Monthly Market Update February 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 January 30, 2026.

Education & Training January 2026 data Published February 2026

Navagant Education & Training Monthly Market Update — February 2026

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

Higher Education leads every other education and training sub-sector on headline performance, trading at 80% of 52-week highs on average and posting the strongest trailing twelve-month stock returns of any group we track. Cogna Educação delivered an extraordinary +326% TTM return — the single largest gain across our coverage universe — and Tribal Group and American Public Education both posted moves above +90%. Stride rebounded sharply with a +27% single-month gain that placed it at the top of both the PreK-12 and Corporate Training leaderboards.

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 January 30, 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 Jan 30, 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	8%	4%	2%	9%	0%
2026E EBITDA Margin	3%	3%	17%	18%	15%
% of 52-Week High	56%	66%	62%	80%	65%
Debt / 2026E EBITDA	0.6×	2.0×	0.5×	0.8×	0.9×

Data as of January 30, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	ReadyTech Holdings+8.8% Cogna Educação−0.2% Nerdy−6.6%	Stride+27.4% Scholastic+17.8% Nerdy−3.8%	Stride+27.4% FranklinCovey+19.5% John Wiley & Sons+2.4%	Cogna Educação+56.0% Adtalem Global Ed.+12.0% American Public Ed.+9.7%	DHI Group+16.8% Korn Ferry+0.5% HealthStream−5.8%
Last 3 Months	Cogna Educação+45.4% ReadyTech Holdings+32.1% Nerdy−3.8%	Scholastic+21.4% Stride+18.1% Bright Horizons−0.9%	FranklinCovey+19.2% Stride+18.1% Accenture+9.2%	Cogna Educação+45.4% Lincoln Tech+25.1% American Public Ed.+22.6%	Korn Ferry−0.2% DHI Group−10.8% HealthStream−11.6%
Last 12 Months	Cogna Educação+325.6% ReadyTech Holdings−8.3% Blackbaud−28.5%	Scholastic+72.6% Bright Horizons−25.1% Stride−35.3%	Tribal Group+95.0% Pearson−19.5% John Wiley & Sons−23.3%	Cogna Educação+325.6% Tribal Group+95.0% American Public Ed.+91.3%	Korn Ferry−6.3% Randstad−22.9% HealthStream−32.9%

Data as of January 30, 2026. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.5× TEV/Rev, 8.2× TEV/EBITDA

Corporate Training multiples held at elevated levels in January, with the harmonic mean revenue multiple at 1.5× and EBITDA multiple at 8.2×. Tribal Group led the group on a trailing twelve-month basis with a +95% return, while Stride (+27%) and FranklinCovey (+19.5%) drove the sector’s strong single-month performance. Pearson and John Wiley & Sons continued to lag with double-digit twelve-month declines.

TEV / Revenue

1.5×

TEV / EBITDA

8.2×

2026E Rev. Growth

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (1/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$263.64	66.2%	162,253	161,855	70,726	32%	13,644	16%	7%	2.3×	11.9×
FranklinCovey	NYS: FC	20.37	51.9%	235	219	262	76%	28	4%	−9%	0.8×	7.9×
John Wiley & Sons	NYS: WLY	31.23	66.1%	1,649	2,547	1,666	74%	405	20%	−5%	1.5×	6.3×
Pearson	LON: PSON	13.22	74.0%	8,372	9,959	4,550	51%	1,441	30%	−1%	2.2×	6.9×
RELX	LON: REL	35.60	62.7%	64,526	74,593	12,324	65%	4,900	38%	2%	6.1×	15.2×
SkillSoft	NYS: SKIL	9.05	26.3%	79	582	516	74%	108	8%	−4%	1.1×	5.4×
Stride	NYS: LRN	84.60	49.4%	3,602	3,533	2,519	39%	623	22%	15%	1.4×	5.7×
Thinkific	TSE: THNC	1.50	47.3%	102	52	72	74%	4	−1%	11%	0.7×	14.5×
Tribal Group	LON: TRB	0.97	96.4%	209	215	117	49%	23	17%	3%	1.8×	9.4×
Wilmington	LON: WIL	4.11	81.7%	368	312	131	29%	32	17%	3%	2.4×	9.9×
Harmonic Mean											1.5×	8.2×

$USD in millions. NM = not meaningful. Data as of January 30, 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
29-Jan-2026	Kelly Services	Hunt Companies	Provider of workforce solutions and staffing solutions, including education for employees.
27-Jan-2026	Cyber Guru	Libraesva	Developer of a cybersecurity training software for employees.
27-Jan-2026	StackFuel	Multiverse	Developer of an online training designed for employees across industries, focused on data analytics, data science, and AI.
21-Jan-2026	Grade	Canary	Developer of a learning and talent management software intended for managers and the human resources team.
19-Jan-2026	365Talents	Docebo	Developer of a talent management platform designed to help organizations in employee skills mapping and development.
19-Jan-2026	Learnship	goFLUENT	Provider of enterprise language training and assessment intended to support people and businesses in improving their international business communication skills.
13-Jan-2026	Talkin Pills	Starting Finance	Operator of a creative agency and leading media channel for employment and career guidance.
09-Jan-2026	SweetRush	NIIT Learning Systems	Developer and provider of custom training and learning solutions designed to help train and improve employees.
09-Jan-2026	Empire Learning	Onlineed	Provider of online education courses intended to serve real estate and mortgage professionals.
08-Jan-2026	LDR Leadership	Summit Point Leadership	Provider of leadership training services designed for developing effective leaders.
05-Jan-2026	Erevo	Equasens	Provider of digital continuing education for healthcare professional companies.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.1× TEV/Rev, 8.1× TEV/EBITDA

EdTech remains the most compressed sub-sector we track on a 52-week basis — the comp set trades at just 56% of 52-week highs. Cogna Educação’s +326% trailing twelve-month return was the largest gain across our entire universe, while Blackbaud and ReadyTech Holdings lagged the group. Duolingo still commands the group’s highest revenue multiple at 5.4× even as its stock sits at 25% of its 52-week high.

TEV / Revenue

1.1×

TEV / EBITDA

8.1×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (1/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$53.70	66.0%	2,569	3,602	1,136	58%	(33)	−12%	−1%	3.2×	NM
Cogna Educação	BVMF: COGN3	0.88	97.4%	1,749	2,918	1,223	69%	411	40%	14%	2.4×	7.1×
Coursera	NYS: COUR	6.06	44.7%	1,018	220	740	54%	62	−7%	8%	0.3×	3.6×
D2L	TSE: DTOL	8.06	54.1%	440	341	215	69%	31	10%	8%	1.6×	11.1×
Docebo	TSE: DCBO	19.73	45.4%	567	504	237	81%	40	10%	13%	2.1×	12.6×
Duolingo	NAS: DUOL	134.06	24.6%	6,197	5,169	964	72%	274	12%	40%	5.4×	18.9×
Nerdy	NYS: NRDY	0.98	48.5%	120	101	178	62%	(25)	−32%	−10%	0.6×	NM
ReadyTech Holdings	ASX: RDY	1.78	83.4%	220	247	79	94%	26	−8%	7%	3.1×	9.6×
Sylogist	TSE: SYZ	2.99	39.4%	70	74	45	59%	8	16%	−5%	1.6×	8.9×
Harmonic Mean											1.1×	8.1×

$USD in millions. NM = not meaningful. Data as of January 30, 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-Jan-2026	Cyber Guru	Libraesva	Developer of training software designed to increase the level of security of organizations.
27-Jan-2026	StackFuel	Multiverse	Developer of an online training and practical courses platform designed to impart knowledge to employees across industries.
22-Jan-2026	Vanta	PlayVS	Developer of an e-sport development platform designed to provide coaching and mentorship for youth.
21-Jan-2026	Grade	Canary	Developer of a learning and talent management software intended for managers and the human resources team.
20-Jan-2026	Schoolytics	Newsela	Developer of a student engagement and performance tracking platform intended to help every stakeholder in the educational process make the right decisions, at the right time.
20-Jan-2026	Therapy Box	PRC-Saltillo	Developer of assistive applications and specialist tools designed for healthcare and education.
08-Jan-2026	Jobready360	Pathful	Developer of cloud-based education and career readiness software intended to serve schools, educators, and administrators.
05-Jan-2026	Erevo	Equasens	Provider of digital continuing education for healthcare professionals company based in Marseille.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 7.8× TEV/EBITDA

PreK-12 trading was mixed in January, with Stride jumping +27% on the month and Scholastic continuing its steady run — up 73% on a trailing twelve-month basis and trading at 98% of its 52-week high. The sub-sector carries the highest leverage of the five we track, at 2.0× debt / 2026E EBITDA.

TEV / Revenue

0.9×

TEV / EBITDA

7.8×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (1/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$92.63	69.7%	5,239	6,870	2,874	24%	475	14%	9%	2.4×	14.5×
Nerdy	NYS: NRDY	0.98	48.5%	120	101	178	62%	(25)	−32%	−10%	0.6×	NM
Scholastic	NAS: SCHL	34.97	98.2%	890	1,176	1,620	56%	164	7%	3%	0.7×	7.2×
Stride	NYS: LRN	84.60	49.4%	3,602	3,533	2,519	39%	623	22%	15%	1.4×	5.7×
Harmonic Mean											0.9×	7.8×

$USD in millions. NM = not meaningful. Data as of January 30, 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
29-Jan-2026	Colegio Areteia	Investcorp	Operator of a private school catering to students with learning difficulties.
22-Jan-2026	Little Pips Nursery	Bright Stars Childcare	Provider of childcare and early years education services intended to support families and prepare children for school.
22-Jan-2026	The British School of Lisbon	Dukes Education	Provider of international education services based in Lisbon, Portugal.
21-Jan-2026	Stellar Education	Seacoast Capital	Provider of early childhood education centers for children ages 6 months to 5 years old in the Northeast.
20-Jan-2026	Lochview Nursery	Busy Bees Nurseries	Operator of a childcare nursery intended to support the needs of growing children.
20-Jan-2026	Parkview Nursery	Busy Bees Nurseries	Provider of early years childcare and education services intended to serve babies, toddlers, and pre-schoolers.
19-Jan-2026	Geneva English School	GIC Private	Provider of British education intended for international children.
15-Jan-2026	CEFA Early Learning	Riverarch Equity Partners	A franchisor of early childhood learning centers.
13-Jan-2026	East Cobb Prep	Cadence Education	Provider of early childhood education and childcare services intended to support children’s social, physical, and intellectual development.
13-Jan-2026	Gingerbread Schools	Small Miracles	Provider of early childhood education and preschool services intended to serve families with young children.
12-Jan-2026	AgriKids	Irish Rural Link	Provider of farm safety education programmes intended to serve schools, communities, and farm families across Ireland.
08-Jan-2026	Little Faces Nursery	Partou UK	Provider of early childhood education and daycare services intended to serve families in the United Kingdom.
03-Jan-2026	New Generation Christian School	Galileo Preparatory Academy	Provider of academic K-12 education designed to integrate Christian values with classroom learning.
03-Jan-2026	Putnam Classical Academy	Galileo Preparatory Academy	Provider of primary education services intended to help students excel in reading and math.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.1× TEV/Rev, 7.8× TEV/EBITDA

Higher Education was the clear standout sub-sector in January, trading at 80% of 52-week highs on average — the highest of any group we track. Cogna Educação (+326%), Tribal Group (+95%) and American Public Education (+91%) led the trailing twelve-month leaderboard. Cogna also led on one-month (+56%) and three-month (+45%) windows, making it the dominant performer across our entire coverage universe.

TEV / Revenue

1.1×

TEV / EBITDA

7.8×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (1/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$103.55	66.3%	3,573	4,247	1,889	57%	505	24%	12%	2.3×	9.0×
American Public Education	NAS: APEI	41.78	93.1%	756	730	655	54%	82	10%	7%	1.0×	8.0×
Barnes & Noble Education	NYS: BNED	8.95	73.3%	305	605	1,677	20%	52	2%	3%	0.4×	11.2×
Cogna Educação	BVMF: COGN3	0.88	97.4%	1,749	2,918	1,223	69%	411	40%	14%	2.4×	7.1×
Coursera	NYS: COUR	6.06	44.7%	1,018	220	740	54%	62	−7%	8%	0.3×	3.6×
D2L	TSE: DTOL	8.06	54.1%	440	341	215	69%	31	10%	8%	1.6×	11.1×
Graham Holdings	NYS: GHC	1,166.63	95.3%	5,089	5,164	4,906	31%	1,216	27%	7%	4.1×	12.4×
Grand Canyon Education	NAS: LOPE	173.84	77.9%	4,862	4,696	1,091	53%	362	27%	−1%	2.3×	7.3×
Laureate Education	NAS: LAUR	34.30	94.4%	5,055	5,253	1,584	27%	456	29%	2%	3.3×	11.3×
Lincoln Technical Institute	NAS: LINC	26.66	94.5%	843	1,025	495	60%	57	8%	17%	1.9×	16.5×
Pearson	LON: PSON	13.22	74.0%	8,372	9,959	4,550	51%	1,441	30%	−1%	2.2×	6.9×
Perdoceo Education	NAS: PRDO	32.03	84.2%	2,060	1,534	811	77%	274	28%	24%	1.9×	5.6×
Strategic Education	NAS: STRA	85.02	81.4%	1,997	1,942	1,256	48%	250	16%	4%	1.5×	7.3×
Tribal Group	LON: TRB	0.97	96.4%	209	215	117	49%	23	17%	3%	1.7×	8.8×
Universal Technical Institute	NYS: UTI	27.83	76.6%	1,531	1,641	836	50%	126	17%	14%	1.8×	12.1×
Harmonic Mean											1.1×	7.8×

$USD in millions. Data as of January 30, 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-Jan-2026	Unbound Medicine	MPS	Developer of a digital medical platform, which includes solutions for nursing and medical schools.
27-Jan-2026	Get Schooled	Bottom Line	Provider of an all-digital college and career counseling resource intended for the academic and professional advancement of young people.
27-Jan-2026	Apex Education	Abwaab	Provider of admissions guidance services.
21-Jan-2026	Kennedy & Company	Haven Capital Partners	Provider of education management advisory services intended to support public research institutions, state flagships, private colleges, and professional schools.
15-Jan-2026	Immerse Education	Lumiere Education	Provider of academic summer programs, online research courses, and experiential learning opportunities to university students worldwide.
12-Jan-2026	PSB Academy	Sun Venture	Operator of a private independent tertiary education institution committed to providing accessible education with courses in business and management, engineering and technology, as well as postgraduate studies.
08-Jan-2026	Jobready360	Pathful	Cloud-based education and career readiness software designed for schools and universities. The platform includes a college planning feature.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.9× TEV/Rev, 7.1× TEV/EBITDA

Workforce Development posted a flat 2026E revenue growth estimate, reflecting lingering weakness in staffing-heavy names like Randstad (−23% TTM) and HealthStream (−33% TTM). DHI Group bucked the trend with a +17% single-month gain. Wolters Kluwer remained the largest constituent and traded at 50% of its 52-week high.

TEV / Revenue

0.9×

TEV / EBITDA

7.1×

2026E Rev. Growth

2026E EBITDA Margin

15%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (1/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$1.74	52.1%	82	119	131	85%	35	2%	−9%	0.9×	3.4×
HealthStream	NAS: HSTM	22.29	65.1%	661	584	299	65%	69	22%	4%	2.0×	8.4×
Korn Ferry	NYS: KFY	69.47	88.5%	3,626	3,395	2,842	88%	481	17%	4%	1.2×	7.1×
Randstad	AMS: RAND	36.03	69.1%	6,313	8,366	25,747	19%	591	2%	−4%	0.3×	14.2×
Wolters Kluwer	AMS: WKL	94.38	50.1%	21,303	26,308	6,602	73%	2,211	32%	6%	4.0×	11.9×
Harmonic Mean											0.9×	7.1×

$USD in millions. Data as of January 30, 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-Jan-2026	StackFuel	Multiverse	Developer of an online training and practical courses platform designed to impart knowledge on employees across industries.
20-Jan-2026	Approved Training	August Equity	Provider of apprenticeship and related programs intended for manufacturing and engineering.
20-Jan-2026	Caring for Care	August Equity	Provider of healthcare training and professional development services for the healthcare sector.
19-Jan-2026	Learnship	Capital Transmission	Provider of enterprise language training and language assessment intended to support people and businesses in improving their international business communication skills.
13-Jan-2026	Energy Training Centre	Smart Gas Training and Assessment	Provider of gas, plumbing, heating, and renewable energy training services intended to upskill engineers and apprentices.
12-Jan-2026	Coptersafety	MML Capital Partners	Provider of helicopter simulator training intended to serve the aviation industry.
09-Jan-2026	Empire Learning	Onlineed	Provider of online education courses intended to serve real estate and mortgage professionals.
09-Jan-2026	SweetRush	NIIT Learning Systems	Developer and provider of custom training and learning solutions designed to help train and improve employees.
08-Jan-2026	Strategic Thinking	Aquiline	Provider of online and onsite training platforms designed for the care sector.
08-Jan-2026	Safety Management Group	Gryphon Investors	Provider of outsourced safety services intended for businesses with the ability to protect people, property and the surrounding environment successfully.
07-Jan-2026	Alliance Aviation	Pan Am Flight Academy	Operator of an aviation training organization intended for international pilots and aviation operators.
01-Jan-2026	Society of Plastics Engineers	Plastics Industry Association	Operator of professional programs and training resources intended to support and connect plastics professionals.

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

16+ years IB experience · Led execution on 60+ transactions resulting in over $2.7B 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 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

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

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