Monthly Market Update August 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 July 31, 2026.

Education & Training July 2026 data Published August 2026

Navagant Education & Training Monthly Market Update - August 2026

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

Sector valuations stayed in a narrow band at the July close, with harmonic-mean TEV/EBITDA multiples ranging from 6.8× (Corporate Training) to 8.6× (EdTech). The month’s story was rotation rather than re-rating: Workforce Development jumped to 85% of 52-week levels from 72% a month earlier, overtaking Higher Education, which eased to 76%. DHI Group closed July at 97.2% of its 52-week high, Korn Ferry at 96.0%, and Graham Holdings at 95.3%. July’s headline transaction came in EdTech, where Garmin acquired both TrainingPeaks and TrainHeroic on the same day.

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 July 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 July 31, 2026 · Source PitchBook

Trading multiples across all five education and training sub-sectors at month-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	9%	4%	3%	9%	1%
2026E EBITDA Margin	10%	5%	18%	18%	18%
% of 52-Week High	49%	61%	69%	76%	85%
Debt / 2026E EBITDA	1.2×	1.8×	0.4×	0.9×	0.8×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Blackbaud+40.1% Docebo+22.5% Duolingo+15.6%	Bright Horizons Family Solutions+13.2% Stride+10.3% Nerdy-11.8%	Accenture+32.1% RELX+22.1% SkillSoft+11.3%	Strategic Education+10.6% Tribal Group+8.1% Pearson+7.6%	Randstad+44.8% Wolters Kluwer+29.2% Korn Ferry+25.0%
Last 3 Months	Duolingo+33.5% Blackbaud+19.4% ReadyTech Holdings+16.1%	Bright Horizons Family Solutions+24.6% Stride+5.1% Scholastic+2.8%	John Wiley & Sons+37.0% Tribal Group+18.1% Pearson+15.1%	Barnes & Noble Education+20.2% Laureate Education+18.1% Tribal Group+18.1%	Randstad+47.6% DHI Group+46.1% Korn Ferry+28.3%
Last 12 Months	Cogna Educação-5.7% ReadyTech Holdings-22.7% Docebo-28.5%	Scholastic+68.3% Stride-24.3% Bright Horizons Family Solutions-27.2%	John Wiley & Sons+41.5% Tribal Group+28.3% Pearson+23.7%	Lincoln Technical Institute+92.2% American Public Education+77.4% Laureate Education+68.2%	DHI Group+54.3% Korn Ferry+18.2% HealthStream+12.2%

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

Corporate Training

Comp set 10 companies · Harmonic mean 0.7× TEV/Rev, 6.8× TEV/EBITDA

Corporate Training firmed to 69% of 52-week highs. Pearson (95.2%) and John Wiley & Sons (90.9%) led the group into month-end, with Tribal Group at 84.0% and FranklinCovey at 80.0%, while SkillSoft (38.5%) and Stride (46.9%) remained the deepest discounts. Accenture rebounded 32.1% on the month and RELX added 22.1%, lifting the comp set even as the harmonic mean eased to 0.7× TEV/Revenue and 6.8× TEV/EBITDA. July M&A was led by Horace Mann Educators’ acquisition of ESI Employee Assistance Group and Aquila’s purchase of learning management platform Enocta.

TEV / Revenue

0.7×

TEV / EBITDA

6.8×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$165.92	57.0%	101,533	101,368	73,101	32%	14,973	16%	7%	1.4×	6.8×
FranklinCovey	NYS: FC	21.45	80.0%	242	230	263	75%	28	6%	-6%	0.9×	8.3×
John Wiley & Sons	NYS: WLY	52.20	90.9%	2,660	3,353	1,677	74%	440	24%	0%	2.0×	7.6×
Pearson	LON: PSON	16.92	95.2%	10,159	12,059	4,876	52%	1,636	29%	3%	2.5×	7.4×
RELX	LON: REL	35.09	67.5%	61,265	72,799	13,042	66%	5,169	39%	2%	5.6×	14.1×
SkillSoft	NYS: SKIL	7.10	38.5%	64	524	483	76%	114	11%	-4%	1.1×	4.6×
Stride	NYS: LRN	80.29	46.9%	3,414	3,156	2,536	38%	626	21%	11%	1.2×	5.0×
Thinkific	TSE: THNC	0.86	50.2%	58	10	74	73%	2	-2%	8%	0.1×	4.3×
Tribal Group	LON: TRB	0.85	84.0%	182	168	122	50%	23	18%	3%	1.4×	7.3×
Wilmington	LON: WIL	3.85	77.0%	345	438	140	NM	34	17%	10%	3.1×	12.9×
Harmonic Mean											0.7×	6.8×

$USD in millions. NM = not meaningful. Data as of July 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-Jul-2026	Enocta	Aquila	Developer of a learning management platform designed for corporate employee development.
22-Jul-2026	Babel Method	Sun Asterisk	Developer of online Japanese language assessment and training platforms for corporate global talent management.
21-Jul-2026	ESI Employee Assistance Group	Horace Mann Educators	Provider of employee and employer assistance services catering to government and public safety, health care, education, and non-profit organizations.
20-Jul-2026	Progressive Safety	Examinetics	Provider of workplace safety consulting and training services helping organizations maintain safe and compliant work environments.
15-Jul-2026	Today’s Class	Gear Group Holdings	Provider of automotive training services intended to support technicians, service advisors, and shop managers.
09-Jul-2026	Jyounetsu	Leading Mark	Provider of organizational consulting and training services intended for corporate human resource development.
07-Jul-2026	iTrain Legal	Harbor Global	Provider of legal technology training and consultancy services serving law firms, professional services organizations, and the public sector.
06-Jul-2026	Global Knowledge Business	Enduring Ventures	Provider of IT and professional training services helping employees and professionals develop the skills needed to succeed.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.3× TEV/Rev, 8.6× TEV/EBITDA

EdTech remained the most discounted sub-sector at 49% of 52-week highs, though the group posted the month’s strongest single moves: Blackbaud gained 40.1% and Docebo 22.5%. Duolingo still commands the premium at 4.7× revenue on 35% growth, yet closed at just 28.8% of its 52-week high, the lowest reading in the set. ReadyTech Holdings, at a 94% gross margin, finished at 65.6%. July deal flow was unusually broad, headlined by Garmin’s simultaneous acquisitions of TrainingPeaks and TrainHeroic and Kumon Group’s purchase of adaptive learning developer Atama+.

TEV / Revenue

1.3×

TEV / EBITDA

8.6×

2026E Rev. Growth

2026E EBITDA Margin

10%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$42.88	60.6%	1,943	3,058	1,148	60%	404	27%	1%	2.7×	7.6×
Cogna Educação	BVMF: COGN3	0.45	49.9%	898	1,910	1,383	67%	482	32%	16%	1.4×	4.0×
Coursera	NYS: COUR	5.31	41.1%	1,521	538	774	55%	58	-8%	10%	0.7×	9.2×
D2L	TSE: DTOL	6.64	48.6%	361	277	222	68%	25	7%	6%	1.2×	10.9×
Docebo	TSE: DCBO	20.67	62.2%	525	545	251	80%	46	9%	13%	2.2×	11.9×
Duolingo	NAS: DUOL	134.81	28.8%	6,281	5,121	1,099	73%	327	16%	35%	4.7×	15.7×
Nerdy	NYS: NRDY	0.83	55.1%	106	90	180	60%	(11)	-25%	-2%	0.5×	NM
ReadyTech Holdings	ASX: RDY	1.22	65.6%	150	181	81	94%	22	27%	7%	2.2×	8.1×
Sylogist	TSE: SYZ	2.36	32.9%	55	66	44	58%	5	7%	-8%	1.5×	14.1×
Harmonic Mean											1.3×	8.6×

$USD in millions. NM = not meaningful. Data as of July 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
30-Jul-2026	Baekjoon Online Judge	Day1 Company	Provider of an online coding service intended to facilitate competitive programming practice and algorithmic skill development.
29-Jul-2026	Alexandria Learning Ecosystem for Educators	The Juice	Developer of an instructional platform designed to support K-12 teachers with lesson planning.
27-Jul-2026	Enocta	Aquila	Developer of a learning management platform designed for corporate employee development.
23-Jul-2026	Mastery.org	legend	Developer of a digital transcript platform designed to replace traditional letter grades with competency-based records.
22-Jul-2026	Babel Method	Sun Asterisk	Developer of online Japanese language assessment and training platforms for corporate global talent management.
22-Jul-2026	TrainingPeaks	Garmin	Provider of an endurance training platform connecting athletes and coaches through structured, data-driven workout planning.
22-Jul-2026	TrainHeroic	Garmin	Provider of a strength training platform intended to deliver coach-built programming to athletes and teams.
21-Jul-2026	School Zone Publishing	Bendon Publishing International	Provider of educational products intended to support early childhood.
16-Jul-2026	SarrthiIAS	PhysicsWallah	Operator of an online mentorship platform offering mentorship and exam preparation to aspirants.
13-Jul-2026	Maven	AlphaTheta	Provider of an online education platform intended to serve music creators and audio professionals globally.
07-Jul-2026	Leap	Platzi	Provider of technical and business education intended for aspiring innovators.
06-Jul-2026	Almakhfi	Noon	Developer of an educational platform designed to facilitate the learning process.
06-Jul-2026	Atama+	Kumon Group	Developer of an adaptive learning platform designed to offer individually optimized learning.
02-Jul-2026	Fluentbe	Sanoma	Developer of an online language learning platform providing remote English education through live instruction and AI-assisted learning.
01-Jul-2026	Programming Research Institute	Sprix	Provider of programming proficiency certification services measuring and validating technical skills for students and professionals.
01-Jul-2026	The Coaches Voice	Cardiff Capital Region	Developer of a coach education platform designed to maximize the impact of coaching.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.8× TEV/Rev, 7.0× TEV/EBITDA

PreK-12 slipped to 61% of 52-week highs, the second-widest discount in our coverage. Scholastic held up best at 84.6% despite giving back ground from June, while Stride (46.9%) and Nerdy (55.1%) continued to trade near half their highs. Bright Horizons was the month’s standout, up 13.2%. Nursery and early childhood consolidation stayed relentless through July, with Kids Planet Day Nurseries, Bright Stars Childcare, Junior Adventures Group, and Lighthouse Learning all adding operators.

TEV / Revenue

0.8×

TEV / EBITDA

7.0×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$74.54	57.0%	3,921	5,812	2,980	24%	491	14%	9%	2.0×	11.8×
Nerdy	NYS: NRDY	0.83	55.1%	106	90	180	60%	(11)	-25%	-2%	0.5×	NM
Scholastic	NAS: SCHL	40.65	84.6%	767	1,019	1,582	56%	152	11%	-3%	0.6×	6.7×
Stride	NYS: LRN	80.29	46.9%	3,414	3,156	2,536	38%	626	21%	11%	1.2×	5.0×
Harmonic Mean											0.8×	7.0×

$USD in millions. NM = not meaningful. Data as of July 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
30-Jul-2026	Play Away Day Nursery in Runcorn	Kids Planet Day Nurseries	Provider of childcare services intended to support early childhood development.
29-Jul-2026	Alexandria Learning Ecosystem for Educators	The Juice	Developer of an instructional platform designed to support K-12 teachers with lesson planning.
28-Jul-2026	The Learn Well Group	Bright Stars Childcare	Operator of independent day nurseries intended to serve families with young children.
23-Jul-2026	Mastery.org	legend	Developer of a digital transcript platform designed to replace traditional letter grades with competency-based records.
21-Jul-2026	School Zone Publishing	Bendon Publishing International	Provider of educational products intended to support early childhood.
16-Jul-2026	Little Learning Academy	Fractal Education Group	Provider of early childhood education and childcare services intended for families in Mont Belvieu.
14-Jul-2026	Spring ASC	Junior Adventures Group	Provider of wraparound childcare services supporting families with flexible care outside standard school hours.
10-Jul-2026	Pathways School	Lighthouse Learning	Operator of an international education institute intended to facilitate student learning and development.
08-Jul-2026	CMC Neptune	CyberNut	Developer of custom music and digital citizenship software designed for educational and commercial sectors.
06-Jul-2026	Atama+	Kumon Group	Developer of an adaptive learning platform designed to offer individually optimized learning materials.
02-Jul-2026	Sharaka Education Holdings	Lesha Bank	Operator of a holding company intended to develop schools and educational institutions across the Middle East.
01-Jul-2026	Swift Japan	Leifras	Operator of early childhood education and childcare facilities intended for families in Nagoya and surrounding regions.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.3× TEV/Rev, 8.1× TEV/EBITDA

Higher Education eased to 76% of 52-week highs as the group’s TEV/EBITDA harmonic mean compressed from 8.9× to 8.1×. Graham Holdings (95.3%), Pearson (95.2%), Laureate Education (93.6%), and Strategic Education (91.3%) closed July near peak levels, while Lincoln Technical Institute gave back ground to 74.3% after leading the sector in June. Lincoln still holds the strongest twelve-month return in the set at 92.2%. July M&A skewed international, with Anima Holding acquiring Complexo Educacional FMU in São Paulo and BRL Trust taking Universidade Vila Velha.

TEV / Revenue

1.3×

TEV / EBITDA

8.1×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$48.51	78.8%	890	826	659	55%	86	11%	4%	1.3×	9.6×
Barnes & Noble Education	NYS: BNED	12.44	84.3%	431	646	1,715	21%	77	4%	6%	0.4×	8.4×
Cogna Educação	BVMF: COGN3	0.45	49.9%	898	1,910	1,383	67%	482	32%	16%	1.4×	4.0×
Coursera	NYS: COUR	5.31	41.1%	1,521	538	774	55%	58	-8%	10%	0.7×	9.2×
Covista	NYS: CVSA	124.85	79.9%	4,249	4,838	1,910	57%	505	23%	10%	2.5×	9.6×
D2L	TSE: DTOL	6.64	48.6%	361	277	222	68%	25	7%	6%	1.2×	10.9×
Graham Holdings	NYS: GHC	1,203.54	95.3%	5,097	5,251	5,068	30%	763	18%	5%	1.0×	6.9×
Grand Canyon Education	NAS: LOPE	145.34	65.2%	3,788	3,618	1,142	53%	375	28%	7%	3.2×	9.7×
Laureate Education	NAS: LAUR	38.31	93.6%	5,277	5,850	1,830	27%	661	31%	18%	3.2×	8.9×
Lincoln Technical Institute	NAS: LINC	41.85	74.3%	1,327	1,516	545	60%	72	10%	20%	2.8×	21.1×
Pearson	LON: PSON	16.92	95.2%	10,159	12,059	4,876	52%	1,636	29%	3%	2.5×	7.4×
Perdoceo Education	NAS: PRDO	31.81	82.6%	1,995	1,433	855	77%	287	29%	18%	1.7×	5.0×
Strategic Education	NAS: STRA	81.88	91.3%	1,821	1,799	1,286	49%	280	18%	4%	1.4×	6.4×
Tribal Group	LON: TRB	0.85	84.0%	182	168	122	50%	23	18%	3%	1.4×	7.3×
Universal Technical Institute	NYS: UTI	39.31	76.6%	2,164	2,319	869	49%	103	13%	11%	2.7×	22.4×
Harmonic Mean											1.3×	8.1×

$USD in millions. NM = not meaningful. Data as of July 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
30-Jul-2026	BELLS Institute of Higher Learning	Imarticus Learning	Provider of education and vocational training services intended for individuals and professionals.
27-Jul-2026	Inova Consultancy	Crizac	Provider of educational consultancy services assisting students with international university admissions.
22-Jul-2026	Universidade Vila Velha	BRL Trust	Provider of higher education services delivering undergraduate, postgraduate, and professional education.
17-Jul-2026	Culinary Institute of Barcelona	Camden Partners	Provider of cooking and culinary training programs intended to train professionals to lead kitchens and restaurants.
15-Jul-2026	Complexo Educacional FMU	Anima Holding	Operator of an educational university based in São Paulo, Brazil.
08-Jul-2026	Mundus Agency	Leverage Edu	Provider of educational consulting and travel services intended for students seeking international study experiences.
08-Jul-2026	Tokyo Kyoiku Research	Hulic	Provider of exam preparation services designed to support students aiming to pass Tokyo University entrance exams.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.0× TEV/Rev, 8.3× TEV/EBITDA

Workforce Development was July’s clear leader, climbing to 85% of 52-week highs from 72% a month earlier and posting the strongest sector-wide move in our coverage. Randstad surged 44.8%, Wolters Kluwer 29.2%, and Korn Ferry 25.0%. DHI Group (97.2%), Korn Ferry (96.0%), and HealthStream (93.4%) all finished within a few points of their highs. The re-rating lifted the group’s harmonic mean to 1.0× TEV/Revenue and 8.3× TEV/EBITDA, up from 0.8× and 6.9× in June, even as estimated 2026 revenue growth held at 1%. July M&A stayed granular and services-heavy across safety, compliance, vocational, and legal-technology training.

TEV / Revenue

1.0×

TEV / EBITDA

8.3×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$4.21	97.2%	182	221	125	85%	36	11%	-9%	1.8×	6.1×
HealthStream	NAS: HSTM	28.03	93.4%	819	767	312	65%	76	22%	7%	2.5×	10.1×
Korn Ferry	NYS: KFY	82.27	96.0%	4,184	3,648	2,939	88%	498	17%	6%	1.2×	7.3×
Randstad	AMS: RAND	42.06	85.9%	7,379	9,475	26,873	18%	947	3%	-2%	0.4×	10.0×
Wolters Kluwer	AMS: WKL	78.22	50.3%	17,425	22,124	6,909	73%	2,264	36%	4%	3.2×	9.8×
Harmonic Mean											1.0×	8.3×

$USD in millions. NM = not meaningful. Data as of July 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
30-Jul-2026	BELLS Institute of Higher Learning	Imarticus Learning	Provider of education and vocational training services intended for individuals and professionals.
20-Jul-2026	Progressive Safety	Examinetics	Provider of workplace safety consulting and training services helping organizations maintain safe and compliant work environments.
15-Jul-2026	Today’s Class	Gear Group Holdings	Provider of automotive training services intended to support technicians, service advisors, and shop managers.
08-Jul-2026	Data Labs	Minitab	Provider of statistical consulting and training services supporting data-driven quality improvement for industrial clients.
07-Jul-2026	Food Hub	Food Pioneers	Provider of professional education and consultancy services facilitating the transition toward sustainable food systems.
07-Jul-2026	iTrain Legal	Harbor Global	Provider of legal technology training and consultancy services serving law firms, professional services organizations, and the public sector.
06-Jul-2026	Global Knowledge Business	Enduring Ventures	Provider of IT and professional training services helping employees and professionals develop the skills needed to succeed.
02-Jul-2026	E.Quality Training	Palatine Private Equity	Provider of vocational training helping learners gain professional qualifications and employment.
02-Jul-2026	Trans Europa Express Holding	Orlando Capital	Provider of staffing, training, and consulting services catering to railway companies in the DACH region.
01-Jul-2026	Evelyn K. Davis Center for Working Families	Lutheran Services In Iowa	Provider of education and employment services intended to support working families.

Source: PitchBook.

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