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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and BillionToOne, Inc. (BLLN). 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 $83.5M, roughly 1.9× BillionToOne, Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 6.8%, a 1.1% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -3.5%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-15.6M).
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.
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
APEI vs BLLN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $83.5M |
| Net Profit | $12.6M | $5.7M |
| Gross Margin | 56.4% | 69.9% |
| Operating Margin | 12.0% | 11.5% |
| Net Margin | 8.0% | 6.8% |
| Revenue YoY | -3.5% | 117.4% |
| Net Profit YoY | -2.7% | 138.3% |
| EPS (diluted) | $0.67 | $0.10 |
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 | — | ||
| Q3 25 | $163.2M | $83.5M | ||
| Q2 25 | $162.8M | — | ||
| Q1 25 | $164.6M | — | ||
| Q4 24 | $164.1M | $45.1M | ||
| Q3 24 | $153.1M | $38.4M | ||
| Q2 24 | $152.9M | — | ||
| Q1 24 | $154.4M | — |
| Q4 25 | $12.6M | — | ||
| Q3 25 | $5.6M | $5.7M | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $8.9M | — | ||
| Q4 24 | $13.0M | $-11.5M | ||
| Q3 24 | $2.3M | $-14.9M | ||
| Q2 24 | $371.0K | — | ||
| Q1 24 | $516.0K | — |
| Q4 25 | 56.4% | — | ||
| Q3 25 | 54.2% | 69.9% | ||
| Q2 25 | 51.8% | — | ||
| Q1 25 | 54.5% | — | ||
| Q4 24 | 56.3% | 57.1% | ||
| Q3 24 | 50.8% | 52.6% | ||
| Q2 24 | 50.2% | — | ||
| Q1 24 | 53.1% | — |
| Q4 25 | 12.0% | — | ||
| Q3 25 | 5.9% | 11.5% | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 7.4% | — | ||
| Q4 24 | 13.1% | 17.0% | ||
| Q3 24 | 2.7% | -32.9% | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 3.4% | 6.8% | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 5.4% | — | ||
| Q4 24 | 7.9% | -25.5% | ||
| Q3 24 | 1.5% | -38.8% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | $0.67 | — | ||
| Q3 25 | $0.30 | $0.10 | ||
| Q2 25 | $-0.02 | — | ||
| Q1 25 | $0.41 | — | ||
| Q4 24 | $0.63 | $-1.13 | ||
| Q3 24 | $0.04 | $-1.47 | ||
| Q2 24 | $-0.06 | — | ||
| Q1 24 | $-0.06 | — |
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 | $195.2M |
| Total DebtLower is stronger | $94.7M | $55.0M |
| Stockholders' EquityBook value | $294.8M | $-239.5M |
| Total Assets | $521.4M | $327.5M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | — | ||
| Q3 25 | $191.3M | $195.2M | ||
| Q2 25 | $174.9M | — | ||
| Q1 25 | $161.6M | — | ||
| Q4 24 | $131.9M | $191.5M | ||
| Q3 24 | $135.4M | — | ||
| Q2 24 | $129.8M | — | ||
| Q1 24 | $125.3M | — |
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | $55.0M | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | $51.5M | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | — |
| Q4 25 | $294.8M | — | ||
| Q3 25 | $279.3M | $-239.5M | ||
| Q2 25 | $272.2M | — | ||
| Q1 25 | $310.0M | — | ||
| Q4 24 | $303.9M | $-251.7M | ||
| Q3 24 | $290.4M | $-242.9M | ||
| Q2 24 | $288.7M | — | ||
| Q1 24 | $288.5M | — |
| Q4 25 | $521.4M | — | ||
| Q3 25 | $525.3M | $327.5M | ||
| Q2 25 | $537.4M | — | ||
| Q1 25 | $578.7M | — | ||
| Q4 24 | $570.1M | $302.1M | ||
| Q3 24 | $569.6M | — | ||
| Q2 24 | $560.7M | — | ||
| Q1 24 | $559.0M | — |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | — |
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 | $13.8M |
| Free Cash FlowOCF − Capex | $-15.6M | $6.5M |
| FCF MarginFCF / Revenue | -9.9% | 7.7% |
| Capex IntensityCapex / Revenue | 2.6% | 8.8% |
| Cash ConversionOCF / Net Profit | -0.92× | 2.42× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | — | ||
| Q3 25 | $21.7M | $13.8M | ||
| Q2 25 | $14.8M | — | ||
| Q1 25 | $37.0M | — | ||
| Q4 24 | $1.6M | — | ||
| Q3 24 | $14.1M | — | ||
| Q2 24 | $12.5M | — | ||
| Q1 24 | $20.7M | — |
| Q4 25 | $-15.6M | — | ||
| Q3 25 | $17.5M | $6.5M | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $7.8M | — | ||
| Q2 24 | $7.3M | — | ||
| Q1 24 | $14.5M | — |
| Q4 25 | -9.9% | — | ||
| Q3 25 | 10.7% | 7.7% | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 20.1% | — | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 9.4% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.6% | 8.8% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | 2.42× | ||
| Q2 25 | 3.29× | — | ||
| 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% |
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
