Durham Academy

Durham Academy looks durable. The school holds 2.1 years of operating cushion, a healthy buffer. Revenue is 89% tuition-dependent (peer median 83%), concentrated but in line with most independent day schools. Staff compensation runs 62% of expenses, about par for the peer cohort. Expenses are outpacing revenue 8.0% vs 5.3% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 5.8 / 10, strong.

Durham Academy reported $45.3M in revenue against $43.7M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $90.7M — about 2.07x annual operating expense.

Operating margin landed at 3.5%, with 88.9% of revenue coming from tuition. Among same-size peers, that puts Durham Academy at the p37 on operating margin.