Monthly Market Update November 2025

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 October 31, 2025.

Education & Training October 2025 data Published November 2025

Navagant Education & Training Monthly Market Update — November 2025

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

American Public Education led the entire education and training coverage with a +148% trailing twelve-month return, extending Higher Education’s run as the sector with the strongest relative trading position. Stride’s +71% gain topped both Corporate Training and PreK-12 for the year, while DHI Group surged +72% over the three-month period to lead Workforce Development. EdTech saw outsized three-month moves from Chegg (+97%) and Coursera (+17%), though the sector remained the lowest-valued in our coverage on a revenue basis.

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 October 31, 2025. Data is sourced from PitchBook.

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

Sector overview

As of Oct 31, 2025 · Source PitchBook

Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges. EdTech TEV/EBITDA and P/E are reported as not meaningful due to Chegg’s outsized impact on the small four-company sub-sector comp set.

Multiple

TEV / Revenue

EdTech shown as mean (4 co. comp set); others harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA¹

¹ EdTech not meaningful (Chegg impact). Source: PitchBook.

Multiple

P/E Ratio¹

¹ EdTech not meaningful (Chegg impact). Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2025E Revenue Growth	(4%)	4%	6%	7%	(0%)
2025E EBITDA Margin	(18%)	2%	15%	17%	16%
% of 52-Week High	57%	66%	54%	77%	70%
Debt / 2025E EBITDA	0.6×	2.1×	0.2×	0.8×	0.9×

Data as of October 31, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	D2L−4.7% Nerdy−16.1% Coursera−24.5%	Scholastic+1.4% Bright Horizons−14.2% Nerdy−16.1%	Thinkific+4.3% Pearson+1.8% Accenture+1.7%	Universal Technical Inst.+3.0% Pearson+1.8% D2L−4.7%	Korn Ferry−4.3% Randstad−6.3% Wolters Kluwer−7.8%
Last 3 Months	Chegg+97.2% Coursera+17.1% Nerdy+0.6%	Scholastic+13.0% Stride+11.9% Nerdy+0.6%	Stride+11.9% NIIT+8.1% Wilmington−2.6%	Lincoln Technical Inst.+46.2% Perdoceo Education+27.0% American Public Ed.+26.4%	DHI Group+71.7% Korn Ferry+7.4% Wolters Kluwer+4.9%
Last 12 Months	Coursera+51.2% Nerdy+42.8% D2L+34.2%	Stride+70.8% Bright Horizons−14.2% Nerdy−16.1%	Stride+70.8% Pearson+1.4% John Wiley & Sons−12.5%	American Public Ed.+148.4% Adtalem Global Ed.+93.1% Universal Technical Inst.+89.8%	DHI Group+67.4% HealthStream+2.4% Korn Ferry−1.0%

Data as of October 31, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.3× TEV/Rev, 7.4× TEV/EBITDA

Corporate Training traded at just 54% of 52-week highs on average — the lowest of any sub-sector — but posted the strongest single-name performer in Stride, which surged +71% over the trailing twelve months. Thinkific (+4%) led the sub-sector on a single-month basis, while John Wiley & Sons (−13%) lagged on the year. The sector’s low 0.2× debt/EBITDA ratio remains well below peers.

TEV / Revenue

1.3×

TEV / EBITDA

7.4×

2025E Rev. Growth

2025E EBITDA Margin

15%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$250.10	62.8%	155,097	152,840	69,673	32%	13,625	17%	7%	2.2×	11.2×
Docebo	TSE: DCBO	25.14	46.4%	722	659	231	81%	36	9%	15%	2.9×	18.1×
FranklinCovey	NYS: FC	16.98	38.5%	215	183	280	77%	40	9%	0%	0.7×	4.6×
John Wiley & Sons	NYS: WLY	36.87	68.3%	1,973	2,815	1,671	74%	396	20%	−8%	1.7×	7.1×
NIIT	BOM: 500304	1.18	42.6%	160	78	43	22%	2	16%	12%	1.8×	NM
Pearson	LON: PSON	13.95	78.1%	8,908	10,495	4,550	51%	1,441	30%	(1%)	2.3×	7.3×
SkillSoft	NYS: SKIL	13.13	38.1%	114	592	524	75%	112	13%	(2%)	1.1×	5.3×
Stride	NYS: LRN	68.04	39.7%	2,984	2,857	2,475	39%	596	22%	17%	1.2×	4.8×
Thinkific	TSE: THNC	1.61	50.6%	109	59	71	75%	4	(1%)	13%	0.8×	16.7×
Wilmington	LON: WIL	4.09	75.6%	366	310	131	29%	34	17%	3%	2.4×	9.0×
Harmonic Mean											1.3×	7.4×

$USD in millions. NM = not meaningful. Data as of October 31, 2025. 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
16-Oct-2025	City & Guilds	FTV Capital	Provider of vocational education programs intended to help people achieve potential through work-based learning.
14-Oct-2025	Professional Development Institute	Quad-C Management	Provider of online courses designed for teacher professional development.
13-Oct-2025	SeeWhy Learning	Career Certified	Provider of educational resources designed for exam preparation in financial services.
13-Oct-2025	Transcend	Hensel Phelps	Provider of executive coaching and business performance services intended to accelerate transformation for private equity firms and portfolio companies based in Spokane, Washington.
09-Oct-2025	Combined Knowledge	Webucator	Provider of education and support services intended to serve organizations with an end-to-end solution for their Office 365, Azure, and SharePoint migration and deployment.
08-Oct-2025	Euromoney Learning	The Riverside Company	Provider of financial and professional training services intended to support banking and corporate institutions worldwide.
08-Oct-2025	Financial Edge Training	Capital Southwest	Provider of online financial training services intended to help employees enhance their careers.
07-Oct-2025	Orienta + Trium	Axcel Management	Provider of software and training services intended to support organizations in managing design and engineering processes.
01-Oct-2025	Proplus	Grande Group	Provider of executive training and corporate finance consulting services based in the British Virgin Islands.

Source: PitchBook.

EdTech

Comp set 4 companies · Mean 1.1× TEV/Rev, 10.0× TEV/EBITDA

EdTech is reported on a mean basis (not harmonic) this month due to Chegg’s outsized financial performance impact on the small four-company comp set. Coursera led with a +51% trailing twelve-month return while the sector showed negative 2025E revenue growth of −4% and a deeply negative −18% EBITDA margin. Chegg nearly doubled over three months (+97%) despite a −26% trailing twelve-month return, while Coursera fell −25% in the single month.

TEV / Revenue (Mean)

1.1×

TEV / EBITDA (Mean)

10.0×

2025E Rev. Growth

−4%

2025E EBITDA Margin

−18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.06	38.9%	115	114	507	65%	101	(41%)	(26%)	0.2×	1.1×
Coursera	NYS: COUR	8.42	62.1%	1,401	603	740	54%	62	(7%)	8%	0.8×	9.8×
D2L	TSE: DTOL	12.44	83.5%	681	590	215	69%	31	10%	12%	2.7×	19.0×
Nerdy	NYS: NRDY	0.99	45.4%	120	100	178	64%	(29)	(35%)	(11%)	0.6×	NM
Mean¹											1.1×	10.0×

¹ Mean instead of harmonic mean, affected by Chegg’s financial performance. $USD in millions. NM = not meaningful. Data as of October 31, 2025. 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
28-Oct-2025	Liberate Learning	MPS	Provider of innovative eLearning solutions catering to the education and training sector in Australia.
08-Oct-2025	Euromoney Learning	The Riverside Company	Provider of financial and professional training services intended to support banking and corporate institutions worldwide.
08-Oct-2025	Financial Edge Training	Capital Southwest	Provider of online financial training services intended to help employees enhance their careers.
07-Oct-2025	Vivae Educaco Digital	Ada	Provider of digital education and employability training services intended to serve students and professionals across Brazil.
03-Oct-2025	MeTa (Educational and Training Services)	Techno Horizon	Provider of online mathematics tutoring services designed to help students master mathematics.
01-Oct-2025	Distance & Electronic Learning Academy	BDT & MSD Partners	Provider of learning and education services based in the United States.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.7× TEV/Rev, 7.4× TEV/EBITDA

Stride led PreK-12 with a +71% trailing twelve-month return and +12% three-month gain, while Scholastic remained near its 52-week high at 97%. Bright Horizons declined −14% for the month to pull the sector multiples lower, and Nerdy continued to show deeply negative EBITDA margins. The PreK-12 group trades at the sector’s lowest 0.7× revenue multiple across our coverage.

TEV / Revenue

0.7×

TEV / EBITDA

7.4×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$109.23	80.4%	6,212	7,844	2,790	24%	440	13%	9%	2.8×	17.8×
Nerdy	NYS: NRDY	0.99	45.4%	120	100	178	64%	(29)	−35%	−11%	0.6×	NM
Scholastic	NAS: SCHL	28.67	96.9%	721	1,070	1,614	56%	150	6%	1%	0.7×	7.1×
Stride	NYS: LRN	68.04	39.7%	2,984	2,857	2,475	39%	596	22%	17%	1.2×	4.8×
Harmonic Mean											0.7×	7.4×

$USD in millions. NM = not meaningful. Data as of October 31, 2025. 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
31-Oct-2025	Kiddlywinks Nursery	Fremman Capital	Operator of day nurseries for children designed for child development and well-being purposes.
14-Oct-2025	Keys to Literacy	Quad-C Management	Provider of literacy services intended to enhance student reading and writing skills with professional development of educators.
13-Oct-2025	Big Top Nursery	Kindred Nurseries	Operator of children’s day nurseries and pre-schools for educational and developmental purposes.
13-Oct-2025	Bright Scholar	Excellence Education Investment	Education service provider with three segments including overseas schools, complementary education services, and K-12 operation services.
07-Oct-2025	Valley Speech	Alpine Investors	Provider of speech, language, and literacy development services intended for students, families, and school districts.
04-Oct-2025	Arrow Academy	Edulife Group	Provider of primary education services intended for modern learners.
03-Oct-2025	MeTa	Techno Horizon	Provider of online mathematics tutoring services designed to help students master mathematics.
02-Oct-2025	Little Faces Childcare	Graphite Capital Management	Provider of early childhood education services intended to support the development of young children.
02-Oct-2025	Evan-Moor	IXL Learning	Publisher of educational books intended to provide easy-to-use and accessible resources for kids in K-8th grade.

Source: PitchBook.

Higher Education

Comp set 13 companies · Harmonic mean 1.3× TEV/Rev, 8.6× TEV/EBITDA

Higher Education was the standout sub-sector by trading position at 77% of 52-week highs and by top-line return, with American Public Education soaring +148% over the trailing twelve months and Adtalem Global Education up +93%. Universal Technical Institute (+90% TTM) and Laureate Education (90% of 52W high) rounded out the sector’s strength. Lincoln Technical Institute led three-month gains at +46%, while Perdoceo (+27%) and American Public Education (+26%) followed.

TEV / Revenue

1.3×

TEV / EBITDA

8.6×

2025E Rev. Growth

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$98.02	62.7%	3,561	4,072	1,833	57%	475	24%	12%	2.2×	8.6×
American Public Education	NAS: APEI	33.49	84.1%	605	626	645	53%	81	10%	5%	1.0×	7.8×
Barnes & Noble Education	NYS: BNED	9.13	63.4%	311	666	1,568	22%	74	0%	0%	0.4×	9.0×
Perdoceo Education	NAS: PRDO	31.76	83.5%	2,063	1,549	769	79%	262	28%	16%	2.0×	5.9×
Coursera	NYS: COUR	8.42	62.1%	1,401	603	740	54%	62	−7%	8%	0.8×	9.8×
D2L	TSE: DTOL	12.44	83.5%	681	590	215	69%	31	10%	12%	2.7×	19.0×
Graham Holdings	NYS: GHC	1,012.13	84.3%	4,415	4,490	4,906	31%	1,216	27%	4%	0.9×	3.7×
Laureate Education	NAS: LAUR	29.03	89.6%	4,278	4,476	1,584	27%	456	29%	2%	2.8×	9.8×
Lincoln Technical Institute	NAS: LINC	19.42	75.4%	614	786	468	60%	40	8%	15%	1.7×	19.9×
Grand Canyon Education	NAS: LOPE	188.30	84.4%	5,289	5,023	1,068	53%	352	31%	7%	4.7×	14.3×
Pearson	LON: PSON	13.95	78.1%	8,908	10,495	4,550	51%	1,441	30%	−1%	2.3×	7.3×
Strategic Education	NAS: STRA	75.98	72.7%	1,816	1,771	1,242	47%	230	16%	4%	1.4×	7.7×
Universal Technical Institute	NYS: UTI	29.72	81.8%	1,617	1,761	810	50%	127	17%	15%	2.2×	13.9×
Harmonic Mean											1.3×	8.6×

$USD in millions. Data as of October 31, 2025. 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
28-Oct-2025	Universidad Alfonso x el Sabio	Cinven	A leading private higher education platform in Spain.
24-Oct-2025	Studies Planet	Crizac	Provider of international education advisory services intended for individuals seeking academic and language programs abroad.
21-Oct-2025	Pathrise	Springshare	Provider of teaching and mentoring services intended to assist students to get jobs through career mentorship programs.
14-Oct-2025	Professional Development Institute	Quad-C	Provider of online courses for teacher professional development.
06-Oct-2025	Ruffalo Noel Levitz	LDC	Provider of higher education enrollment, student success and fundraising solutions.
02-Oct-2025	Faculdade Lumina	Banco BTG Pactual	Operator of a university in Brazil.
01-Oct-2025	New Jersey City University	Kean University	Operator of a university in New Jersey City.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.9× TEV/Rev, 7.8× TEV/EBITDA

Workforce Development was headlined by DHI Group’s extraordinary three-month rally of +72% and +67% trailing twelve-month return, making it the sub-sector’s clear top performer. HealthStream (+2% TTM) and Korn Ferry (−1% TTM) rounded out the three-name TTM podium. Wolters Kluwer led on market cap at nearly $28 billion but fell −8% for the month. The sector posted essentially flat 2025E revenue growth (−0%) but held a healthy 16% EBITDA margin.

TEV / Revenue

0.9×

TEV / EBITDA

7.8×

2025E Rev. Growth

−0%

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (10/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Korn Ferry	NYS: KFY	$64.70	80.2%	3,390	3,249	2,794	88%	473	16%	1%	1.2×	6.9×
Wolters Kluwer	AMS: WKL	122.95	65.3%	27,985	32,990	6,602	73%	2,211	32%	6%	5.0×	14.9×
HealthStream	NAS: HSTM	24.60	71.8%	729	654	295	66%	68	21%	3%	2.2×	9.7×
Randstad	AMS: RAND	39.33	75.5%	6,892	8,945	25,747	19%	615	2%	−4%	0.3×	14.5×
DHI Group	NYS: DHX	1.94	58.1%	93	130	134	85%	33	6%	−8%	1.0×	3.9×
Harmonic Mean											0.9×	7.8×

$USD in millions. Data as of October 31, 2025. 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
28-Oct-2025	Realise Learning & Employment	AQA	Provider of apprenticeship training services based in Sheffield, United Kingdom.
22-Oct-2025	iCareer	BasharSoft	Developer of an educational platform intended to provide education and employment ecosystems.
22-Oct-2025	STC Next	Mubadala Capital	Provider of vocational training and consulting intended for professionals in the maritime, offshore, wind energy and port logistics sectors.
21-Oct-2025	Xccelerate	GetLinks	Provider of educational and training services intended to offer technology education to upskill graduates and working professionals.
20-Oct-2025	American Lineman College	Cotulla Education	Provider of lineman training and certification programs intended to serve the utility and construction markets.
16-Oct-2025	City & Guilds	FTV Capital	Provider of vocational education programs intended to help people achieve potential through work-based learning.
15-Oct-2025	WorkRamp	Learning Pool	Developer of a learning platform designed to educate employees and customers.
13-Oct-2025	Orangebox Training Solutions	Coniston Peak	Provider of employment-focused skills training intended to break the stigma often associated with traditional training.
02-Oct-2025	Society of Plastics Engineers	Plastics Industry Association	Operator of professional programs and resources intended to support and connect plastics professionals.

Source: PitchBook.

With Any Questions in This Report, Please Contact

Navagant Education & Training Investment Banking Team

Jacob Voorhees

Managing Director

jacob@navagant.com · (617) 216-1543

Formerly Co-founder & Head of Capstone’s Education & Training Practice. 2021 Investment Banker of the Year.

Shawn Keenan

Managing Director

shawn@navagant.com · (312) 550-5304

16+ years of IB experience. Led execution on 60+ transactions resulting in over $2.7 billion of proceeds for clients.

Jeff Bache

Director

jeff@navagant.com · (804) 627-2848

15+ years advising large public and private corporate clients on financial transactions.

Jorge Quinteros

Vice President

jorge@navagant.com · (703) 618-1070

13+ years of financial advisory and banking experience. 2024 M&A Advisor Emerging Leader.

Sachin Raval

Vice President

sachin@navagant.com · (248) 469-5786

6+ years of financial advisory experience.

About Navagant. Navagant is an industry-leading team of education and training experts combining unique culture, deep transaction experience, and a conscious-capital mission to redefine the expectations of an M&A advisor in the middle market. 14 teammates · 100+ years of collective experience · 60 closed transactions · $4B+ total transaction value · 10% of profits donated.

Disclosure. This report is prepared by Navagant for informational purposes only and does not constitute investment, legal, tax, or accounting advice, nor a solicitation to buy or sell any security. Information contained herein is sourced from PitchBook and other publicly available information believed to be reliable, but accuracy is not guaranteed. Past performance is not indicative of future results. All trading data is as of October 31, 2025 unless otherwise noted. Securities offered through an affiliated broker-dealer where applicable.