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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Adtalem Global Education Inc. (ATGE). Click either name above to swap in a different company.
Adtalem Global Education Inc. is the larger business by last-quarter revenue ($503.4M vs $158.3M, roughly 3.2× AMERICAN PUBLIC EDUCATION INC). Adtalem Global Education Inc. runs the higher net margin — 15.2% vs 8.0%, a 7.2% gap on every dollar of revenue. On growth, Adtalem Global Education Inc. posted the faster year-over-year revenue change (12.4% vs -3.5%). Adtalem Global Education Inc. produced more free cash flow last quarter ($15.1M vs $-15.6M). Over the past eight quarters, Adtalem Global Education Inc.'s revenue compounded faster (10.4% CAGR vs 1.3%).
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
Adtalem Global Education Inc. is a US corporation based in Chicago, Illinois, that operates for-profit higher education institutions, including American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine, and Walden University.
APEI vs ATGE — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $503.4M |
| Net Profit | $12.6M | $76.4M |
| Gross Margin | 56.4% | 59.2% |
| Operating Margin | 12.0% | 22.1% |
| Net Margin | 8.0% | 15.2% |
| Revenue YoY | -3.5% | 12.4% |
| Net Profit YoY | -2.7% | 0.7% |
| EPS (diluted) | $0.67 | $2.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $158.3M | $503.4M | ||
| Q3 25 | $163.2M | $462.3M | ||
| Q2 25 | $162.8M | $457.1M | ||
| Q1 25 | $164.6M | $466.1M | ||
| Q4 24 | $164.1M | $447.7M | ||
| Q3 24 | $153.1M | $417.4M | ||
| Q2 24 | $152.9M | $409.9M | ||
| Q1 24 | $154.4M | $412.7M |
| Q4 25 | $12.6M | $76.4M | ||
| Q3 25 | $5.6M | $61.8M | ||
| Q2 25 | $4.5M | $54.2M | ||
| Q1 25 | $8.9M | $60.8M | ||
| Q4 24 | $13.0M | $75.9M | ||
| Q3 24 | $2.3M | $46.2M | ||
| Q2 24 | $371.0K | $49.4M | ||
| Q1 24 | $516.0K | $36.8M |
| Q4 25 | 56.4% | 59.2% | ||
| Q3 25 | 54.2% | 56.6% | ||
| Q2 25 | 51.8% | 56.5% | ||
| Q1 25 | 54.5% | 57.1% | ||
| Q4 24 | 56.3% | 58.3% | ||
| Q3 24 | 50.8% | 55.4% | ||
| Q2 24 | 50.2% | 55.5% | ||
| Q1 24 | 53.1% | 57.5% |
| Q4 25 | 12.0% | 22.1% | ||
| Q3 25 | 5.9% | 18.5% | ||
| Q2 25 | 4.3% | 16.8% | ||
| Q1 25 | 7.4% | 19.4% | ||
| Q4 24 | 13.1% | 23.2% | ||
| Q3 24 | 2.7% | 16.8% | ||
| Q2 24 | 1.5% | 16.7% | ||
| Q1 24 | 3.4% | 15.0% |
| Q4 25 | 8.0% | 15.2% | ||
| Q3 25 | 3.4% | 13.4% | ||
| Q2 25 | 2.8% | 11.9% | ||
| Q1 25 | 5.4% | 13.1% | ||
| Q4 24 | 7.9% | 16.9% | ||
| Q3 24 | 1.5% | 11.1% | ||
| Q2 24 | 0.2% | 12.1% | ||
| Q1 24 | 0.3% | 8.9% |
| Q4 25 | $0.67 | $2.11 | ||
| Q3 25 | $0.30 | $1.67 | ||
| Q2 25 | $-0.02 | $1.43 | ||
| Q1 25 | $0.41 | $1.59 | ||
| Q4 24 | $0.63 | $1.98 | ||
| Q3 24 | $0.04 | $1.18 | ||
| Q2 24 | $-0.06 | $1.23 | ||
| Q1 24 | $-0.06 | $0.93 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $174.1M | $56.3M |
| Total DebtLower is stronger | $94.7M | $504.3M |
| Stockholders' EquityBook value | $294.8M | $1.4B |
| Total Assets | $521.4M | $2.6B |
| Debt / EquityLower = less leverage | 0.32× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $56.3M | ||
| Q3 25 | $191.3M | $264.7M | ||
| Q2 25 | $174.9M | $199.6M | ||
| Q1 25 | $161.6M | $219.0M | ||
| Q4 24 | $131.9M | $194.0M | ||
| Q3 24 | $135.4M | $264.8M | ||
| Q2 24 | $129.8M | $219.3M | ||
| Q1 24 | $125.3M | $179.8M |
| Q4 25 | $94.7M | $504.3M | ||
| Q3 25 | $94.4M | $553.2M | ||
| Q2 25 | $94.1M | $552.7M | ||
| Q1 25 | $93.7M | $552.2M | ||
| Q4 24 | $93.4M | $649.9M | ||
| Q3 24 | $93.1M | $649.3M | ||
| Q2 24 | $92.8M | $648.7M | ||
| Q1 24 | $95.0M | $648.1M |
| Q4 25 | $294.8M | $1.4B | ||
| Q3 25 | $279.3M | $1.5B | ||
| Q2 25 | $272.2M | $1.4B | ||
| Q1 25 | $310.0M | $1.4B | ||
| Q4 24 | $303.9M | $1.4B | ||
| Q3 24 | $290.4M | $1.4B | ||
| Q2 24 | $288.7M | $1.4B | ||
| Q1 24 | $288.5M | $1.3B |
| Q4 25 | $521.4M | $2.6B | ||
| Q3 25 | $525.3M | $2.9B | ||
| Q2 25 | $537.4M | $2.8B | ||
| Q1 25 | $578.7M | $2.8B | ||
| Q4 24 | $570.1M | $2.7B | ||
| Q3 24 | $569.6M | $2.8B | ||
| Q2 24 | $560.7M | $2.7B | ||
| Q1 24 | $559.0M | $2.7B |
| Q4 25 | 0.32× | 0.37× | ||
| Q3 25 | 0.34× | 0.38× | ||
| Q2 25 | 0.35× | 0.39× | ||
| Q1 25 | 0.30× | 0.39× | ||
| Q4 24 | 0.31× | 0.45× | ||
| Q3 24 | 0.32× | 0.47× | ||
| Q2 24 | 0.32× | 0.47× | ||
| Q1 24 | 0.33× | 0.49× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-11.6M | $29.7M |
| Free Cash FlowOCF − Capex | $-15.6M | $15.1M |
| FCF MarginFCF / Revenue | -9.9% | 3.0% |
| Capex IntensityCapex / Revenue | 2.6% | 2.9% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.39× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $368.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $29.7M | ||
| Q3 25 | $21.7M | $130.5M | ||
| Q2 25 | $14.8M | $59.7M | ||
| Q1 25 | $37.0M | $207.9M | ||
| Q4 24 | $1.6M | $-19.0M | ||
| Q3 24 | $14.1M | $89.3M | ||
| Q2 24 | $12.5M | $40.6M | ||
| Q1 24 | $20.7M | $162.6M |
| Q4 25 | $-15.6M | $15.1M | ||
| Q3 25 | $17.5M | $114.5M | ||
| Q2 25 | $11.1M | $40.7M | ||
| Q1 25 | $33.1M | $197.7M | ||
| Q4 24 | $-1.8M | $-29.7M | ||
| Q3 24 | $7.8M | $78.9M | ||
| Q2 24 | $7.3M | $37.4M | ||
| Q1 24 | $14.5M | $140.9M |
| Q4 25 | -9.9% | 3.0% | ||
| Q3 25 | 10.7% | 24.8% | ||
| Q2 25 | 6.8% | 8.9% | ||
| Q1 25 | 20.1% | 42.4% | ||
| Q4 24 | -1.1% | -6.6% | ||
| Q3 24 | 5.1% | 18.9% | ||
| Q2 24 | 4.7% | 9.1% | ||
| Q1 24 | 9.4% | 34.2% |
| Q4 25 | 2.6% | 2.9% | ||
| Q3 25 | 2.6% | 3.5% | ||
| Q2 25 | 2.3% | 4.2% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | 2.0% | 2.4% | ||
| Q3 24 | 4.1% | 2.5% | ||
| Q2 24 | 3.4% | 0.8% | ||
| Q1 24 | 4.0% | 5.3% |
| Q4 25 | -0.92× | 0.39× | ||
| Q3 25 | 3.90× | 2.11× | ||
| Q2 25 | 3.29× | 1.10× | ||
| Q1 25 | 4.16× | 3.42× | ||
| Q4 24 | 0.12× | -0.25× | ||
| Q3 24 | 6.22× | 1.93× | ||
| Q2 24 | 33.57× | 0.82× | ||
| Q1 24 | 40.20× | 4.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APEI
| American Public Education Inc Segment | $71.0M | 45% |
| Rasmussen University Segment | $66.6M | 42% |
| Hondros College Of Nursing Segment | $20.7M | 13% |
ATGE
| Walden University Segment | $217.6M | 43% |
| Chamberlain University Segment | $183.8M | 37% |
| Medical And Veterinary | $102.0M | 20% |
| Other Services | $1.6M | 0% |
