -24% | Jun 2025 -35% | Sep 2025 -22% | Dec 2025 -47% | Mar 2026 -1.6% | Jun 2026 —

### 20-quarter Margin change history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.8 pp | Sep 2022 +8.0 pp | Dec 2022 +116.3 pp | Mar 2023 +31.8 pp | Jun 2023 +25.8 pp | Sep 2023 +8.1 pp | Dec 2023 +2.9 pp | Mar 2024 +0.6 pp | Jun 2024 −4.7 pp | Sep 2024 +1.8 pp | Dec 2024 −0.6 pp | Mar 2025 +1.1 pp | Jun 2025 −1.6 pp | Sep 2025 0.0 pp | Dec 2025 +3.7 pp | Mar 2026 +2.2 pp | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 +31.4 pp | Dec 2022 −3.5 pp | Mar 2023 −16.6 pp | Jun 2023 −8.4 pp | Sep 2023 +2.6 pp | Dec 2023 +5.5 pp | Mar 2024 +13.9 pp | Jun 2024 +16.8 pp | Sep 2024 0.0 pp | Dec 2024 +5.7 pp | Mar 2025 0.0 pp | Jun 2025 +6.7 pp | Sep 2025 +3.5 pp | Dec 2025 +15.0 pp | Mar 2026 +11.6 pp | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +15.3 pp | Sep 2022 +5.6 pp | Dec 2022 +26.2 pp | Mar 2023 +1.9 pp | Jun 2023 +0.5 pp | Sep 2023 −2.5 pp | Dec 2023 +4.4 pp | Mar 2024 −2.2 pp | Jun 2024 0.0 pp | Sep 2024 +3.3 pp | Dec 2024 +2.4 pp | Mar 2025 −9.6 pp | Jun 2025 +3.5 pp | Sep 2025 −1.6 pp | Dec 2025 +3.9 pp | Mar 2026 −4.5 pp | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +8.0 pp | Dec 2022 −7.8 pp | Mar 2023 −1.7 pp | Jun 2023 +1.1 pp | Sep 2023 −11.0 pp | Dec 2023 +8.7 pp | Mar 2024 +0.4 pp | Jun 2024 −3.1 pp | Sep 2024 +11.9 pp | Dec 2024 +2.3 pp | Mar 2025 +1.0 pp | Jun 2025 +3.8 pp | Sep 2025 −1.6 pp | Dec 2025 −2.0 pp | Mar 2026 +0.6 pp | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.7 pp | Sep 2022 +14.3 pp | Dec 2022 +5.9 pp | Mar 2023 +7.1 pp | Jun 2023 −1.9 pp | Sep 2023 +0.9 pp | Dec 2023 +2.3 pp | Mar 2024 −1.1 pp | Jun 2024 +5.9 pp | Sep 2024 +9.2 pp | Dec 2024 +8.3 pp | Mar 2025 +4.4 pp | Jun 2025 +0.1 pp | Sep 2025 +1.7 pp | Dec 2025 −1.1 pp | Mar 2026 −0.6 pp | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.0 pp | Sep 2022 −4.9 pp | Dec 2022 −5.6 pp | Mar 2023 −1.9 pp | Jun 2023 −0.1 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.5 pp | Dec 2024 −0.9 pp | Mar 2025 −0.4 pp | Jun 2025 +2.1 pp | Sep 2025 −13.3 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.7 pp | Sep 2022 −5.1 pp | Dec 2022 +0.9 pp | Mar 2023 +1.0 pp | Jun 2023 +1.1 pp | Sep 2023 +7.5 pp | Dec 2023 +1.9 pp | Mar 2024 +1.6 pp | Jun 2024 +2.6 pp | Sep 2024 +7.9 pp | Dec 2024 +4.6 pp | Mar 2025 +4.3 pp | Jun 2025 −5.1 pp | Sep 2025 +2.5 pp | Dec 2025 +2.0 pp | Mar 2026 −0.8 pp | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −10.0 pp | Dec 2022 −9.2 pp | Mar 2023 +0.3 pp | Jun 2023 −1.5 pp | Sep 2023 +3.0 pp | Dec 2023 +4.4 pp | Mar 2024 +2.5 pp | Jun 2024 +3.8 pp | Sep 2024 +7.2 pp | Dec 2024 +5.5 pp | Mar 2025 +2.0 pp | Jun 2025 +2.7 pp | Sep 2025 −2.1 pp | Dec 2025 −6.5 pp | Mar 2026 −7.9 pp | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.1 pp | Sep 2022 +15.2 pp | Dec 2022 −67.7 pp | Mar 2023 +115.0 pp | Jun 2023 −1.5 pp | Sep 2023 +7.6 pp | Dec 2023 +72.4 pp | Mar 2024 +2.2 pp | Jun 2024 +5.4 pp | Sep 2024 +3.6 pp | Dec 2024 +4.1 pp | Mar 2025 +15.6 pp | Jun 2025 +3.5 pp | Sep 2025 −2.6 pp | Dec 2025 +1.2 pp | Mar 2026 −7.3 pp | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −4.4 pp | Dec 2022 −8.7 pp | Mar 2023 −1.7 pp | Jun 2023 +5.6 pp | Sep 2023 +6.5 pp | Dec 2023 −2.1 pp | Mar 2024 +5.3 pp | Jun 2024 +1.8 pp | Sep 2024 +2.5 pp | Dec 2024 +10.3 pp | Mar 2025 −3.2 pp | Jun 2025 −3.1 pp | Sep 2025 −2.3 pp | Dec 2025 −1.3 pp | Mar 2026 +4.2 pp | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 −5.7 pp | Jun 2023 −2.2 pp | Sep 2023 +6.0 pp | Dec 2023 +7.7 pp | Mar 2024 +14.7 pp | Jun 2024 +7.6 pp | Sep 2024 +2.9 pp | Dec 2024 −6.3 pp | Mar 2025 −1.1 pp | Jun 2025 +0.8 pp | Sep 2025 −0.3 pp | Dec 2025 +4.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.5 pp | Sep 2022 +1.9 pp | Dec 2022 +1.9 pp | Mar 2023 +4.4 pp | Jun 2023 +13.3 pp | Sep 2023 +2.8 pp | Dec 2023 +22.5 pp | Mar 2024 +8.9 pp | Jun 2024 +6.7 pp | Sep 2024 +11.6 pp | Dec 2024 −0.1 pp | Mar 2025 +9.6 pp | Jun 2025 +10.2 pp | Sep 2025 +4.3 pp | Dec 2025 +0.6 pp | Mar 2026 −4.9 pp | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 −1.2 pp | Dec 2022 −26.5 pp | Mar 2023 −0.9 pp | Jun 2023 +26.0 pp | Sep 2023 −3.3 pp | Dec 2023 −3.6 pp | Mar 2024 +0.9 pp | Jun 2024 −27.6 pp | Sep 2024 +3.1 pp | Dec 2024 +0.5 pp | Mar 2025 +3.3 pp | Jun 2025 +3.6 pp | Sep 2025 −0.7 pp | Dec 2025 +3.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −3.2 pp | Dec 2025 −25.8 pp | Mar 2026 −5.7 pp | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −96.9 pp | Sep 2022 −2.0 pp | Dec 2022 −10.9 pp | Mar 2023 −7.0 pp | Jun 2023 +50.1 pp | Sep 2023 +4.9 pp | Dec 2023 +12.2 pp | Mar 2024 +7.0 pp | Jun 2024 +45.8 pp | Sep 2024 −1.5 pp | Dec 2024 +1.1 pp | Mar 2025 +4.0 pp | Jun 2025 +2.8 pp | Sep 2025 +3.2 pp | Dec 2025 −1.2 pp | Mar 2026 +5.0 pp | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 −11.7 pp | Sep 2023 −8.9 pp | Dec 2023 −5.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 −6.7 pp | Dec 2024 −21.7 pp | Mar 2025 +2.2 pp | Jun 2025 −1.9 pp | Sep 2025 −4.2 pp | Dec 2025 — | Mar 2026 −31.1 pp | Jun 2026 −50.3 pp
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +0.1 pp | Mar 2023 −1.6 pp | Jun 2023 +0.2 pp | Sep 2023 +2.6 pp | Dec 2023 −1.4 pp | Mar 2024 −2.2 pp | Jun 2024 +2.2 pp | Sep 2024 +7.7 pp | Dec 2024 −5.7 pp | Mar 2025 −4.8 pp | Jun 2025 −14.7 pp | Sep 2025 −10.2 pp | Dec 2025 −7.8 pp | Mar 2026 −1.0 pp | Jun 2026 +9.5 pp
- LGCY: Sep 2021 −5.8 pp | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 +11.0 pp | Mar 2024 +8.9 pp | Jun 2024 −4.9 pp | Sep 2024 +5.8 pp | Dec 2024 −3.3 pp | Mar 2025 +0.5 pp | Jun 2025 +4.6 pp | Sep 2025 −5.2 pp | Dec 2025 +1.1 pp | Mar 2026 −1.2 pp | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.7 pp | Sep 2022 −7.1 pp | Dec 2022 −8.9 pp | Mar 2023 −5.1 pp | Jun 2023 −14.0 pp | Sep 2023 −29.8 pp | Dec 2023 +3.4 pp | Mar 2024 +1.0 pp | Jun 2024 −287.1 pp | Sep 2024 −126.0 pp | Dec 2024 −26.1 pp | Mar 2025 −22.5 pp | Jun 2025 +262.6 pp | Sep 2025 +140.7 pp | Dec 2025 −28.2 pp | Mar 2026 +22.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Stride, Inc. leads with $308 million of TTM profit, 23.7% above Covista Inc.. Lincoln Educational Services Corporation shows 91.7% growth from a $23 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Stride, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Stride, Inc. · $308 million | 23.7% versus #2 · Covista Inc. | 6/8 recent comparable periods | 10/20 companies · 345 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Stride, Inc. (LRN): ₹308 Cr
2. Covista Inc. (CVSA): ₹249 Cr
3. Perdoceo Education Corporation (PRDO): ₹170 Cr
4. Universal Technical Institute, Inc. (UTI): ₹43 Cr
5. American Public Education, Inc. (APEI): ₹41 Cr

### Profit growth — fastest growers
1. Lincoln Educational Services Corporation (LINC): 92%
2. American Public Education, Inc. (APEI): 64%
3. Legacy Education Inc. (LGCY): 14%
4. Perdoceo Education Corporation (PRDO): 13%
5. Covista Inc. (CVSA): 8.7%

### 20-quarter Net profit history
- EDU: Sep 2021 ₹49 Cr | Dec 2021 ₹-915 Cr | Mar 2022 ₹-121 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- TAL: Sep 2021 ₹-843 Cr | Dec 2021 ₹-114 Cr | Mar 2022 ₹-109 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-45 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- LAUR: Sep 2021 ₹360 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- GHC: Sep 2021 ₹40 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹-67 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹552 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- CVSA: Sep 2021 ₹-77 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- LOPE: Sep 2021 ₹48 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- LRN: Sep 2021 ₹-6 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- UTI: Sep 2021 ₹12 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MH: Sep 2021 ₹-133 Cr | Dec 2021 ₹-61 Cr | Mar 2022 ₹-509 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹-312 Cr | Mar 2023 ₹-107 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹-76 Cr | Mar 2024 ₹-146 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹-53 Cr | Mar 2025 ₹-157 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-50 Cr | Jun 2026 —
- PRDO: Sep 2021 ₹28 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- STRA: Sep 2021 ₹4 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- COUR: Sep 2021 ₹-32 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹-21 Cr | Jun 2026 —
- LINC: Sep 2021 ₹4 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹16 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- APEI: Sep 2021 ₹0 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-110 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-51 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- KLC: Sep 2021 ₹31 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 ₹-177 Cr | Jun 2026 ₹-290 Cr
- FC: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr | Jun 2026 ₹3 Cr
- LGCY: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹7 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-617 Cr | Sep 2024 ₹-213 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2,111% | Sep 2022 76% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 115% | Dec 2023 145% | Mar 2024 18% | Jun 2024 -1.9% | Sep 2024 31% | Dec 2024 -22% | Mar 2025 2.0% | Jun 2025 -84% | Sep 2025 2.1% | Dec 2025 66% | Mar 2026 44% | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 57% | Dec 2024 — | Mar 2025 -107% | Jun 2025 158% | Sep 2025 116% | Dec 2025 404% | Mar 2026 — | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -91% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 27% | Sep 2023 16% | Dec 2023 177% | Mar 2024 — | Jun 2024 129% | Sep 2024 136% | Dec 2024 -13% | Mar 2025 — | Jun 2025 -24% | Sep 2025 -60% | Dec 2025 83% | Mar 2026 — | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -158% | Sep 2022 -15% | Dec 2022 -92% | Mar 2023 -45% | Jun 2023 — | Sep 2023 -162% | Dec 2023 700% | Mar 2024 136% | Jun 2024 -115% | Sep 2024 — | Dec 2024 886% | Mar 2025 -79% | Jun 2025 — | Sep 2025 68% | Dec 2025 -80% | Mar 2026 19% | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -38% | Mar 2023 1,125% | Jun 2023 2,300% | Sep 2023 100% | Dec 2023 58% | Mar 2024 -24% | Jun 2024 113% | Sep 2024 283% | Dec 2024 87% | Mar 2025 65% | Jun 2025 5.9% | Sep 2025 33% | Dec 2025 7.0% | Mar 2026 -4.9% | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 -38% | Dec 2022 -16% | Mar 2023 3.5% | Jun 2023 12% | Sep 2023 20% | Dec 2023 14% | Mar 2024 13% | Jun 2024 21% | Sep 2024 14% | Dec 2024 1.2% | Mar 2025 5.9% | Jun 2025 20% | Sep 2025 -61% | Dec 2025 6.1% | Mar 2026 4.2% | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 — | Dec 2022 21% | Mar 2023 28% | Jun 2023 54% | Sep 2023 — | Dec 2023 31% | Mar 2024 27% | Jun 2024 47% | Sep 2024 720% | Dec 2024 43% | Mar 2025 41% | Jun 2025 -19% | Sep 2025 68% | Dec 2025 3.1% | Mar 2026 -10% | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -75% | Dec 2022 -80% | Mar 2023 -57% | Jun 2023 -200% | Sep 2023 133% | Dec 2023 233% | Mar 2024 167% | Jun 2024 — | Sep 2024 171% | Dec 2024 120% | Mar 2025 38% | Jun 2025 120% | Sep 2025 0.0% | Dec 2025 -41% | Mar 2026 -100% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -111% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 144% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 118% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 -21% | Dec 2022 -33% | Mar 2023 6.3% | Jun 2023 112% | Sep 2023 86% | Dec 2023 6.3% | Mar 2024 15% | Jun 2024 -31% | Sep 2024 -7.3% | Dec 2024 82% | Mar 2025 13% | Jun 2025 7.9% | Sep 2025 5.3% | Dec 2025 13% | Mar 2026 23% | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 50% | Dec 2022 -18% | Mar 2023 -129% | Jun 2023 -6.7% | Sep 2023 200% | Dec 2023 117% | Mar 2024 — | Jun 2024 114% | Sep 2024 56% | Dec 2024 -36% | Mar 2025 0.0% | Jun 2025 6.7% | Sep 2025 -3.6% | Dec 2025 52% | Mar 2026 10% | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 0.0% | Dec 2022 -63% | Mar 2023 — | Jun 2023 — | Sep 2023 -50% | Dec 2023 -22% | Mar 2024 — | Jun 2024 -106% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 86% | Mar 2026 100% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 80% | Dec 2025 -68% | Mar 2026 -38% | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11,100% | Sep 2022 — | Dec 2022 -178% | Mar 2023 -220% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 125% | Jun 2025 300% | Sep 2025 200% | Dec 2025 0.0% | Mar 2026 100% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 155% | Dec 2022 10% | Mar 2023 — | Jun 2023 -60% | Sep 2023 -46% | Dec 2023 -9.1% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 -67% | Dec 2024 -547% | Mar 2025 — | Jun 2025 34% | Sep 2025 -64% | Dec 2025 — | Mar 2026 -943% | Jun 2026 -844%
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 25% | Mar 2023 0.0% | Jun 2023 -29% | Sep 2023 17% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 20% | Sep 2024 71% | Dec 2024 -80% | Mar 2025 -200% | Jun 2025 -117% | Sep 2025 -67% | Dec 2025 -400% | Mar 2026 — | Jun 2026 —
- LGCY: Sep 2021 -100% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 100% | Jun 2024 0.0% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 50% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 0.0% | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -79% | Sep 2022 3,500% | Dec 2022 -92% | Mar 2023 -67% | Jun 2023 257% | Sep 2023 -107% | Dec 2023 400% | Mar 2024 -150% | Jun 2024 -2,568% | Sep 2024 — | Dec 2024 -160% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Neucleus Group Limited leads ROCE at 156.9%, 124.9 percentage points above Grand Canyon Education, Inc.. Neucleus Group Limited has the strongest latest improvement at +46.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Neucleus Group Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Neucleus Group Limited · 156.9% | 390.3% versus #2 · Grand Canyon Education, Inc. | Not enough history | 20/20 companies · 347 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Neucleus Group Limited (NEUC): 157%
2. Grand Canyon Education, Inc. (LOPE): 32%
3. Phoenix Education Partners, Inc. (PXED): 25%
4. Laureate Education, Inc. (LAUR): 13%
5. Legacy Education Inc. (LGCY): 6.8%

### ROCE change — fastest improvers
1. Neucleus Group Limited (NEUC): +46.8 pp
2. Franklin Covey Co. (FC): +8.4 pp
3. Grand Canyon Education, Inc. (LOPE): +8.1 pp
4. Chegg, Inc. (CHGG): +3.4 pp
5. TAL Education Group (TAL): +2.8 pp

### 20-quarter ROCE history
- EDU: Sep 2021 0.7% | Dec 2021 -13% | Mar 2022 -2.5% | Jun 2022 -1.9% | Sep 2022 1.6% | Dec 2022 -0.1% | Mar 2023 1.5% | Jun 2023 1.1% | Sep 2023 4.8% | Dec 2023 0.5% | Mar 2024 2.6% | Jun 2024 0.2% | Sep 2024 6.5% | Dec 2024 0.4% | Mar 2025 2.7% | Jun 2025 -0.2% | Sep 2025 6.5% | Dec 2025 1.4% | Mar 2026 3.8% | Jun 2026 1.8%
- TAL: Sep 2021 -8.1% | Dec 2021 -2.1% | Mar 2022 0.0% | Jun 2022 -0.6% | Sep 2022 0.3% | Dec 2022 -0.8% | Mar 2023 -1.1% | Jun 2023 -1.5% | Sep 2023 0.8% | Dec 2023 -0.8% | Mar 2024 -0.3% | Jun 2024 -0.4% | Sep 2024 1.2% | Dec 2024 -0.4% | Mar 2025 -0.4% | Jun 2025 0.4% | Sep 2025 2.5% | Dec 2025 2.4% | Mar 2026 1.8% | Jun 2026 3.2%
- LAUR: Sep 2021 1.1% | Dec 2021 -0.4% | Mar 2022 0.3% | Jun 2022 5.3% | Sep 2022 3.2% | Dec 2022 4.5% | Mar 2023 0.9% | Jun 2023 8.9% | Sep 2023 3.7% | Dec 2023 6.7% | Mar 2024 0.7% | Jun 2024 9.7% | Sep 2024 4.5% | Dec 2024 7.8% | Mar 2025 -0.8% | Jun 2025 12% | Sep 2025 4.5% | Dec 2025 11% | Mar 2026 -1.7% | Jun 2026 13%
- GHC: Sep 2021 -0.3% | Dec 2021 0.4% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 -0.9% | Mar 2023 0.5% | Jun 2023 1.0% | Sep 2023 -1.0% | Dec 2023 0.7% | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 1.4% | Dec 2024 1.2% | Mar 2025 0.8% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 0.7% | Mar 2026 0.9% | Jun 2026 1.3%
- CVSA: Sep 2021 -0.9% | Dec 2021 1.0% | Mar 2022 1.2% | Jun 2022 1.7% | Sep 2022 0.8% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 2.5% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.1% | Dec 2024 4.5% | Mar 2025 4.1% | Jun 2025 3.4% | Sep 2025 3.8% | Dec 2025 4.9% | Mar 2026 4.1% | Jun 2026 —
- LOPE: Sep 2021 40% | Dec 2021 24% | Mar 2022 36% | Jun 2022 32% | Sep 2022 70% | Dec 2022 25% | Mar 2023 49% | Jun 2023 25% | Sep 2023 86% | Dec 2023 73% | Mar 2024 56% | Jun 2024 22% | Sep 2024 30% | Dec 2024 43% | Mar 2025 52% | Jun 2025 24% | Sep 2025 10% | Dec 2025 50% | Mar 2026 79% | Jun 2026 32%
- LRN: Sep 2021 -0.6% | Dec 2021 4.5% | Mar 2022 4.7% | Jun 2022 3.5% | Sep 2022 -2.2% | Dec 2022 5.1% | Mar 2023 5.3% | Jun 2023 3.9% | Sep 2023 0.2% | Dec 2023 5.8% | Mar 2024 5.8% | Jun 2024 4.7% | Sep 2024 2.9% | Dec 2024 7.4% | Mar 2025 7.4% | Jun 2025 3.1% | Sep 2025 3.6% | Dec 2025 7.5% | Mar 2026 6.3% | Jun 2026 —
- UTI: Sep 2021 3.7% | Dec 2021 3.7% | Mar 2022 0.9% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 1.2% | Jun 2023 0.1% | Sep 2023 2.1% | Dec 2023 2.5% | Mar 2024 2.0% | Jun 2024 1.4% | Sep 2024 4.8% | Dec 2024 5.0% | Mar 2025 3.1% | Jun 2025 2.6% | Sep 2025 4.4% | Dec 2025 2.7% | Mar 2026 0.1% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 -0.4% | Mar 2022 -14% | Jun 2022 — | Sep 2022 — | Dec 2022 -5.6% | Mar 2023 -0.9% | Jun 2023 1.8% | Sep 2023 — | Dec 2023 0.1% | Mar 2024 -0.8% | Jun 2024 3.1% | Sep 2024 — | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 4.3% | Sep 2025 6.8% | Dec 2025 0.7% | Mar 2026 -0.1% | Jun 2026 —
- PRDO: Sep 2021 5.9% | Dec 2021 5.2% | Mar 2022 6.3% | Jun 2022 4.8% | Sep 2022 4.0% | Dec 2022 3.0% | Mar 2023 5.6% | Jun 2023 6.0% | Sep 2023 5.2% | Dec 2023 1.9% | Mar 2024 5.3% | Jun 2024 5.1% | Sep 2024 4.8% | Dec 2024 3.7% | Mar 2025 5.1% | Jun 2025 5.0% | Sep 2025 4.8% | Dec 2025 3.8% | Mar 2026 5.6% | Jun 2026 —
- STRA: Sep 2021 0.4% | Dec 2021 1.3% | Mar 2022 0.6% | Jun 2022 1.1% | Sep 2022 0.4% | Dec 2022 1.4% | Mar 2023 -0.1% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 2.8% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 1.9% | Dec 2024 1.9% | Mar 2025 2.1% | Jun 2025 2.4% | Sep 2025 2.0% | Dec 2025 2.8% | Mar 2026 2.3% | Jun 2026 2.8%
- COUR: Sep 2021 -6.1% | Dec 2021 -9.3% | Mar 2022 -7.4% | Jun 2022 -6.4% | Sep 2022 -4.9% | Dec 2022 -7.7% | Mar 2023 -5.5% | Jun 2023 -5.6% | Sep 2023 -5.9% | Dec 2023 -4.3% | Mar 2024 -4.6% | Jun 2024 -5.1% | Sep 2024 -3.6% | Dec 2024 -5.0% | Mar 2025 -2.3% | Jun 2025 -2.5% | Sep 2025 -2.5% | Dec 2025 -5.2% | Mar 2026 -4.0% | Jun 2026 -9.3%
- LINC: Sep 2021 3.6% | Dec 2021 17% | Mar 2022 -0.2% | Jun 2022 0.2% | Sep 2022 2.3% | Dec 2022 4.9% | Mar 2023 -0.5% | Jun 2023 10% | Sep 2023 0.8% | Dec 2023 3.5% | Mar 2024 -0.2% | Jun 2024 -0.4% | Sep 2024 2.0% | Dec 2024 3.5% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.8% | Dec 2025 4.8% | Mar 2026 1.7% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 10,550% | Dec 2024 — | Mar 2025 — | Jun 2025 32% | Sep 2025 5,590% | Dec 2025 13% | Mar 2026 7.2% | Jun 2026 25%
- APEI: Sep 2021 0.3% | Dec 2021 3.4% | Mar 2022 1.0% | Jun 2022 -29% | Sep 2022 -0.2% | Dec 2022 0.0% | Mar 2023 -0.9% | Jun 2023 -13% | Sep 2023 1.2% | Dec 2023 3.6% | Mar 2024 1.0% | Jun 2024 0.5% | Sep 2024 0.9% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 1.5% | Sep 2025 2.1% | Dec 2025 4.0% | Mar 2026 4.6% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 2.2% | Mar 2022 2.8% | Jun 2022 3.8% | Sep 2022 8.8% | Dec 2022 2.3% | Mar 2023 — | Jun 2023 4.5% | Sep 2023 1.8% | Dec 2023 1.5% | Mar 2024 2.1% | Jun 2024 5.0% | Sep 2024 1.7% | Dec 2024 -2.8% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 -5.0% | Jun 2026 -8.7%
- FC: Sep 2021 — | Dec 2021 5.2% | Mar 2022 3.3% | Jun 2022 5.7% | Sep 2022 7.9% | Dec 2022 5.8% | Mar 2023 2.5% | Jun 2023 7.0% | Sep 2023 11% | Dec 2023 5.5% | Mar 2024 1.5% | Jun 2024 9.6% | Sep 2024 18% | Dec 2024 1.6% | Mar 2025 -1.7% | Jun 2025 -2.6% | Sep 2025 8.2% | Dec 2025 -4.3% | Mar 2026 -2.8% | Jun 2026 5.8%
- LGCY: Sep 2021 11% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 20% | Dec 2022 — | Mar 2023 5.8% | Jun 2023 6.6% | Sep 2023 13% | Dec 2023 16% | Mar 2024 12% | Jun 2024 3.8% | Sep 2024 8.9% | Dec 2024 4.7% | Mar 2025 9.6% | Jun 2025 5.0% | Sep 2025 5.6% | Dec 2025 4.7% | Mar 2026 6.8% | Jun 2026 —
- CHGG: Sep 2021 0.0% | Dec 2021 1.1% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 -0.4% | Dec 2022 0.3% | Mar 2023 -0.2% | Jun 2023 -0.9% | Sep 2023 -3.0% | Dec 2023 0.8% | Mar 2024 -0.1% | Jun 2024 -40% | Sep 2024 -21% | Dec 2024 -3.5% | Mar 2025 -3.9% | Jun 2025 -9.0% | Sep 2025 -5.5% | Dec 2025 -14% | Mar 2026 -0.5% | Jun 2026 —

### 20-quarter ROCE change history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +13.1 pp | Mar 2023 +4.0 pp | Jun 2023 +3.0 pp | Sep 2023 +3.2 pp | Dec 2023 +0.6 pp | Mar 2024 +1.1 pp | Jun 2024 −0.9 pp | Sep 2024 +1.7 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.1 pp | Jun 2026 +2.0 pp
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.4 pp | Dec 2022 +1.3 pp | Mar 2023 −1.1 pp | Jun 2023 −0.9 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.8 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.3 pp | Dec 2025 +2.8 pp | Mar 2026 +2.2 pp | Jun 2026 +2.8 pp
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +4.9 pp | Mar 2023 +0.6 pp | Jun 2023 +3.6 pp | Sep 2023 +0.5 pp | Dec 2023 +2.2 pp | Mar 2024 −0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +0.8 pp | Dec 2024 +1.1 pp | Mar 2025 −1.5 pp | Jun 2025 +2.1 pp | Sep 2025 0.0 pp | Dec 2025 +3.3 pp | Mar 2026 −0.9 pp | Jun 2026 +0.9 pp
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −1.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.3 pp | Sep 2023 −2.0 pp | Dec 2023 +1.6 pp | Mar 2024 +0.1 pp | Jun 2024 −0.6 pp | Sep 2024 +2.4 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 +0.8 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 +0.1 pp
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +0.6 pp | Mar 2023 +1.0 pp | Jun 2023 −0.1 pp | Sep 2023 +0.4 pp | Dec 2023 +0.9 pp | Mar 2024 +0.5 pp | Jun 2024 +1.4 pp | Sep 2024 +1.9 pp | Dec 2024 +2.0 pp | Mar 2025 +1.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.7 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +30.6 pp | Dec 2022 +0.9 pp | Mar 2023 +12.3 pp | Jun 2023 −7.3 pp | Sep 2023 +15.5 pp | Dec 2023 +48.2 pp | Mar 2024 +7.6 pp | Jun 2024 −2.9 pp | Sep 2024 −55.8 pp | Dec 2024 −30.8 pp | Mar 2025 −4.4 pp | Jun 2025 +1.7 pp | Sep 2025 −20.1 pp | Dec 2025 +7.0 pp | Mar 2026 +27.6 pp | Jun 2026 +8.1 pp
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 +0.6 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 +2.4 pp | Dec 2023 +0.7 pp | Mar 2024 +0.5 pp | Jun 2024 +0.8 pp | Sep 2024 +2.7 pp | Dec 2024 +1.6 pp | Mar 2025 +1.6 pp | Jun 2025 −1.6 pp | Sep 2025 +0.7 pp | Dec 2025 +0.1 pp | Mar 2026 −1.1 pp | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −2.8 pp | Mar 2023 +0.3 pp | Jun 2023 −0.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.6 pp | Mar 2024 +0.8 pp | Jun 2024 +1.3 pp | Sep 2024 +2.7 pp | Dec 2024 +2.5 pp | Mar 2025 +1.1 pp | Jun 2025 +1.2 pp | Sep 2025 −0.4 pp | Dec 2025 −2.3 pp | Mar 2026 −3.0 pp | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.2 pp | Mar 2023 +12.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +5.7 pp | Mar 2024 +0.1 pp | Jun 2024 +1.3 pp | Sep 2024 — | Dec 2024 +0.4 pp | Mar 2025 +1.4 pp | Jun 2025 +1.2 pp | Sep 2025 — | Dec 2025 +0.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −2.2 pp | Mar 2023 −0.7 pp | Jun 2023 +1.2 pp | Sep 2023 +1.2 pp | Dec 2023 −1.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −0.4 pp | Dec 2024 +1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.7 pp | Jun 2023 −0.2 pp | Sep 2023 +0.9 pp | Dec 2023 +1.4 pp | Mar 2024 +2.3 pp | Jun 2024 +1.3 pp | Sep 2024 +0.6 pp | Dec 2024 −0.9 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 +0.4 pp
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.6 pp | Mar 2023 +1.9 pp | Jun 2023 +0.8 pp | Sep 2023 −1.0 pp | Dec 2023 +3.4 pp | Mar 2024 +0.9 pp | Jun 2024 +0.5 pp | Sep 2024 +2.3 pp | Dec 2024 −0.7 pp | Mar 2025 +2.3 pp | Jun 2025 +2.6 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −1.7 pp | Jun 2026 −6.8 pp
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −11.8 pp | Mar 2023 −0.3 pp | Jun 2023 +9.8 pp | Sep 2023 −1.5 pp | Dec 2023 −1.4 pp | Mar 2024 +0.3 pp | Jun 2024 −10.4 pp | Sep 2024 +1.2 pp | Dec 2024 0.0 pp | Mar 2025 +1.3 pp | Jun 2025 +1.3 pp | Sep 2025 −0.2 pp | Dec 2025 +1.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +31.9 pp | Sep 2025 −4,960.5 pp | Dec 2025 — | Mar 2026 — | Jun 2026 −7.3 pp
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.4 pp | Mar 2023 −1.9 pp | Jun 2023 +16.3 pp | Sep 2023 +1.4 pp | Dec 2023 +3.6 pp | Mar 2024 +1.9 pp | Jun 2024 +13.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 +1.5 pp | Jun 2025 +1.0 pp | Sep 2025 +1.2 pp | Dec 2025 −0.4 pp | Mar 2026 +2.1 pp | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 +0.7 pp | Sep 2023 −7.0 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 +0.5 pp | Sep 2024 −0.1 pp | Dec 2024 −4.3 pp | Mar 2025 −0.6 pp | Jun 2025 −2.9 pp | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 −6.5 pp | Jun 2026 −10.8 pp
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 −0.8 pp | Jun 2023 +1.3 pp | Sep 2023 +2.7 pp | Dec 2023 −0.3 pp | Mar 2024 −1.0 pp | Jun 2024 +2.6 pp | Sep 2024 +7.2 pp | Dec 2024 −3.9 pp | Mar 2025 −3.2 pp | Jun 2025 −12.2 pp | Sep 2025 −9.6 pp | Dec 2025 −5.9 pp | Mar 2026 −1.1 pp | Jun 2026 +8.4 pp
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.7 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 +6.6 pp | Sep 2023 −6.3 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 −2.8 pp | Sep 2024 −4.3 pp | Dec 2024 −11.0 pp | Mar 2025 −1.9 pp | Jun 2025 +1.2 pp | Sep 2025 −3.3 pp | Dec 2025 0.0 pp | Mar 2026 −2.8 pp | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.4 pp | Jun 2023 −1.2 pp | Sep 2023 −2.6 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 −38.6 pp | Sep 2024 −18.1 pp | Dec 2024 −4.3 pp | Mar 2025 −3.8 pp | Jun 2025 +30.5 pp | Sep 2025 +15.6 pp | Dec 2025 −10.8 pp | Mar 2026 +3.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Universal Technical Institute, Inc. has the lowest comparable PEG at 0.53×, 42.4% below Perdoceo Education Corporation. Only 7 of 20 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Universal Technical Institute, Inc. · 0.53× | 42.4% versus #2 · Perdoceo Education Corporation | 0/8 recent comparable periods | 7/20 companies · 56 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Universal Technical Institute, Inc. (UTI): 0.5
2. Perdoceo Education Corporation (PRDO): 0.9
3. Stride, Inc. (LRN): 1.0
4. Legacy Education Inc. (LGCY): 1.3
5. Lincoln Educational Services Corporation (LINC): 1.3

### P/E — lowest P/E
1. TAL Education Group (TAL): 6.0
2. Chegg, Inc. (CHGG): 7.7
3. Graham Holdings Company (GHC): 9.2
4. Strategic Education, Inc. (STRA): 12.8
5. Stride, Inc. (LRN): 13.6

### 20-quarter PEG history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 1.2 | Sep 2025 — | Dec 2025 — | Mar 2026 3.2 | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 2.9 | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.0 | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.7 | Sep 2024 0.6 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.5 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- EDU: Sep 2021 7.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 37.7 | Sep 2023 31.9 | Dec 2023 42.8 | Mar 2024 49.2 | Jun 2024 44.4 | Sep 2024 25.6 | Dec 2024 24.3 | Mar 2025 20.2 | Jun 2025 20.6 | Sep 2025 21.1 | Dec 2025 21.6 | Mar 2026 20.8 | Jun 2026 15.3
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 131.1 | Sep 2024 68.9 | Dec 2024 51.4 | Mar 2025 94.5 | Jun 2025 59.0 | Sep 2025 37.1 | Dec 2025 22.8 | Mar 2026 11.5 | Jun 2026 6.0
- LAUR: Sep 2021 7.3 | Dec 2021 12.1 | Mar 2022 9.6 | Jun 2022 5.6 | Sep 2022 32.0 | Dec 2022 23.5 | Mar 2023 22.6 | Jun 2023 18.6 | Sep 2023 20.4 | Dec 2023 20.2 | Mar 2024 18.2 | Jun 2024 12.0 | Sep 2024 10.5 | Dec 2024 9.5 | Mar 2025 10.9 | Jun 2025 13.8 | Sep 2025 23.0 | Dec 2025 17.8 | Mar 2026 18.3 | Jun 2026 16.3
- GHC: Sep 2021 5.9 | Dec 2021 8.9 | Mar 2022 9.1 | Jun 2022 18.6 | Sep 2022 18.3 | Dec 2022 20.0 | Mar 2023 119.9 | Jun 2023 12.8 | Sep 2023 17.7 | Dec 2023 15.9 | Mar 2024 12.7 | Jun 2024 23.6 | Sep 2024 16.1 | Dec 2024 5.3 | Mar 2025 6.7 | Jun 2025 6.1 | Sep 2025 7.0 | Dec 2025 16.5 | Mar 2026 15.7 | Jun 2026 9.2
- CVSA: Sep 2021 — | Dec 2021 109.5 | Mar 2022 — | Jun 2022 5.6 | Sep 2022 32.0 | Dec 2022 39.9 | Mar 2023 20.8 | Jun 2023 16.8 | Sep 2023 18.3 | Dec 2023 21.1 | Mar 2024 19.3 | Jun 2024 20.1 | Sep 2024 17.3 | Dec 2024 16.9 | Mar 2025 16.7 | Jun 2025 20.6 | Sep 2025 23.2 | Dec 2025 15.2 | Mar 2026 18.0 | Jun 2026 —
- LOPE: Sep 2021 15.4 | Dec 2021 14.5 | Mar 2022 16.2 | Jun 2022 16.6 | Sep 2022 14.8 | Dec 2022 18.4 | Mar 2023 19.0 | Jun 2023 16.8 | Sep 2023 18.3 | Dec 2023 19.4 | Mar 2024 19.1 | Jun 2024 19.0 | Sep 2024 18.6 | Dec 2024 21.2 | Mar 2025 21.7 | Jun 2025 22.9 | Sep 2025 29.6 | Dec 2025 21.6 | Mar 2026 21.3 | Jun 2026 17.3
- LRN: Sep 2021 28.3 | Dec 2021 20.0 | Mar 2022 17.1 | Jun 2022 16.2 | Sep 2022 19.6 | Dec 2022 13.4 | Mar 2023 15.0 | Jun 2023 12.5 | Sep 2023 12.5 | Dec 2023 15.0 | Mar 2024 14.8 | Jun 2024 15.0 | Sep 2024 15.5 | Dec 2024 17.4 | Mar 2025 19.7 | Jun 2025 24.4 | Sep 2025 23.0 | Dec 2025 9.9 | Mar 2026 13.6 | Jun 2026 —
- UTI: Sep 2021 39.8 | Dec 2021 20.1 | Mar 2022 15.0 | Jun 2022 13.0 | Sep 2022 14.3 | Dec 2022 44.8 | Mar 2023 92.3 | Jun 2023 172.8 | Sep 2023 64.5 | Dec 2023 48.2 | Mar 2024 44.3 | Jun 2024 31.5 | Sep 2024 21.7 | Dec 2024 26.5 | Mar 2025 24.7 | Jun 2025 29.7 | Sep 2025 28.8 | Dec 2025 26.9 | Mar 2026 46.9 | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 72.1 | Jun 2026 —
- PRDO: Sep 2021 6.7 | Dec 2021 7.6 | Mar 2022 7.3 | Jun 2022 7.5 | Sep 2022 6.9 | Dec 2022 10.0 | Mar 2023 9.5 | Jun 2023 6.6 | Sep 2023 8.0 | Dec 2023 8.1 | Mar 2024 7.7 | Jun 2024 10.5 | Sep 2024 11.2 | Dec 2024 12.1 | Mar 2025 11.1 | Jun 2025 14.2 | Sep 2025 16.1 | Dec 2025 12.1 | Mar 2026 14.3 | Jun 2026 —
- STRA: Sep 2021 43.0 | Dec 2021 25.4 | Mar 2022 30.5 | Jun 2022 35.7 | Sep 2022 29.7 | Dec 2022 40.4 | Mar 2023 57.6 | Jun 2023 44.6 | Sep 2023 36.9 | Dec 2023 31.7 | Mar 2024 24.7 | Jun 2024 22.7 | Sep 2024 17.6 | Dec 2024 20.0 | Mar 2025 17.9 | Jun 2025 17.7 | Sep 2025 17.9 | Dec 2025 14.8 | Mar 2026 14.7 | Jun 2026 12.8
- LINC: Sep 2021 3.8 | Dec 2021 7.2 | Mar 2022 7.9 | Jun 2022 7.5 | Sep 2022 6.6 | Dec 2022 16.1 | Mar 2023 15.3 | Jun 2023 7.2 | Sep 2023 9.3 | Dec 2023 11.8 | Mar 2024 12.2 | Jun 2024 45.6 | Sep 2024 37.3 | Dec 2024 49.4 | Mar 2025 40.7 | Jun 2025 50.1 | Sep 2025 52.2 | Dec 2025 37.7 | Mar 2026 57.3 | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 12.4 | Mar 2026 11.6 | Jun 2026 14.1
- APEI: Sep 2021 26.1 | Dec 2021 22.9 | Mar 2022 26.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 70.3 | Sep 2024 26.3 | Dec 2024 39.2 | Mar 2025 21.9 | Jun 2025 28.7 | Sep 2025 29.9 | Dec 2025 27.8 | Mar 2026 30.1 | Jun 2026 —
- FC: Sep 2021 — | Dec 2021 33.8 | Mar 2022 32.2 | Jun 2022 36.8 | Sep 2022 37.5 | Dec 2022 38.5 | Mar 2023 35.0 | Jun 2023 32.1 | Sep 2023 34.4 | Dec 2023 30.1 | Mar 2024 31.0 | Jun 2024 27.6 | Sep 2024 23.1 | Dec 2024 24.8 | Mar 2025 24.1 | Jun 2025 29.6 | Sep 2025 81.5 | Dec 2025 — | Mar 2026 — | Jun 2026 139.5
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.3 | Dec 2024 13.9 | Mar 2025 11.6 | Jun 2025 19.0 | Sep 2025 17.1 | Dec 2025 16.7 | Mar 2026 20.2 | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 82.5 | Jun 2022 62.6 | Sep 2022 14.2 | Dec 2022 18.9 | Mar 2023 12.4 | Jun 2023 7.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- New Oriental Education & Technology Group Inc. (EDU) — market value ₹9.0K Cr; latest fundamentals Jun 2026
- TAL Education Group (TAL) — market value ₹6.7K Cr; latest fundamentals Jun 2026
- Laureate Education, Inc. (LAUR) — market value ₹5.2K Cr; latest fundamentals Jun 2026
- Graham Holdings Company (GHC) — market value ₹5.1K Cr; latest fundamentals Jun 2026
- Covista Inc. (CVSA) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Grand Canyon Education, Inc. (LOPE) — market value ₹3.9K Cr; latest fundamentals Jun 2026
- Stride, Inc. (LRN) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Universal Technical Institute, Inc. (UTI) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- McGraw Hill, Inc. (MH) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Perdoceo Education Corporation (PRDO) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Strategic Education, Inc. (STRA) — market value ₹1.8K Cr; latest fundamentals Jun 2026
- Coursera, Inc. (COUR) — market value ₹1.7K Cr; latest fundamentals Jun 2026
- Lincoln Educational Services Corporation (LINC) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Phoenix Education Partners, Inc. (PXED) — market value ₹1.1K Cr; latest fundamentals Jun 2026
- American Public Education, Inc. (APEI) — market value ₹980 Cr; latest fundamentals Mar 2026
- KinderCare Learning Companies, Inc. (KLC) — market value ₹649 Cr; latest fundamentals Jun 2026
- Franklin Covey Co. (FC) — market value ₹244 Cr; latest fundamentals Jun 2026
- Legacy Education Inc. (LGCY) — market value ₹151 Cr; latest fundamentals Mar 2026
- Neucleus Group Limited (NEUC) — market value ₹117 Cr; latest fundamentals unavailable
- Chegg, Inc. (CHGG) — market value ₹100 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Education & Training Services sector outperforming S&P 500?

Education & Training Services has underperformed S&P 500 by 0.5% over 52 weeks and 7% over 13 weeks. 6 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 18 beat the sector itself.

### Which Education & Training Services company is largest by revenue?

Stride, Inc. leads with revenue of $2,536 million, based on 10 of 20 comparable companies through Mar 2026.

### Which Education & Training Services company is growing fastest?

Legacy Education Inc. has the fastest current revenue growth at 28.3%, across 10 of 20 comparable companies.

### Which Education & Training Services company has the strongest 4-Factor Sector Score?

Lincoln Educational Services Corporation ranks first at 59.1/100 with 75.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Education & Training Services company has the lowest comparable PEG?

Universal Technical Institute, Inc. has the lowest comparable PEG at 0.53, among 7 of 20 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Education & Training Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Which Education & Training Services company is the biggest?

Stride, Inc. is the largest, with trailing-twelve-month revenue of $2,536 million, ahead of McGraw Hill, Inc. at $2,103 million. That covers 10 of 20 companies with comparable reporting through Mar 2026.

### Which Education & Training Services company has the best profit margins?

Grand Canyon Education, Inc. has the highest operating margin at 30.9%, from 19 of 20 comparable companies. Chegg, Inc. shows the biggest recent improvement, at +22.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Education & Training Services company makes the most profit?

Stride, Inc. earns the most, at $308 million of trailing-twelve-month net profit, from 10 of 20 comparable companies. Lincoln Educational Services Corporation has the fastest profit growth at 91.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Education & Training Services company earns the highest return on capital?

Neucleus Group Limited leads on return on capital employed at 156.9%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Education & Training Services stock is the cheapest?

On PEG — where a LOWER number is cheaper — Universal Technical Institute, Inc. screens cheapest at 0.53×. Only 7 of 20 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Education & Training Services sector beating the market?

Education & Training Services has underperformed S&P 500 by 0.5% over the last 52 weeks and 7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Education & Training Services stock has the strongest price momentum?

Lincoln Educational Services Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Education & Training Services company scores highest for research priority?

Lincoln Educational Services Corporation scores 59.1 out of 100 with 75.1% evidence confidence, from 24.9 points on growth and earnings, 7.7 on capital efficiency, 9.5 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Education & Training Services companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Education & Training Services sector?

The 20 Education & Training Services companies on this page carry $52,459 million of combined market value. New Oriental Education & Technology Group Inc. is the largest at $8,957 million, about 17% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### What is the Education & Training Services sector's P/E ratio?

The median price-to-earnings ratio across the 20 Education & Training Services companies on this page is 16.3×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04.

### How is the Education & Training Services sector performing?

6 of the 18 covered Education & Training Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Education & Training Services stocks are listed in the US?

This comparison covers 20 listed Education & Training Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.