The Webb Schools looks durable. The school holds 3.0 years of operating cushion, on the lighter end for a boarding school. Revenue runs 81% tuition-dependent (peer median 80%), heavier than the boarding cohort typically carries, so the cushion does real work. Staff compensation runs 46% of expenses, well below the peer median, worth understanding why. Net assets are growing 8.3%/yr over three years; the cushion is being built, not drawn. NACUBO Composite Financial Index: 6.1 / 10, strong.
The Webb Schools reported $35.4M in revenue against $34.3M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $102.8M — about 3.00x annual operating expense.
Operating margin landed at 3.2%, with 80.6% of revenue coming from tuition. Among same-size peers, that puts The Webb Schools at the p33 on operating margin.
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Why “revenue scale” and not “endowment per student”: independent-school 990s don’t carry per-school enrollment, and NCES PSS coverage is partial, so we cannot divide endowment by a verified student count for every school. The bar above is each school’s latest reported total revenue. True endowment-per-student is scheduled for v1.1+ once Schedule D Part V parsing lands.
Peers are scored by similarity along three equal-weighted dimensions: size cohort (Form 990 employee count + max-revenue tier, a proxy for student enrollment, which the 990 does not carry), geographic region (eight-region grouping), and association overlap (NAIS, NBOA, regional councils). We rank the top 20 nearest peers and chart the first 12 by latest reported revenue. Values are the school’s most recently filed total revenue on IRS Form 990.