Aspen Group

ASPU

Education & Training Services · Consumer Defensive

Price

$0.33

+0.03 (+11.10%)

Market Cap

$10.5M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+14.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.8M (2021) → 27.1M (2025)

Aspen Group, Inc. is an online education company that offers college degree programs to adult learners across the United States. It operates two schools: Aspen University and United States University, which focus mainly on nursing and healthcare-related degrees. The company targets working adults who need flexible, affordable ways to earn accredited credentials.

Aspen Group makes money by charging tuition, typically collected on a per-course or monthly subscription basis, which is unusual in higher education and helps students manage costs. It operates entirely online, serving students in all 50 states, though it remains a small company with a market cap near zero. Its main competitive edge is low tuition pricing combined with a focus on high-demand healthcare fields, but it faces real risks from accreditation requirements, student loan policy changes, and intense competition from larger online universities like Western Governors University and Purdue Global.

Winston Score History

Score breakdown

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Quality

Gross Margin

73.9%

Premium pricing power — 73.9% gross margin

Operating Margin

16.7%

Healthy — 16.7% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.7%

Shrinking sales (-3.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

58%

Weak — only 58% of profit becomes cash

FCF Margin

4.8%

Thin free cash flow (4.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.27

Conservative — low debt load (0.27)

Interest Cover

3.57x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

2.3x

Attractive valuation — P/E 2.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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