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 May 29, 2026.
DHI Group’s +47.2% single-month return led all names in May, with Tribal Group (+24.6%) and Lincoln Technical Institute (+19.2%) close behind. On a trailing twelve-month basis, Scholastic (+139.3%), Lincoln Technical Institute (+102.8%), and American Public Education (+75.5%) posted the strongest gains. Across the five sub-sectors we track, harmonic-mean TEV/EBITDA multiples ranged from 6.8× (PreK-12) to 8.6× (Higher Education), reflecting continued dispersion in how the market values different corners of the education landscape.
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 May 29, 2026. Data is sourced from PitchBook.
Sector overview
Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.
Harmonic means. Source: PitchBook.
Harmonic means. Source: PitchBook.
Harmonic means. Source: PitchBook.
Operating Trading Statistics
| Metric | EdTech | PreK-12 | Corporate Training | Higher Education | Workforce Development |
|---|---|---|---|---|---|
| 2026E Revenue Growth | 8% | 5% | 3% | 9% | 0% |
| 2026E EBITDA Margin | 10% | 6% | 17% | 17% | 18% |
| % of 52-Week High | 44% | 60% | 69% | 77% | 72% |
| Debt / 2026E EBITDA | 1.1× | 1.7× | 0.7× | 0.9× | 0.8× |
Data as of May 29, 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% Bright Horizons-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 May 29, 2026. Source: PitchBook.
Corporate Training
Corporate Training rebounded sharply in May. FranklinCovey (+87.1% over three months) and SkillSoft (+78.8%) led the group’s recovery, while Tribal Group (+24.6%) topped single-month returns. The comp set now trades at 69% of 52-week highs. On a trailing twelve-month basis, Tribal Group (+52.0%) was the standout, with John Wiley & Sons (+4.3%) and FranklinCovey (+1.7%) the only other positive performers.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (5/29/26) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Accenture | NYS: ACN | $187.07 | 58.1% | 114,850 | 115,356 | 72,110 | 32% | 14,479 | 16% | 7% | 1.6× | 8.0× |
| FranklinCovey | NYS: FC | 23.72 | 95.6% | 267 | 255 | 262 | 76% | 27 | 3% | -8% | 1.0× | 9.5× |
| John Wiley & Sons | NYS: WLY | 42.08 | 92.2% | 2,151 | 2,953 | 1,671 | 74% | 417 | 22% | -2% | 1.8× | 7.1× |
| Pearson | LON: PSON | 14.95 | 93.7% | 9,006 | 10,572 | 4,711 | 52% | 1,054 | 30% | 1% | 2.2× | 10.0× |
| RELX | LON: REL | 32.93 | 60.0% | 58,108 | 67,749 | 12,630 | 66% | 5,065 | 38% | 2% | 5.4× | 13.4× |
| SkillSoft | NYS: SKIL | 7.29 | 34.3% | 65 | 551 | 513 | 74% | 110 | 6% | -3% | 1.1× | 5.0× |
| Stride | NYS: LRN | 92.38 | 54.0% | 3,928 | 3,670 | 2,536 | 38% | 637 | 21% | 11% | 1.4× | 5.8× |
| Thinkific | TSE: THNC | 0.99 | 52.9% | 67 | 18 | 74 | 73% | 2 | -2% | 8% | 0.2× | 8.2× |
| Tribal Group | LON: TRB | 0.88 | 87.1% | 188 | 174 | 122 | 50% | 23 | 18% | 3% | 1.4× | 7.6× |
| Wilmington | LON: WIL | 3.32 | 66.4% | 297 | 390 | 140 | NM | 34 | 17% | 10% | 2.8× | 11.5× |
| Harmonic Mean | 1.0× | 7.9× | ||||||||||
$USD in millions. Data as of May 29, 2026. Source: PitchBook.
Historical Trading Multiples
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 28-May-2026 | RBN Energy | Novi | Provider of energy market intelligence, analytics, and training services intended to help energy professionals understand complex markets across North America. |
| 28-May-2026 | PRiMAN | Main Capital Partners | Provider of talent management and performance coaching services intended to help organizations align employee capabilities with business objectives. |
| 21-May-2026 | Hozen Consulting | Crowe | Provider of management and training consulting services intended to enhance organizational efficiency, productivity, and process performance. |
| 21-May-2026 | School for CEOs | Carlyle | Provider of executive leadership development and coaching programs intended to strengthen leadership capabilities and drive organizational performance. |
| 21-May-2026 | LT3 | Dynamicom Education | Provider of medical education and professional development services intended to support healthcare professionals through accredited training and scientific events. |
| 19-May-2026 | GSI Professional Services | Pro Global | Provider of compliance and training services intended for insurance intermediaries and distributors in Australia. |
| 12-May-2026 | T.E.C. Canada | Vistage Worldwide | Operator of a peer-based leadership development organization intended to create impactful business leaders through confidential group meetings and executive coaching. |
| 11-May-2026 | Udemy | Coursera | Operator of an online learning marketplace intended to help individuals and enterprises develop skills through flexible, on-demand course content. |
| 08-May-2026 | Sphere | Startup Science | Developer of an entrepreneur-focused education and coaching platform intended to support founders and startups through onboarding, coaching, and customizable learning tools. |
| 07-May-2026 | The Mintable | Humankind | Provider of a manager upskilling and leadership development platform intended to build consistent managerial capability across scaling organizations. |
| 06-May-2026 | Treasury Interactive | Public | Operator of an online investment education platform intended to help individuals gain financial literacy through videos, workshops, and investment tools. |
Source: PitchBook.
EdTech
EdTech remained the most discounted sub-sector, trading at 44% of 52-week highs. ReadyTech Holdings (+1.3%) and Duolingo (+0.9%) were the only positive monthly movers. The twelve-month picture stayed challenged, with Cogna Educação (+7.6%) the lone comp posting a positive trailing return while Docebo (-35.9%) and ReadyTech Holdings (-35.0%) lagged. Duolingo continues to command a premium at a 3.7× revenue multiple on 35% growth.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (5/29/26) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Blackbaud | NAS: BLKB | $30.69 | 41.0% | 1,410 | 2,562 | 1,139 | 59% | 411 | 27% | -1% | 2.2× | 6.2× |
| Cogna Educação | BVMF: COGN3 | 0.49 | 55.0% | 988 | 2,000 | 1,384 | 67% | 483 | 32% | 16% | 1.4× | 4.1× |
| Coursera | NYS: COUR | 5.39 | 39.7% | 1,543 | 754 | 774 | 55% | 58 | -8% | 10% | 1.0× | 12.9× |
| D2L | TSE: DTOL | 6.78 | 49.7% | 370 | 263 | 217 | 68% | 33 | 8% | 6% | 1.2× | 8.0× |
| Docebo | TSE: DCBO | 17.97 | 54.1% | 456 | 477 | 251 | 80% | 32 | 9% | 13% | 1.9× | 15.0× |
| Duolingo | NAS: DUOL | 111.36 | 20.6% | 5,189 | 4,029 | 1,099 | 73% | 327 | 16% | 35% | 3.7× | 12.3× |
| Nerdy | NYS: NRDY | 0.82 | 43.3% | 104 | 88 | 180 | 60% | (11) | -25% | -2% | 0.5× | NM |
| ReadyTech Holdings | ASX: RDY | 0.96 | 51.8% | 119 | 150 | 81 | 94% | 22 | 27% | 7% | 1.9× | 6.7× |
| Sylogist | TSE: SYZ | 2.64 | 36.4% | 62 | 72 | 44 | 58% | 5 | 7% | -8% | 1.6× | 15.5× |
| Harmonic Mean | 1.3× | 8.3× | ||||||||||
$USD in millions. NM = not meaningful. Data as of May 29, 2026. Source: PitchBook.
Historical Trading Multiples
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 20-May-2026 | Wilco | Lemonade | Developer of an AI-driven learning platform designed to facilitate the creation of intelligent conversational agents. |
| 19-May-2026 | MyinTuition | College Board | Developer of a college cost estimator tool platform intended to serve students and their families. |
| 19-May-2026 | Education Modified | PresenceLearning | Developer of a classroom-facing platform designed to provide improved outcomes in special education and bridge the gap between compliance and the classroom. |
| 19-May-2026 | Confirm | Learning Pool | AI-powered performance management platform. |
| 15-May-2026 | RareJob | Gakken Holdings | Provider of an online English learning service in Japan. It offers services to individuals, corporations, and educational institutions. |
| 11-May-2026 | Udemy | Coursera | Provider of an online learning marketplace connecting learners and instructors, serving consumers and enterprises globally for skill development. |
| 08-May-2026 | Sphere | Startup Science | Developer of an entrepreneur-based education and training platform catering to founders, entrepreneurs, and startups. |
| 07-May-2026 | The Mintable | Humankind | Provider of a leadership development platform designed to upskill and strengthen managers at rapidly scaling organizations. |
| 07-May-2026 | Noji | Alarmy | Developer of a flashcard learning platform intended to serve students, professionals and learners. |
| 06-May-2026 | Treasury Interactive | Public | Operator of an online educational platform intended for imparting investment knowledge. |
| 04-May-2026 | Alongside | Argenta Partners | Developer of a digital education toolkit designed to address mental health crises faced by adolescents. |
Source: PitchBook.
PreK-12
PreK-12 remained a concentrated four-company comp set. Scholastic extended its run with a +139.3% twelve-month return and led the group again in May (+2.5%), while Stride (-40.0%) and Bright Horizons (-50.3%) weighed on trailing performance. May M&A stayed active in early childhood and nurseries, with UK and international operators drawing buyers including MindChamps Holdings, Inspired Education Holdings, and Tots R Us Nursery.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (5/29/26) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Bright Horizons Family Solutions | NYS: BFAM | $62.62 | 47.9% | 3,294 | 5,034 | 2,980 | 24% | 491 | 14% | 9% | 1.7× | 10.3× |
| Nerdy | NYS: NRDY | 0.82 | 43.3% | 104 | 88 | 180 | 60% | (11) | -25% | -2% | 0.5× | NM |
| Scholastic | NAS: SCHL | 40.55 | 93.5% | 748 | 928 | 1,614 | 56% | 158 | 14% | 1% | 0.6× | 5.9× |
| Stride | NYS: LRN | 92.38 | 54.0% | 3,928 | 3,670 | 2,536 | 38% | 637 | 21% | 11% | 1.4× | 5.8× |
| Harmonic Mean | 0.8× | 6.8× | ||||||||||
$USD in millions. NM = not meaningful. Data as of May 29, 2026. Source: PitchBook.
Historical Trading Multiples
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 30-May-2026 | Frenchs Forest Early Learning Centre | MindChamps Holdings | Provider of early childhood education and childcare services designed to nurture and support children. |
| 29-May-2026 | Dukes Education | MacLachlan College | Operator of an educational institution intended for Pre-K to Grade 12. |
| 21-May-2026 | Tokai Sports | Leifras | Operator of a youth sports club intended to promote physical education. |
| 20-May-2026 | Bach To Rock | Elmsley Capital | Operator of a chain of music schools intended to impart learning to students of all ages through innovative methods. |
| 19-May-2026 | Education Modified | PresenceLearning | Developer of a classroom-facing platform designed to provide improved outcomes in special education and bridge the gap between compliance and the classroom. |
| 18-May-2026 | International School of Queretaro | Inspired Education Holdings | Provider of educational services intended to provide trilingual instruction and international academic certifications. |
| 15-May-2026 | Old School House Nursery | Phoenix Park Nursery | Provider of nursery childcare services intended to offer early childhood education and developmental support. |
| 14-May-2026 | Carousel Nurseries | Tots R Us Nursery | Operator of children’s day nurseries intended to provide professional childcare and early education. |
| 14-May-2026 | Newchurch Pre-School | First Choice Nursery School | Operator of early childhood education and care services intended to support the development and learning of children. |
| 07-May-2026 | Noji | Delight Room | Developer of a flashcard learning platform intended to serve students, professionals and learners. |
| 07-May-2026 | Clayton Youth Enrichment | Boys & Girls Clubs of Greater Tarrant County | Provider of childcare services intended to enable academic growth and social-emotional development for students. |
| 07-May-2026 | A+ STEM Labs | SnappyXo | Developer of a design-driven educational robotics platform designed to bring affordable robotics education to students. |
| 04-May-2026 | Alongside | Timely Telehealth | Developer of a digital education toolkit designed to address mental health crises faced by adolescents. |
Source: PitchBook.
Higher Education
Higher Education again traded near the top of its range at 77% of 52-week highs. Lincoln Technical Institute (+102.8%), American Public Education (+75.5%), and Tribal Group (+52.0%) posted the largest twelve-month gains, and Lincoln Tech (+19.2%) and Universal Technical Institute (+9.2%) led in May. Notable May M&A included Kaplan Languages Group (acquired by Inspirit Capital) and several cross-border transactions.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (5/29/26) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| American Public Education | NAS: APEI | $49.47 | 80.3% | 907 | 843 | 659 | 55% | 86 | 11% | 4% | 1.3× | 9.8× |
| Barnes & Noble Education | NYS: BNED | 10.36 | 84.8% | 355 | 661 | 1,729 | 20% | 55 | 3% | 11% | 0.4× | 11.9× |
| Cogna Educação | BVMF: COGN3 | 0.49 | 55.0% | 988 | 2,000 | 1,384 | 67% | 483 | 32% | 16% | 1.4× | 4.1× |
| Coursera | NYS: COUR | 5.39 | 39.7% | 1,543 | 754 | 774 | 55% | 58 | -8% | 10% | 1.0× | 12.9× |
| Covista | NYS: CVSA | 117.80 | 75.4% | 4,009 | 4,598 | 1,910 | 57% | 505 | 23% | 10% | 2.4× | 9.1× |
| D2L | TSE: DTOL | 6.78 | 49.7% | 370 | 263 | 217 | 68% | 33 | 8% | 6% | 1.2× | 8.0× |
| Graham Holdings | NYS: GHC | 1,097.29 | 89.6% | 4,726 | 4,930 | 4,982 | 30% | 635 | 13% | 4% | 1.0× | 7.8× |
| Grand Canyon Education | NAS: LOPE | 149.78 | 67.2% | 3,971 | 3,824 | 1,126 | 53% | 377 | 28% | 7% | 3.4× | 10.1× |
| Laureate Education | NAS: LAUR | 31.98 | 84.4% | 4,477 | 5,043 | 1,738 | 27% | 511 | 30% | 14% | 2.9× | 9.9× |
| Lincoln Technical Institute | NAS: LINC | 46.29 | 86.5% | 1,468 | 1,658 | 545 | 60% | 72 | 10% | 20% | 3.0× | 23.0× |
| Pearson | LON: PSON | 14.95 | 93.7% | 9,006 | 10,572 | 4,711 | 52% | 1,054 | 30% | 1% | 2.2× | 10.0× |
| Perdoceo Education | NAS: PRDO | 32.38 | 84.1% | 2,030 | 1,468 | 855 | 77% | 287 | 29% | 18% | 1.7× | 5.1× |
| Strategic Education | NAS: STRA | 76.73 | 82.1% | 1,735 | 1,687 | 1,271 | 49% | 276 | 18% | 3% | 1.3× | 6.1× |
| Tribal Group | LON: TRB | 0.88 | 87.1% | 188 | 174 | 122 | 50% | 23 | 18% | 3% | 1.4× | 7.6× |
| Universal Technical Institute | NYS: UTI | 37.41 | 90.1% | 2,060 | 2,214 | 869 | 49% | 103 | 13% | 11% | 2.5× | 21.4× |
| Harmonic Mean | 1.3× | 8.6× | ||||||||||
$USD in millions. Data as of May 29, 2026. Source: PitchBook.
Historical Trading Multiples
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 27-May-2026 | College of Health Care Professions | HCA Healthcare | Operator of a private healthcare education institution intended to focus on allied health and medical career training, catering to students pursuing clinical, administrative, and technical healthcare professions. |
| 22-May-2026 | Yschools | Global University Systems | Operator of a multi-school higher education and vocational training network, catering to students, job seekers, and corporate partners. |
| 21-May-2026 | ICEE – Graduate School of Management and Finance | H3 Education | Provider of higher education services intended to prepare students for recognized professional qualifications and careers in these fields. |
| 19-May-2026 | MyinTuition | College Board | Developer of a college cost estimator tool platform intended to serve students and their families. |
| 14-May-2026 | King’s College London | Cranfield University | Operator of a public research university intended to deliver higher education and conduct academic research in London, United Kingdom. |
| 08-May-2026 | Study Group | Arden University | Provider of educational courses and language training programs focused on international academic success and rewarding careers for the students. |
| 08-May-2026 | St. Francis College | Affinitas Education | Operator of an international primary and secondary education institution. |
| 06-May-2026 | Freeda Language Space | Sagitter Training | Provider of language education services intended to serve international students and residents seeking Spanish, Catalan, and English language. |
| 01-May-2026 | Kaplan Languages Group | Inspirit Capital | Provider of language learning services intended for students. |
Source: PitchBook.
Workforce Development
Workforce Development posted flat 2026E revenue growth and traded at 72% of 52-week highs. DHI Group dominated with a +47.2% single-month move and a +74.6% trailing twelve-month return, while Randstad rose +5.0% in May. Wolters Kluwer continues to trade well below its 52-week high at 40%, weighing on sector multiples.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (5/29/26) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| DHI Group | NYS: DHX | $3.53 | 86.1% | 152 | 192 | 125 | 85% | 36 | 11% | -9% | 1.5× | 5.3× |
| HealthStream | NAS: HSTM | 24.97 | 84.3% | 730 | 677 | 312 | 65% | 76 | 22% | 7% | 2.2× | 8.9× |
| Korn Ferry | NYS: KFY | 69.98 | 89.1% | 3,631 | 3,235 | 2,890 | 88% | 489 | 17% | 5% | 1.1× | 6.6× |
| Randstad | AMS: RAND | 30.69 | 58.9% | 5,385 | 7,227 | 26,585 | 18% | 1,009 | 4% | -4% | 0.3× | 7.2× |
| Wolters Kluwer | AMS: WKL | 71.10 | 39.5% | 15,923 | 20,622 | 6,908 | 73% | 2,263 | 36% | 4% | 3.0× | 9.1× |
| Harmonic Mean | 0.8× | 7.1× | ||||||||||
$USD in millions. Data as of May 29, 2026. Source: PitchBook.
Historical Trading Multiples
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 29-May-2026 | BPIF Training | Fiona Hudson-Kelly | Provider of professional training and apprenticeship services in the print and manufacturing industry. |
| 28-May-2026 | Autism Travel Club | AbleVu | Provider of autism readiness training services intended to help businesses and organizations create supportive experiences for people living with autism. |
| 26-May-2026 | Step Lab | Pelican Capital | Provider of professional development and instructional coaching platform services intended to support teacher training and school improvement operations globally. |
| 22-May-2026 | CP Cloud | Dynamicorn Education | Provider of medical-scientific training services intended to support physicians and healthcare professionals through accredited educational and clinical simulation programs. |
| 21-May-2026 | LT3 | Dynamicorn Education | Provider of medical education services intended to facilitate professional development. |
| 21-May-2026 | Prematech Formation | Cepim | Provider of industrial safety certification and compliance training services intended to help firms manage occupational risks and meet regulatory requirements. |
| 21-May-2026 | Opus Formation | Altur EdTrain | Provider of vocational training and career retraining services intended to help job seekers obtain recognized qualifications and access employment. |
| 20-May-2026 | Global Knowledge Training | Enduring Ventures | Provider of IT and professional skills training and certification programs intended to help individuals and organizations close skill gaps. |
| 20-May-2026 | Wilco | Lemonade | Developer of an AI-driven learning platform intended to help developers build and deploy applications while expanding their understanding of artificial intelligence. |
| 19-May-2026 | SevenGen | Workplace Safety & Health | Provider of occupational safety and health services intended to serve pharmaceutical, food and beverage, automotive, steel, building products, electronics, and similar industries. |
| 18-May-2026 | Swiss Learning Hub | Volaris Group | Provider of vocational education and training platform designed to offer professional and lifelong learning experiences in a globalized working environment. |
| 15-May-2026 | RareJob | Gakken Holdings | Provider of online English language learning services intended to help individuals and corporations develop communication skills. |
| 07-May-2026 | Progressive Orthodontics | Medit | Provider of orthodontic continuing education and support services intended for general and pediatric dentists looking to integrate orthodontic treatments into their practices. |
Source: PitchBook.
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