Tilton School

Tilton School looks stable. The school holds only 1.8 years of operating cushion, unusually thin for a boarding school's residential capex load. Revenue runs 63% tuition-dependent (peer median 80%), moderate diversification with a meaningful endowment and contributions base. Staff compensation runs 31% of expenses, well below the peer median, worth understanding why. Expenses are outpacing revenue 5.9% vs 2.1% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 3.9 / 10, adequate — monitor.

Tilton School reported $19.3M in revenue against $19.7M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $35.2M — about 1.79x annual operating expense.

Operating margin landed at -1.9%, with 62.8% of revenue coming from tuition. Among same-size peers, that puts Tilton School at the p27 on operating margin.