Monthly Market Update October 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 September 30, 2026.

Education & Training September 2026 data Published October 2026

Navagant Education & Training Monthly Market Update - October 2026

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

Sector valuations sat in a tight band at the September close, with harmonic-mean TEV/EBITDA multiples ranging from 6.5× (PreK-12) to 8.5× (Workforce Development). Workforce Development held the top spot at 82% of 52-week highs, while EdTech (50%) and PreK-12 (54%) continued to trade at roughly half their peaks. The month’s standout was Tribal Group, up 62.9% in September and 70.1% over three months to close at 98.4% of its 52-week high. Corporate Training now carries the highest TEV/Revenue multiple in our coverage at 1.3×. September deal flow leaned heavily into AI-enabled learning, with McGraw-Hill adding both TeachFX and Teachally, while HCA Healthcare acquired the College of Health Care Professions and Perdoceo Education bought South University.

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, 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 September 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	9%	3%	3%	10%	1%
2026E EBITDA Margin	9%	6%	18%	17%	19%
% of 52-Week High	50%	54%	70%	70%	82%
Debt / 2026E EBITDA	1.5×	1.8×	0.4×	0.9×	0.7×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Cogna Educação+2.9% Duolingo+1.1% D2L-1.8%	Stride-7.8% Scholastic-12.0% Bright Horizons Family Solutions-14.4%	Tribal Group+62.9% Thinkific+10.0% Wilmington+2.0%	Tribal Group+62.9% Cogna Educação+2.9% Grand Canyon Education+1.6%	DHI Group+5.6% HealthStream+3.3% Wolters Kluwer-4.7%
Last 3 Months	Blackbaud+50.7% Docebo+35.1% Duolingo+7.8%	Bright Horizons Family Solutions-6.2% Stride-8.1% Scholastic-18.0%	Tribal Group+70.1% Thinkific+44.4% Accenture+42.0%	Tribal Group+70.1% Pearson+6.4% Grand Canyon Education+4.8%	Randstad+34.0% DHI Group+28.4% Wolters Kluwer+20.0%
Last 12 Months	Docebo-20.5% Cogna Educação-20.5% ReadyTech Holdings-31.3%	Scholastic+33.7% Bright Horizons Family Solutions-40.7% Stride-46.1%	Tribal Group+53.1% John Wiley & Sons+19.1% Pearson+15.1%	Tribal Group+53.1% Laureate Education+25.2% Barnes & Noble Education+22.8%	DHI Group+63.2% HealthStream+2.4% Korn Ferry-0.2%

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

Corporate Training

Comp set 10 companies · Harmonic mean 1.3× TEV/Rev, 7.9× TEV/EBITDA

Corporate Training traded at 70% of 52-week highs, carried by Tribal Group (98.4%), Pearson (90.6%), and John Wiley & Sons (83.1%), while SkillSoft (31.2%) and Stride (50.3%) remained the deepest discounts. Tribal Group gained 62.9% in September and Thinkific added 10.0%; over three months, Thinkific is up 44.4% and Accenture 42.0%. At 1.3× TEV/Revenue and 7.9× TEV/EBITDA, the comp set now carries the highest revenue multiple across our five sub-sectors. September M&A centered on compliance and AI training, including Inverness Graham’s acquisition of EasyLlama, 360training.com’s purchase of Atlantic Training, and Phoenix Education Partners’ acquisition of skills-intelligence platform Fuel50.

TEV / Revenue

1.3×

TEV / EBITDA

7.9×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$183.37	63.0%	112,212	112,046	73,101	32%	14,050	16%	7%	1.5×	8.0×
FranklinCovey	NYS: FC	17.10	63.8%	193	181	263	75%	28	6%	-6%	0.7×	6.5×
John Wiley & Sons	NYS: WLY	47.76	83.1%	2,431	3,699	1,666	75%	437	23%	0%	2.2×	8.5×
Pearson	LON: PSON	16.09	90.6%	9,668	11,565	4,876	52%	1,636	29%	3%	2.4×	7.1×
RELX	LON: REL	33.02	69.0%	57,529	69,043	13,042	66%	5,169	39%	2%	5.3×	13.4×
SkillSoft	NYS: SKIL	5.76	31.2%	52	537	452	78%	119	13%	-4%	1.2×	4.5×
Stride	NYS: LRN	77.98	50.3%	3,241	2,829	2,518	38%	618	23%	5%	1.1×	4.6×
Thinkific	TSE: THNC	1.24	72.6%	84	34	75	72%	2	-3%	5%	0.5×	21.7×
Tribal Group	LON: TRB	1.36	98.4%	291	291	129	50%	24	18%	6%	2.3×	12.2×
Wilmington	LON: WIL	3.76	77.7%	337	411	140	NM	34	17%	10%	2.9×	12.1×
Harmonic Mean											1.3×	7.9×

$USD in millions. NM = not meaningful. Data as of September 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
22-Sep-2026	TrainingToolz	Affinity Workforce	Developer of an online training platform designed to facilitate learning management and staff compliance.
21-Sep-2026	Atlantic Training	360training.com	Provider of online training software designed to address workplace safety and compliance needs.
17-Sep-2026	Fuel50	Phoenix Education Partners	AI-powered workforce platform specializing in skills intelligence, talent marketplaces, and workforce planning.
16-Sep-2026	EasyLlama	Inverness Graham	Developer of a compliance training platform designed to train client organizations and prevent harassment at work.
08-Sep-2026	Lean Change	IdeaLeap	Provider of change management services intended to help organizations navigate complex transformations through adaptive and feedback-driven practices.
01-Sep-2026	ED4S	Kerr Ventures	Provider of a financial services education and workforce capability platform intended to develop and assess professionals in the financial industry.
01-Sep-2026	Innvocon	Incubateur HEC Paris	Provider of skill development training and workplace intelligence services designed to optimize corporate hiring and retention.
01-Sep-2026	Kohoa	SolutionStream	Provider of artificial intelligence training and software development services intended to build internal organizational capabilities.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 0.9× TEV/Rev, 7.2× TEV/EBITDA

EdTech remained the most discounted sub-sector at 50% of 52-week highs. Docebo was the exception at 81.0%, while Nerdy and Sylogist (both 36.5%) and Duolingo (40.3%) sat furthest from their peaks. Duolingo still commands the premium at 4.7× revenue on 29% growth, and Coursera’s 23% growth stands out against a 0.4× revenue multiple. Blackbaud (+50.7%) and Docebo (+35.1%) lead over three months, though September itself was muted, with Cogna Educação’s 2.9% gain topping the group. Deal flow was dominated by AI-native learning tools, led by McGraw-Hill’s acquisitions of TeachFX and Teachally and Airwallex’s purchase of study platform Polarbear.

TEV / Revenue

0.9×

TEV / EBITDA

7.2×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$41.62	58.9%	1,889	3,005	1,148	60%	413	27%	1%	2.6×	7.3×
Cogna Educação	BVMF: COGN3	0.45	49.6%	893	1,905	1,479	65%	541	31%	16%	1.3×	3.5×
Coursera	NYS: COUR	4.96	42.6%	1,311	329	885	56%	83	-13%	23%	0.4×	4.0×
D2L	TSE: DTOL	7.05	51.6%	370	276	223	68%	20	4%	3%	1.2×	13.7×
Docebo	TSE: DCBO	23.20	81.0%	579	627	259	79%	48	9%	12%	2.4×	13.1×
Duolingo	NAS: DUOL	142.40	40.3%	6,662	5,435	1,145	73%	325	15%	29%	4.7×	16.7×
Nerdy	NYS: NRDY	8.16	36.5%	69	59	178	61%	(9)	-22%	0%	0.3×	NM
ReadyTech Holdings	ASX: RDY	0.99	53.5%	123	148	85	93%	24	22%	3%	1.7×	6.3×
Sylogist	TSE: SYZ	1.82	36.5%	43	54	43	58%	4	5%	-7%	1.3×	15.1×
Harmonic Mean											0.9×	7.2×

$USD in millions. NM = not meaningful. Data as of September 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
15-Sep-2026	AcademyAI	Nexus Investments	Developer of an artificial intelligence capability platform designed to measure and build role-specific skills.
15-Sep-2026	TeachFX	McGraw-Hill	Developer of an automated instructional feedback platform intended to support reflection and improvement in teaching practices.
08-Sep-2026	Campus of Performing Arts	Inscape Education Group	Provider of music education services intended to prepare students for careers in the music industry.
02-Sep-2026	Teachally	McGraw-Hill	Developer of an artificial intelligence platform designed to support lesson planning and student success.
01-Sep-2026	HelloSkills	Wire Group	Developer of a video interaction software designed to facilitate professional learning and knowledge exchange.
01-Sep-2026	MSgames	PointOne Capital	Developer of experiential learning software designed to build decision-making capability in management education.
01-Sep-2026	Polarbear	Airwallex	Developer of an online educational productivity tool designed to help students study more effectively.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.7× TEV/Rev, 6.5× TEV/EBITDA

PreK-12 traded at 54% of 52-week highs and was the only sub-sector where every constituent in the top-performer table declined over both the last month and the last three months. Scholastic held up best at 73.1% of its high and remains the twelve-month leader at +33.7%, while Bright Horizons fell 14.4% in September. At 0.7× TEV/Revenue and 6.5× TEV/EBITDA, the group carries the lowest multiples in our coverage. Private consolidation stayed active regardless: Kids Planet Day Nursery added two operators, Taylor’s Schools acquired Cognita Schools, and Crimson Consulting took Kip McGrath Education Centres.

TEV / Revenue

0.7×

TEV / EBITDA

6.5×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$63.72	58.0%	3,099	4,990	3,028	23%	506	13%	9%	1.6×	9.9×
Nerdy	NYS: NRDY	8.16	36.5%	69	59	178	61%	(9)	-22%	0%	0.3×	NM
Scholastic	NAS: SCHL	35.16	73.1%	647	1,031	1,573	56%	144	11%	-3%	0.7×	7.2×
Stride	NYS: LRN	77.98	50.3%	3,241	2,829	2,518	38%	618	23%	5%	1.1×	4.6×
Harmonic Mean											0.7×	6.5×

$USD in millions. NM = not meaningful. Data as of September 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
23-Sep-2026	LessonUp	Infinitas Learning Holding	Developer of an online teaching platform designed to facilitate interactive classroom engagement.
21-Sep-2026	Toddlers Day Nursery	Kindred Nurseries	Provider of childcare services intended to facilitate early childhood development and school readiness.
19-Sep-2026	Jules Verne Campus Non-Profit	Dukes Education	Provider of bilingual education services intended for children and teenagers in Munich.
16-Sep-2026	HeyTutor	Education Solutions Services	Operator of an online marketplace intended to provide local tutoring services nationwide to school districts.
11-Sep-2026	Kip McGrath Education Centres	Crimson Consulting	Operator of a number of corporately owned tutoring centers in the education field.
09-Sep-2026	Cognita Schools	Taylor’s Schools	Operator of an international chain of schools intended to provide education worldwide.
08-Sep-2026	Out of School Care	Kids Planet Day Nursery	Provider of childcare services intended to support working parents and children outside of school hours.
07-Sep-2026	Children’s Choice Day Nursery	Kids Planet Day Nursery	Operator of day nurseries intended to provide early childhood education and care.
02-Sep-2026	Teachally	McGraw-Hill	Developer of an artificial intelligence platform designed to support lesson planning and student success.
01-Sep-2026	Eduact	Abwaab	Developer of a high school platform designed to provide an online environment that allows teachers and students to interact through videos.
01-Sep-2026	Little Folks Academy	Tigers Childcare	Provider of early childhood education and care services intended for family and the education sector.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.1× TEV/Rev, 7.2× TEV/EBITDA

Higher Education traded at 70% of 52-week highs, with a wide spread inside the comp set. Tribal Group (98.4%), Laureate Education (93.2%), Pearson (90.6%), and Graham Holdings (89.9%) closed near peak levels, while Universal Technical Institute (36.4%) and Lincoln Technical Institute (38.8%) finished well under half their highs. Behind Tribal Group, Laureate (+25.2%) and Barnes & Noble Education (+22.8%) post the strongest twelve-month returns. Estimated 2026 revenue growth of 10% is the highest in our coverage. September’s notable deals were strategic: Perdoceo Education acquired South University, HCA Healthcare took the College of Health Care Professions, and upGrad acquired Unacademy.

TEV / Revenue

1.1×

TEV / EBITDA

7.2×

2026E Rev. Growth

10%

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$42.18	68.5%	772	704	668	56%	93	12%	4%	1.1×	7.6×
Barnes & Noble Education	NYS: BNED	11.59	78.6%	402	667	1,717	21%	79	4%	5%	0.4×	8.5×
Cogna Educação	BVMF: COGN3	0.45	49.6%	893	1,905	1,479	65%	541	31%	16%	1.3×	3.5×
Coursera	NYS: COUR	4.96	42.6%	1,311	329	885	56%	83	-13%	23%	0.4×	4.0×
Covista	NYS: CVSA	122.20	78.2%	4,160	4,659	1,954	57%	522	24%	9%	2.4×	8.9×
D2L	TSE: DTOL	7.05	51.6%	370	276	223	68%	20	4%	3%	1.2×	13.7×
Graham Holdings	NYS: GHC	1,134.67	89.9%	4,805	4,959	5,068	30%	763	18%	5%	1.0×	6.5×
Grand Canyon Education	NAS: LOPE	151.59	68.0%	3,951	3,781	1,142	53%	383	28%	7%	3.3×	9.9×
Laureate Education	NAS: LAUR	38.16	93.2%	5,257	5,829	1,830	27%	547	31%	18%	3.2×	10.7×
Lincoln Technical Institute	NAS: LINC	21.87	38.8%	694	878	571	60%	74	10%	22%	1.5×	11.8×
Pearson	LON: PSON	16.09	90.6%	9,668	11,565	4,876	52%	1,636	29%	3%	2.4×	7.1×
Perdoceo Education	NAS: PRDO	30.94	80.4%	1,936	1,316	859	77%	290	29%	12%	1.5×	4.5×
Strategic Education	NAS: STRA	77.67	86.6%	1,725	1,703	1,286	49%	280	18%	4%	1.3×	6.1×
Tribal Group	LON: TRB	1.36	98.4%	291	291	129	50%	24	18%	6%	2.3×	12.2×
Universal Technical Institute	NYS: UTI	18.67	36.4%	1,029	1,218	884	48%	96	12%	9%	1.4×	12.6×
Harmonic Mean											1.1×	7.2×

$USD in millions. NM = not meaningful. Data as of September 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
15-Sep-2026	College of Health Care Professions	HCA Healthcare	Operator of a private healthcare education institution intended to focus on allied health and medical career training.
14-Sep-2026	South University	Perdoceo Education	Provider of higher education services intended to support the intellectual and professional development of students.
09-Sep-2026	Blue Ivy Coaching	Guidewell	Provider of education coaching services intended to prepare students for their academic exams and to provide subject-specific coaching.
08-Sep-2026	Tutors.com	SuperProf	Operator of an online tutoring marketplace intended to connect students with local and online instructors.
01-Sep-2026	MSgames	PointOne Capital	Developer of experiential learning software designed to build decision-making capability in management education.
01-Sep-2026	Unacademy	upGrad	Developer of an online learning platform designed to prepare students for competitive exams.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.0× TEV/Rev, 8.5× TEV/EBITDA

Workforce Development remained the strongest sub-sector at 82% of 52-week highs. HealthStream (95.5%), DHI Group (90.6%), and Randstad (84.1%) all finished close to their peaks, while Wolters Kluwer (56.2%) lagged. DHI Group led the group in September (+5.6%) and over twelve months (+63.2%), and Randstad has gained 34.0% over three months. The group carries the highest TEV/EBITDA harmonic mean in our coverage at 8.5×, alongside a 19% estimated 2026 EBITDA margin. September M&A leaned toward healthcare and clinical education, including Medartis’ acquisition of Miami Anatomical Research Center and HMP Global’s purchase of Aesthetic Extender Symposium, plus Thoma Bravo’s acquisition of workforce management platform Tanda.

TEV / Revenue

1.0×

TEV / EBITDA

8.5×

2026E Rev. Growth

2026E EBITDA Margin

19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (9/30/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$4.70	90.6%	204	241	125	84%	36	14%	-7%	1.9×	6.7×
HealthStream	NAS: HSTM	29.71	95.5%	909	856	321	65%	79	22%	9%	2.7×	10.9×
Korn Ferry	NYS: KFY	71.59	81.8%	4,006	3,790	2,988	88%	506	17%	7%	1.3×	7.5×
Randstad	AMS: RAND	39.74	84.1%	6,972	9,053	26,873	18%	947	3%	-2%	0.3×	9.6×
Wolters Kluwer	AMS: WKL	76.80	56.2%	17,082	21,546	7,123	74%	2,355	37%	0%	3.0×	9.1×
Harmonic Mean											1.0×	8.5×

$USD in millions. NM = not meaningful. Data as of September 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
29-Sep-2026	Invivox	PulseLife	Operator of a medical education platform designed to facilitate peer-to-peer knowledge sharing among healthcare professionals.
29-Sep-2026	Life Sciences Access Academy	Abenex	Provider of professional training and education consultancy intended for the life sciences sector.
24-Sep-2026	Aesthetic Extender Symposium	HMP Global	Provider of educational services intended to train advanced clinicians in dermatology and aesthetic medicine.
21-Sep-2026	Atlantic Training	360training.com	Provider of online training software designed to address workplace safety and compliance needs.
21-Sep-2026	GoSprout	Bravo Family Foundation	Developer of an apprenticeship platform designed to support workforce training and career development.
17-Sep-2026	Miami Anatomical Research Center	Medartis	Provider of surgical training and bioskills research services designed for the medical sector.
15-Sep-2026	AcademyAI	Nexus Investments	Developer of an artificial intelligence capability platform designed to measure and build role-specific skills.
14-Sep-2026	Iverson	Peterson Offshore Group	Provider of professional IT training and certification services designed for the corporate and government sectors.
08-Sep-2026	Tanda	Thoma Bravo	Australia-based workforce management, payroll, and HR platform.
08-Sep-2026	Metaphora Lab	Ribo Group	Developer of extended reality workplace safety training platforms designed to simulate hazard scenarios in virtual environments.

Source: PitchBook.

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