Monthly Market Update June 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 May 29, 2026.

Education & Training May 2026 data Published June 2026
Navagant Education & Training Monthly Market Update - June 2026
By Jacob Voorhees, Shawn Keenan, Jeff Bache, Jorge Quinteros, Sachin Raval & Caleb Axelson
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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

As of May 29, 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
0.0x0.5x1.0x1.5x1.3xEdTech0.8xPreK-121.0xCorp.Training1.3xHigherEd.0.8xWorkforceDev.

Harmonic means. Source: PitchBook.

Multiple
TEV / EBITDA
0.0x2.0x4.0x6.0x8.0x10.0x8.3xEdTech6.8xPreK-127.9xCorp.Training8.6xHigherEd.7.1xWorkforceDev.

Harmonic means. Source: PitchBook.

Multiple
P/E Ratio
0.0x5.0x10.0x15.0x20.0x11.4xEdTech16.6xPreK-128.5xCorp.Training14.5xHigherEd.13.2xWorkforceDev.

Harmonic means. Source: PitchBook.

Operating Trading Statistics

Metric EdTechPreK-12Corporate TrainingHigher EducationWorkforce Development
2026E Revenue Growth8%5%3%9%0%
2026E EBITDA Margin10%6%17%17%18%
% of 52-Week High44%60%69%77%72%
Debt / 2026E EBITDA1.1×1.7×0.7×0.9×0.8×

Data as of May 29, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

PeriodEdTechPreK-12Corporate TrainingHigher EducationWorkforce 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

Comp set 10 companies  ·  Harmonic mean 1.0× TEV/Rev, 7.9× TEV/EBITDA

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.

TEV / Revenue
1.0×
TEV / EBITDA
7.9×
2026E Rev. Growth
3%
2026E EBITDA Margin
17%

Public Company Data

Market Cap ($M)LTMEV / LTM (×)
CompanyTickerPrice (5/29/26)% 52W HighEquity Mkt CapEnterprise ValueRevenueGross %EBITDAEBITDA %1-Yr GrowthRevenueEBITDA
AccentureNYS: ACN$187.0758.1%114,850115,35672,11032%14,47916%7%1.6×8.0×
FranklinCoveyNYS: FC23.7295.6%26725526276%273%-8%1.0×9.5×
John Wiley & SonsNYS: WLY42.0892.2%2,1512,9531,67174%41722%-2%1.8×7.1×
PearsonLON: PSON14.9593.7%9,00610,5724,71152%1,05430%1%2.2×10.0×
RELXLON: REL32.9360.0%58,10867,74912,63066%5,06538%2%5.4×13.4×
SkillSoftNYS: SKIL7.2934.3%6555151374%1106%-3%1.1×5.0×
StrideNYS: LRN92.3854.0%3,9283,6702,53638%63721%11%1.4×5.8×
ThinkificTSE: THNC0.9952.9%67187473%2-2%8%0.2×8.2×
Tribal GroupLON: TRB0.8887.1%18817412250%2318%3%1.4×7.6×
WilmingtonLON: WIL3.3266.4%297390140NM3417%10%2.8×11.5×
Harmonic Mean1.0×7.9×

$USD in millions. Data as of May 29, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History
TEV / Revenue Multiple
0x2x4x6xApr’21Apr’23Apr’25May’26
5-Year History
TEV / EBITDA Multiple
0x4x8x12x16xApr’21Apr’23Apr’25May’26

Recent M&A Transactions

DateTargetAcquirerDescription
28-May-2026RBN EnergyNoviProvider of energy market intelligence, analytics, and training services intended to help energy professionals understand complex markets across North America.
28-May-2026PRiMANMain Capital PartnersProvider of talent management and performance coaching services intended to help organizations align employee capabilities with business objectives.
21-May-2026Hozen ConsultingCroweProvider of management and training consulting services intended to enhance organizational efficiency, productivity, and process performance.
21-May-2026School for CEOsCarlyleProvider of executive leadership development and coaching programs intended to strengthen leadership capabilities and drive organizational performance.
21-May-2026LT3Dynamicom EducationProvider of medical education and professional development services intended to support healthcare professionals through accredited training and scientific events.
19-May-2026GSI Professional ServicesPro GlobalProvider of compliance and training services intended for insurance intermediaries and distributors in Australia.
12-May-2026T.E.C. CanadaVistage WorldwideOperator of a peer-based leadership development organization intended to create impactful business leaders through confidential group meetings and executive coaching.
11-May-2026UdemyCourseraOperator of an online learning marketplace intended to help individuals and enterprises develop skills through flexible, on-demand course content.
08-May-2026SphereStartup ScienceDeveloper of an entrepreneur-focused education and coaching platform intended to support founders and startups through onboarding, coaching, and customizable learning tools.
07-May-2026The MintableHumankindProvider of a manager upskilling and leadership development platform intended to build consistent managerial capability across scaling organizations.
06-May-2026Treasury InteractivePublicOperator of an online investment education platform intended to help individuals gain financial literacy through videos, workshops, and investment tools.

Source: PitchBook.

EdTech

Comp set 9 companies  ·  Harmonic mean 1.3× TEV/Rev, 8.3× TEV/EBITDA

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.

TEV / Revenue
1.3×
TEV / EBITDA
8.3×
2026E Rev. Growth
8%
2026E EBITDA Margin
10%

Public Company Data

Market Cap ($M)LTMEV / LTM (×)
CompanyTickerPrice (5/29/26)% 52W HighEquity Mkt CapEnterprise ValueRevenueGross %EBITDAEBITDA %1-Yr GrowthRevenueEBITDA
BlackbaudNAS: BLKB$30.6941.0%1,4102,5621,13959%41127%-1%2.2×6.2×
Cogna EducaçãoBVMF: COGN30.4955.0%9882,0001,38467%48332%16%1.4×4.1×
CourseraNYS: COUR5.3939.7%1,54375477455%58-8%10%1.0×12.9×
D2LTSE: DTOL6.7849.7%37026321768%338%6%1.2×8.0×
DoceboTSE: DCBO17.9754.1%45647725180%329%13%1.9×15.0×
DuolingoNAS: DUOL111.3620.6%5,1894,0291,09973%32716%35%3.7×12.3×
NerdyNYS: NRDY0.8243.3%1048818060%(11)-25%-2%0.5×NM
ReadyTech HoldingsASX: RDY0.9651.8%1191508194%2227%7%1.9×6.7×
SylogistTSE: SYZ2.6436.4%62724458%57%-8%1.6×15.5×
Harmonic Mean1.3×8.3×

$USD in millions. NM = not meaningful. Data as of May 29, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History
TEV / Revenue Multiple
0x3x6x9xApr’21Apr’23Apr’25May’26
5-Year History
TEV / EBITDA Multiple
0x6x12x18xApr’21Apr’23Apr’25May’26

Recent M&A Transactions

DateTargetAcquirerDescription
20-May-2026WilcoLemonadeDeveloper of an AI-driven learning platform designed to facilitate the creation of intelligent conversational agents.
19-May-2026MyinTuitionCollege BoardDeveloper of a college cost estimator tool platform intended to serve students and their families.
19-May-2026Education ModifiedPresenceLearningDeveloper of a classroom-facing platform designed to provide improved outcomes in special education and bridge the gap between compliance and the classroom.
19-May-2026ConfirmLearning PoolAI-powered performance management platform.
15-May-2026RareJobGakken HoldingsProvider of an online English learning service in Japan. It offers services to individuals, corporations, and educational institutions.
11-May-2026UdemyCourseraProvider of an online learning marketplace connecting learners and instructors, serving consumers and enterprises globally for skill development.
08-May-2026SphereStartup ScienceDeveloper of an entrepreneur-based education and training platform catering to founders, entrepreneurs, and startups.
07-May-2026The MintableHumankindProvider of a leadership development platform designed to upskill and strengthen managers at rapidly scaling organizations.
07-May-2026NojiAlarmyDeveloper of a flashcard learning platform intended to serve students, professionals and learners.
06-May-2026Treasury InteractivePublicOperator of an online educational platform intended for imparting investment knowledge.
04-May-2026AlongsideArgenta PartnersDeveloper of a digital education toolkit designed to address mental health crises faced by adolescents.

Source: PitchBook.

PreK-12

Comp set 4 companies  ·  Harmonic mean 0.8× TEV/Rev, 6.8× TEV/EBITDA

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.

TEV / Revenue
0.8×
TEV / EBITDA
6.8×
2026E Rev. Growth
5%
2026E EBITDA Margin
6%

Public Company Data

Market Cap ($M)LTMEV / LTM (×)
CompanyTickerPrice (5/29/26)% 52W HighEquity Mkt CapEnterprise ValueRevenueGross %EBITDAEBITDA %1-Yr GrowthRevenueEBITDA
Bright Horizons Family SolutionsNYS: BFAM$62.6247.9%3,2945,0342,98024%49114%9%1.7×10.3×
NerdyNYS: NRDY0.8243.3%1048818060%(11)-25%-2%0.5×NM
ScholasticNAS: SCHL40.5593.5%7489281,61456%15814%1%0.6×5.9×
StrideNYS: LRN92.3854.0%3,9283,6702,53638%63721%11%1.4×5.8×
Harmonic Mean0.8×6.8×

$USD in millions. NM = not meaningful. Data as of May 29, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History
TEV / Revenue Multiple
0x2x4x6x8xApr’21Apr’23Apr’25May’26
5-Year History
TEV / EBITDA Multiple
0x4x8x12x16xApr’21Apr’23Apr’25May’26

Recent M&A Transactions

DateTargetAcquirerDescription
30-May-2026Frenchs Forest Early Learning CentreMindChamps HoldingsProvider of early childhood education and childcare services designed to nurture and support children.
29-May-2026Dukes EducationMacLachlan CollegeOperator of an educational institution intended for Pre-K to Grade 12.
21-May-2026Tokai SportsLeifrasOperator of a youth sports club intended to promote physical education.
20-May-2026Bach To RockElmsley CapitalOperator of a chain of music schools intended to impart learning to students of all ages through innovative methods.
19-May-2026Education ModifiedPresenceLearningDeveloper of a classroom-facing platform designed to provide improved outcomes in special education and bridge the gap between compliance and the classroom.
18-May-2026International School of QueretaroInspired Education HoldingsProvider of educational services intended to provide trilingual instruction and international academic certifications.
15-May-2026Old School House NurseryPhoenix Park NurseryProvider of nursery childcare services intended to offer early childhood education and developmental support.
14-May-2026Carousel NurseriesTots R Us NurseryOperator of children’s day nurseries intended to provide professional childcare and early education.
14-May-2026Newchurch Pre-SchoolFirst Choice Nursery SchoolOperator of early childhood education and care services intended to support the development and learning of children.
07-May-2026NojiDelight RoomDeveloper of a flashcard learning platform intended to serve students, professionals and learners.
07-May-2026Clayton Youth EnrichmentBoys & Girls Clubs of Greater Tarrant CountyProvider of childcare services intended to enable academic growth and social-emotional development for students.
07-May-2026A+ STEM LabsSnappyXoDeveloper of a design-driven educational robotics platform designed to bring affordable robotics education to students.
04-May-2026AlongsideTimely TelehealthDeveloper of a digital education toolkit designed to address mental health crises faced by adolescents.

Source: PitchBook.

Higher Education

Comp set 15 companies  ·  Harmonic mean 1.3× TEV/Rev, 8.6× TEV/EBITDA

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.

TEV / Revenue
1.3×
TEV / EBITDA
8.6×
2026E Rev. Growth
9%
2026E EBITDA Margin
17%

Public Company Data

Market Cap ($M)LTMEV / LTM (×)
CompanyTickerPrice (5/29/26)% 52W HighEquity Mkt CapEnterprise ValueRevenueGross %EBITDAEBITDA %1-Yr GrowthRevenueEBITDA
American Public EducationNAS: APEI$49.4780.3%90784365955%8611%4%1.3×9.8×
Barnes & Noble EducationNYS: BNED10.3684.8%3556611,72920%553%11%0.4×11.9×
Cogna EducaçãoBVMF: COGN30.4955.0%9882,0001,38467%48332%16%1.4×4.1×
CourseraNYS: COUR5.3939.7%1,54375477455%58-8%10%1.0×12.9×
CovistaNYS: CVSA117.8075.4%4,0094,5981,91057%50523%10%2.4×9.1×
D2LTSE: DTOL6.7849.7%37026321768%338%6%1.2×8.0×
Graham HoldingsNYS: GHC1,097.2989.6%4,7264,9304,98230%63513%4%1.0×7.8×
Grand Canyon EducationNAS: LOPE149.7867.2%3,9713,8241,12653%37728%7%3.4×10.1×
Laureate EducationNAS: LAUR31.9884.4%4,4775,0431,73827%51130%14%2.9×9.9×
Lincoln Technical InstituteNAS: LINC46.2986.5%1,4681,65854560%7210%20%3.0×23.0×
PearsonLON: PSON14.9593.7%9,00610,5724,71152%1,05430%1%2.2×10.0×
Perdoceo EducationNAS: PRDO32.3884.1%2,0301,46885577%28729%18%1.7×5.1×
Strategic EducationNAS: STRA76.7382.1%1,7351,6871,27149%27618%3%1.3×6.1×
Tribal GroupLON: TRB0.8887.1%18817412250%2318%3%1.4×7.6×
Universal Technical InstituteNYS: UTI37.4190.1%2,0602,21486949%10313%11%2.5×21.4×
Harmonic Mean1.3×8.6×

$USD in millions. Data as of May 29, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History
TEV / Revenue Multiple
0x2x4x6xApr’21Apr’23Apr’25May’26
5-Year History
TEV / EBITDA Multiple
0x4x8x12xApr’21Apr’23Apr’25May’26

Recent M&A Transactions

DateTargetAcquirerDescription
27-May-2026College of Health Care ProfessionsHCA HealthcareOperator 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-2026YschoolsGlobal University SystemsOperator of a multi-school higher education and vocational training network, catering to students, job seekers, and corporate partners.
21-May-2026ICEE – Graduate School of Management and FinanceH3 EducationProvider of higher education services intended to prepare students for recognized professional qualifications and careers in these fields.
19-May-2026MyinTuitionCollege BoardDeveloper of a college cost estimator tool platform intended to serve students and their families.
14-May-2026King’s College LondonCranfield UniversityOperator of a public research university intended to deliver higher education and conduct academic research in London, United Kingdom.
08-May-2026Study GroupArden UniversityProvider of educational courses and language training programs focused on international academic success and rewarding careers for the students.
08-May-2026St. Francis CollegeAffinitas EducationOperator of an international primary and secondary education institution.
06-May-2026Freeda Language SpaceSagitter TrainingProvider of language education services intended to serve international students and residents seeking Spanish, Catalan, and English language.
01-May-2026Kaplan Languages GroupInspirit CapitalProvider of language learning services intended for students.

Source: PitchBook.

Workforce Development

Comp set 5 companies  ·  Harmonic mean 0.8× TEV/Rev, 7.1× TEV/EBITDA

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.

TEV / Revenue
0.8×
TEV / EBITDA
7.1×
2026E Rev. Growth
0%
2026E EBITDA Margin
18%

Public Company Data

Market Cap ($M)LTMEV / LTM (×)
CompanyTickerPrice (5/29/26)% 52W HighEquity Mkt CapEnterprise ValueRevenueGross %EBITDAEBITDA %1-Yr GrowthRevenueEBITDA
DHI GroupNYS: DHX$3.5386.1%15219212585%3611%-9%1.5×5.3×
HealthStreamNAS: HSTM24.9784.3%73067731265%7622%7%2.2×8.9×
Korn FerryNYS: KFY69.9889.1%3,6313,2352,89088%48917%5%1.1×6.6×
RandstadAMS: RAND30.6958.9%5,3857,22726,58518%1,0094%-4%0.3×7.2×
Wolters KluwerAMS: WKL71.1039.5%15,92320,6226,90873%2,26336%4%3.0×9.1×
Harmonic Mean0.8×7.1×

$USD in millions. Data as of May 29, 2026. Source: PitchBook.

Historical Trading Multiples

5-Year History
TEV / Revenue Multiple
0x2x4x6xApr’21Apr’23Apr’25May’26
5-Year History
TEV / EBITDA Multiple
0x6x12x18xApr’21Apr’23Apr’25May’26

Recent M&A Transactions

DateTargetAcquirerDescription
29-May-2026BPIF TrainingFiona Hudson-KellyProvider of professional training and apprenticeship services in the print and manufacturing industry.
28-May-2026Autism Travel ClubAbleVuProvider of autism readiness training services intended to help businesses and organizations create supportive experiences for people living with autism.
26-May-2026Step LabPelican CapitalProvider of professional development and instructional coaching platform services intended to support teacher training and school improvement operations globally.
22-May-2026CP CloudDynamicorn EducationProvider of medical-scientific training services intended to support physicians and healthcare professionals through accredited educational and clinical simulation programs.
21-May-2026LT3Dynamicorn EducationProvider of medical education services intended to facilitate professional development.
21-May-2026Prematech FormationCepimProvider of industrial safety certification and compliance training services intended to help firms manage occupational risks and meet regulatory requirements.
21-May-2026Opus FormationAltur EdTrainProvider of vocational training and career retraining services intended to help job seekers obtain recognized qualifications and access employment.
20-May-2026Global Knowledge TrainingEnduring VenturesProvider of IT and professional skills training and certification programs intended to help individuals and organizations close skill gaps.
20-May-2026WilcoLemonadeDeveloper of an AI-driven learning platform intended to help developers build and deploy applications while expanding their understanding of artificial intelligence.
19-May-2026SevenGenWorkplace Safety & HealthProvider of occupational safety and health services intended to serve pharmaceutical, food and beverage, automotive, steel, building products, electronics, and similar industries.
18-May-2026Swiss Learning HubVolaris GroupProvider of vocational education and training platform designed to offer professional and lifelong learning experiences in a globalized working environment.
15-May-2026RareJobGakken HoldingsProvider of online English language learning services intended to help individuals and corporations develop communication skills.
07-May-2026Progressive OrthodonticsMeditProvider of orthodontic continuing education and support services intended for general and pediatric dentists looking to integrate orthodontic treatments into their practices.

Source: PitchBook.

Navagant Senior Team

Contact our investment banking team

Jacob Voorhees
Jacob Voorhees
Managing Director
jacob@navagant.com  ·  617-216-1543

Co-founder & former Head of Capstone’s Education & Training Practice · 2024 M&A Atlas Rising Star Dealmaker

Shawn Keenan
Shawn Keenan
Managing Director
shawn@navagant.com  ·  312-550-5304

18+ years IB experience · Led execution on 70+ transactions totaling $3.5B+ in client proceeds

Jeff Bache
Jeff Bache
Director
jeff@navagant.com  ·  804-627-2848

20+ years advising large public and private corporate clients on financial transactions · 2024 M&A Atlas Rising Star Dealmaker

Jorge Quinteros
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
Sachin Raval
Vice President
sachin@navagant.com  ·  248-469-5786

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

Caleb Axelson
Caleb Axelson
Vice President
caleb@navagant.com  ·  774-994-3248

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

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