Monthly Market Update October 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 September 30, 2025.

Education & Training September 2025 data Published October 2025

Navagant Education & Training Monthly Market Update — October 2025

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

Higher Education extended its run as the standout sub-sector across our coverage, with Universal Technical Institute posting a +123% trailing twelve-month return and Lincoln Technical Institute following at +100%. Adtalem Global Education (+87%) rounded out the TTM podium. The sub-sector trades at a remarkable 91% of 52-week highs on average, with eight constituents finishing September within 90% of their highs. In Corporate Training and PreK-12, Stride dominated with a shared +106% TTM gain, while DHI Group surged +72% over three months to anchor Workforce Development’s leaderboard.

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 September 30, 2025. Data is sourced from PitchBook.

Jump to

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

Sector overview

As of Sep 30, 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 normalized for Chegg.

Multiple

TEV / Revenue

Harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA¹

¹ EdTech normalized for Chegg (NM). Source: PitchBook.

Multiple

P/E Ratio¹

¹ EdTech normalized for Chegg (NM). Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2025E Revenue Growth	−4%	4%	6%	8%	0%
2025E EBITDA Margin	−19%	1%	16%	17%	16%
% of 52-Week High	73%	77%	60%	91%	82%
Debt / 2025E EBITDA	0.6×	2.2×	0.3×	0.8×	1.0×

Data as of September 30, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Chegg+48.2% D2L−2.6% Nerdy−6.6%	Scholastic+23.7% Bright Horizons−6.1% Nerdy−6.6%	John Wiley & Sons+8.0% Docebo+0.8% Franklin Covey−4.0%	Graham Holdings+1.7% Laureate Education+1.1% Barnes & Noble Ed.+0.6%	DHI Group+24.9% Korn Ferry+8.3% Randstad+3.7%
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+30.9% D2L+27.8% Nerdy−3.7%	Stride+106.3% Bright Horizons+13.5% Nerdy−3.7%	Stride+106.3% NIIT+23.0% SkillSoft+16.4%	Universal Technical Inst.+122.7% Lincoln Technical Inst.+100.4% Adtalem Global Ed.+86.7%	DHI Group+14.5% Korn Ferry+10.9% Wolters Kluwer−0.9%

Data as of September 30, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.7× TEV/Rev, 10.1× TEV/EBITDA

Corporate Training was headlined by Stride’s extraordinary +106% trailing twelve-month return and +12% three-month gain, with Stride trading at 88% of its 52-week high. John Wiley & Sons led the single-month period at +8%, while NIIT added +23% TTM and +8% for the quarter. The sub-sector’s low 0.3× debt/EBITDA ratio reflects balance sheet discipline across the group, though broader multiples remained the lowest in our coverage at 60% of 52-week highs on average.

TEV / Revenue

1.7×

TEV / EBITDA

10.1×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$247.00	62.0%	154,492	156,909	68,483	32%	13,666	17%	6%	2.3×	11.5×
Docebo	TSE: DCBO	27.71	51.2%	785	785	231	81%	36	9%	15%	3.4×	21.6×
FranklinCovey	NYS: FC	19.73	44.7%	245	247	280	77%	40	9%	0%	0.9×	6.2×
John Wiley & Sons	NYS: WLY	39.93	74.0%	2,132	3,003	1,671	74%	396	20%	−8%	1.8×	7.6×
NIIT	BOM: 500304	1.18	42.8%	162	163	42	23%	8	19%	11%	3.9×	20.2×
Pearson	LON: PSON	13.91	77.9%	9,050	9,065	4,550	51%	1,441	30%	−1%	2.0×	6.3×
SkillSoft	NYS: SKIL	12.96	37.6%	112	692	524	75%	104	13%	−2%	1.3×	6.7×
Stride	NYS: LRN	149.97	87.6%	6,494	6,990	2,405	39%	571	21%	18%	2.9×	12.2×
Thinkific	TSE: THNC	1.36	42.8%	97	98	71	75%	4	−1%	13%	1.4×	27.9×
Wilmington	LON: WIL	4.37	78.8%	386	387	129	N/A	32	22%	7%	3.0×	12.2×
Harmonic Mean											1.7×	10.1×

$USD in millions. Data as of September 30, 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
29-Sep-2025	IRMAA Certified Planner	National Social Security Advisors	Provider of educational programs helping financial professionals address Medicare-related issues, offering training, tools, and research on IRMAA rules to support proactive client planning.
24-Sep-2025	Meyler Campbell	Spencer Stuart	Global provider of executive coach training and leadership development, offering business, team, and leadership coaching with ongoing support for sustainable growth.
23-Sep-2025	RangeForce	Charlesbank Capital Partners	Operator of a learning platform delivering cloud-based cybersecurity training and simulations, enabling businesses to train IT employees through realistic cyberattack exercises.
22-Sep-2025	B-Safe Group	Ranger Fire and Security	Provider of fire safety equipment and training for industrial and commercial clients, offering extinguishers, audits, testing, and installations to ensure safety and compliance.
09-Sep-2025	First Goal	IQI Success Insuring	Provider of consulting services helping organizations enhance customer experience and multi-channel service through process development, training, and contact center optimization.
04-Sep-2025	GRC Academy	Summit 7	Provider of governance, risk, and compliance training for defense professionals, offering expert-led courses, tools, and content to support regulatory compliance and certification.
04-Sep-2025	Skill Collective	Lightcast	Provider of consulting services supporting workforce transformation, skills strategy, and technology adoption through advisory, transformation services, and upskilling workshops.
03-Sep-2025	Quality Culinary Solutions	Phoenix3	Provider of culinary consulting for senior living, healthcare, and hospitality, offering menu development, training, cultural support, and financial planning to drive operational efficiency.
01-Sep-2025	Formation Bouquinet	Go! Formations	Provider of workplace safety training for certification and compliance, offering flexible programs to help construction, public works, and industrial sectors enhance safety and efficiency.

Source: PitchBook.

EdTech

Comp set 4 companies · Harmonic mean 1.2× TEV/Rev, NM TEV/EBITDA

EdTech was dominated by Chegg’s extraordinary +97% three-month rally (+48% in September alone), though the small four-company comp set continues to produce a non-meaningful TEV/EBITDA due to Chegg’s losses. Coursera and D2L both finished September near 52-week highs at 89%. Coursera led on a trailing twelve-month basis at +31%, and the sub-sector’s deeply negative −19% 2025E EBITDA margin reflects the ongoing transition stories across the group.

TEV / Revenue

1.2×

TEV / EBITDA

2025E Rev. Growth

−4%

2025E EBITDA Margin

−19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.52	55.8%	162	308	507	65%	859	−41%	−26%	0.6×	0.4×
Coursera	NYS: COUR	12.07	89.0%	1,916	1,919	722	54%	60	−8%	7%	2.7×	NM
D2L	TSE: DTOL	13.24	88.9%	715	722	215	69%	31	10%	12%	3.4×	23.2×
Nerdy	NYS: NRDY	1.29	59.2%	154	195	178	64%	(29)	−35%	−11%	1.1×	NM
Harmonic Mean											1.2×	NM

$USD in millions. NM = not meaningful. Data as of September 30, 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
24-Sep-2025	Esteam	Ignite Reading	Developer of a virtual reading tutor platform designed to help children become independent readers.
24-Sep-2025	Masterplan.com	Amadeus Fire	Developer of a learning platform intended to impart digital education.
23-Sep-2025	RangeForce	Charlesbank Capital Partners	Operator of a learning platform intended to provide cybersecurity training and exercises.
22-Sep-2025	Mynd	Mitr Learning & Media	Operator of a media company producing videos, commercials, and e-learning solutions that help brands communicate and inspire audiences.
16-Sep-2025	Book Creator	BV Investment Partners	Developer of a digital book publishing platform designed to allow teachers and educators to create digital books in their classrooms.
16-Sep-2025	Gaming Campus	Capital Croissance	Provider of video game training services intended to offer education to reveal talents and develop skills.
16-Sep-2025	Konfront	Gyldendal Group	Developer of virtual reality educational courses for children and adults with anxiety and other mental challenges in Copenhagen, Denmark.
16-Sep-2025	LetsDefend	Hack The Box	Developer of an online cybersecurity training platform designed to build a blue team career in the SOC field.
10-Sep-2025	SIRAS Systems	Medical Billing Technologies	Developer of a web-based database intended for school districts.
09-Sep-2025	Strawbees	BirdBrain Technologies	Developer of educational tools that equip kids with creativity, critical thinking, and technology skills through lesson plans and hands-on products.
04-Sep-2025	Career Karma	Climb	Developer of an education discovery platform designed to help aspiring software engineers upskill by finding them job training programs.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 1.1× TEV/Rev, 12.0× TEV/EBITDA

Stride dominated PreK-12 with a +106% trailing twelve-month return — the single strongest performance in our entire coverage universe outside Higher Education — while trading at 88% of its 52-week high. Scholastic jumped +24% in September alone and Bright Horizons added +14% TTM despite a −6% monthly move. The sub-sector’s TEV/EBITDA of 12.0× was the highest in our coverage, reflecting the quality bias inherent in the four-name comp set.

TEV / Revenue

1.1×

TEV / EBITDA

12.0×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$108.58	77.5%	6,121	7,783	2,790	24%	440	13%	9%	2.8×	17.7×
Nerdy	NYS: NRDY	1.29	59.2%	154	195	178	64%	(29)	−35%	−11%	1.1×	NM
Scholastic	NAS: SCHL	26.83	82.8%	678	1,020	1,614	56%	113	6%	1%	0.6×	9.0×
Stride	NYS: LRN	149.97	87.6%	6,462	6,959	2,405	39%	571	21%	18%	2.9×	12.2×
Harmonic Mean											1.1×	12.0×

$USD in millions. NM = not meaningful. Data as of September 30, 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
23-Sep-2025	Colégio Vasco da Gama	International Schools Partnership	Operator of a school in Sintra, Portugal offering pre-school to secondary level education.
19-Sep-2025	Kanga Sports	Wyse Education	Provider of physical education and sports coaching services intended to serve primary schools and childcare institutions.
18-Sep-2025	Kids Tech Academy	Chroma Early Learning Academy	Operator of an educational institute intended to provide accessible, affordable, high-quality early education focused on science and technology.
11-Sep-2025	Nature Trail Nursery Group	Partou UK	Operator of primary school and kids nursery based in England, United Kingdom.
11-Sep-2025	The Clover School	Globeducate	Operator of a private school catering to individuals across Toronto.
10-Sep-2025	Pathlight Learning	Taurus Capital Partners	Operator of early childhood education franchises intended to expand access to premium preschool programs.
08-Sep-2025	Reach Cambridge	Boathouse Capital	Provider of academic summer courses for students aged 14-18 in various subjects.
04-Sep-2025	Honoris United Universities	Old Mutual Alternative Investments	Operator of secondary education institutions committed to transforming lives through relevant education.
01-Sep-2025	Jubilee High School	Lifestyle Fitness	Provider of secondary education services intended to help students develop a passion for learning and personal development.

Source: PitchBook.

Higher Education

Comp set 14 companies · Harmonic mean 1.7× TEV/Rev, 10.5× TEV/EBITDA

Higher Education was the standout story of September, with eight constituents trading within 90% of their 52-week highs and the group averaging an impressive 91% — the highest relative trading position across our entire coverage. Universal Technical Institute led with an extraordinary +123% trailing twelve-month return, followed by Lincoln Technical Institute at +100% and Adtalem Global Education at +87%. Lincoln Technical Institute also topped three-month gains at +46%, while Perdoceo (+27%) and American Public Education (+26%) rounded out the quarterly podium.

TEV / Revenue

1.7×

TEV / EBITDA

10.5×

2025E Rev. Growth

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$153.55	99.4%	5,521	6,260	1,788	57%	460	23%	13%	3.5×	13.6×
American Public Education	NAS: APEI	39.12	99.4%	707	894	645	53%	74	10%	5%	1.4×	12.1×
Barnes & Noble Education	NYS: BNED	9.78	67.9%	333	672	1,568	22%	74	0%	0%	0.4×	9.1×
Perdoceo Education	NAS: PRDO	37.53	99.1%	2,438	2,556	769	79%	262	28%	16%	3.3×	9.8×
Cengage Group	GREY: CNGO	17.75	75.5%	1,471	3,114	1,478	56%	472	16%	−2%	2.1×	6.6×
Coursera	NYS: COUR	12.07	89.0%	1,976	1,979	722	54%	60	−8%	7%	2.7×	NM
D2L	TSE: DTOL	13.24	88.9%	725	732	215	69%	31	10%	12%	3.4×	23.5×
Graham Holdings	NYS: GHC	1,183.46	98.6%	5,160	6,244	4,835	31%	1,306	28%	5%	1.3×	4.8×
Laureate Education	NAS: LAUR	31.57	99.8%	4,652	4,990	1,552	27%	452	31%	0%	3.2×	11.0×
Lincoln Technical Institute	NAS: LINC	23.24	90.2%	735	903	468	60%	40	8%	15%	1.9×	22.8×
Grand Canyon Education	NAS: LOPE	217.87	99.8%	6,119	6,215	1,068	53%	352	31%	7%	5.8×	17.6×
Pearson	LON: PSON	13.91	77.9%	9,032	9,048	4,550	51%	1,441	30%	−1%	2.0×	6.3×
Strategic Education	NAS: STRA	85.70	82.0%	2,048	2,151	1,242	47%	230	16%	4%	1.7×	9.3×
Universal Technical Institute	NYS: UTI	32.79	90.3%	1,785	2,054	810	50%	127	17%	15%	2.5×	16.2×
Harmonic Mean											1.7×	10.5×

$USD in millions. NM = not meaningful. Data as of September 30, 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
26-Sep-2025	EdSights	JMI Equity	The first AI-powered student voice platform developed to identify and support students at risk of dropping out.
10-Sep-2025	ProEducation Solutions	Campus Connect Group	Provider of financial aid management software for higher education institutions.
10-Sep-2025	Animal Behavior College	Peterson’s LLC	Provider of vocational training and certification programs for aspiring animal care professionals.
09-Sep-2025	Aspire Learning Resources	AdNeo	An Australian provider of vocational education and training materials.
08-Sep-2025	Reach Cambridge	Guidewell Education	Provider of college summer school courses located in Cambridge, England.
04-Sep-2025	Honoris United Universities	Old Mutual Alternative Investments	Operator of secondary education institutions that offers vocational and technical courses for medicine, health sciences, engineering, business, and law.
01-Sep-2025	The University of Texas Health Science Center	University of Texas San Antonio	Operator of a research institute based in San Antonio, Texas.
01-Sep-2025	Ecole De Commerce Et Management	Groupe IGNESIA Education	Provider of business and management education services intended to serve students and companies.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 10.2× TEV/EBITDA

Workforce Development was dominated by DHI Group’s remarkable performance — the stock surged +25% in September alone, extending a +72% three-month rally and a +15% trailing twelve-month return. Korn Ferry followed with +8% for the month and +11% TTM, finishing September at 87% of its 52-week high. The sub-sector traded at 82% of 52-week highs on average and reported flat 2025E revenue growth with healthy 16% EBITDA margins.

TEV / Revenue

1.1×

TEV / EBITDA

10.2×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Korn Ferry	NYS: KFY	$70.17	87.0%	3,676	4,206	2,794	88%	473	16%	1%	1.5×	8.9×
Wolters Kluwer	AMS: WKL	130.91	69.5%	30,857	35,109	6,602	73%	2,211	32%	6%	5.3×	15.9×
HealthStream	NAS: HSTM	28.96	84.6%	858	876	295	66%	71	23%	3%	3.0×	12.3×
Randstad	AMS: RAND	42.22	81.0%	7,402	9,696	25,582	19%	629	2%	−4%	0.4×	15.4×
DHI Group	NYS: DHX	2.86	85.6%	137	178	134	85%	30	6%	−8%	1.3×	5.9×
Harmonic Mean											1.1×	10.2×

$USD in millions. Data as of September 30, 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
24-Sep-2025	Meyler Campbell	Spencer Stuart	Provider of executive coach training and leadership development programs.
23-Sep-2025	Range Force	Cyberbit	Operator of a learning platform intended to provide cybersecurity training and exercises.
18-Sep-2025	Negotiation Academy Potsdam	The Gap Partnership	Developer of a negotiation consulting and training platform designed to support organizations and individuals.
16-Sep-2025	Inspiro	Beach Tree Private Equity	A UK-based apprenticeship and skills training provider.
15-Sep-2025	Canada Learning Code	Ampere Associates	A provider of technology education programs intended for career development across Canada.
09-Sep-2025	Aspire Learning Resources	AdNeo	An Australian provider of vocational education and training materials.
09-Sep-2025	Competency Training	RelyOn Australia	Provider of nationally recognized technical training and assessment services intended to upskill the industrial workforce in safety and compliance.
08-Sep-2025	Fluently	Fonio.AI	An AI-powered English-speaking platform that provides customized training for professional communication.
08-Sep-2025	PTC Werkstap	Lyvia Group	SaaS platform that helps individuals build skills and access job opportunities.
04-Sep-2025	Career Karma	Climb	Developer of an education discovery platform designed to help aspiring software engineers upskill by finding them job training programs.

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.

Whitt Larkin

Director

whitt@navagant.com · (703) 887-5390

12+ years of financial advisory experience. 2022 M&A Advisor Emerging Leader.

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. 2025 M&A Advisor Emerging Leader.

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 September 30, 2025 unless otherwise noted. Securities offered through an affiliated broker-dealer where applicable.