Monthly Market Update September 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 August 31, 2026.

Education & Training August 2026 data Published September 2026

Navagant Education & Training Monthly Market Update - September 2026

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

Sector valuations held in a tight band at the August close, with harmonic-mean TEV/EBITDA multiples ranging from 6.8× (PreK-12) to 8.8× (EdTech). The rotation that defined July carried through August: Workforce Development extended its lead to 89% of 52-week levels from 85%, EdTech rebounded to 55% from 49%, and Corporate Training firmed to 71%. Randstad closed August at 98.8% of its 52-week high, Korn Ferry at 97.8%, and DHI Group at 95.3%. August’s headline transaction came in Corporate Training, where Andersen Group acquired both Daniels Consulting Group and Zenger Folkman on the same day.

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, 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 August 31, 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%	2%	10%	1%
2026E EBITDA Margin	9%	6%	18%	17%	19%
% of 52-Week High	55%	60%	71%	73%	89%
Debt / 2026E EBITDA	1.4×	1.7×	0.4×	0.9×	0.7×

Data as of August 31, 2026. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Docebo+13.1% Blackbaud+11.6% Cogna Educação+1.6%	Scholastic-2.5% Bright Horizons Family Solutions-9.9% Stride-13.4%	Thinkific+37.1% Accenture+4.7% Wilmington-0.2%	Covista+3.1% Cogna Educação+1.6% D2L+1.5%	DHI Group+8.8% Randstad+5.0% Korn Ferry-0.8%
Last 3 Months	Blackbaud+56.8% Docebo+43.2% Duolingo+30.7%	Bright Horizons Family Solutions+19.1% Scholastic-3.1% Stride-7.0%	Thinkific+28.6% John Wiley & Sons+26.9% Wilmington+12.7%	Barnes & Noble Education+24.5% Laureate Education+16.2% Coursera+13.9%	Randstad+51.4% Korn Ferry+22.5% DHI Group+21.9%
Last 12 Months	Cogna Educação-11.0% Docebo-19.8% ReadyTech Holdings-27.4%	Scholastic+54.4% Bright Horizons Family Solutions-37.7% Nerdy-50.2%	John Wiley & Sons+30.9% Pearson+12.8% Tribal Group+5.1%	American Public Education+50.2% Barnes & Noble Education+43.5% Laureate Education+41.1%	DHI Group+64.8% Korn Ferry+11.9% HealthStream+1.4%

Data as of August 31, 2026. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.1× TEV/Rev, 7.7× TEV/EBITDA

Corporate Training firmed to 71% of 52-week highs, up from 69% a month earlier. Pearson (94.4%) and John Wiley & Sons (91.2%) again led the group into month-end, with Tribal Group at 83.5% and FranklinCovey at 75.9%, while SkillSoft (37.3%) and Stride (51.9%) remained the deepest discounts. Thinkific gained 37.1% on the month and Accenture added 4.7%, and the harmonic mean widened to 1.1× TEV/Revenue and 7.7× TEV/EBITDA from 0.7× and 6.8× in July. August M&A was led by Andersen Group, which acquired Daniels Consulting Group and Zenger Folkman on the same day, and by OpenGate Capital’s purchase of Maersk Training.

TEV / Revenue

1.1×

TEV / EBITDA

7.7×

2026E Rev. Growth

2026E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$189.76	65.2%	116,122	115,956	73,101	32%	14,973	16%	7%	1.6×	7.7×
FranklinCovey	NYS: FC	20.35	75.9%	230	218	263	75%	28	6%	-6%	0.8×	7.8×
John Wiley & Sons	NYS: WLY	52.39	91.2%	2,675	3,368	1,677	74%	440	24%	0%	2.0×	7.7×
Pearson	LON: PSON	16.77	94.4%	10,074	12,024	4,876	52%	1,636	29%	3%	2.5×	7.4×
RELX	LON: REL	36.33	74.6%	63,406	75,239	13,042	66%	5,169	39%	2%	5.8×	14.6×
SkillSoft	NYS: SKIL	6.88	37.3%	62	522	455	78%	114	13%	-9%	1.1×	4.6×
Stride	NYS: LRN	86.69	51.9%	3,603	3,191	2,518	38%	618	23%	5%	1.3×	5.2×
Thinkific	TSE: THNC	1.04	61.1%	70	19	75	72%	2	-3%	5%	0.3×	12.5×
Tribal Group	LON: TRB	0.84	83.5%	181	166	122	50%	23	18%	3%	1.4×	7.2×
Wilmington	LON: WIL	3.67	73.4%	329	423	140	NM	34	17%	10%	3.0×	12.4×
Harmonic Mean											1.1×	7.7×

$USD in millions. NM = not meaningful. Data as of August 31, 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
26-Aug-2026	NRVTA	Heavy Equipment Colleges of America	Operator of vocational training intended to serve the recreational vehicle industry.
24-Aug-2026	eMedCert	360training.com	Provider of medical certification services intended for healthcare professionals.
16-Aug-2026	Nevvon	Bessemer Venture Partners	Developer of a healthcare e-training platform designed to simplify mandatory annual education for caregivers.
12-Aug-2026	OpusVi	Amplifire	Provider of online education services intended to expand and elevate the healthcare workforce.
10-Aug-2026	Daniels Consulting Group	Andersen Group	Provider of management consulting services intended to help leaders navigate organizational change.
10-Aug-2026	Zenger Folkman	Andersen Group	Provider of leadership development services, including 360-degree assessments, coaching, certification, custom solutions, and leadership studies.
07-Aug-2026	Maersk Training	OpenGate Capital	Provider of specialized training intended to service maritime, oil and gas, renewables and logistics sectors.
05-Aug-2026	benVitaal	Waterland Private Equity Investments	Provider of sustainable employability services intended to improve employees’ physical and mental health, offering career coaching, and stress coaching.
01-Aug-2026	LearningGate	Cbase	Provider of corporate training services intended for employee growth support and business risk reduction.

Source: PitchBook.

EdTech

Comp set 9 companies · Harmonic mean 1.3× TEV/Rev, 8.8× TEV/EBITDA

EdTech remained the most discounted sub-sector at 55% of 52-week highs, though it recovered six points from July and posted the month’s steadiest gains. Docebo rose 13.1% to close at 82.9% of its high, the strongest reading in the set, and Blackbaud added 11.6%. Duolingo still commands the premium at 5.0× revenue on 29% growth, yet finished at 42.0% of its 52-week high, behind only Sylogist (38.8%) as the widest discount in the set. August deal flow was almost entirely AI-native, headlined by Danal Investment Partners’ purchase of DeepSkill AI, Ada Ventures backing Medly AI, and Co-Creation Hub acquiring Dawn AI Study.

TEV / Revenue

1.3×

TEV / EBITDA

8.8×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Blackbaud	NAS: BLKB	$48.06	68.0%	2,181	3,297	1,148	60%	413	27%	1%	2.9×	8.0×
Cogna Educação	BVMF: COGN3	0.44	49.2%	886	1,900	1,479	65%	541	31%	16%	1.3×	3.5×
Coursera	NYS: COUR	6.52	52.9%	1,724	742	885	56%	83	-13%	23%	0.8×	8.9×
D2L	TSE: DTOL	7.57	55.5%	397	314	222	68%	25	7%	6%	1.4×	12.4×
Docebo	TSE: DCBO	26.43	82.9%	658	707	259	79%	48	9%	12%	2.7×	14.7×
Duolingo	NAS: DUOL	148.36	42.0%	6,941	5,713	1,145	73%	325	15%	29%	5.0×	17.6×
Nerdy	NYS: NRDY	10.01	44.8%	85	75	178	61%	(9)	-22%	0%	0.4×	NM
ReadyTech Holdings	ASX: RDY	1.10	59.1%	135	161	85	93%	20	22%	3%	1.9×	8.1×
Sylogist	TSE: SYZ	2.27	38.8%	53	65	43	58%	4	5%	-7%	1.5×	18.0×
Harmonic Mean											1.3×	8.8×

$USD in millions. NM = not meaningful. Data as of August 31, 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
31-Aug-2026	Math King	Company K Partners	Operator of an online learning application intended to solve mathematical questions.
20-Aug-2026	Artwod	Airbridge Equity Partners	Developer of an online drawing education and coaching platform designed to help users develop and improve visual drawing skills.
19-Aug-2026	DeepSkill AI	Danal Investment Partners	Developer of AI tutoring software designed with a built-in neuro-symbolic argumentation engine.
18-Aug-2026	Medly AI	Ada Ventures	Developer of an AI-powered personalized learning platform designed to help students prepare for academic exams and improve learning outcomes.
06-Aug-2026	Bilim Group	Freedom Holding	Developer of an educational technology ecosystem designed for the learning sector.
04-Aug-2026	Dawn AI Study	Co-Creation Hub	Developer of AI-powered neuro-inclusive education software intended to support neurodivergent learning.
01-Aug-2026	Ikemso	Bee Capital	Developer of a digital education platform designed for teaching and learning for schools and families.
01-Aug-2026	Worktech	Maxis	Developer of an online technology education platform designed to provide AI powered professional training.
01-Aug-2026	Zooverse	Fifty Studios Holding	Developer of an interactive digital educational application designed to help young children learn about wildlife and nature.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.7× TEV/Rev, 6.8× TEV/EBITDA

PreK-12 eased to 60% of 52-week highs and now carries the lowest multiples in our coverage at 0.7× TEV/Revenue and 6.8× TEV/EBITDA. Scholastic held up best at 79.9%, while Nerdy (44.8%) and Stride (51.9%) continued to trade near half their highs. It was the only sub-sector where all three of the month’s leading names declined: Scholastic fell 2.5%, Bright Horizons 9.9%, and Stride 13.4%. Nursery and early childhood consolidation stayed relentless through August, with Lion Cubs Nurseries adding two sites and Graphite Capital Management, Golden Gate Capital, Dukes Education, and AcadeMedia all acquiring operators.

TEV / Revenue

0.7×

TEV / EBITDA

6.8×

2026E Rev. Growth

2026E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$74.18	62.5%	3,608	5,499	3,028	23%	506	13%	9%	1.8×	10.9×
Nerdy	NYS: NRDY	10.01	44.8%	85	75	178	61%	(9)	-22%	0%	0.4×	NM
Scholastic	NAS: SCHL	38.40	79.9%	717	970	1,582	56%	152	11%	-3%	0.6×	6.4×
Stride	NYS: LRN	86.69	51.9%	3,603	3,191	2,518	38%	618	23%	5%	1.3×	5.2×
Harmonic Mean											0.7×	6.8×

$USD in millions. NM = not meaningful. Data as of August 31, 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
20-Aug-2026	The Willows Nursery	Lion Cubs Nurseries	Provider of childcare services intended to support the development and welfare of children.
14-Aug-2026	Blue Bell Woods Day Nursery	Sneakers Childcare	Operator of a day nursery intended to provide childcare and early years education.
14-Aug-2026	International School Westpfalz	Dukes Education	Operator of a private international school intended to provide English-language education for children.
11-Aug-2026	Digital Benchers	Infonative Solutions	Developer of an adaptive learning platform designed to provide personalized preparation for competitive exams.
11-Aug-2026	Kingswood Nurseries	Graphite Capital Management	Provider of daycare services intended to offer early years education for young children.
06-Aug-2026	Banana Moon Day Nursery	Golden Gate Capital	Provider of childcare franchise services intended to serve entrepreneurs and childcare operators in the UK.
04-Aug-2026	Wayside Publishing	Imagine Learning	Developer and publisher of teaching and learning products designed for the evolving classroom.
04-Aug-2026	MindYourLogic Studios	Google Accelerator	Developer of online logic, riddle and brain game platforms designed for cognitive skill development and entertainment.
04-Aug-2026	Sputnik	Edukatus Alliance	Provider of specialized youth education for individuals with autism and psychological vulnerabilities.
03-Aug-2026	Kristaval Day Care	Lion Cubs Nurseries	Provider of childcare services intended to support early childhood development.
01-Aug-2026	Kids&Co	AcadeMedia	Operator of a chain of kindergartens and nurseries.

Source: PitchBook.

Higher Education

Comp set 15 companies · Harmonic mean 1.3× TEV/Rev, 7.7× TEV/EBITDA

Higher Education eased to 73% of 52-week highs as the group’s TEV/EBITDA harmonic mean compressed from 8.1× to 7.7×. Pearson (94.4%), Strategic Education (92.3%), Laureate Education (91.7%), and Graham Holdings (89.4%) closed August near peak levels. At the other end, Lincoln Technical Institute fell to 44.7% and Universal Technical Institute to 41.2%, the two widest discounts in the set. American Public Education still holds a 50.2% twelve-month return and Laureate 41.1%. August M&A skewed international, with Soka University acquiring the Monterey Institute of International Studies, China Chunlai Education taking Dublin Business School, and Quadrant Private Equity buying Stanley College.

TEV / Revenue

1.3×

TEV / EBITDA

7.7×

2026E Rev. Growth

10%

2026E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
American Public Education	NAS: APEI	$45.65	74.1%	835	767	668	56%	93	12%	4%	1.1×	8.3×
Barnes & Noble Education	NYS: BNED	12.10	82.0%	419	635	1,715	21%	77	4%	6%	0.4×	8.3×
Cogna Educação	BVMF: COGN3	0.44	49.2%	886	1,900	1,479	65%	541	31%	16%	1.3×	3.5×
Coursera	NYS: COUR	6.52	52.9%	1,724	742	885	56%	83	-13%	23%	0.8×	8.9×
Covista	NYS: CVSA	132.33	84.7%	4,504	5,004	1,954	57%	522	24%	9%	2.6×	9.6×
D2L	TSE: DTOL	7.57	55.5%	397	314	222	68%	25	7%	6%	1.4×	12.4×
Graham Holdings	NYS: GHC	1,128.89	89.4%	4,781	4,935	5,068	30%	763	18%	5%	1.0×	6.5×
Grand Canyon Education	NAS: LOPE	148.13	66.4%	3,861	3,691	1,142	53%	383	28%	7%	3.2×	9.6×
Laureate Education	NAS: LAUR	37.53	91.7%	5,170	5,742	1,830	27%	547	31%	18%	3.1×	10.5×
Lincoln Technical Institute	NAS: LINC	25.16	44.7%	798	982	571	60%	74	10%	22%	1.7×	13.2×
Pearson	LON: PSON	16.77	94.4%	10,074	12,024	4,876	52%	1,636	29%	3%	2.5×	7.4×
Perdoceo Education	NAS: PRDO	33.24	86.3%	2,080	1,460	859	77%	290	29%	12%	1.7×	5.0×
Strategic Education	NAS: STRA	82.84	92.3%	1,840	1,818	1,286	49%	280	18%	4%	1.4×	6.5×
Tribal Group	LON: TRB	0.84	83.5%	181	166	122	50%	23	18%	3%	1.4×	7.2×
Universal Technical Institute	NYS: UTI	21.13	41.2%	1,164	1,354	884	48%	96	12%	9%	1.5×	14.1×
Harmonic Mean											1.3×	7.7×

$USD in millions. NM = not meaningful. Data as of August 31, 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-Aug-2026	EduGo Abroad	Manifest Global	Provider of educational consulting and student recruitment services intended to assist students in securing admission to European universities.
19-Aug-2026	Monterey Institute of International Studies	Soka University	Provider of graduate education intended to prepare professionals for roles in cross-cultural and multilingual environments.
18-Aug-2026	Keypath Education	Risepoint	Provider of online healthcare education programs based in Schaumburg, Illinois.
14-Aug-2026	Pacific College	Westcliff University	Provider of academic services intended for healthcare and business professions.
12-Aug-2026	WaterBear	School of Arts	Operator of a music college intended to offer flexible course delivery and one-to-one marketing.
09-Aug-2026	Stanley College	Quadrant Private Equity	Provider of higher and vocational education intended to service domestic and international students in Australia.
05-Aug-2026	Dublin Business School	China Chunlai Education	Provider of third-level higher education located in Ireland.
04-Aug-2026	Advanced eClinical Training	Tortuga Growth Partners	Provider of healthcare education and career services intended to prepare pre-health students.
04-Aug-2026	College of Integrated Chinese Medicine	Health Sciences University	Provider of acupuncture education services intended to prepare students for professional careers in integrated Chinese medicine.
01-Aug-2026	University of Kent	London and South East University Group	Provider of higher education services intended to facilitate academic growth and professional development.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 8.5× TEV/EBITDA

Workforce Development again led the coverage, climbing to 89% of 52-week highs from 85% a month earlier. Randstad (98.8%), Korn Ferry (97.8%), DHI Group (95.3%), and HealthStream (93.4%) all finished within a few points of their highs, leaving Wolters Kluwer at 59.2% as the group’s only material discount. DHI Group gained 8.8% on the month and holds the strongest twelve-month return across our five sub-sectors at 64.8%. The harmonic mean moved to 1.1× TEV/Revenue and 8.5× TEV/EBITDA, from 1.0× and 8.3× in July, even as estimated 2026 revenue growth held at 1%. August M&A stayed granular and services-heavy across construction safety, healthcare, apprenticeships, and driver training.

TEV / Revenue

1.1×

TEV / EBITDA

8.5×

2026E Rev. Growth

2026E EBITDA Margin

19%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (8/31/26)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$4.29	95.3%	186	223	125	84%	36	14%	-7%	1.8×	6.2×
HealthStream	NAS: HSTM	29.05	93.4%	849	796	321	65%	79	22%	9%	2.5×	10.1×
Korn Ferry	NYS: KFY	85.55	97.8%	4,351	3,814	2,939	88%	498	17%	6%	1.3×	7.7×
Randstad	AMS: RAND	46.85	98.8%	8,220	10,347	26,873	18%	947	3%	-2%	0.4×	10.9×
Wolters Kluwer	AMS: WKL	82.09	59.2%	18,283	22,844	7,123	74%	2,355	37%	0%	3.2×	9.7×
Harmonic Mean											1.1×	8.5×

$USD in millions. NM = not meaningful. Data as of August 31, 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
26-Aug-2026	NRVTA	Heavy Equipment Colleges of America	Provider of RV service, maintenance, and training.
20-Aug-2026	Alberta Construction Training Institute	Lnkd Capital	Provider of construction safety training services intended to equip the workforce with skills and knowledge for the construction industry.
16-Aug-2026	Nevvon	Bessemer Venture Partners	Developer of a healthcare e-training platform designed to simplify mandatory annual education for caregivers.
07-Aug-2026	Maersk Training	OpenGate Capital	Provider of specialized training intended to service maritime, oil and gas, renewables and logistics sectors.
05-Aug-2026	Property Investor Show	A Place in the Sun	Provider of property education and networking services intended to support real estate investors.
05-Aug-2026	TheRum Lab	The Daily Pour	Producer of educational events and digital content intended for the global rum and spirits industry.
04-Aug-2026	Advanced eClinical Training	Tortuga Growth Partners	Provider of healthcare education and career services intended to prepare pre-health students.
04-Aug-2026	Dalvoy	Google Accelerator	Developer of an AI-integrated educational platform designed for civil service examination preparation.
03-Aug-2026	DBC Training	Asuria UK	Provider of apprenticeship programs in various occupational areas, serving individuals and businesses.
01-Aug-2026	Institute for Integrative Nutrition	Enduring Ventures	Provider of online health coach certification and nutrition education services intended to improve health by training health and wellness professionals.
01-Aug-2026	Yas Driving Academy	BlueFive Capital	Operator of a driver training institute intended to provide road safety education and licensing courses.

Source: PitchBook.

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