Grand Canyon Education: Asset-Light Model Still Has Room To Run

  • Grand Canyon Education's asset-light model, strong free cash flow, and aggressive buybacks have driven consistent EPS growth and shareholder returns. The company benefits from expanding hybrid/online education, healthcare partnerships, and accelerated nursing programs, offsetting traditional campus enrollment headwinds. Valuation models suggest an 8% capital gain plus 4% from buybacks, projecting a 12% total shareholder return—solid for a stable, debt-free business.