Monthly Market Update December 2025

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 November 30, 2025.

Education & Training November 2025 data Published December 2025

Navagant Education & Training Monthly Market Update — December 2025

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

Cogna Educação extended its run as the single best-performing name across our entire education and training coverage, posting a +201% trailing twelve-month return and topping both the EdTech and Higher Education leaderboards. Higher Education again led on a sector basis, with American Public Education (+69%) and Laureate Education (+63%) rounding out the TTM podium. Tribal Group’s +33% gain led Corporate Training for the year, while Nerdy’s +20% single-month jump topped both EdTech and PreK-12 on a monthly basis.

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 November 30, 2025. Data is sourced from PitchBook.

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

Sector overview

As of Nov 30, 2025 · 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
2025E Revenue Growth	9%	4%	3%	9%	−1%
2025E EBITDA Margin	3%	3%	18%	18%	15%
% of 52-Week High	63%	68%	58%	77%	69%
Debt / 2025E EBITDA	0.3×	2.1×	0.5×	0.9×	0.9×

Data as of November 30, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Nerdy+20.2% ReadyTech Holdings+14.1% Cogna Educação+7.6%	Nerdy+20.2% Bright Horizons+10.5% Scholastic+3.8%	Accenture0.0% John Wiley & Sons−1.7% FranklinCovey−7.9%	Cogna Educação+7.6% Laureate Education+6.6% Graham Holdings+4.7%	HealthStream+2.9% Korn Ferry−1.6% Randstad−4.5%
Last 3 Months	Cogna Educação+34.6% D2L−0.2% ReadyTech Holdings−1.2%	Scholastic+15.4% Nerdy−8.1% Bright Horizons−14.2%	Tribal Group+0.9% Thinkific−2.9% Accenture−3.6%	Cogna Educação+34.6% American Public Ed.+13.5% Laureate Education+12.6%	HealthStream+10.7% Korn Ferry−12.8% Wolters Kluwer−18.2%
Last 12 Months	Cogna Educação+201.4% D2L+11.6% Coursera−3.2%	Scholastic+10.8% Nerdy−9.4% Bright Horizons−11.1%	Tribal Group+33.0% RELX−14.8% Pearson−16.3%	Cogna Educação+201.4% American Public Ed.+69.2% Laureate Education+62.6%	DHI Group+5.1% Randstad−11.9% Korn Ferry−16.3%

Data as of November 30, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.2× TEV/Rev, 7.0× TEV/EBITDA

Corporate Training was the weakest performer across our coverage on a relative basis, trading at just 58% of 52-week highs — the lowest of any sub-sector. Tribal Group led the group with a +33% trailing twelve-month gain, while Pearson (−16%) and RELX (−15%) posted the largest TTM declines. On a single-month basis, Accenture held flat at exactly 0% while FranklinCovey dropped −8%.

TEV / Revenue

1.2×

TEV / EBITDA

7.0×

2025E Rev. Growth

2025E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (11/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$250.00	62.8%	155,035	152,778	69,673	32%	13,625	17%	7%	2.2×	11.2×
FranklinCovey	NYS: FC	15.72	40.1%	191	160	267	76%	41	6%	−7%	0.6×	3.9×
John Wiley & Sons	NYS: WLY	36.36	68.5%	1,931	2,773	1,671	74%	396	20%	−8%	1.7×	7.0×
Pearson	LON: PSON	13.21	74.0%	8,406	9,993	4,550	51%	1,441	30%	−1%	2.2×	6.9×
SkillSoft	NYS: SKIL	9.99	29.0%	87	565	524	75%	112	13%	−2%	1.1×	5.0×
Stride	NYS: LRN	63.53	37.1%	2,786	2,659	2,475	39%	596	22%	17%	1.1×	4.5×
Thinkific	TSE: THNC	1.32	41.4%	90	39	72	74%	4	−1%	11%	0.5×	10.9×
Tribal Group	LON: TRB	0.81	82.6%	173	180	117	49%	23	17%	3%	1.5×	7.9×
RELX	LON: REL	40.13	70.7%	72,984	83,051	12,324	65%	4,900	38%	2%	6.7×	16.9×
Wilmington	LON: WIL	4.00	75.6%	358	302	131	29%	32	17%	3%	2.3×	9.5×
Harmonic Mean											1.2×	7.0×

$USD in millions. NM = not meaningful. Data as of November 30, 2025. 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
19-Nov-2025	Courseau	LearnUpon	Developer of an artificial intelligence–driven course creation platform intended to enable efficient creation and collaboration of digital learning content.
18-Nov-2025	MSB Coach	Innovative Connections	Provides leadership coaching and team development services using structured programs to strengthen organizational culture and performance.
18-Nov-2025	Milestone C	Society of Manufacturing Engineers	Provider of experiential STEM education programs intended to deliver hands-on learning across robotics, software, and aerospace disciplines.
17-Nov-2025	Performance Through People	Coventry & Warwickshire Chamber of Commerce	Provider of apprenticeships, qualifications, and training courses intended to support workforce development through customized training and employer support services.
13-Nov-2025	Lumious	EnterOne	Provider of training and resources intended to support organizational learning and information technology skill development.
11-Nov-2025	The Key Support Services	Permira	Develops a corporate training and governance platform providing digital resources and leadership courses to upskill education organizations and teams.
07-Nov-2025	Captiva Learning	Impact Futures	Provides in-house apprenticeship and corporate training programs enabling organizations to develop, upskill, and retain their existing workforce across leadership, education, and public-sector roles.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.7× TEV/Rev, 10.7× TEV/EBITDA

EdTech posted the highest harmonic revenue and EBITDA multiples across our coverage at 1.7× and 10.7× respectively, anchored by Duolingo’s 8.1× revenue and 28.6× EBITDA multiples. Cogna Educação led the sub-sector with a +201% TTM return and a +35% three-month gain, while Nerdy jumped +20% in November alone. Cogna continued to trade near the top of its 52-week range at 98% of its high.

TEV / Revenue

1.7×

TEV / EBITDA

10.7×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (11/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$56.38	66.5%	2,697	3,730	1,136	58%	(33)	−12%	−1%	3.3×	NM
Cogna Educação	BVMF: COGN3	0.66	98.3%	1,320	2,490	1,223	69%	411	40%	14%	2.0×	6.1×
Coursera	NYS: COUR	7.95	58.6%	1,323	525	740	54%	62	−7%	8%	0.7×	8.5×
D2L	TSE: DTOL	12.05	80.9%	660	569	215	69%	31	10%	12%	2.6×	18.3×
Docebo	TSE: DCBO	20.90	41.2%	601	537	237	81%	40	10%	13%	2.3×	13.4×
Duolingo	NAS: DUOL	191.41	35.1%	8,848	7,820	964	72%	274	12%	40%	8.1×	28.6×
Nerdy	NYS: NRDY	1.34	61.5%	165	145	178	62%	(25)	−32%	−10%	0.8×	NM
ReadyTech Holdings	ASX: RDY	1.56	73.0%	193	220	79	94%	26	−8%	7%	2.8×	8.6×
Sylogist	TSE: SYZ	3.85	48.8%	90	94	45	59%	8	16%	−5%	2.1×	11.3×
Harmonic Mean											1.7×	10.7×

$USD in millions. NM = not meaningful. Data as of November 30, 2025. 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
24-Nov-2025	Edusense	DOT Digital Group	Provider of online courses and learning management solutions intended to serve B2B and B2C learners through gamified, microlearning-based skill development.
19-Nov-2025	Courseau	LearnUpon	Developer of an artificial intelligence–driven course creation platform intended to enable efficient generation, collaboration, and delivery of digital learning content.
13-Nov-2025	eduBITES	Amadeus Fire	Operator of an artificial intelligence–enabled knowledge transformation platform intended to convert enterprise knowledge into scalable, multimedia learning experiences.
13-Nov-2025	Lumious	EnterOne	Provides technology-enabled learning platforms and digital training solutions supporting organizational talent development and IT skill advancement.
12-Nov-2025	Optima	DataCamp	Operator of a learning platform intended to improve data and AI skills through practical, real-world, expert-led learning experiences.
04-Nov-2025	Sana	Workday	Develops an AI-powered edtech platform delivering personalized, software-driven learning and knowledge management for organizations.
01-Nov-2025	Aidaxis	Lemon Learning	Developer of digital adoption software intended to guide users through software workflows with real-time, adaptive training and performance support.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 1.0× TEV/Rev, 7.1× TEV/EBITDA

PreK-12 showed divergent performance in November. Scholastic continued as the sector leader, trading at 97% of its 52-week high and up +15% over three months and +11% TTM. Nerdy surged +20% in the single month but remained down −9% TTM, while Bright Horizons posted the worst three-month return at −14% and Stride carried the highest 52-week high discount in the cohort at 37%.

TEV / Revenue

1.0×

TEV / EBITDA

7.1×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (11/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$102.76	77.3%	5,811	7,443	2,874	24%	475	14%	9%	2.6×	15.7×
Nerdy	NYS: NRDY	1.34	61.5%	165	145	178	62%	(25)	−32%	−10%	0.8×	NM
Scholastic	NAS: SCHL	29.54	96.9%	743	1,091	1,614	56%	150	6%	1%	0.7×	7.3×
Stride	NYS: LRN	63.53	37.1%	2,786	2,659	2,475	39%	596	22%	17%	1.1×	4.5×
Harmonic Mean											1.0×	7.1×

$USD in millions. NM = not meaningful. Data as of November 30, 2025. 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
26-Nov-2025	Snowdrop House Montessori Group	Happy Days Nurseries	Provides early-childhood education and daycare services for young children, including structured learning and care programs.
21-Nov-2025	Picacho McGregor School	Inspired Education	Operates a bilingual, American-curriculum school delivering career-oriented education across business, healthcare, creative, language, and IT disciplines.
18-Nov-2025	Legacy Swim Group	Main Street Capital Corporation	Provides swim education and youth enrichment through best-in-class instructional programs across 44 swim school locations in the U.S., serving children ages 4 months to 12 years.
10-Nov-2025	Allied International Futuretech Academy	Allied Gaming & Entertainment	Operates an upper-secondary vocational school in Japan offering specialized vocational education.
08-Nov-2025	Little Bear’s Daycare Group	Busy Bees Nurseries	Provides early-years childcare and preschool services supporting child development and family care needs.
06-Nov-2025	Art of Smart Education	Cluey Learning	Provides holistic K–12 tutoring and academic mentoring services in Australia, combining live online instruction with AI-enabled learning tools.
06-Nov-2025	Katie’s Kinder Care	Kids Planet Day Nurseries	Provides full-day childcare and early education services supporting early childhood development in a nurturing environment.
05-Nov-2025	ProEd Global School	Genius Group	Operates an international school in Bali offering Cambridge-accredited education with small class sizes.
04-Nov-2025	Shrewsbury High School	Inspired Learning Group	Operates an independent girls’ school in the United Kingdom providing education for students aged 4–18.
02-Nov-2025	Three Gables Day Nursery & Preschool	Bright Stars Childcare	Provides nursery and pre-school education services for children aged birth to five in the United Kingdom.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.3× TEV/Rev, 7.8× TEV/EBITDA

Higher Education remained the strongest sub-sector by relative trading position at 77% of 52-week highs on average, with four constituents trading above 90% of their highs. Cogna Educação (+201%), American Public Education (+69%), and Laureate Education (+63%) swept the trailing twelve-month podium. All three also finished November within 5% of their 52-week highs, highlighting sustained investor appetite for post-secondary education names.

TEV / Revenue

1.3×

TEV / EBITDA

7.8×

2025E Rev. Growth

2025E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (11/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$92.56	59.2%	3,363	3,874	1,833	57%	475	24%	12%	2.1×	8.2×
American Public Education	NAS: APEI	34.82	87.4%	630	605	655	54%	82	10%	7%	0.9×	7.3×
Barnes & Noble Education	NYS: BNED	9.35	64.9%	318	673	1,568	22%	74	−1%	0%	0.4×	9.1×
Cogna Educação	BVMF: COGN3	0.66	98.3%	1,320	2,490	1,223	69%	411	40%	14%	2.0×	6.1×
Coursera	NYS: COUR	7.95	58.6%	1,323	525	740	54%	62	−7%	8%	0.7×	8.5×
D2L	TSE: DTOL	12.05	80.9%	660	569	215	69%	31	10%	12%	2.6×	18.3×
Graham Holdings	NYS: GHC	1,106.50	92.2%	4,827	4,901	4,906	31%	1,216	27%	4%	1.0×	4.0×
Grand Canyon Education	NAS: LOPE	157.74	70.7%	4,412	4,245	1,091	53%	362	27%	7%	3.9×	11.7×
Laureate Education	NAS: LAUR	30.90	95.3%	4,554	4,752	1,584	27%	456	29%	2%	3.0×	10.4×
Lincoln Technical Institute	NAS: LINC	20.58	79.9%	651	833	495	60%	57	8%	17%	1.7×	14.5×
Pearson	LON: PSON	13.21	74.0%	8,406	9,993	4,550	51%	1,441	30%	−1%	2.2×	6.9×
Perdoceo Education	NAS: PRDO	27.96	73.5%	1,798	1,273	811	77%	274	28%	24%	1.6×	4.6×
Strategic Education	NAS: STRA	78.02	74.7%	1,832	1,777	1,256	48%	250	16%	4%	1.4×	7.1×
Tribal Group	LON: TRB	0.81	82.6%	173	180	117	49%	23	17%	3%	1.5×	7.9×
Universal Technical Institute	NYS: UTI	23.02	63.4%	1,253	1,363	836	50%	126	17%	14%	1.6×	10.8×
Harmonic Mean											1.3×	7.8×

$USD in millions. Data as of November 30, 2025. 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
25-Nov-2025	VetSkill	Phenna Group	Provides veterinary higher-education training, assessment, and credentialing services supporting professional qualification in the animal-care and veterinary fields.
19-Nov-2025	Uncertainty Experts	Media Zoo	Provides higher-education–oriented professional development programs supporting leadership, resilience, and career advancement.
18-Nov-2025	Milestone C	Society of Manufacturing Engineers	Provides applied STEM higher-education programs aligned with industry practices and workforce-ready technical skills.
12-Nov-2025	Research To Practice	The Lockwood Group	Provides continuing medical education for physicians and healthcare professionals specializing in oncology and hematology.
11-Nov-2025	mbaMission	Guidewell Education	Provides higher-education consulting and admissions advisory services supporting pathways into graduate and business schools.
11-Nov-2025	Sunrise Coaching Center	Hulkenstein	Provides academic coaching and exam preparation services supporting university-level and professional higher-education outcomes.
01-Nov-2025	Association of Schools and Programs of Public Health	Oaks Integrated Care	Provides public-health higher-education programs, research support, and workforce development for universities and public-health institutions.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.9× TEV/Rev, 7.5× TEV/EBITDA

Workforce Development was the only sub-sector with negative 2025E revenue growth (−1%) as staffing-exposed names weighed on results. HealthStream was the lone monthly gainer at +3% and led the sub-sector for the three-month period at +11%. Wolters Kluwer posted the worst three-month move at −18%, while DHI Group was the only constituent with a positive trailing twelve-month return (+5%).

TEV / Revenue

0.9×

TEV / EBITDA

7.5×

2025E Rev. Growth

−1%

2025E EBITDA Margin

15%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (11/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Korn Ferry	NYS: KFY	$65.77	83.1%	3,446	3,305	2,794	88%	473	16%	1%	1.2×	7.0×
Wolters Kluwer	AMS: WKL	106.25	56.4%	24,137	29,142	6,602	73%	2,211	32%	6%	4.4×	13.2×
HealthStream	NAS: HSTM	25.15	73.5%	746	669	299	65%	69	22%	4%	2.2×	9.7×
Randstad	AMS: RAND	38.88	74.6%	6,813	8,866	25,747	19%	615	2%	−4%	0.3×	14.4×
DHI Group	NYS: DHX	1.88	56.3%	89	126	131	85%	35	2%	−9%	1.0×	3.6×
Harmonic Mean											0.9×	7.5×

$USD in millions. Data as of November 30, 2025. 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
26-Nov-2025	Vaelia	H3 Education	Provides computer-based training, certification, and workforce upskilling programs across IT, HR, and compliance disciplines.
25-Nov-2025	Remit Training	Inspiro	Operates apprenticeship and training programs focused on career development, employer workforce transformation, and skills funding advisory.
19-Nov-2025	ABM Training	Impact Futures	Provides apprenticeship training programs supporting workforce development across care, education, leadership, and customer service roles.
14-Nov-2025	Fam	TWOSTONE & Sons	Provides engineering and IT talent recruitment and training services to meet corporate demand for skilled technology professionals.
13-Nov-2025	Hainan Tianyu Flight Training	Hainan Airlines	Provides aviation training systems and simulation-based workforce development for pilots and aviation professionals.
07-Nov-2025	Captiva Learning	Oaks Integrated Care	Provides apprenticeship and workforce training programs for public-sector and private-sector employers across multiple professional roles.
01-Nov-2025	Association of Schools and Programs of Public Health	Impact Futures	Provides workforce development, training, and professional education programs supporting public-health institutions and practitioners.

Source: PitchBook.

With Any Questions in This Report, Please Contact

Navagant Education & Training Investment Banking Team

Jacob Voorhees

Managing Director

jacob@navagant.com · (617) 216-1543

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

Shawn Keenan

Managing Director

shawn@navagant.com · (312) 550-5304

16+ years of IB experience. Led execution on 60+ transactions resulting in over $2.7 billion of proceeds for clients.

Jeff Bache

Director

jeff@navagant.com · (804) 627-2848

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

Jorge Quinteros

Senior Vice President

jorge@navagant.com · (703) 618-1070

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

Sachin Raval

Vice President

sachin@navagant.com · (248) 469-5786

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

Caleb Axelson

Vice President

caleb@navagant.com · (774) 994-3248

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

About Navagant. Navagant is an industry-leading team of education and training experts combining unique culture, deep transaction experience, and a conscious-capital mission to redefine the expectations of an M&A advisor in the middle market. 14 teammates · 100+ years of collective experience · 60 closed transactions · $4B+ total transaction value · 10% of profits donated.

Disclosure. This report is prepared by Navagant for informational purposes only and does not constitute investment, legal, tax, or accounting advice, nor a solicitation to buy or sell any security. Information contained herein is sourced from PitchBook and other publicly available information believed to be reliable, but accuracy is not guaranteed. Past performance is not indicative of future results. All trading data is as of November 30, 2025 unless otherwise noted. Securities offered through an affiliated broker-dealer where applicable.