Monthly Market Update April 2026

Education & Training monthly market update

A data-first snapshot of public market trading, sector performance, and M&A activity across Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development — all as of March 31, 2026.

Education & Training Q1 2026 data Published April 2026

Navagant Education & Training Monthly Market Update — April 2026

This update is prepared by Navagant’s Education, Training & Workforce Development Practice. For questions, contact Jacob Voorhees or Shawn Keenan.

Public market performance across education and training sub-sectors diverged meaningfully in the first quarter of 2026, with Higher Education posting the strongest stock-price recovery (Lincoln Technical Institute +167%, American Public Education +155% over the trailing twelve months) and PreK-12 operators continuing to trade at a valuation discount to peers. Across the five sub-sectors we track, median TEV/EBITDA multiples ranged from 6.2× (Workforce Development) to 7.6× (Higher Education), reflecting the continued flight-to-quality dynamic in sponsor-backed M&A.

This monthly update summarizes key trading statistics, historical valuation trends, and notable M&A transactions across our five coverage sub-sectors — Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development — as of March 31, 2026. Data is sourced from PitchBook.

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Sector Overview Corporate Training EdTech PreK-12 Higher Education Workforce Development

Sector overview

As of Mar 31, 2026 · Source PitchBook

Trading multiples across all five education and training sub-sectors at quarter-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.

Multiple

TEV / Revenue

Harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA

Harmonic means. Source: PitchBook.

Multiple

P/E Ratio

Harmonic means. Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2026E Revenue Growth	8%	5%	3%	9%	0%
2026E EBITDA Margin	11%	5%	18%	18%	16%
% of 52-Week High	44%	64%	56%	78%	63%
Debt / 2026E EBITDA	0.4×	1.7×	0.9×	0.9×	0.9×

Data as of March 31, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Docebo+6.5% Sylogist−4.1% Coursera−10.8%	Scholastic+15.1% Bright Horizons+10.4% Stride+5.2%	John Wiley & Sons+26.2% Franklin Covey+10.5% Stride+5.2%	American Public Ed.+28.3% Covista+20.7% Lincoln Tech+20.0%	DHI Group+9.4% Korn Ferry+5.1% HealthStream−2.0%
Last 3 Months	Docebo−2.3% Coursera−5.0% Nerdy−17.4%	Scholastic+12.0% Stride+7.1% Bright Horizons−13.2%	John Wiley & Sons+19.2% Stride+7.1% Pearson−3.1%	Lincoln Tech+58.4% Universal Tech. Inst.+43.6% American Public Ed.+41.2%	DHI Group+47.5% HealthStream−2.3% Korn Ferry−5.0%
Last 12 Months	Cogna Educação+88.3% Coursera−19.3% Blackbaud−36.8%	Scholastic+107.3% Stride−29.9% Bright Horizons−36.3%	Tribal Group+52.9% John Wiley & Sons−16.2% Pearson−19.7%	Lincoln Tech+166.6% American Public Ed.+155.3% Cogna Educação+88.3%	DHI Group+75.7% Korn Ferry−7.9% HealthStream−33.4%

Data as of March 31, 2026. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.0× TEV/Rev, 6.6× TEV/EBITDA

Corporate Training underperformed major indices over the trailing twelve months, with Q4 2025 particularly weighed down by negative performance from Stride. Valuations compressed meaningfully from 2021 peaks, with TEV/Revenue multiples now hovering around 3.0–3.5× vs. highs of 5–6× in 2021.

TEV / Revenue

1.0×

TEV / EBITDA

6.6×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (3/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$198.29	60.9%	121,738	122,244	72,110	32%	14,479	16%	7%	1.7×	8.4×
FranklinCovey	NYS: FC	15.79	55.6%	182	166	262	76%	28	4%	−9%	0.6×	6.0×
John Wiley & Sons	NYS: WLY	38.10	83.5%	1,959	2,762	1,671	74%	417	22%	−2%	1.7×	6.6×
Pearson	LON: PSON	13.03	78.5%	8,042	9,608	4,550	51%	1,441	30%	−1%	2.1×	6.7×
RELX	LON: REL	32.61	57.5%	58,434	68,075	12,630	66%	5,065	38%	2%	5.4×	13.4×
SkillSoft	NYS: SKIL	4.29	17.9%	38	541	516	74%	108	8%	−4%	1.0×	5.0×
Stride	NYS: LRN	88.17	51.5%	3,754	3,685	2,519	39%	623	22%	15%	1.5×	5.9×
Thinkific	TSE: THNC	1.02	32.0%	69	20	73	73%	4	0%	9%	0.3×	5.3×
Tribal Group	LON: TRB	0.66	65.3%	141	127	122	50%	25	18%	3%	1.0×	5.0×
Wilmington	LON: WIL	3.03	60.1%	271	364	140	—	34	17%	10%	2.6×	10.7×
Harmonic Mean											1.0×	6.6×

$USD in millions. Data as of March 31, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Mar-2026	Catalyst Futures	FXAQ	Provider of professional training and certification programs intended for the derivatives industry.
31-Mar-2026	Mandala For Us	Lattice	Provider of leadership training services intended to serve start-ups and scaling companies worldwide.
26-Mar-2026	PeopleDot	Information Strategy and Technology	Operator of an educational platform intended to enhance the ability of every member of a company to make objective decisions.
25-Mar-2026	Career Decisions Ireland	CDL Asset Holdings	Provider of career transition and leadership coaching services intended to serve organizations and professionals.
25-Mar-2026	Tradecreate	Leap	Provider of corporate education and training services intended to pursue learning that delivers results through the development of professionals.
24-Mar-2026	Mainstay	Lemnis	Developer of an AI-powered chatbot designed to track and monitor the learning process of an individual.
24-Mar-2026	Reforge	Miro	Provider of career development membership services intended to offer access to various programs across product, growth, engineering, and marketing.
05-Mar-2026	Youd Andrews	Alchemist Learning and Development	Provider of sales training programs intended for enterprise technology and IT focused sales teams.
04-Mar-2026	The Experiential Learning Group	Alchemist Learning and Development	Provider of experiential learning and behavior-based development programs serving global corporations and international law firms.
03-Mar-2026	HRSoft	Gryphon Investors	Provider of compensation management software.
01-Mar-2026	CE4Less	Baum Capital Partners	Operator of an online learning platform intended for continuing education for mental health professionals.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 0.9× TEV/Rev, 6.3× TEV/EBITDA

EdTech remains the most discounted sub-sector we track, with trading at just 44% of 52-week highs on average. Duolingo stands out as the clear outlier with 39% revenue growth and a 3.5× revenue multiple. Cogna Educação posted the largest twelve-month gain (+88%), while Coursera and Blackbaud continued to lag.

TEV / Revenue

0.9×

TEV / EBITDA

6.3×

2026E Rev. Growth

2026E EBITDA Margin

11%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (3/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$38.61	51.6%	1,773	2,850	1,128	59%	405	25%	−2%	2.5×	7.0×
Cogna Educação	BVMF: COGN3	0.60	66.7%	1,197	2,177	1,255	69%	411	33%	10%	1.7×	5.3×
Coursera	NYS: COUR	5.82	42.9%	985	193	758	55%	64	−6%	9%	0.3×	3.0×
D2L	TSE: DTOL	6.04	44.3%	330	231	215	69%	31	10%	8%	1.1×	7.5×
Docebo	TSE: DCBO	17.50	51.6%	452	380	243	80%	44	11%	12%	1.6×	8.7×
Duolingo	NAS: DUOL	98.57	18.1%	4,628	3,581	1,038	72%	306	15%	39%	3.5×	11.7×
Nerdy	NYS: NRDY	0.82	43.0%	101	83	179	58%	(18)	−30%	−6%	0.5×	NM
ReadyTech Holdings	ASX: RDY	0.77	41.6%	95	126	81	94%	22	27%	7%	1.6×	5.6×
Sylogist	TSE: SYZ	2.34	32.3%	55	63	44	58%	7	12%	−5%	1.4×	9.5×
Harmonic Mean											0.9×	6.3×

$USD in millions. NM = not meaningful. Data as of March 31, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Mar-2026	Mandala For Us	Lattice	Provider of leadership training services intended to serve start-ups and scaling companies worldwide.
26-Mar-2026	Widow 411	Widowise	Digital education platform intended to support widows navigating the emotional and practical challenges following the loss of a spouse.
25-Mar-2026	Tradecreate	Leap	Provider of corporate education and training services intended to pursue learning that delivers results through the development of professionals.
24-Mar-2026	Mainstay	Lemnis	Developer of an AI-powered chatbot designed to track and monitor the learning process of an individual.
11-Mar-2026	Elevate K-12	FullMind	Operator of a remote learning platform designed to teach students from any location.
10-Mar-2026	Mr. Chadd	Sanoma Learning	Developer of a digital teaching assistant platform designed to provide support and tools for teaching and learning.
09-Mar-2026	CyberFish	Trust Stamp	Developer of an incident exercising and learning platform designed to strengthen cyber ecosystems and build collective resilience.
01-Mar-2026	CE4Less	Baum Capital Partners	Operator of an online learning platform intended for continuing education for mental health professionals.
01-Mar-2026	ok,z	Good Rebels	Provider of digital training and content creation services designed for professional development and social media production purposes.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.7× TEV/Rev, 7.4× TEV/EBITDA

PreK-12 is defined by just four public comps, creating concentrated exposure — Scholastic’s +107% twelve-month return was the strongest in the sub-sector, while Stride’s −30% reflected continuing headwinds. Sector multiples have stabilized after the 2021 spike, with historical TEV/Revenue now clustering around 2.5–3×.

TEV / Revenue

0.7×

TEV / EBITDA

7.4×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (3/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$82.13	61.8%	4,526	6,131	2,934	24%	487	14%	9%	2.1×	12.6×
Nerdy	NYS: NRDY	0.82	43.0%	101	83	179	58%	(18)	−30%	−6%	0.5×	NM
Scholastic	NAS: SCHL	39.06	98.5%	832	1,012	1,614	56%	158	14%	1%	0.6×	6.4×
Stride	NYS: LRN	88.17	51.5%	3,754	3,685	2,519	39%	623	22%	15%	1.5×	5.9×
Harmonic Mean											0.7×	7.4×

$USD in millions. NM = not meaningful. Data as of March 31, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Mar-2026	McKeon’s Swim School	Aquabliss Swim School	Operator of a swimming school.
26-Mar-2026	TeachTown	Everway	Developer of instructional tools intended to enhance the academic, behavioral, and adaptive development of students with disabilities.
23-Mar-2026	Nara Nurseries	Graphite Capital Management	Provider of early childhood education and nursery-based learning services for infants and young children.
19-Mar-2026	Pinocchio’s Children’s Nurseries	Foresight Group	Provider of early childhood education and childcare services intended to support the development and well-being of children.
18-Mar-2026	Move This World	Alpine Investors	Provider of interactive social-emotional learning experiences for pre-k to 12th grade students.
13-Mar-2026	St. Gilgen International School	BDT & MSD Partners	Operator of a co-educational boarding and international day school that offers primary and middle school programs.
11-Mar-2026	Elevate K-12	FullMind	Operator of a remote learning platform designed to teach students from any location.
09-Mar-2026	Dirigo Literacy	Solution Tree	Provider of literacy education consulting and professional development services intended to serve schools, districts, and state education systems.
09-Mar-2026	TouchMath	95 Percent Group	Provider of supplemental, multi-sensory mathematics curriculum resources and products intended to help students build a foundation in math.
06-Mar-2026	The Willow Tree Nursery School	Graphite Capital Management	Provider of childcare and early education services.
05-Mar-2026	The English Institute	BDT & MSD Partners	Provider of primary and secondary school education serving families in Santiago, Chile.
05-Mar-2026	Early Learning Village	KKR	Operator of an early childhood education center.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.1× TEV/Rev, 7.6× TEV/EBITDA

Higher Education is the clear standout sub-sector this quarter, with the comp set trading at 78% of 52-week highs — well above peers. Lincoln Technical Institute (+167%), American Public Education (+155%), and Cogna Educação (+88%) posted the strongest twelve-month returns. Q1 2026 M&A skewed international, with deals across South Korea, Germany, Chile, and Norway.

TEV / Revenue

1.1×

TEV / EBITDA

7.6×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (3/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$56.88	95.7%	1,045	1,034	649	54%	86	10%	4%	1.6×	12.1×
Barnes & Noble Education	NYS: BNED	8.83	72.3%	303	609	1,729	20%	55	3%	11%	0.4×	11.0×
Cogna Educação	BVMF: COGN3	0.60	66.7%	1,197	2,177	1,255	69%	411	33%	10%	1.7×	5.3×
Coursera	NYS: COUR	5.82	42.9%	985	193	758	55%	64	−6%	9%	0.3×	3.0×
Covista	NYS: CVSA	115.25	73.8%	3,977	4,650	1,889	57%	505	24%	12%	2.5×	9.2×
D2L	TSE: DTOL	6.04	44.3%	330	231	215	69%	31	10%	8%	1.1×	7.5×
Graham Holdings	NYS: GHC	1,057.26	86.3%	4,598	4,640	4,912	30%	516	14%	3%	0.9×	9.0×
Grand Canyon Education	NAS: LOPE	170.03	76.2%	4,615	4,422	1,106	53%	369	28%	7%	4.0×	12.0×
Laureate Education	NAS: LAUR	34.84	91.9%	4,973	5,343	1,702	28%	519	30%	9%	3.1×	10.3×
Lincoln Technical Institute	NAS: LINC	40.68	95.9%	1,289	1,465	518	60%	67	9%	18%	2.8×	21.8×
Pearson	LON: PSON	13.03	78.5%	8,042	9,608	4,550	51%	1,441	30%	−1%	2.1×	6.7×
Perdoceo Education	NAS: PRDO	37.21	96.6%	2,325	1,821	846	77%	280	28%	24%	2.2×	6.5×
Strategic Education	NAS: STRA	82.96	88.8%	1,876	1,837	1,268	49%	273	18%	4%	1.4×	6.7×
Tribal Group	LON: TRB	0.66	65.3%	141	127	122	50%	25	18%	3%	1.0×	5.0×
Universal Technical Institute	NYS: UTI	36.10	89.3%	1,986	2,113	855	50%	118	15%	13%	2.5×	17.9×
Harmonic Mean											1.1×	7.6×

$USD in millions. Data as of March 31, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Mar-2026	Studies Planet	Crizac	Provider of international education advisory services intended for individuals seeking academic and language programs abroad.
31-Mar-2026	Mokpo National University	Sunchon National University	Operator of an educational institution based in South Korea.
24-Mar-2026	Mainstay	Lemnis	Developer of an AI-powered chatbot designed to track and monitor the learning process of an individual.
17-Mar-2026	Anyba	Gakken Educational Holdings	Provider of education and online tutoring for technical college students in Japan.
13-Mar-2026	Westminster International Co	10 Bridge Capital	Provider of language training and standardized test preparation services designed for improving academic and professional English proficiency.
10-Mar-2026	EUDE Business School	Resilience Partners	Operator of a business school.
03-Mar-2026	K2 Kompetanse	AcadeMedia	Norwegian provider of upper secondary adult education with eight campuses.
03-Mar-2026	Berlin International University of Applied Sciences	Whitecliffe Global	Provider of higher education located in Berlin, Germany.
02-Mar-2026	University of Gyeongnam Namhae	Changwon National University	Operator of a public university in South Korea.
01-Mar-2026	Northern College	Barnsley College	Provider of career-focused higher education.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.8× TEV/Rev, 6.5× TEV/EBITDA

Workforce Development posted flat 2026E revenue growth estimates, reflecting the staffing-heavy nature of the comp set. DHI Group’s +76% twelve-month return stood out, though sector-wide momentum has cooled as larger operators like Wolters Kluwer and Randstad trade well below 52-week highs.

TEV / Revenue

0.8×

TEV / EBITDA

6.5×

2026E Rev. Growth

2026E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (3/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$2.81	84.1%	126	163	128	85%	35	2%	−10%	1.3×	4.6×
HealthStream	NAS: HSTM	20.71	60.7%	608	566	304	65%	72	21%	4%	1.9×	7.9×
Korn Ferry	NYS: KFY	62.95	80.2%	3,266	2,870	2,890	88%	489	17%	5%	1.0×	5.9×
Randstad	AMS: RAND	25.56	49.0%	4,479	6,255	26,026	19%	1,147	4%	−4%	0.2×	5.5×
Wolters Kluwer	AMS: WKL	74.03	39.7%	16,635	21,335	6,908	73%	2,263	36%	4%	3.1×	9.4×
Harmonic Mean											0.8×	6.5×

$USD in millions. Data as of March 31, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History

TEV / Revenue Multiple

5-Year History

TEV / EBITDA Multiple

Recent M&A Transactions

Date	Target	Acquirer	Description
27-Mar-2026	The Health and Safety Group	August Equity	Provider of healthcare and safety training services designed to equip professionals with skills for safe care delivery and regulatory compliance.
26-Mar-2026	PeopleDot	Information Strategy and Technology	Operator of an educational platform intended to enhance the ability of every member of a company to make objective decisions.
25-Mar-2026	Tradecreate	Leap	Provider of corporate education and training services intended to pursue learning that delivers results through the development of professionals.
24-Mar-2026	Reforge	Miro	Provider of career development membership services intended to offer access to various programs across product, growth, engineering, and marketing.
19-Mar-2026	Onlinepethealth	3GP Capital	Operator of a global continuing education platform dedicated to advancing professional development and patient outcomes for veterinarians.
18-Mar-2026	Cascade Healthcare Services	Bridgepoint Group	Provider of healthcare training and staffing services to private, nonprofit, and government entities.
18-Mar-2026	Process Improvement Institute	Ardian	Provider of process safety, risk management, and reliability consulting and training services intended to improve industrial safety and operational performance.
17-Mar-2026	School of Podcasting	Podpage	Online education platform for podcast creators.
13-Mar-2026	Tidal Training	Realise Learning & Employment	Provider of healthcare training services intended to serve medical providers.
09-Mar-2026	Dirigo Literacy	Solution Tree	Provider of literacy education consulting and professional development services intended to serve schools, districts, and state education systems.
03-Mar-2026	HRSoft	Gryphon Investors	Provider of compensation management software.
03-Mar-2026	DentaNet	Principal Financial Group	Operator of a dental clinic network and dental education courses platform.
02-Mar-2026	Canadian Food Safety Group	360training	Provider of essential training on food safety laws for everyone who serves, handles, and prepares food.
02-Mar-2026	Power4People	Capital A Partners	Provider of HR services that include talent development programs, team coaching, and organizational change support.

Source: PitchBook.

Navagant Senior Team

Contact our investment banking team

Jacob Voorhees

Managing Director

jacob@navagant.com · 617-216-1543

Co-founder & former Head of Capstone’s Education & Training Practice · 2021 Investment Banker of the Year

Shawn Keenan

Managing Director

shawn@navagant.com · 312-550-5304

18+ years IB experience · Led execution on 70+ transactions totaling $3.5B+ in client proceeds

Jeff Bache

Director

jeff@navagant.com · 804-627-2848

20+ years advising large public and private corporate clients on financial transactions

Jorge Quinteros

Senior Vice President

jorge@navagant.com · 703-618-1070

13+ years financial advisory and banking experience · 2024 M&A Advisor Emerging Leader

Sachin Raval

Vice President

sachin@navagant.com · 248-469-5786

6+ years financial advisory experience · 2025 M&A Advisor Emerging Leader

Caleb Axelson

Vice President

caleb@navagant.com · 774-994-3248

6+ years financial advisory experience · 2025 M&A Advisor Emerging Leader

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