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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and BYLINE BANCORP, INC. (BY). 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 $112.4M, roughly 1.4× BYLINE BANCORP, INC.). BYLINE BANCORP, INC. runs the higher net margin — 33.4% vs 8.0%, a 25.5% gap on every dollar of revenue. On growth, BYLINE BANCORP, INC. posted the faster year-over-year revenue change (9.0% vs -3.5%). Over the past eight quarters, BYLINE BANCORP, INC.'s revenue compounded faster (6.4% 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.
Byline Bank is a bank headquartered in Chicago, Illinois, United States. It is the primary subsidiary of Byline Bancorp, Inc., a bank holding company, and the 4th largest SBA 7(a) lender.
APEI vs BY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $112.4M |
| Net Profit | $12.6M | $37.6M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | — |
| Net Margin | 8.0% | 33.4% |
| Revenue YoY | -3.5% | 9.0% |
| Net Profit YoY | -2.7% | 33.0% |
| EPS (diluted) | $0.67 | $0.83 |
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.
| Q1 26 | — | $112.4M | ||
| Q4 25 | $158.3M | $117.0M | ||
| Q3 25 | $163.2M | $115.7M | ||
| Q2 25 | $162.8M | $110.5M | ||
| Q1 25 | $164.6M | $103.1M | ||
| Q4 24 | $164.1M | $104.7M | ||
| Q3 24 | $153.1M | $101.8M | ||
| Q2 24 | $152.9M | $99.4M |
| Q1 26 | — | $37.6M | ||
| Q4 25 | $12.6M | $34.5M | ||
| Q3 25 | $5.6M | $37.2M | ||
| Q2 25 | $4.5M | $30.1M | ||
| Q1 25 | $8.9M | $28.2M | ||
| Q4 24 | $13.0M | $30.3M | ||
| Q3 24 | $2.3M | $30.3M | ||
| Q2 24 | $371.0K | $29.7M |
| Q1 26 | — | — | ||
| Q4 25 | 56.4% | — | ||
| Q3 25 | 54.2% | — | ||
| Q2 25 | 51.8% | — | ||
| Q1 25 | 54.5% | — | ||
| Q4 24 | 56.3% | — | ||
| Q3 24 | 50.8% | — | ||
| Q2 24 | 50.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 40.1% | ||
| Q3 25 | 5.9% | 43.1% | ||
| Q2 25 | 4.3% | 35.2% | ||
| Q1 25 | 7.4% | 36.4% | ||
| Q4 24 | 13.1% | 38.6% | ||
| Q3 24 | 2.7% | 39.3% | ||
| Q2 24 | 1.5% | 40.4% |
| Q1 26 | — | 33.4% | ||
| Q4 25 | 8.0% | 34.1% | ||
| Q3 25 | 3.4% | 32.1% | ||
| Q2 25 | 2.8% | 27.2% | ||
| Q1 25 | 5.4% | 27.4% | ||
| Q4 24 | 7.9% | 34.3% | ||
| Q3 24 | 1.5% | 29.8% | ||
| Q2 24 | 0.2% | 29.9% |
| Q1 26 | — | $0.83 | ||
| Q4 25 | $0.67 | $0.77 | ||
| Q3 25 | $0.30 | $0.82 | ||
| Q2 25 | $-0.02 | $0.66 | ||
| Q1 25 | $0.41 | $0.64 | ||
| Q4 24 | $0.63 | $0.68 | ||
| Q3 24 | $0.04 | $0.69 | ||
| Q2 24 | $-0.06 | $0.68 |
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 | $198.4M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $1.3B |
| Total Assets | $521.4M | $9.9B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $198.4M | ||
| Q4 25 | $174.1M | $149.1M | ||
| Q3 25 | $191.3M | $259.0M | ||
| Q2 25 | $174.9M | $218.3M | ||
| Q1 25 | $161.6M | $421.3M | ||
| Q4 24 | $131.9M | $563.1M | ||
| Q3 24 | $135.4M | $452.6M | ||
| Q2 24 | $129.8M | $730.5M |
| Q1 26 | — | — | ||
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $294.8M | $1.3B | ||
| Q3 25 | $279.3M | $1.2B | ||
| Q2 25 | $272.2M | $1.2B | ||
| Q1 25 | $310.0M | $1.1B | ||
| Q4 24 | $303.9M | $1.1B | ||
| Q3 24 | $290.4M | $1.1B | ||
| Q2 24 | $288.7M | $1.0B |
| Q1 26 | — | $9.9B | ||
| Q4 25 | $521.4M | $9.7B | ||
| Q3 25 | $525.3M | $9.8B | ||
| Q2 25 | $537.4M | $9.7B | ||
| Q1 25 | $578.7M | $9.6B | ||
| Q4 24 | $570.1M | $9.5B | ||
| Q3 24 | $569.6M | $9.4B | ||
| Q2 24 | $560.7M | $9.6B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $-15.6M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-11.6M | $140.3M | ||
| Q3 25 | $21.7M | $38.3M | ||
| Q2 25 | $14.8M | $16.3M | ||
| Q1 25 | $37.0M | $27.1M | ||
| Q4 24 | $1.6M | $175.2M | ||
| Q3 24 | $14.1M | $19.8M | ||
| Q2 24 | $12.5M | $40.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-15.6M | $136.3M | ||
| Q3 25 | $17.5M | $38.0M | ||
| Q2 25 | $11.1M | $15.2M | ||
| Q1 25 | $33.1M | $25.0M | ||
| Q4 24 | $-1.8M | $171.2M | ||
| Q3 24 | $7.8M | $19.1M | ||
| Q2 24 | $7.3M | $39.4M |
| Q1 26 | — | — | ||
| Q4 25 | -9.9% | 116.5% | ||
| Q3 25 | 10.7% | 32.8% | ||
| Q2 25 | 6.8% | 13.7% | ||
| Q1 25 | 20.1% | 24.3% | ||
| Q4 24 | -1.1% | 163.5% | ||
| Q3 24 | 5.1% | 18.8% | ||
| Q2 24 | 4.7% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.4% | ||
| Q3 25 | 2.6% | 0.3% | ||
| Q2 25 | 2.3% | 1.0% | ||
| Q1 25 | 2.4% | 2.0% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 4.1% | 0.6% | ||
| Q2 24 | 3.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | -0.92× | 4.06× | ||
| Q3 25 | 3.90× | 1.03× | ||
| Q2 25 | 3.29× | 0.54× | ||
| Q1 25 | 4.16× | 0.96× | ||
| Q4 24 | 0.12× | 5.78× | ||
| Q3 24 | 6.22× | 0.65× | ||
| Q2 24 | 33.57× | 1.35× |
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% |
BY
Segment breakdown not available.
