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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and BLACKBERRY Ltd (BB). Click either name above to swap in a different company.
AMERICAN PUBLIC EDUCATION INC is the larger business by last-quarter revenue ($158.3M vs $141.8M, roughly 1.1× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs 8.0%, a 1.7% gap on every dollar of revenue. On growth, BLACKBERRY Ltd posted the faster year-over-year revenue change (-0.8% vs -3.5%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-15.6M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% 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.
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
APEI vs BB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $141.8M |
| Net Profit | $12.6M | $13.7M |
| Gross Margin | 56.4% | 77.5% |
| Operating Margin | 12.0% | 8.4% |
| Net Margin | 8.0% | 9.7% |
| Revenue YoY | -3.5% | -0.8% |
| Net Profit YoY | -2.7% | 224.5% |
| EPS (diluted) | $0.67 | $0.02 |
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 | $141.8M | ||
| Q3 25 | $163.2M | $129.6M | ||
| Q2 25 | $162.8M | $121.7M | ||
| Q1 25 | $164.6M | $141.7M | ||
| Q4 24 | $164.1M | $143.6M | ||
| Q3 24 | $153.1M | $126.2M | ||
| Q2 24 | $152.9M | $123.4M | ||
| Q1 24 | $154.4M | $102.1M |
| Q4 25 | $12.6M | $13.7M | ||
| Q3 25 | $5.6M | $13.3M | ||
| Q2 25 | $4.5M | $1.9M | ||
| Q1 25 | $8.9M | $-7.4M | ||
| Q4 24 | $13.0M | $-10.5M | ||
| Q3 24 | $2.3M | $-19.7M | ||
| Q2 24 | $371.0K | $-41.4M | ||
| Q1 24 | $516.0K | $-56.2M |
| Q4 25 | 56.4% | 77.5% | ||
| Q3 25 | 54.2% | 74.5% | ||
| Q2 25 | 51.8% | 74.2% | ||
| Q1 25 | 54.5% | 73.5% | ||
| Q4 24 | 56.3% | 78.1% | ||
| Q3 24 | 50.8% | 70.2% | ||
| Q2 24 | 50.2% | 72.9% | ||
| Q1 24 | 53.1% | — |
| Q4 25 | 12.0% | 8.4% | ||
| Q3 25 | 5.9% | 8.9% | ||
| Q2 25 | 4.3% | 1.6% | ||
| Q1 25 | 7.4% | -5.6% | ||
| Q4 24 | 13.1% | 13.6% | ||
| Q3 24 | 2.7% | 1.7% | ||
| Q2 24 | 1.5% | -10.5% | ||
| Q1 24 | 3.4% | 50.0% |
| Q4 25 | 8.0% | 9.7% | ||
| Q3 25 | 3.4% | 10.3% | ||
| Q2 25 | 2.8% | 1.6% | ||
| Q1 25 | 5.4% | -5.2% | ||
| Q4 24 | 7.9% | -7.3% | ||
| Q3 24 | 1.5% | -15.6% | ||
| Q2 24 | 0.2% | -33.5% | ||
| Q1 24 | 0.3% | -55.0% |
| Q4 25 | $0.67 | $0.02 | ||
| Q3 25 | $0.30 | $0.02 | ||
| Q2 25 | $-0.02 | $0.00 | ||
| Q1 25 | $0.41 | $-0.01 | ||
| Q4 24 | $0.63 | $-0.02 | ||
| Q3 24 | $0.04 | $-0.03 | ||
| Q2 24 | $-0.06 | $-0.07 | ||
| Q1 24 | $-0.06 | $-0.08 |
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 | $304.2M |
| Total DebtLower is stronger | $94.7M | $196.2M |
| Stockholders' EquityBook value | $294.8M | $741.1M |
| Total Assets | $521.4M | $1.2B |
| Debt / EquityLower = less leverage | 0.32× | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $304.2M | ||
| Q3 25 | $191.3M | $290.5M | ||
| Q2 25 | $174.9M | $306.6M | ||
| Q1 25 | $161.6M | $337.8M | ||
| Q4 24 | $131.9M | $220.0M | ||
| Q3 24 | $135.4M | $211.0M | ||
| Q2 24 | $129.8M | $229.0M | ||
| Q1 24 | $125.3M | $237.1M |
| Q4 25 | $94.7M | $196.2M | ||
| Q3 25 | $94.4M | $195.9M | ||
| Q2 25 | $94.1M | $195.6M | ||
| Q1 25 | $93.7M | $195.3M | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | $194.1M |
| Q4 25 | $294.8M | $741.1M | ||
| Q3 25 | $279.3M | $725.1M | ||
| Q2 25 | $272.2M | $725.1M | ||
| Q1 25 | $310.0M | $719.9M | ||
| Q4 24 | $303.9M | $725.2M | ||
| Q3 24 | $290.4M | $732.1M | ||
| Q2 24 | $288.7M | $742.6M | ||
| Q1 24 | $288.5M | $775.1M |
| Q4 25 | $521.4M | $1.2B | ||
| Q3 25 | $525.3M | $1.2B | ||
| Q2 25 | $537.4M | $1.2B | ||
| Q1 25 | $578.7M | $1.3B | ||
| Q4 24 | $570.1M | $1.3B | ||
| Q3 24 | $569.6M | $1.3B | ||
| Q2 24 | $560.7M | $1.3B | ||
| Q1 24 | $559.0M | $1.4B |
| Q4 25 | 0.32× | 0.26× | ||
| Q3 25 | 0.34× | 0.27× | ||
| Q2 25 | 0.35× | 0.27× | ||
| Q1 25 | 0.30× | 0.27× | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | 0.25× |
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 | $18.3M |
| Free Cash FlowOCF − Capex | $-15.6M | $17.4M |
| FCF MarginFCF / Revenue | -9.9% | 12.3% |
| Capex IntensityCapex / Revenue | 2.6% | 0.6% |
| Cash ConversionOCF / Net Profit | -0.92× | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $42.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $18.3M | ||
| Q3 25 | $21.7M | $3.9M | ||
| Q2 25 | $14.8M | $-18.0M | ||
| Q1 25 | $37.0M | $41.6M | ||
| Q4 24 | $1.6M | $6.0M | ||
| Q3 24 | $14.1M | $-16.0M | ||
| Q2 24 | $12.5M | $-15.1M | ||
| Q1 24 | $20.7M | $-15.5M |
| Q4 25 | $-15.6M | $17.4M | ||
| Q3 25 | $17.5M | $3.1M | ||
| Q2 25 | $11.1M | $-18.9M | ||
| Q1 25 | $33.1M | $41.2M | ||
| Q4 24 | $-1.8M | $5.2M | ||
| Q3 24 | $7.8M | $-16.5M | ||
| Q2 24 | $7.3M | $-16.5M | ||
| Q1 24 | $14.5M | $-17.6M |
| Q4 25 | -9.9% | 12.3% | ||
| Q3 25 | 10.7% | 2.4% | ||
| Q2 25 | 6.8% | -15.5% | ||
| Q1 25 | 20.1% | 29.1% | ||
| Q4 24 | -1.1% | 3.6% | ||
| Q3 24 | 5.1% | -13.1% | ||
| Q2 24 | 4.7% | -13.4% | ||
| Q1 24 | 9.4% | -17.2% |
| Q4 25 | 2.6% | 0.6% | ||
| Q3 25 | 2.6% | 0.6% | ||
| Q2 25 | 2.3% | 0.7% | ||
| Q1 25 | 2.4% | 0.3% | ||
| Q4 24 | 2.0% | 0.6% | ||
| Q3 24 | 4.1% | 0.4% | ||
| Q2 24 | 3.4% | 1.1% | ||
| Q1 24 | 4.0% | 2.1% |
| Q4 25 | -0.92× | 1.34× | ||
| Q3 25 | 3.90× | 0.29× | ||
| Q2 25 | 3.29× | -9.47× | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — | ||
| Q1 24 | 40.20× | — |
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% |
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
