Monthly Market Update July 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 June 30, 2026.

Education & Training June 2026 data Published July 2026

Navagant Education & Training Monthly Market Update - July 2026

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

Sector valuations held in a tight band at the June close, with harmonic-mean TEV/EBITDA multiples ranging from 6.9× (Corporate Training and Workforce Development) to 8.9× (Higher Education). Higher Education again traded closest to its highs at 79% of 52-week levels, and several bellwethers finished June near peak territory: John Wiley & Sons and Pearson each closed at 99.3% of their 52-week highs, with Scholastic at 98.0%. June’s headline transaction came in Higher Education, where Educational Testing Service acquired ACT.

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 June 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 June 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%	5%	3%	9%	1%
2026E EBITDA Margin	10%	6%	18%	17%	18%
% of 52-Week High	46%	64%	67%	79%	72%
Debt / 2026E EBITDA	1.2×	1.7×	0.7×	0.9×	0.8×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	ReadyTech Holdings+1.3% Duolingo+0.9% D2L-2.8%	Scholastic+2.5% Stride-4.4% Nerdy-6.3%	Tribal Group+24.6% FranklinCovey+10.6% SkillSoft+9.6%	Tribal Group+24.6% Lincoln Technical Institute+19.2% Universal Technical Institute+9.2%	DHI Group+47.2% HealthStream+14.3% Randstad+5.0%
Last 3 Months	Duolingo+12.1% ReadyTech Holdings+11.3% D2L-4.3%	Scholastic+18.5% Stride+4.9% Nerdy-10.8%	FranklinCovey+87.1% SkillSoft+78.8% John Wiley & Sons+37.4%	Lincoln Technical Institute+33.8% Covista+21.8% Pearson+16.0%	DHI Group+49.0% HealthStream+10.0% Korn Ferry+8.5%
Last 12 Months	Cogna Educação+7.6% ReadyTech Holdings-35.0% Docebo-35.9%	Scholastic+139.3% Stride-40.0% Nerdy-50.3%	Tribal Group+52.0% John Wiley & Sons+4.3% FranklinCovey+1.7%	Lincoln Technical Institute+102.8% American Public Education+75.5% Tribal Group+52.0%	DHI Group+74.6% Korn Ferry+1.0% HealthStream-13.6%

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

Corporate Training

Comp set 10 companies · Harmonic mean 0.8× TEV/Rev, 6.9× TEV/EBITDA

Corporate Training closed June at 67% of 52-week highs. John Wiley & Sons and Pearson each finished the month at 99.3% of their 52-week highs and FranklinCovey at 95.2%, while SkillSoft (28.1%) and Accenture (40.4%) remained the group’s deepest discounts. The comp set’s harmonic mean settled at 0.8× TEV/Revenue and 6.9× TEV/EBITDA. June M&A included Handshake’s acquisition of Uplimit and Palladium Group’s purchase of employment and training provider Get Set UK.

TEV / Revenue

0.8×

TEV / EBITDA

6.9×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$124.44	40.4%	76,150	75,984	73,101	32%	14,973	16%	7%	1.0×	5.1×
FranklinCovey	NYS: FC	24.53	95.2%	277	264	262	76%	27	3%	-8%	1.0×	9.8×
John Wiley & Sons	NYS: WLY	48.51	99.3%	2,447	3,141	1,677	74%	440	24%	0%	1.9×	7.1×
Pearson	LON: PSON	15.85	99.3%	9,517	11,083	4,712	52%	1,054	30%	1%	2.4×	10.5×
RELX	LON: REL	31.36	57.3%	54,977	64,619	12,632	66%	5,066	38%	2%	5.1×	12.8×
SkillSoft	NYS: SKIL	5.18	28.1%	46	506	483	76%	114	11%	-4%	1.0×	4.4×
Stride	NYS: LRN	86.24	50.4%	3,667	3,409	2,536	38%	626	21%	11%	1.3×	5.4×
Thinkific	TSE: THNC	0.88	51.5%	59	11	74	73%	2	-2%	8%	0.2×	5.0×
Tribal Group	LON: TRB	0.80	78.8%	170	156	122	50%	23	18%	3%	1.3×	6.8×
Wilmington	LON: WIL	3.71	74.2%	332	425	140	NM	34	17%	10%	3.0×	12.5×
Harmonic Mean											0.8×	6.9×

$USD in millions. NM = not meaningful. Data as of June 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-Jun-2026	Uplimit	Handshake	Developer of education technology intended to accelerate career growth for working professionals.
29-Jun-2026	AMC Safety	SMART Safety Gulf Coast	Provider of safety consulting services intended to support occupational health administration.
25-Jun-2026	Hipster Gate	Bizmates	Provider of corporate training and HR development services supporting organizational growth.
22-Jun-2026	Flick Learning	Impact Futures Group	Developer of an e-learning and compliance training platform for corporate organizations.
21-Jun-2026	B Online Learning	Acorn PLMS	Provider of digital learning services intended to deliver training and platform services.
20-Jun-2026	Virtuosi League	Hyve Group	Provider of leadership development and community experiences for marketing executives.
18-Jun-2026	Transcompss	Para	Provider of compliance training services for the transportation industry.
18-Jun-2026	VideoTouch	PKSHA Technology	Developer of an AI-based training and monitoring platform for contact center operations.
05-Jun-2026	Get Set UK	Palladium Group	Provider of employment, training, and workforce development services.
04-Jun-2026	Arda	Banyan Software	Provider of cybersecurity awareness programs protecting organizations from digital threats.
02-Jun-2026	Elevate USA	Government Leadership Solutions	Provider of professional skills training and consulting supporting workforce development.
02-Jun-2026	Founderz	Fitch Group	Operator of AI education and workforce training services for individuals and organizations.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.4× TEV/Rev, 8.5× TEV/EBITDA

EdTech remained the most discounted sub-sector, closing June at 46% of 52-week highs. Duolingo continues to command a premium at a 3.8× revenue multiple on 35% growth, while ReadyTech Holdings, with a 94% gross margin, finished the month at 61.8% of its high. June activity skewed toward AI-enabled platforms, including Handshake’s acquisition of Uplimit, Fitch Group’s purchase of AI education provider Founderz, and Inspera’s acquisition of assessment technology developer Graide.

TEV / Revenue

1.4×

TEV / EBITDA

8.5×

2026E Rev. Growth

2026E EBITDA Margin

10%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$29.62	39.6%	1,361	2,513	1,139	59%	411	27%	-1%	2.2×	6.1×
Cogna Educação	BVMF: COGN3	0.43	48.2%	867	1,879	1,383	67%	482	32%	16%	1.4×	3.9×
Coursera	NYS: COUR	5.64	41.6%	1,615	825	774	55%	58	-8%	10%	1.1×	14.2×
D2L	TSE: DTOL	7.19	52.7%	391	307	222	68%	25	7%	6%	1.4×	12.1×
Docebo	TSE: DCBO	17.85	53.7%	453	474	251	80%	46	9%	13%	1.9×	10.3×
Duolingo	NAS: DUOL	115.02	24.6%	5,359	4,199	1,099	73%	327	16%	35%	3.8×	12.9×
Nerdy	NYS: NRDY	0.92	52.6%	116	100	180	60%	(11)	-25%	-2%	0.6×	NM
ReadyTech Holdings	ASX: RDY	1.15	61.8%	142	173	81	94%	22	27%	7%	2.1×	7.7×
Sylogist	TSE: SYZ	2.61	36.0%	61	72	44	58%	5	7%	-8%	1.6×	15.3×
Harmonic Mean											1.4×	8.5×

$USD in millions. NM = not meaningful. Data as of June 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-Jun-2026	Uplimit	Handshake	Developer of education technology intended to accelerate career growth for working professionals.
22-Jun-2026	Flick Learning	Impact Futures Group	Developer of an e-learning and compliance training platform intended for corporate organizations.
21-Jun-2026	B Online Learning	Acorn PLMS	Provider of digital learning services intended to deliver training and platform services.
18-Jun-2026	VideoTouch	PKSHA Technology	Developer of an AI-based training and monitoring platform designed for contact center operations.
16-Jun-2026	Lab4U	Britebound	Developer of an educational platform designed to democratize science, technology, engineering, and mathematics (STEM) education.
09-Jun-2026	NoNerds	Foursan Group	Provider of an educational platform intended to support university students with academic resources.
08-Jun-2026	Profes	SuperProf	Developer of an educational platform designed to offer lessons in all subjects and topics.
04-Jun-2026	Arda	Banyan Software	Provider of cybersecurity awareness programs intended to protect organizations and the government against digital threats.
03-Jun-2026	Graide	Inspera	Developer of an educational technology platform designed to liberate teachers and make quality education accessible to all.
02-Jun-2026	Byte Band Technologies	Apartment Eleven Eleven	Developer of an education technology company intended for redefining competitive exam preparation through artificial intelligence.
02-Jun-2026	Founderz	Fitch Group	Operator of artificial intelligence education and workforce training services intended to help individuals and organizations develop practical AI skills.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 7.0× TEV/EBITDA

PreK-12 remained a concentrated four-company comp set, with Scholastic closing June at 98.0% of its 52-week high while Stride (50.4%) and Nerdy (52.6%) traded near half of theirs. Nursery and early childhood consolidation stayed active through June: AcadeMedia acquired both Kinderopvang Kindernet and Chestnut Nursery Schools, with Kido, Cadence Education, Nursery Elite, and H.Days Holdings also adding operators.

TEV / Revenue

0.9×

TEV / EBITDA

7.0×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$70.88	54.2%	3,729	5,469	2,980	24%	491	14%	9%	1.8×	11.1×
Nerdy	NYS: NRDY	0.92	52.6%	116	100	180	60%	(11)	-25%	-2%	0.6×	NM
Scholastic	NAS: SCHL	46.00	98.0%	849	1,029	1,614	56%	158	14%	1%	0.6×	6.5×
Stride	NYS: LRN	86.24	50.4%	3,667	3,409	2,536	38%	626	21%	11%	1.3×	5.4×
Harmonic Mean											0.9×	7.0×

$USD in millions. NM = not meaningful. Data as of June 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-Jun-2026	Alpha Preparatory School	Inspired Learning Group	Operator of primary and early years educational services intended for children aged three to eleven.
30-Jun-2026	Amco Educación	MXO Management	Developer of an educational platform intended to specialize in English learning systems for class 12.
24-Jun-2026	Little Swans Day Nursery	Nursery Elite	Provider of childcare services intended to support early childhood development.
23-Jun-2026	Kinderopvang Kindernet	AcadeMedia	Provider of childcare services intended for children aged zero to twelve years.
22-Jun-2026	Chestnut Nursery Schools	AcadeMedia	Provider of preschool education services intended for early childhood development.
20-Jun-2026	Arts+	ArifPay	Provider of arts education services intended for students of all ages and backgrounds.
16-Jun-2026	Lab4U	Britebound	Developer of an educational platform designed to democratize science, technology, engineering, and mathematics (STEM) education.
16-Jun-2026	Advantage Day Nursery	Kido	Provider of early years education services intended to help children aged three months to five years.
11-Jun-2026	Generation Schools	Old Mutual Alternative Investments	Provider of private schooling services intended for educational development.
11-Jun-2026	Gyrotonic	ONCAP	Provider of movement instruction services intended to improve physical strength and flexibility.
08-Jun-2026	Profes	SuperProf	Developer of an educational platform designed to offer lessons in all subjects and topics.
04-Jun-2026	Polka Dot Farm Nursery	H.Days Holdings	Provider of childcare services intended for nurturing growth and creativity.
03-Jun-2026	Victory Swimming School	Copin	Provider of swimming lessons and fitness programs designed to help children and adults learn to swim, stay active, and build healthy lifestyles.
02-Jun-2026	Especially For Children	Cadence Education	Provider of childcare services intended to encourage children to learn and grow.
01-Jun-2026	Gold Medal Swim School	ZBS Partners	Provider of swimming instruction intended to build water safety and confidence.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.4× TEV/Rev, 8.9× TEV/EBITDA

Higher Education again traded near the top of its range at 79% of 52-week highs, with Pearson (99.3%), Laureate Education (94.9%), Universal Technical Institute (93.5%), Lincoln Technical Institute (93.3%), and Graham Holdings (93.2%) all closing June near peak levels. The month’s headline transaction was Educational Testing Service’s acquisition of ACT, alongside HCA Healthcare’s late-May purchase of the College of Health Care Professions closing into the period and continued cross-border activity.

TEV / Revenue

1.4×

TEV / EBITDA

8.9×

2026E Rev. Growth

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$53.70	87.2%	985	921	659	55%	86	11%	4%	1.4×	10.7×
Barnes & Noble Education	NYS: BNED	12.56	85.2%	431	737	1,729	20%	55	3%	11%	0.4×	13.3×
Cogna Educação	BVMF: COGN3	0.43	48.2%	867	1,879	1,383	67%	482	32%	16%	1.4×	3.9×
Coursera	NYS: COUR	5.64	41.6%	1,615	825	774	55%	58	-8%	10%	1.1×	14.2×
Covista	NYS: CVSA	124.66	79.8%	4,242	4,832	1,910	57%	505	23%	10%	2.5×	9.6×
D2L	TSE: DTOL	7.19	52.7%	391	307	222	68%	25	7%	6%	1.4×	12.1×
Graham Holdings	NYS: GHC	1,141.42	93.2%	4,916	5,120	4,982	30%	635	13%	4%	1.0×	8.1×
Grand Canyon Education	NAS: LOPE	143.11	64.2%	3,794	3,647	1,126	53%	377	28%	7%	3.2×	9.7×
Laureate Education	NAS: LAUR	36.32	94.9%	5,084	5,650	1,738	27%	511	30%	14%	3.3×	11.1×
Lincoln Technical Institute	NAS: LINC	49.90	93.3%	1,583	1,773	545	60%	72	10%	20%	3.3×	24.6×
Pearson	LON: PSON	15.85	99.3%	9,517	11,083	4,712	52%	1,054	30%	1%	2.4×	10.5×
Perdoceo Education	NAS: PRDO	32.00	83.1%	2,007	1,445	855	77%	287	29%	18%	1.7×	5.0×
Strategic Education	NAS: STRA	76.62	87.7%	1,733	1,684	1,271	49%	276	18%	3%	1.3×	6.1×
Tribal Group	LON: TRB	0.80	78.8%	170	156	122	50%	23	18%	3%	1.3×	6.8×
Universal Technical Institute	NYS: UTI	42.77	93.5%	2,355	2,509	869	49%	103	13%	11%	2.9×	24.3×
Harmonic Mean											1.4×	8.9×

$USD in millions. Data as of June 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-Jun-2026	ACT	Educational Testing Service	Operator of an educational nonprofit organization intended for students and professionals.
30-Jun-2026	Sentara College of Health Sciences	Batten University	Provider of healthcare education services intended to prepare students for professional medical careers.
26-Jun-2026	Villioti Fashion Institute	Inscape Education Group	Operator of a private fashion education institute intended to provide accredited tertiary qualifications and vocational training.
18-Jun-2026	South Australian Institute of Business and Technology	Online Education Services	Provider of educational pathway programs intended for university degree preparation.
11-Jun-2026	Carl Wahren Gymnasium	Cedergrenska	Provider of vocational education intended for career preparation and employment.
09-Jun-2026	NoNerds	Foursan Group	Provider of an educational platform intended to support university students with academic resources.
02-Jun-2026	Byte Band Technologies	Apartment Eleven Eleven	Developer of an education technology company intended for redefining competitive exam preparation through artificial intelligence.
01-Jun-2026	Academy of Beauty Dermal & Laser	Pacific Equity Partners	Operator of an educational academy intended for students.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.8× TEV/Rev, 6.9× TEV/EBITDA

Workforce Development posted 1% estimated 2026 revenue growth and closed June at 72% of 52-week highs. HealthStream (92.0%), DHI Group (90.5%), and Korn Ferry (84.8%) finished the month near their highs, while Wolters Kluwer, at 38.4% of its 52-week high, continued to weigh on group multiples. June M&A stayed granular and services-heavy, spanning safety, compliance, and career-services training providers.

TEV / Revenue

0.8×

TEV / EBITDA

6.9×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$3.71	90.5%	160	199	125	85%	36	11%	-9%	1.6×	5.5×
HealthStream	NAS: HSTM	27.25	92.0%	796	744	312	65%	76	22%	7%	2.4×	9.8×
Korn Ferry	NYS: KFY	66.58	84.8%	3,386	2,850	2,939	88%	498	17%	6%	1.0×	5.7×
Randstad	AMS: RAND	28.79	55.2%	5,051	6,893	26,583	18%	1,008	4%	-4%	0.3×	6.8×
Wolters Kluwer	AMS: WKL	64.45	38.4%	14,390	19,090	6,909	73%	2,264	36%	4%	2.8×	8.4×
Harmonic Mean											0.8×	6.9×

$USD in millions. Data as of June 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-Jun-2026	WrenchWay	A.S.E	Provider of human capital services intended to promote and improve technician careers.
27-Jun-2026	Agent Impact Group	Innovation360	Provider of professional development and coaching services intended for real estate agents.
25-Jun-2026	Hipster Gate	Bizmates	Provider of corporate training and human resource development services designed to support organizational growth and workforce capability building.
24-Jun-2026	Cornbread Hustle	TruRecruiting	Provider of staffing services intended for employment opportunities.
23-Jun-2026	Canada Training Group	Herzig Engineering	Provider of electrical safety training services intended for workplace safety and technical proficiency.
22-Jun-2026	Flick Learning	Impact Futures Group	Developer of an e-learning and compliance training platform intended for corporate organizations.
18-Jun-2026	Work Step	B-Plast	Provider of recruitment and consulting services intended for female career reintegration.
18-Jun-2026	Transcompss	Para	Provider of compliance training services intended to streamline success for transportation companies.
10-Jun-2026	Alexander Technical Institute	Nagase America	Provider of technical training, testing and consulting services intended to serve the coatings and related raw materials.
05-Jun-2026	Adélice Formation	Virage Conseil	Provider of professional training programs in food trades, retail, and artisanal sectors, catering to employees.
05-Jun-2026	Get Set UK	Palladium Group	Provider of employment, training, and workforce development services.
02-Jun-2026	Elevate USA	Government Leadership Solutions	Provider of professional skills training and management consulting services intended to support workforce development.

Source: PitchBook.

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Managing Director

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