Monthly Market Update March 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 February 27, 2026.

Education & Training February 2026 data Published March 2026

Navagant Education & Training Monthly Market Update — March 2026

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

Higher Education continues to lead public market performance across education and training sub-sectors, with the comp set trading at 79% of 52-week highs on average — well above every other sector. Cogna Educação posted a staggering +183% trailing twelve-month return, the largest single-stock gain across our universe. Lincoln Technical Institute (+90%) and American Public Education (+114%) also delivered outsized returns in Higher Ed, while DHI Group’s +35% single-month move stood out in Workforce Development.

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 February 27, 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 Feb 27, 2026 · Source PitchBook

Trading multiples across all five education and training sub-sectors at quarter-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	12%	3%	17%	18%	16%
% of 52-Week High	49%	63%	57%	79%	65%
Debt / 2026E EBITDA	0.5×	2.0×	0.9×	0.8×	0.9×

Data as of February 27, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Coursera+6.5% Nerdy−7.1% Docebo−8.2%	Stride+1.8% Scholastic−2.7% Nerdy−7.1%	Stride+1.8% Tribal Group+0.1% Pearson−2.6%	Lincoln Tech+32.0% Universal Tech. Inst.+26.3% American Public Ed.+10.0%	DHI Group+34.8% HealthStream−0.4% Randstad−6.2%
Last 3 Months	Cogna Educação+5.5% Coursera−21.3% Docebo−21.3%	Stride+37.6% Scholastic+15.6% Nerdy−29.0%	Stride+37.6% Tribal Group+16.2% Thinkific+10.1%	Lincoln Tech+57.0% Universal Tech. Inst.+39.5% American Public Ed.+30.7%	DHI Group+44.4% Korn Ferry−9.7% HealthStream−13.1%
Last 12 Months	Cogna Educação+182.8% Coursera−18.8% Blackbaud−27.4%	Scholastic+57.9% Stride−37.5% Nerdy−42.3%	Tribal Group+65.7% Wilmington−13.7% Pearson−23.5%	Cogna Educação+182.8% American Public Ed.+113.8% Lincoln Tech+89.6%	DHI Group+3.8% Stride−37.5% Nerdy−42.3%

Data as of February 27, 2026. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.2× TEV/Rev, 7.4× TEV/EBITDA

Corporate Training valuations ticked higher in February, with the harmonic mean revenue multiple reaching 1.2× and EBITDA multiple 7.4×. Tribal Group’s +66% trailing twelve-month return led the group; Pearson and Wilmington continued to lag the sector with double-digit declines. Thinkific posted +10% over the past three months, reversing earlier weakness.

TEV / Revenue

1.2×

TEV / EBITDA

7.4×

2026E Rev. Growth

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (2/27/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$208.72	58.1%	128,454	128,055	70,726	32%	13,644	16%	7%	1.8×	9.4×
FranklinCovey	NYS: FC	13.02	40.0%	150	134	262	76%	28	4%	−9%	0.5×	4.8×
John Wiley & Sons	NYS: WLY	31.02	65.6%	1,625	2,522	1,666	74%	405	20%	−5%	1.5×	6.2×
Pearson	LON: PSON	12.95	72.5%	8,156	9,722	4,550	51%	1,441	30%	−1%	2.1×	6.7×
RELX	LON: REL	34.86	61.4%	62,734	72,375	12,324	65%	4,900	38%	2%	5.9×	14.8×
SkillSoft	NYS: SKIL	4.19	15.9%	37	540	516	74%	108	8%	−4%	1.0×	5.0×
Stride	NYS: LRN	84.38	49.3%	3,593	3,523	2,519	39%	623	22%	15%	1.4×	5.7×
Thinkific	TSE: THNC	1.37	43.0%	93	43	72	74%	4	−1%	11%	0.6×	11.9×
Tribal Group	LON: TRB	0.86	84.9%	184	190	117	49%	23	17%	3%	1.6×	8.3×
Wilmington	LON: WIL	3.84	76.3%	344	437	140	NM	37	17%	10%	3.1×	12.0×
Harmonic Mean											1.2×	7.4×

$USD in millions. NM = not meaningful. Data as of February 27, 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
24-Feb-2026	Quality Support Group	Agile Capital	Provider of quality management consulting and training services intended for organizations across various industries.
24-Feb-2026	Ideas Consultora	Growth Partners Capital	Provider of corporate training and workforce development services intended to help businesses design, manage, and access professional training programs.
19-Feb-2026	IronCircle	Quickstart	Developer of an AI-powered cybersecurity training organization.
19-Feb-2026	AF2A	Platinum Executive Network	Provider of professional training services serving the insurance, banking, finance, and wealth management sectors.
18-Feb-2026	2Connect	The Leadership Edge	Provider of presentation skill training services.
17-Feb-2026	Paragin Group	ECI Partners	Developer of software focused on competence, knowledge, and talent development for organizations in the business and education sectors.
17-Feb-2026	Sandhurst Consulting	The Poirier Group	Provider of emergency management, business continuity, leadership development and security management services intended to support organizations facing operational risks.
13-Feb-2026	Financial Free College	Green Monster	Provider of education and consulting services intended to support finance professionals, real estate practitioners, and early-stage startups.
10-Feb-2026	Kenfil	Edensoft Holdings	Provider of business application subscriptions and licensing, professional technology, and technical education programs designed for organizational clients.
10-Feb-2026	Sageful AI	Practicing Excellence	Developer of an artificial intelligence learning platform designed to improve workplace learning.
03-Feb-2026	Maneql Co.	Sunrise Capital	Provider of marketing and digital business support services, including training, for enhancing customer engagement and sales processes.
01-Feb-2026	WS Training	Coniston Peak	Provider of professional training and consultancy services intended to support organizational goals while fostering individual growth.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 0.9× TEV/Rev, 7.6× TEV/EBITDA

EdTech remains the most discounted sub-sector we track — the comp set trades at just 49% of 52-week highs. Cogna Educação’s +183% twelve-month return was the largest gain across our entire universe, while Blackbaud and Coursera continued to struggle. Duolingo still commands the group’s highest revenue multiple at 3.6× despite trading at just 18% of its 52-week high.

TEV / Revenue

0.9×

TEV / EBITDA

7.6×

2026E Rev. Growth

2026E EBITDA Margin

12%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (2/27/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$48.54	64.8%	2,230	3,307	1,128	59%	405	25%	−2%	2.9×	8.2×
Cogna Educação	BVMF: COGN3	0.68	75.7%	1,359	2,528	1,223	69%	411	40%	14%	2.1×	6.2×
Coursera	NYS: COUR	6.41	47.3%	1,085	292	758	55%	64	−6%	9%	0.4×	4.6×
D2L	TSE: DTOL	7.19	52.4%	393	294	215	69%	31	10%	8%	1.4×	9.5×
Docebo	TSE: DCBO	17.23	49.3%	495	424	243	80%	34	11%	12%	1.7×	12.4×
Duolingo	NAS: DUOL	101.00	18.5%	4,742	3,695	1,038	72%	289	15%	39%	3.6×	12.8×
Nerdy	NYS: NRDY	0.96	50.8%	120	102	179	58%	(19)	−30%	−6%	0.6×	NM
ReadyTech Holdings	ASX: RDY	0.89	48.3%	111	142	81	94%	22	27%	7%	1.8×	6.3×
Sylogist	TSE: SYZ	2.74	37.8%	64	68	45	59%	8	16%	−5%	1.5×	8.2×
Harmonic Mean											0.9×	7.6×

$USD in millions. NM = not meaningful. Data as of February 27, 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
19-Feb-2026	DigitalEd	Coatue Management	Developer of an online education platform intended to offer interactive courses, including automated testing and assessment.
17-Feb-2026	Paragin Group	ECI Partners	Developer of software focused on competence, knowledge, and talent development for organizations in the business and education sectors.
12-Feb-2026	PassTech	Hypha Private Equity	Operator of an ed-tech company intended for individual learners and training providers of all sizes.
10-Feb-2026	Dignitas Technologies	By Light Professional IT Services	Provider of modeling, simulation, and training software and systems designed to support advanced training and operational analysis for military and defense clients.
10-Feb-2026	AI One	F-Code	Provider of AI education and skill development programs intended to serve learners seeking practical AI application training.
10-Feb-2026	Kenfil	Edensoft Holdings	Provider of business application subscriptions and licensing, professional technology, and technical education programs.
10-Feb-2026	Sageful AI	Practicing Excellence	Developer of an artificial intelligence learning platform designed to improve workplace learning.
05-Feb-2026	Unbound Medicine	MPS	Developer of a digital medical platform designed to unify clinical references and educational resources for healthcare practices.
05-Feb-2026	Tutor House	Alefredo Books	Developer of an online tutoring platform.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.8× TEV/Rev, 7.5× TEV/EBITDA

PreK-12 trading was mixed in February, with Stride bouncing sharply — up 38% over three months after being down 38% over twelve. Scholastic continued its steady run, up 58% trailing twelve months and approaching its 52-week high at 97%. The sub-sector carries the highest leverage of the five we track, at 2.0× debt / 2026E EBITDA.

TEV / Revenue

0.8×

TEV / EBITDA

7.5×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (2/27/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$74.52	56.0%	4,107	5,712	2,934	24%	487	14%	9%	1.9×	11.7×
Nerdy	NYS: NRDY	0.96	50.8%	120	102	179	58%	(19)	−30%	−6%	0.6×	NM
Scholastic	NAS: SCHL	34.77	96.6%	885	1,171	1,620	56%	164	7%	3%	0.7×	7.1×
Stride	NYS: LRN	84.38	49.3%	3,593	3,523	2,519	39%	623	22%	15%	1.4×	5.7×
Harmonic Mean											0.8×	7.5×

$USD in millions. NM = not meaningful. Data as of February 27, 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
24-Feb-2026	Abacus Day Nursery	Fremman Capital	Provider of early childhood education and childcare services based in the United Kingdom.
22-Feb-2026	XCL Education Holdings	KKR	Operator of K-12 schools intended to prepare children for more rapid economic and social change.
19-Feb-2026	The Little Gym	Hidden River Strategic Capital	Enrichment and physical development center for children ages four months through age 12.
12-Feb-2026	First Place Nurseries	Grandir UK	Operator of a nursery school intended for babies, toddlers, and preschool kids.
12-Feb-2026	Lennections	Progress Learning	Developer of an educational platform intended to equip educators with resources and solutions to improve teaching practices.
09-Feb-2026	Tender Heart School	PhysicsWallah	Provider of education services for kindergarten to senior secondary students.
04-Feb-2026	Birch Tree Academy	Busy Bees	Provider of preschool services intended for children aged four months through Kindergarten.
02-Feb-2026	E-Therapy	Edustaff	Provider of therapy and mental care services intended to serve students with special needs across the United States.
02-Feb-2026	Anthology	Encoura	Provider of lifecycle engagement and student success services based in Boca Raton, Florida.
01-Feb-2026	Precious Angel’s Child Center	Altamir	Operator of early childhood education and childcare services intended for nurturing and developmental learning.
01-Feb-2026	Sunshine Early Learning Centre	AcadeMedia	English learning center intended to offer English early childhood and preschool education in different locations around Finland.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.2× TEV/Rev, 8.4× TEV/EBITDA

Higher Education is the clear standout sub-sector again this month, trading at 79% of 52-week highs and posting the highest median TEV/EBITDA multiple (8.4×) among our five coverage groups. Cogna Educação’s +183% twelve-month return, American Public Education’s +114%, and Lincoln Technical Institute’s +90% headlined the group. Lincoln Tech trades at 99% of its 52-week high — the richest positioning in our entire universe.

TEV / Revenue

1.2×

TEV / EBITDA

8.4×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (2/27/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$98.00	62.7%	3,382	4,055	1,889	57%	505	24%	12%	2.1×	8.0×
American Public Education	NAS: APEI	45.75	98.4%	827	802	655	54%	82	10%	7%	1.2×	9.7×
Barnes & Noble Education	NYS: BNED	8.65	70.8%	297	597	1,677	20%	52	2%	8%	0.4×	11.4×
Perdoceo Education	NAS: PRDO	33.30	87.6%	2,081	1,577	846	77%	280	28%	24%	1.9×	5.6×
Cogna Educação	BVMF: COGN3	0.68	75.7%	1,359	2,528	1,223	69%	411	40%	14%	2.1×	6.2×
Coursera	NYS: COUR	6.41	47.3%	1,085	292	758	55%	64	−6%	9%	0.4×	4.6×
D2L	TSE: DTOL	7.19	52.4%	393	294	215	69%	31	10%	8%	1.4×	9.5×
Graham Holdings	NYS: GHC	1,053.21	86.0%	4,594	4,636	4,912	30%	516	14%	3%	0.9×	9.0×
Laureate Education	NAS: LAUR	32.37	85.4%	4,770	5,141	1,584	27%	456	29%	2%	3.2×	11.3×
Lincoln Technical Institute	NAS: LINC	36.24	99.3%	1,146	1,321	495	60%	57	8%	17%	2.7×	23.1×
Grand Canyon Education	NAS: LOPE	159.15	71.4%	4,320	4,127	1,106	53%	369	28%	7%	3.7×	11.2×
Pearson	LON: PSON	12.95	72.5%	8,156	9,722	4,550	51%	1,441	30%	−1%	2.1×	6.7×
Strategic Education	NAS: STRA	82.10	87.9%	1,866	1,827	1,268	49%	275	18%	4%	1.4×	6.6×
Tribal Group	LON: TRB	0.86	84.9%	184	190	117	49%	23	17%	3%	1.6×	8.3×
Universal Technical Institute	NYS: UTI	27.83	76.6%	1,531	1,641	836	50%	126	17%	14%	1.8×	12.1×
Harmonic Mean											1.2×	8.4×

$USD in millions. Data as of February 27, 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-Feb-2026	Virginia Science and Technology Campus	Amazon.com	Operator of a science and technology campus based in Ashburn, Virginia.
25-Feb-2026	Internshala	upGrad	Operator of a career management platform intended to offer internship programs for students developing professional skills.
24-Feb-2026	Campusworks	Atlantic Street Capital	Operator of a higher education information technology company intended to offer integrated strategic planning and technical support for colleges and universities.
20-Feb-2026	Open Campus	Actual Group	Operator of a multidisciplinary teaching campus intended to provide personalized higher education.
19-Feb-2026	DigitalEd	Valsoft	Developer of an online education platform that offers interactive courses with automated testing and assessment.
17-Feb-2026	Paragin Group	ECI Partners	Developer of software focused on competence, knowledge, and talent development for organizations in the business and education sectors.
17-Feb-2026	AlphaLogic Career College	Undisclosed	Provider of career training and customized educational programs intended to serve adult learners, job seekers, and skill-upgrading professionals.
13-Feb-2026	Financial Free College	Green Monster	Provider of internet-based education and consulting services intended to support finance professionals, real estate professionals, and early-stage startups.
12-Feb-2026	Laboure College of Healthcare	Curry College	Operator of a healthcare education college intended to prepare graduates to be dedicated and informed patient advocates.
04-Feb-2026	Symplicity	Volaris Group	Global leader in higher education career services and student support solutions.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.8× TEV/Rev, 6.5× TEV/EBITDA

Workforce Development posted a modest 2026E revenue growth estimate of −1%, reflecting lingering weakness in staffing-heavy names like Randstad. DHI Group bucked the trend with a +35% single-month move and +44% over three months. Wolters Kluwer remained the largest constituent but traded at just 43% of its 52-week high.

TEV / Revenue

0.8×

TEV / EBITDA

6.5×

2026E Rev. Growth

−1%

2026E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (2/27/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$2.49	74.6%	112	148	128	85%	35	2%	−10%	1.2×	4.2×
HealthStream	NAS: HSTM	21.24	62.2%	624	581	304	65%	72	21%	4%	1.9×	8.1×
Korn Ferry	NYS: KFY	62.67	79.8%	3,271	3,040	2,842	88%	481	17%	4%	1.1×	6.3×
Randstad	AMS: RAND	32.84	63.0%	5,755	7,531	26,026	19%	1,147	4%	−4%	0.3×	6.6×
Wolters Kluwer	AMS: WKL	80.37	43.1%	18,110	22,753	6,908	73%	2,263	36%	4%	3.3×	10.1×
Harmonic Mean											0.8×	6.5×

$USD in millions. Data as of February 27, 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
24-Feb-2026	Honest Jobs	Orijin	Developer of an employment and reentry support platform aimed at incarcerated individuals.
23-Feb-2026	Total Health	Ares Management	Provider of oncology medical education services intended to improve cancer care.
19-Feb-2026	IronCircle	Quickstart	Developer of an AI-powered cybersecurity training organization.
10-Feb-2026	Keystone Partners	Careerminds	Provider of outplacement and talent management services for individuals and companies.
06-Feb-2026	Mentor For	Toasu	Operator of a mentoring firm for female leaders.
06-Feb-2026	Labor Arbitration Institute	Undisclosed	Provider of labor law and arbitration education and professional training services intended to serve clients across the United States.
05-Feb-2026	Unbound Medicine	MPS	Developer of a digital medical platform designed to unify clinical references and educational resources for healthcare practices.
04-Feb-2026	Amrri Precision	Reliability Solutions	Provider of lubrication training for industrial customers.
03-Feb-2026	FAST	Presto	Provider of safety and first aid training services catering to companies, communities, and individuals.
02-Feb-2026	Didacthem	Bpifrance	Provider of consulting and training services intended for occupational risk prevention, workplace health, and regulatory compliance.
02-Feb-2026	Technisoud	Fab’Academy	Provider of welding training and qualification services.

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

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

Jeff Bache

Director

jeff@navagant.com · 804-627-2848

20+ 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

caleb@navagant.com · 774-994-3248

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

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