Monthly Market Update September 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 August 31, 2025.

Education & Training August 2025 data Published September 2025

Navagant Education & Training Monthly Market Update — September 2025

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

Higher Education led our coverage for a second consecutive month, with American Public Education posting a +93% trailing twelve-month return and Adtalem Global Education following at +78%. Laureate Education (+78%) rounded out the TTM podium, and Cengage Group finished August at a perfect 100% of its 52-week high. In Corporate Training and PreK-12, Stride dominated with a shared +108% TTM gain, while DHI Group surged +29% over three months to anchor Workforce Development’s leaderboard. Chegg’s +53% three-month rally drove EdTech activity despite the sub-sector’s broader challenges.

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 August 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 Aug 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 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%	5%	5%	8%	−1%
2025E EBITDA Margin	−19%	1%	16%	17%	16%
% of 52-Week High	70%	79%	63%	85%	83%
Debt / 2025E EBITDA	0.7×	2.1×	0.3×	0.8×	1.0×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	D2L+2.3% Chegg−2.2% Coursera−5.5%	Stride+31.5% Scholastic+6.1% Bright Horizons+5.2%	Stride+31.5% SkillSoft+10.1% Wilmington+3.7%	Laureate Education+19.8% Grand Canyon Education+19.2% Adtalem Global Ed.+17.9%	HealthStream+7.8% Korn Ferry+4.8% DHI Group+1.9%
Last 3 Months	Chegg+52.9% Coursera+27.8% D2L+12.0%	Scholastic+50.1% Stride+11.9% Bright Horizons−7.4%	Docebo+14.3% Stride+11.9% John Wiley & Sons+1.1%	Coursera+27.8% Laureate Education+22.5% Graham Holdings+17.7%	DHI Group+29.2% Randstad+12.1% Korn Ferry+10.7%
Last 12 Months	Coursera+41.1% Nerdy+34.7% D2L+23.3%	Stride+107.8% Nerdy+34.7% Bright Horizons−12.9%	Stride+107.8% SkillSoft+42.5% Pearson+6.4%	American Public Ed.+92.9% Adtalem Global Ed.+78.3% Laureate Education+77.8%	DHI Group+38.5% Korn Ferry+4.8% HealthStream−0.9%

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

Corporate Training

Comp set 10 companies · Harmonic mean 1.4× TEV/Rev, 8.6× TEV/EBITDA

Corporate Training was headlined by Stride’s extraordinary +108% trailing twelve-month return and +32% single-month gain in August, with Stride trading at 95% of its 52-week high. SkillSoft followed with +10% for the month and +43% TTM. Docebo led the three-month period at +14%, while John Wiley & Sons eked out a +1% quarterly gain to round out the top three. The sub-sector’s 0.3× debt/EBITDA ratio reflects balance sheet discipline across the group, though broader multiples remained the lowest in our coverage at 63% of 52-week highs on average — suggesting room for catch-up if fundamentals improve.

TEV / Revenue

1.4×

TEV / EBITDA

8.6×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$259.97	65.3%	161,923	161,446	68,483	32%	13,666	17%	6%	2.4×	11.8×
Docebo	TSE: DCBO	31.12	57.5%	894	831	231	81%	36	9%	15%	3.6×	22.9×
FranklinCovey	NYS: FC	19.56	44.3%	247	216	280	77%	40	9%	0%	0.8×	5.4×
John Wiley & Sons	NYS: WLY	40.58	75.2%	2,158	2,971	1,678	74%	398	20%	−10%	1.8×	7.5×
NIIT	BOM: 500304	1.23	44.4%	167	76	42	23%	10	22%	11%	1.8×	8.0×
Pearson	LON: PSON	14.55	81.5%	9,389	10,976	4,550	51%	1,441	30%	−1%	2.4×	7.6×
SkillSoft	NYS: SKIL	15.37	44.6%	132	584	527	75%	112	10%	−3%	1.1×	5.2×
Stride	NYS: LRN	163.19	95.3%	7,119	6,684	2,405	39%	605	21%	18%	2.8×	11.1×
Thinkific	TSE: THNC	1.35	42.5%	92	41	71	75%	4	−1%	13%	0.6×	11.8×
Wilmington	LON: WIL	4.66	83.7%	415	379	129	N/A	32	22%	7%	2.9×	11.9×
Harmonic Mean											1.4×	8.6×

$USD in millions. Data as of August 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
26-Aug-2025	Building Experts Institute	Brelly	Provider of expert-led online technical training for the restoration industry, serving contractors, adjusters, and attorneys.
19-Aug-2025	Upduo	Arcade	Operator of an online learning platform that matches employees with relevant skills, provides guided practice, and helps teams upskill to improve performance.
14-Aug-2025	Trivera Technologies	Quickstart	Provider of technology training services offering enterprise skills development, reskilling, upskilling, and new-hire training across AI, machine learning, data analytics, cybersecurity, cloud, and full-stack development.
13-Aug-2025	Rpk Group	MGT	Provider of higher education consulting services in the U.S., specializing in business model design, administrative streamlining, academic portfolio optimization, student success ROI, and resource alignment.
04-Aug-2025	Dion Leadership	Arthur J. Gallagher & Company	Provider of advisory services focused on leadership development and organizational alignment, offering coaching, workshops, assessments, and training to help executives and HR teams build capabilities.
01-Aug-2025	AAA School of Advertising	Sphere Holdings	Provider of advertising, marketing, and media education services for students and professionals seeking careers in the communications industry.
01-Aug-2025	Supply Chain Fitness	Project 61	Operator of personalized health and fitness programs for the supply chain industry, providing tailored workouts, nutrition coaching, and accountability to improve employee well-being and productivity.

Source: PitchBook.

EdTech

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

EdTech was driven by Chegg’s +53% three-month rally, though the small four-company comp set continues to produce a non-meaningful TEV/EBITDA given Chegg’s negative margins. D2L led single-month returns at +2%, while Coursera added +28% for the quarter and +41% over the trailing twelve months. Nerdy held the second TTM spot at +35%. The sub-sector’s deeply negative −19% 2025E EBITDA margin and −4% revenue contraction reflect the ongoing transition stories across the group, with EdTech trading at 70% of 52-week highs on average.

TEV / Revenue

0.7×

TEV / EBITDA

2025E Rev. Growth

−4%

2025E EBITDA Margin

−19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.47	53.9%	159	158	507	65%	(208)	−41%	−26%	0.3×	NM
Coursera	NYS: COUR	11.50	84.8%	1,883	1,107	722	54%	60	−8%	7%	1.5×	18.6×
D2L	TSE: DTOL	11.69	78.5%	640	560	210	69%	27	8%	12%	2.7×	21.0×
Nerdy	NYS: NRDY	1.36	62.4%	165	145	178	64%	(29)	−35%	−11%	0.8×	NM
Harmonic Mean											0.7×	NM

$USD in millions. NM = not meaningful. Data as of August 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
26-Aug-2025	Building Experts Institute	Brelly	Provider of online technical training intended to offer unparalleled, expert-led training in the restoration industry.
23-Aug-2025	Vaughan	Capmont, Innova Capital, Tutore	Provider of English language training services intended to provide different courses for both customers and companies.
19-Aug-2025	Upduo	Arcade	Operator of an online learning platform intended to help teams learn and practice skills together.
18-Aug-2025	Instructair	Skyfarer Academy	Developer of educational software platform intended for pilots.
15-Aug-2025	One Month	GoRails	Operator of an online tutorial platform designed to help users to learn to code.
06-Aug-2025	Allos	DGS	E-learning HR consultancy providing workplace design, custom learning, and ERP solutions to support human capital development.
04-Aug-2025	Student Edge	Year13	Student platform offering discounts, competitions, surveys, jobs, and study resources to connect learners with career opportunities.
01-Aug-2025	Australian Institute of Business	BPP Professional Education	MBA provider delivering flexible online programs with specializations to advance professional careers.
01-Aug-2025	Noomii	Accountability Now	Coaching directory platform matching individuals and businesses with professional coaches across multiple specialties.
01-Aug-2025	The Data Science Skool	Academik America	Learning portal offering structured courses and personalized pathways in data and analytics for skill-building and certifications.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 9.8× TEV/EBITDA

Stride dominated PreK-12 with a +108% trailing twelve-month return — the single strongest performance in our entire coverage universe — and a +32% single-month gain in August that took the stock to 95% of its 52-week high. Scholastic followed with +50% over three months and +6% for the month. Bright Horizons posted mixed results: +5% for the month but −7% over three months and −13% over twelve. The sub-sector’s TEV/EBITDA of 9.8× was the highest in our coverage, reflecting the quality bias inherent in the four-name comp set.

TEV / Revenue

0.9×

TEV / EBITDA

9.8×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$118.04	83.2%	6,713	8,285	2,790	24%	440	13%	9%	3.0×	18.8×
Nerdy	NYS: NRDY	1.36	62.4%	165	145	178	64%	(29)	−35%	−11%	0.8×	NM
Scholastic	NAS: SCHL	25.66	75.1%	644	895	1,626	56%	145	6%	2%	0.6×	6.2×
Stride	NYS: LRN	163.19	95.3%	7,119	6,684	2,405	39%	605	21%	18%	2.8×	11.1×
Harmonic Mean											0.9×	9.8×

$USD in millions. NM = not meaningful. Data as of August 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
27-Aug-2025	Trewhela’s School	Nord Anglia Education	Operator of a bilingual school delivering the Cambridge International curriculum in English and Spanish.
19-Aug-2025	Escola Internacional de Torres Vedras	Forfar Education	Operator of an institution offering international, Portuguese national, and USA dual diploma curricula, with programs from daycare through upper secondary.
18-Aug-2025	Torwood House Independent School	Kids Planet	Provider of nursery and primary education based in the United Kingdom.
15-Aug-2025	The Regents International School Bangkok	Nord Anglia Education	Operator of an English National Curriculum day and boarding school in Bangkok, serving 35+ nationalities with a focus on diversity and inclusion.
13-Aug-2025	The Woodlands Nursery	Innervation Capital Partners	Operator of a family-owned nursery in Newton-le-Willows, England, emphasizing outdoor learning and tailored care for each child.
12-Aug-2025	Colegio Rochester	Nord Anglia Education	Provider of bilingual primary and secondary education in Chía, Colombia, offering programs from early childhood through graduation with extracurricular and holistic development.
04-Aug-2025	Woodside Childrens Nursery	Clearance Day Nursery	Provider of childcare and education services with indoor/outdoor learning, flexible schedules, and a focus on growth and school readiness.

Source: PitchBook.

Higher Education

Comp set 14 companies · Harmonic mean 1.5× TEV/Rev, 9.0× TEV/EBITDA

Higher Education was the standout story of August, with the 14-company group averaging 85% of 52-week highs and Cengage Group finishing the month at a perfect 100% of its 52-week high. American Public Education led trailing twelve-month returns at +93%, followed by Adtalem Global Education at +78% and Laureate Education at +78%. Laureate also topped single-month gains at +20%, with Grand Canyon Education (+19%) and Adtalem (+18%) close behind. Coursera led the three-month period at +28%, while the sub-sector’s +8% 2025E revenue growth and 17% EBITDA margins were the strongest in our coverage.

TEV / Revenue

1.5×

TEV / EBITDA

9.0×

2025E Rev. Growth

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$130.95	93.5%	4,708	5,283	1,788	57%	466	23%	13%	3.0×	11.3×
American Public Education	NAS: APEI	30.18	93.6%	545	566	645	53%	74	10%	5%	0.9×	7.7×
Barnes & Noble Education	NYS: BNED	8.63	59.9%	294	649	1,568	22%	74	0%	0%	0.4×	8.8×
Perdoceo Education	NAS: PRDO	32.74	94.6%	2,127	1,613	769	79%	262	28%	16%	2.1×	6.2×
Cengage Group	GREY: CNGO	23.50	100.0%	1,473	3,388	1,478	56%	472	16%	−2%	2.3×	7.2×
Coursera	NYS: COUR	11.50	84.8%	1,883	1,107	722	54%	60	−8%	7%	1.5×	18.6×
D2L	TSE: DTOL	11.69	78.5%	640	560	210	69%	27	8%	12%	2.7×	21.0×
Graham Holdings	NYS: GHC	1,086.05	98.4%	4,735	5,009	4,835	31%	1,306	28%	5%	1.0×	3.8×
Laureate Education	NAS: LAUR	27.48	99.5%	4,050	4,364	1,552	27%	452	31%	0%	2.8×	9.6×
Lincoln Technical Institute	NAS: LINC	18.81	73.0%	595	767	468	60%	40	8%	15%	1.6×	19.4×
Grand Canyon Education	NAS: LOPE	201.57	97.3%	5,662	5,395	1,068	53%	342	31%	7%	5.1×	15.8×
Pearson	LON: PSON	14.55	81.5%	9,389	10,976	4,550	51%	1,441	30%	−1%	2.4×	7.6×
Strategic Education	NAS: STRA	81.35	77.8%	1,944	1,900	1,242	47%	230	16%	4%	1.5×	8.3×
Universal Technical Institute	NYS: UTI	26.59	73.2%	1,447	1,590	810	50%	148	17%	15%	2.0×	10.7×
Harmonic Mean											1.5×	9.0×

$USD in millions. Data as of August 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
27-Aug-2025	GoinGlobal	Interstride	Global career resource trusted by universities for over 20 years.
25-Aug-2025	Modern Campus	Providence Equity Partners	Provider of higher education software solutions based in Ontario and California.
18-Aug-2025	Pulse Radiology Institute	Edcetera	Operator of a medical imaging education institute intended to train future radiology professionals in the United States.
11-Aug-2025	Lancaster Theological Seminary	Moravian University	Operator of a graduate school affiliated with the United Church of Christ based in Lancaster, Pennsylvania.
08-Aug-2025	Faculdade de Medicina de Dourados	Cogna Educação	Operator of a medical college and school based in Brazil.
07-Aug-2025	Sprott-Shaw Community College	BPP Professional Education	Operator of a private college intended to prepare students to start their careers in under two years with a range of diploma and certificate programs.
05-Aug-2025	Student Edge	Year13	Operator of a member-based online platform intended for students of higher education.
01-Aug-2025	Australian Institute of Business	BPP Professional Education	MBA School that offers practical and relevant online learning through a variety of specializations and electives.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 9.4× TEV/EBITDA

Workforce Development was anchored by DHI Group, which led the sub-sector with a +29% three-month rally and +39% trailing twelve-month return. HealthStream topped the single-month leaderboard at +8%, with Korn Ferry (+5%) and DHI Group (+2%) rounding out August’s podium. Korn Ferry finished at 92% of its 52-week high, the highest relative trading position in the group. Randstad added +12% over three months despite −4% trailing revenue growth. The sub-sector traded at 83% of 52-week highs on average, posted flat-to-slightly-negative 2025E revenue growth, and maintained healthy 16% EBITDA margins.

TEV / Revenue

1.1×

TEV / EBITDA

9.4×

2025E Rev. Growth

−1%

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Korn Ferry	NYS: KFY	$74.14	91.9%	3,880	3,410	2,761	89%	464	16%	−1%	1.2×	7.4×
Wolters Kluwer	AMS: WKL	125.68	66.7%	28,873	33,877	6,602	73%	2,211	32%	6%	5.1×	15.3×
HealthStream	NAS: HSTM	28.08	82.0%	832	758	295	66%	71	23%	3%	2.6×	10.6×
Randstad	AMS: RAND	47.18	90.5%	8,267	10,622	25,582	19%	629	2%	−4%	0.4×	16.9×
DHI Group	NYS: DHX	2.75	82.3%	132	169	134	85%	30	6%	−8%	1.3×	5.6×
Harmonic Mean											1.1×	9.4×

$USD in millions. Data as of August 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
27-Aug-2025	Elite Community Service	Alpine Investors	Provider of caregiving, tutoring, and vocational training services designed to support individual skill development and care.
20-Aug-2025	Captiva Learning	Impact Futures	Provider of apprenticeship training services intended to support schools, public sector organizations, and employers.
19-Aug-2025	Open Door Coaching	Institute of Executive Coaching and Leaderships	Australian coaching education program focused on the workplace, to expand leadership development and training capabilities.
14-Aug-2025	Trivera Technologies	Quickstart	Provider of technology training services intended to help individuals and organizations enhance their information technology skills.
14-Aug-2025	Moody’s Analytics & Canadian Securities Institute	FitchLearning	Provider of global financial training and certifications.
04-Aug-2025	Dion Leadership	Arthur J. Gallagher & Company	Provider of coaching programs, team workshops, and management training to support leadership development and organizational alignment.
04-Aug-2025	Nederlands Compliance Institute	Certify360	Provider of comprehensive training courses focused on compliance and integrity.
01-Aug-2025	Tonton	Miraism	Provider of sector-specific hiring, training, and consulting intended to support employment and career movement in the construction industry.

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. 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 August 31, 2025 unless otherwise noted. Securities offered through an affiliated broker-dealer where applicable.