Monthly Market Update May 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 April 30, 2026.

Education & Training April 2026 data Published May 2026

Navagant Education & Training Monthly Market Update — May 2026

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

Corporate Training was the standout performer in April, led by SkillSoft’s +57.8% monthly return and FranklinCovey’s +33.9%, while Higher Education continued to lead on a trailing twelve-month basis — American Public Education (+145%), Lincoln Technical Institute (+139%), and Laureate Education (+57%) posted the strongest gains. Across the five sub-sectors we track, median TEV/EBITDA multiples ranged from 6.4× (Workforce Development) to 8.4× (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 April 30, 2026. Data is sourced from PitchBook.

Jump to

Sector Overview Corporate Training EdTech PreK-12 Higher Education Workforce Development

Sector overview

As of Apr 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%	4%	3%	9%	0%
2026E EBITDA Margin	11%	5%	17%	17%	16%
% of 52-Week High	47%	64%	64%	78%	63%
Debt / 2026E EBITDA	0.4×	1.7×	0.8×	0.9×	0.9×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Sylogist+20.4% ReadyTech Holdings+18.5% D2L+12.6%	Nerdy+10.4% Stride+7.1% Scholastic+3.8%	SkillSoft+57.8% Franklin Covey+33.9% Pearson+11.7%	D2L+12.6% Pearson+11.7% Barnes & Noble Ed.+10.5%	Randstad+11.6% Korn Ferry+5.8% HealthStream+4.0%
Last 3 Months	Coursera+0.7% Sylogist−1.8% Docebo−5.2%	Scholastic+15.8% Stride+10.1% Bright Horizons−8.2%	John Wiley & Sons+37.1% RELX+19.8% Pearson+18.8%	Lincoln Tech+51.9% American Public Ed.+33.9% Universal Tech. Inst.+29.5%	DHI Group+49.4% HealthStream+4.0% Korn Ferry−1.1%
Last 12 Months	Cogna Educação+31.4% D2L−24.9% Coursera−27.4%	Scholastic+123.1% Stride−33.1% Bright Horizons−34.6%	Tribal Group+20.9% FranklinCovey+6.5% John Wiley & Sons−6.9%	American Public Ed.+145.0% Lincoln Tech+138.8% Laureate Education+57.4%	DHI Group+75.9% Korn Ferry+7.5% Randstad−27.2%

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

Corporate Training

Comp set 10 companies · Harmonic mean 1.1× TEV/Rev, 7.4× TEV/EBITDA

Corporate Training posted the strongest monthly returns of any sub-sector in April, led by SkillSoft (+57.8%) and FranklinCovey (+33.9%). The comp set now trades at 64% of 52-week highs, up meaningfully from March. On a trailing twelve-month basis, Tribal Group (+20.9%) and FranklinCovey (+6.5%) were the only positive performers, underscoring continued headwinds for the broader group.

TEV / Revenue

1.1×

TEV / EBITDA

7.4×

2026E Rev. Growth

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (4/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$178.71	54.9%	109,717	110,223	72,110	32%	14,479	16%	7%	1.5×	7.6×
FranklinCovey	NYS: FC	21.20	85.8%	239	226	262	76%	27	3%	−8%	0.9×	8.4×
John Wiley & Sons	NYS: WLY	40.93	89.7%	2,103	2,905	1,671	74%	417	22%	−2%	1.7×	7.0×
Pearson	LON: PSON	14.59	87.9%	8,819	10,385	4,711	52%	1,054	30%	1%	2.2×	9.9×
RELX	LON: REL	36.17	63.8%	64,277	73,918	12,630	66%	5,065	38%	2%	5.9×	14.6×
SkillSoft	NYS: SKIL	7.72	32.2%	68	553	513	74%	110	6%	−3%	1.1×	5.0×
Stride	NYS: LRN	97.16	56.8%	4,132	3,873	2,536	38%	637	21%	11%	1.5×	6.1×
Thinkific	TSE: THNC	1.08	33.8%	73	24	73	73%	4	0%	9%	0.3×	6.3×
Tribal Group	LON: TRB	0.68	67.6%	146	132	122	50%	23	18%	3%	1.1×	5.7×
Wilmington	LON: WIL	3.16	63.0%	283	376	140	NM	34	17%	10%	2.7×	11.1×
Harmonic Mean											1.1×	7.4×

$USD in millions. Data as of April 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-Apr-2026	Surgent Accounting and Financial Education	UWorld	Developer of a continuing professional education platform designed for accounting, tax, and financial professionals.
28-Apr-2026	Accelerate Performance	Trilliad	Provider of customized sales and leadership training services.
24-Apr-2026	EffectiveHRM	Impact HR Consulting	Operator of an HR consultancy agency intended to help start-ups and established businesses, including coaching and learning and development.
21-Apr-2026	Working with Resilience	PeopleBench	Provider of workplace resilience training and consulting.
17-Apr-2026	The Brevet Group	SBI Growth	Leading sales effectiveness and training firm.
15-Apr-2026	Broker Educational Sales & Training	October Three Consulting	Provider of continuing education programs intended for insurance and financial professionals.
10-Apr-2026	FX Evolution	OpenMarkets Australia	Provider of trading education and market analysis intended to serve traders and investors worldwide.
08-Apr-2026	Horsesmouth	FMT Solutions	Provider of educational programs and training services intended for wealth management firms, broker-dealers, financial advisors, asset managers, and banks.
02-Apr-2026	Management Advisor	Shiragata Research Institute Corp Co.	Provider of a management learning community designed to offer an open peer-learning environment for small and mid-sized business owners and venture companies.
01-Apr-2026	TF Daytrading	Perusa	Provider of trading education and training services intended to focus on trading on financial markets.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.0× TEV/Rev, 7.9× TEV/EBITDA

EdTech traded at 47% of 52-week highs, the lowest across all sub-sectors. Sylogist (+20.4%) and ReadyTech Holdings (+18.5%) were the top monthly movers, though the twelve-month picture remains challenged — Cogna Educação (+31.4%) was the only comp with a positive trailing return. Duolingo continues to command a premium with 39% revenue growth and a 4.0× revenue multiple.

TEV / Revenue

1.0×

TEV / EBITDA

7.9×

2026E Rev. Growth

2026E EBITDA Margin

11%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (4/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$37.17	49.6%	1,707	2,860	1,139	59%	405	27%	−1%	2.5×	7.1×
Cogna Educação	BVMF: COGN3	0.55	61.6%	1,105	2,085	1,255	69%	411	33%	10%	1.7×	5.1×
Coursera	NYS: COUR	5.95	43.9%	1,007	218	774	55%	30	−8%	10%	0.3×	7.2×
D2L	TSE: DTOL	6.82	50.0%	371	263	215	69%	31	10%	8%	1.2×	8.5×
Docebo	TSE: DCBO	18.99	56.0%	490	419	243	80%	44	11%	12%	1.7×	9.5×
Duolingo	NAS: DUOL	110.10	20.2%	5,151	4,104	1,038	72%	306	15%	39%	4.0×	13.4×
Nerdy	NYS: NRDY	0.89	47.1%	111	93	179	58%	(18)	−30%	−6%	0.5×	NM
ReadyTech Holdings	ASX: RDY	0.96	51.9%	119	150	81	94%	22	27%	7%	1.9×	6.7×
Sylogist	TSE: SYZ	2.85	39.3%	66	74	44	58%	7	12%	−5%	1.7×	11.3×
Harmonic Mean											1.0×	7.9×

$USD in millions. NM = not meaningful. Data as of April 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-Apr-2026	Editorial Vicens Vives	Sanoma	Developer of e-learning platform for early childhood education, primary education, secondary education and high school.
29-Apr-2026	Havana	Cognition	Developer of an AI-driven student recruitment assistant designed to support enrollment outreach for educational institutions.
16-Apr-2026	Partnership Education	Redsquid Communications	Provider of information and communication technology support services intended to serve the education sector.
15-Apr-2026	Broker Educational Sales & Training	October Three Consulting	Provider of continuing education programs intended for insurance and financial professionals.
14-Apr-2026	Kernel.	Falak Investment Hub	Operator of an AI consulting and training firm intended to help enterprises harness intelligence for measurable business impact.
09-Apr-2026	Everybody Loves Languages	Undisclosed	Ed-tech language-learning and content development company to help educators transition to digital learning methods.
01-Apr-2026	RiVR	LearnPro Group	Developer of a virtual reality platform designed to deliver immersive learning experiences, especially in fire and crime scenes.
01-Apr-2026	Short Game Chef	Range Sports	Operator of a digital golf coaching platform intended to provide game instruction and training resources.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.8× TEV/Rev, 7.2× TEV/EBITDA

PreK-12 continues to be defined by a concentrated four-company comp set. Scholastic’s +123% twelve-month return dominated, while Stride (−33%) and Bright Horizons (−35%) weighed on the group. April M&A was active in nursery and early childhood, with UK-based operators drawing buyer interest from Storal Nurseries, Kids Planet, Rising Stars, and Two Lions Partners.

TEV / Revenue

0.8×

TEV / EBITDA

7.2×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (4/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$81.11	61.0%	4,285	5,889	2,934	24%	487	14%	9%	2.0×	12.1×
Nerdy	NYS: NRDY	0.89	47.1%	111	93	179	58%	(18)	−30%	−6%	0.5×	NM
Scholastic	NAS: SCHL	40.36	93.0%	745	925	1,614	56%	158	14%	1%	0.6×	5.9×
Stride	NYS: LRN	97.16	56.8%	4,132	3,873	2,536	38%	637	21%	11%	1.5×	6.1×
Harmonic Mean											0.8×	7.2×

$USD in millions. NM = not meaningful. Data as of April 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-Apr-2026	Studypoint	Intrax	Provider of one-to-one private tutoring and test prep for students in kindergarten to 12th grade.
29-Apr-2026	Summit Point School	Crimson Education	Provider of primary and middle school education for neurodiverse learners.
27-Apr-2026	Woodside School	International Schools Partnership	Provider of bilingual private education in Uruguay.
22-Apr-2026	Matrix International Schools	Ashmore Group	Operator of an education institution intended to provide international curriculum-based schooling.
21-Apr-2026	Prolympia	AcadeMedia	Operator of education school designed to combine academic instruction with structured physical activity throughout the school day.
17-Apr-2026	Skylark Day Nursery	Rising Stars	Provider of childcare and nursery services.
16-Apr-2026	Education Elements	Engage2learn	Provider of education and learning design services intended to support instructional improvement and personalized learning strategies.
14-Apr-2026	Manor Day Nurseries	Storal Nurseries	Provider of childcare and nursery education services.
13-Apr-2026	Dandelion Education	Golden Apples Family	Operator of forest school and nurseries based in the United Kingdom.
10-Apr-2026	Boys & Girls Nursery	Happy Days Nursery	Provider of early childhood and childcare services intended to nurture young children.
08-Apr-2026	Hunnypot Nursery	Kids Planet Day Nursery	Provider of childcare services for children aged between 0 and 5.
07-Apr-2026	St. Lawrence’s Day Nursery	Two Lions Partners	Operator of a nursery and pre-school based in England.
06-Apr-2026	Word of Mouth Clinical Associates	Sidekick Therapy Partners	Provider of pediatric therapy services intended to support developmental and learning needs.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.1× TEV/Rev, 8.4× TEV/EBITDA

Higher Education remains the strongest sub-sector, trading at 78% of 52-week highs. American Public Education (+145%), Lincoln Technical Institute (+139%), and Laureate Education (+57%) posted the largest twelve-month gains. April M&A included Kaplan Languages Group (acquired by Inspirit Capital) and several international deals.

TEV / Revenue

1.1×

TEV / EBITDA

8.4×

2026E Rev. Growth

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (4/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$115.22	73.7%	3,976	4,649	1,889	57%	505	24%	12%	2.5×	9.2×
Barnes & Noble Education	NYS: BNED	58.15	94.4%	1,071	1,059	649	54%	86	10%	4%	1.6×	12.4×
Cogna Educação	BVMF: COGN3	9.86	80.8%	338	644	1,729	20%	55	3%	11%	0.4×	11.6×
Coursera	NYS: COUR	33.94	88.2%	2,128	1,624	846	77%	280	28%	24%	1.9×	5.8×
Covista	NYS: CVSA	0.55	61.6%	1,105	2,085	1,255	69%	411	33%	10%	1.7×	5.1×
D2L	TSE: DTOL	5.95	43.9%	1,007	218	774	55%	30	−8%	10%	0.3×	7.2×
Graham Holdings	NYS: GHC	6.82	50.0%	371	263	215	69%	31	10%	8%	1.2×	8.5×
Grand Canyon Education	NAS: LOPE	1,122.51	91.7%	4,835	5,038	4,982	30%	635	13%	4%	1.0×	7.9×
Laureate Education	NAS: LAUR	30.10	79.4%	4,213	4,779	1,738	27%	621	30%	14%	2.7×	7.7×
Lincoln Technical Institute	NAS: LINC	41.14	96.0%	1,304	1,479	518	60%	67	9%	18%	2.9×	22.0×
Pearson	LON: PSON	169.07	75.8%	4,483	4,335	1,126	53%	368	28%	7%	3.9×	11.8×
Perdoceo Education	NAS: PRDO	14.59	87.9%	8,819	10,385	4,711	52%	1,054	30%	1%	2.2×	9.9×
Strategic Education	NAS: STRA	78.40	83.9%	1,773	1,724	1,271	49%	276	18%	3%	1.4×	6.2×
Tribal Group	LON: TRB	0.68	67.6%	146	132	122	50%	23	18%	3%	1.1×	5.7×
Universal Technical Institute	NYS: UTI	37.53	92.9%	2,065	2,192	855	50%	118	15%	13%	2.6×	18.6×
Harmonic Mean											1.1×	8.4×

$USD in millions. Data as of April 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-Apr-2026	EUSA Academic Internship Experts	Recordati	Provider of international academic internship and study-abroad placement services.
29-Apr-2026	Havana	Cognition	Developer of an AI-driven student recruitment assistant designed to support enrollment outreach for educational institutions.
20-Apr-2026	Kaplan Languages Group	Inspirit Capital	Provider of language learning and higher education programs for students.
16-Apr-2026	IVA Business School	AcadeMedia	Provider of business education programs focused on entrepreneurship and management training.
09-Apr-2026	Lumes	Agaroot	Provider of career coaching and recruitment services for university students and job-seeking individuals.
01-Apr-2026	Campus Compass	Lirem	Operator of an information-sharing site intended to provide students with a variety of options and possibilities.
01-Apr-2026	Pacific Institute of Culinary Arts	Triumph Higher Education	Provider of culinary education training services catering to home cooks, corporate teams, and private groups.
01-Apr-2026	Swedish Institute College of Health Sciences	IDB Invest	Operator of a health science institute to offer degrees in massage therapy, personal training, medical assisting, and surgical technology.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.8× TEV/Rev, 6.4× TEV/EBITDA

Workforce Development posted flat 2026E revenue growth estimates, with the sector trading at 63% of 52-week highs. DHI Group’s +76% trailing twelve-month return remained the standout, while Randstad rebounded +11.6% in April after a challenging year. Wolters Kluwer continues to trade well below its 52-week high at 42%, weighing on sector multiples.

TEV / Revenue

0.8×

TEV / EBITDA

6.4×

2026E Rev. Growth

2026E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (4/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$2.39	71.6%	105	141	128	85%	35	2%	−10%	1.1×	4.0×
HealthStream	NAS: HSTM	20.76	60.8%	611	568	304	65%	72	21%	4%	1.9×	7.9×
Korn Ferry	NYS: KFY	66.44	84.6%	3,447	3,051	2,890	88%	489	17%	5%	1.1×	6.2×
Randstad	AMS: RAND	29.37	56.4%	5,154	6,996	26,585	18%	1,009	4%	−4%	0.3×	6.9×
Wolters Kluwer	AMS: WKL	77.61	41.6%	17,409	22,109	6,908	73%	2,263	36%	4%	3.2×	9.8×
Harmonic Mean											0.8×	6.4×

$USD in millions. Data as of April 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
24-Apr-2026	EffectiveHRM	Impact HR Consulting	Operator of an HR consultancy agency intended to help start-ups and established businesses, including coaching and learning and development.
22-Apr-2026	Lanstitut Technologies	Emversity	Provider of healthcare and language training services intended to serve nurses, doctors, and allied health professionals.
21-Apr-2026	Working with Resilience	PeopleBench	Provider of workplace resilience training and consulting.
17-Apr-2026	The Brevet Group	SBI Growth	Leading sales effectiveness and training firm.
16-Apr-2026	ISC Training & Assembly	Conbit Offshore	Provider of training and assembly services intended for high-risk occupational environments.
13-Apr-2026	Eurofins Scientific	UL Solutions	Provider of testing, compliance, and certifications services for the communications, defense, military, machinery, transportation, and energy industries.
09-Apr-2026	SCM Metrology and Laboratories	Transcat	Operator of a calibration laboratory intended to transform skills and knowledge into metrology services.
08-Apr-2026	Careerforces	VGC Group	Provider of recruitment services intended to support service leavers and key workers into civilian employment.
07-Apr-2026	Reliability Institute of Australia	Mobius Institute	Provider of industrial training intended to facilitate professional certification in maintenance and reliability.
02-Apr-2026	Zero Point Security	Fortra	Provider of cybersecurity training courses and hands-on labs intended to develop skills.
01-Apr-2026	Arbosupport	The Safety Network	Provider of occupational safety training services intended to maintain safety for heavy industrial equipment.
01-Apr-2026	MITA Consulting	IMPAC	Provider of vocational education and training services intended to serve learners, employers, and communities in the electricity supply sector.
01-Apr-2026	Quali-Forme	Go! Formations	Operator of a training platform intended to train professionals in the industrial, construction, and logistics sectors.
01-Apr-2026	RiVR	LearnPro Group	Developer of a virtual reality platform designed to deliver immersive learning experiences, especially in fire and crime scenes.

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 · 2024 M&A Atlas Rising Star Dealmaker

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 · 2024 M&A Atlas Rising Star Dealmaker

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

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisition activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Navagant. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Navagant. The decisions to include any company in this report is unrelated in all respects to any service that Navagant may provide to such company. This report may not be copied or reproduced in any form or redistributed without the prior written consent of Navagant. The information contained herein should not be construed as legal advice.