Monthly Market Update January 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 December 31, 2025.

Education & Training December 2025 data Published January 2026

Navagant Education & Training Monthly Market Update — January 2026

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

Higher Education again stands out as the strongest education and training sub-sector, trading at 80% of 52-week highs on average and anchoring both the three-month and twelve-month leaderboards. Cogna Educação’s +255% trailing return led the entire coverage universe for a third consecutive month, with Laureate Education (+83%) and American Public Education (+69%) close behind. Tribal Group (+59%) topped Corporate Training on an annual basis, while Lincoln Technical Institute posted the strongest single-month gain across our coverage at +18%.

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 December 31, 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 Dec 31, 2025 · Source PitchBook

Trading multiples across all five education and training sub-sectors at year-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	8%	5%	3%	8%	0%
2025E EBITDA Margin	3%	3%	17%	18%	15%
% of 52-Week High	60%	65%	61%	80%	65%
Debt / 2025E EBITDA	0.3×	1.7×	0.5×	0.9×	0.9×

Data as of December 31, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Blackbaud+11.4% Sylogist+10.4% Docebo+7.5%	Stride+1.8% Scholastic−0.7% Bright Horizons−1.0%	Tribal Group+13.3% Pearson+8.9% Accenture+8.3%	Lincoln Tech. Institute+17.7% Tribal Group+13.3% Universal Tech. Inst.+13.0%	Korn Ferry+0.9% Randstad−0.6% Wolters Kluwer−2.1%
Last 3 Months	ReadyTech Holdings+13.5% Cogna Educação+1.1% Blackbaud−2.4%	Scholastic+12.7% Bright Horizons−5.7% Nerdy−23.0%	Accenture+12.2% Tribal Group+2.2% Pearson+1.2%	Laureate Education+10.4% Lincoln Tech. Institute+8.7% Laureate Education+10.4%	Korn Ferry−7.9% Randstad−10.9% HealthStream−20.4%
Last 12 Months	Cogna Educação+254.9% Coursera−12.2% ReadyTech Holdings−14.7%	Scholastic+37.9% Bright Horizons−7.6% Stride−38.4%	Tribal Group+58.8% RELX−10.3% Pearson−11.8%	Cogna Educação+254.9% Laureate Education+82.8% American Public Ed.+68.7%	Korn Ferry−2.3% Randstad−8.8% DHI Group−17.1%

Data as of December 31, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.3× TEV/Rev, 7.2× TEV/EBITDA

Corporate Training multiples held steady at year-end, with harmonic mean revenue and EBITDA multiples at 1.3× and 7.2× respectively. Tribal Group led the sub-sector on a trailing twelve-month basis with a +59% return and also topped the single-month leaderboard at +13%. Accenture and Pearson both posted high-single-digit monthly gains, while Pearson, RELX, and John Wiley & Sons finished the year in negative TTM territory.

TEV / Revenue

1.3×

TEV / EBITDA

7.2×

2025E Rev. Growth

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$268.30	67.4%	165,121	162,865	70,726	32%	13,644	16%	7%	2.3×	11.9×
FranklinCovey	NYS: FC	16.78	42.8%	201	170	267	76%	41	6%	−7%	0.6×	4.2×
John Wiley & Sons	NYS: WLY	30.63	64.8%	1,612	2,509	1,666	74%	405	20%	−5%	1.5×	6.2×
Pearson	LON: PSON	14.14	79.2%	8,980	10,567	4,550	51%	1,441	30%	−1%	2.3×	7.3×
SkillSoft	NYS: SKIL	9.30	27.0%	81	584	516	74%	108	8%	−4%	1.1×	5.4×
Stride	NYS: LRN	64.93	37.9%	2,848	2,721	2,475	39%	596	22%	17%	1.1×	4.6×
Thinkific	TSE: THNC	1.42	44.5%	96	46	72	74%	4	−1%	11%	0.6×	12.8×
Tribal Group	LON: TRB	0.91	92.6%	194	201	117	49%	23	17%	3%	1.7×	8.8×
RELX	LON: REL	40.67	71.7%	73,956	84,022	12,324	65%	4,900	38%	2%	6.8×	17.1×
Wilmington	LON: WIL	3.99	79.1%	357	301	131	29%	32	17%	3%	2.3×	9.5×
Harmonic Mean											1.3×	7.2×

$USD in millions. NM = not meaningful. Data as of December 31, 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
16-Dec-2025	Jeanne Fairbrother Associates	Risk Support Services	Provides corporate health, safety, and compliance training services, including audits, webinars, and advisory support for organizations.
16-Dec-2025	Recharge360	DELTA Equity Partners	Develops a corporate training and performance platform delivering challenges, coaching, workshops, and masterclasses to improve team effectiveness.
10-Dec-2025	Get There Content Services	Time under Tension	Provides AI and digital skills training programs enabling organizations to adopt artificial intelligence, content creation, and search optimization capabilities.
10-Dec-2025	SQLearn	Mintra	Develops maritime corporate training and e-learning solutions using CBT, VR, and AI to enhance workforce safety, competence, and operational readiness.
09-Dec-2025	Realizeit	Skillwell	Develops a cloud-based corporate learning platform delivering personalized, performance-linked workforce training and development.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.5× TEV/Rev, 10.1× TEV/EBITDA

EdTech continues to trade at a wide discount to 52-week highs — just 60% on average across the comp set. Cogna Educação’s +255% TTM move led the entire coverage universe and was more than 260 percentage points ahead of the next-best EdTech constituent. Blackbaud (+11%), Sylogist (+10%), and Docebo (+8%) drove the sub-sector’s December recovery, while Duolingo continued to trade well below its peak at just 32% of the 52-week high.

TEV / Revenue

1.5×

TEV / EBITDA

10.1×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$63.32	77.8%	3,029	4,062	1,136	58%	(33)	−12%	−1%	3.6×	NM
Cogna Educação	BVMF: COGN3	0.57	81.6%	1,132	2,301	1,223	69%	411	40%	14%	1.9×	5.6×
Coursera	NYS: COUR	7.36	54.3%	1,236	438	740	54%	62	−7%	8%	0.6×	7.1×
D2L	TSE: DTOL	9.86	66.2%	539	440	215	69%	31	10%	8%	2.0×	14.3×
Docebo	TSE: DCBO	22.26	48.6%	640	576	237	81%	40	10%	13%	2.4×	14.4×
Duolingo	NAS: DUOL	175.50	32.2%	8,113	7,085	964	72%	274	12%	40%	7.3×	25.9×
Nerdy	NYS: NRDY	1.04	51.5%	128	108	178	62%	(25)	−32%	−10%	0.6×	NM
ReadyTech Holdings	ASX: RDY	1.64	76.7%	203	229	79	94%	26	−8%	7%	2.9×	8.9×
Sylogist	TSE: SYZ	4.21	53.5%	99	102	45	59%	8	16%	−5%	2.3×	12.3×
Harmonic Mean											1.5×	10.1×

$USD in millions. NM = not meaningful. Data as of December 31, 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
21-Dec-2025	eFlow	EDT Partners	Develops a conversational edtech platform delivering bite-sized learning through chatbot-based micro-courses across text, audio, and video formats.
17-Dec-2025	Udemy	Coursera	Operates a global edtech marketplace platform delivering flexible, data-driven learning for individuals and enterprises.
11-Dec-2025	Vasta Platform	Cogna Educação	Develops integrated edtech content and digital learning platforms serving K–12 private schools through curriculum, systems, and education technology solutions.
09-Dec-2025	Realizeit	Skillwell	Develops a cloud-based edtech learning platform delivering personalized, data-driven workforce education and training at scale.
04-Dec-2025	Modal	BairesDev	Operates an edtech platform delivering hands-on, cohort-based technical skills training through guided projects and expert-led learning.
02-Dec-2025	Mindprint Learning	Otus	Develops an edtech cognitive assessment platform providing personalized learning insights and academic skill recommendations.
02-Dec-2025	Techpit	Intloop	Operates an edtech programming education platform delivering project-based learning across modern software technologies.
01-Dec-2025	Paixon	Taskbase	Develops a microlearning edtech platform delivering chat-based, gamified digital training with analytics and integrations for organizations.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 6.9× TEV/EBITDA

PreK-12 finished the year on a mixed note. Scholastic led the sub-sector with a +38% trailing twelve-month return and traded at 93% of its 52-week high, the strongest relative positioning in the group. Nerdy lagged with a −23% three-month decline and Stride was down −38% TTM, while Bright Horizons continued to carry the highest leverage at roughly 1.7× debt / 2025E EBITDA.

TEV / Revenue

0.9×

TEV / EBITDA

6.9×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$101.40	76.2%	5,735	7,366	2,874	24%	475	14%	9%	2.6×	15.5×
Nerdy	NYS: NRDY	1.04	51.5%	128	108	178	62%	(25)	−32%	−10%	0.6×	NM
Scholastic	NAS: SCHL	29.63	93.0%	754	1,103	1,620	56%	164	7%	3%	0.7×	6.7×
Stride	NYS: LRN	64.93	37.9%	2,848	2,721	2,475	39%	596	22%	17%	1.1×	4.6×
Harmonic Mean											0.9×	6.9×

$USD in millions. NM = not meaningful. Data as of December 31, 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
18-Dec-2025	Liceo Sorolla	Cognita Schools	Provides international Pre-K–12 education with trilingual instruction and technology-enabled learning programs.
16-Dec-2025	Bright Scholar	Excellence Education Investment	Provides K–12 education services, school operations, and complementary learning programs across the U.K. and international markets.
09-Dec-2025	KAS Eupen	Qatar Sports Investments	Operates youth sports facilities and programs supporting structured athletic development and community engagement.
09-Dec-2025	Vibrance	Southside Partnership	Provides community-based education, enrichment, and youth programs supporting learning, creativity, and well-being.
04-Dec-2025	TheirCare	BGH Capital	Provides before- and after-school childcare and enrichment programs for school-age children.
03-Dec-2025	Mulberry Bush Montessori	Sadco Nursery Group	Operates an independent nursery and early-years education center for children from infancy through preschool.
02-Dec-2025	Beacon Hill Day Nursery	Yellow Brick Road Daycare	Operates early-years education and childcare centers supporting child development in a safe, structured environment.
02-Dec-2025	Mindprint Learning	Otus	Develops child-focused cognitive assessment platforms supporting personalized learning and academic development.
01-Dec-2025	Applied Behavioral Services	New Story Group	Provides specialized Pre-K–12 education and behavioral support services for children with autism and developmental needs.
01-Dec-2025	Aquatic Achievers	Carlile Swimming	Operates youth swimming education programs focused on skill development and water safety.
01-Dec-2025	Crabs lacrosse	ZBS Partners	Provides youth sports training and athletic development programs for children and adolescents.
01-Dec-2025	Hurly Burly Day Nursery	Bright Stars Childcare	Provides early-years education and childcare services supporting child development and school readiness.
01-Dec-2025	River Rock Academy	New Story Group	Provides alternative and special-education services for Pre-K–12 students requiring academic and behavioral support.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.3× TEV/Rev, 8.0× TEV/EBITDA

Higher Education was the strongest-performing sub-sector on almost every measure we track. The group traded at 80% of 52-week highs on average — well above every other cohort — and delivered the best trailing twelve-month returns, led by Cogna Educação (+255%), Laureate Education (+83%), and American Public Education (+69%). Lincoln Technical Institute, Universal Technical Institute, Laureate, and American Public all finished the year at or above 90% of their 52-week highs.

TEV / Revenue

1.3×

TEV / EBITDA

8.0×

2025E Rev. Growth

2025E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$103.47	66.2%	3,759	4,270	1,833	57%	475	24%	12%	2.3×	9.0×
American Public Education	NAS: APEI	37.80	94.9%	684	659	655	54%	82	10%	7%	1.0×	8.0×
Barnes & Noble Education	NYS: BNED	9.19	75.3%	313	668	1,610	21%	59	0%	3%	0.4×	11.2×
Cogna Educação	BVMF: COGN3	0.57	81.6%	1,132	2,301	1,223	69%	411	40%	14%	1.9×	5.6×
Coursera	NYS: COUR	7.36	54.3%	1,236	438	740	54%	62	−7%	8%	0.6×	7.1×
D2L	TSE: DTOL	9.86	66.2%	539	440	215	69%	31	10%	8%	2.0×	14.3×
Graham Holdings	NYS: GHC	1,098.60	91.6%	4,793	4,867	4,906	31%	1,216	27%	4%	1.0×	4.0×
Grand Canyon Education	NAS: LOPE	166.31	74.6%	4,651	4,485	1,091	53%	362	27%	7%	4.1×	12.4×
Laureate Education	NAS: LAUR	33.67	98.0%	4,962	5,160	1,584	27%	456	29%	2%	3.3×	11.3×
Lincoln Technical Institute	NAS: LINC	24.15	93.8%	764	946	495	60%	57	8%	17%	1.9×	16.5×
Pearson	LON: PSON	14.14	79.2%	8,980	10,567	4,550	51%	1,441	30%	−1%	2.3×	7.3×
Perdoceo Education	NAS: PRDO	29.33	77.1%	1,887	1,361	811	77%	274	28%	24%	1.7×	5.0×
Strategic Education	NAS: STRA	80.20	76.7%	1,884	1,829	1,256	48%	250	16%	4%	1.5×	7.3×
Tribal Group	LON: TRB	0.91	92.6%	194	201	117	49%	23	17%	3%	1.7×	8.8×
Universal Technical Institute	NYS: UTI	26.13	71.9%	1,422	1,532	836	50%	126	17%	14%	1.8×	12.1×
Harmonic Mean											1.3×	8.0×

$USD in millions. Data as of December 31, 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
23-Dec-2025	Edrupt	Lumi Services	Developer of an online learning platform with review exercises and videos for University students.
22-Dec-2025	Petroc College	Exeter College	Operator of a college based in Barnstaple, United Kingdom.
17-Dec-2025	Doshisha University	Noster	Operator of a specialized academic facility and research environment focused on the sciences for higher education.
16-Dec-2025	Bright Scholar	Excellence Education Investment	Operates higher-education institutions and education services, including international schools and complementary education programs across the U.K. and the U.S.
10-Dec-2025	Leffler Academy	University of Saint Francis	Provides postsecondary healthcare education and training programs, including nursing, medical, and allied health courses.
01-Dec-2025	LIM College	Japan Educational Foundation	Provides higher-education business programs focused on fashion and lifestyle industries, integrating applied learning, internships, and industry engagement.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.9× TEV/Rev, 6.9× TEV/EBITDA

Workforce Development finished the year essentially flat on 2025E revenue growth, weighed down by continued softness in staffing-exposed names. Korn Ferry was the only constituent to post a positive monthly return (+0.9%), while HealthStream led decliners with a −20% three-month move. Wolters Kluwer remained the largest constituent at a ~$23B equity market cap but traded at just 55% of its 52-week high.

TEV / Revenue

0.9×

TEV / EBITDA

6.9×

2025E Rev. Growth

2025E EBITDA Margin

15%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Korn Ferry	NYS: KFY	$66.02	84.1%	3,446	3,215	2,842	88%	481	17%	4%	1.1×	6.7×
Wolters Kluwer	AMS: WKL	103.77	55.1%	23,483	28,488	6,602	73%	2,211	32%	6%	4.3×	12.9×
HealthStream	NAS: HSTM	23.07	67.4%	684	607	299	65%	69	22%	4%	2.0×	8.8×
Randstad	AMS: RAND	38.02	72.9%	6,663	8,716	25,747	19%	615	2%	−4%	0.3×	14.2×
DHI Group	NYS: DHX	1.55	46.4%	73	110	131	85%	35	2%	−9%	0.8×	3.2×
Harmonic Mean											0.9×	6.9×

$USD in millions. Data as of December 31, 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-Dec-2025	Essential Food Hygiene	Oakley Capital	Provider of accredited online food hygiene and safety training courses and continuing professional development courses.
16-Dec-2025	Recharge360	DELTA Equity Partners	Developer of a training platform designed to upgrade traditional ways of working to accelerate growth for teams and companies.
16-Dec-2025	PM Club	OpenWork	Provider of career support services and professional training intended to serve product development personnel.
10-Dec-2025	The CFO Project	Broadtree Partners	Provides professional mentorship and training programs supporting skill development and career advancement for accounting and finance professionals.
09-Dec-2025	Realizeit	Skillwell	Developer of a cloud-based learning technology designed to transform workforce development and maximize the value of training operations.
04-Dec-2025	Modal	BairesDev	Operates a workforce learning platform delivering hands-on, cohort-based technical skills training to upskill and advance employees.
02-Dec-2025	Techpit	Intloop	Operates a programming workforce-development platform delivering project-based technical training aligned with real-world applications.
02-Dec-2025	UST Training	360training.com	Provides compliance-driven workforce training programs ensuring regulatory certification and operational readiness for utility and environmental operators.

Source: PitchBook.

With any questions in this report, please contact

Navagant Education & Training Team

Jacob Voorhees

Managing Director

(617) 216-1543 · jacob@navagant.com

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

Shawn Keenan

Managing Director

(312) 550-5304 · shawn@navagant.com

16+ years of investment banking experience; led execution on 60+ transactions resulting in $2.7 billion of proceeds for clients.

Jeff Bache

Director

(804) 627-2848 · jeff@navagant.com

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

Jorge Quinteros

Senior Vice President

(703) 618-1070 · jorge@navagant.com

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

Sachin Raval

Vice President

(248) 469-5786 · sachin@navagant.com

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

Caleb Axelson

Vice President

(774) 994-3248 · caleb@navagant.com

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

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