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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $158.3M, roughly 1.5× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 4.4%, a 3.6% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -3.5%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-15.6M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% 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.
APEI vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $233.0M |
| Net Profit | $12.6M | $10.3M |
| Gross Margin | 56.4% | 39.7% |
| Operating Margin | 12.0% | 7.4% |
| Net Margin | 8.0% | 4.4% |
| Revenue YoY | -3.5% | 20.3% |
| Net Profit YoY | -2.7% | -61.9% |
| EPS (diluted) | $0.67 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $163.2M | $277.0M | ||
| Q2 25 | $162.8M | $263.6M | ||
| Q1 25 | $164.6M | $230.5M | ||
| Q4 24 | $164.1M | $193.6M | ||
| Q3 24 | $153.1M | $227.9M | ||
| Q2 24 | $152.9M | $226.2M | ||
| Q1 24 | $154.4M | $210.9M |
| Q4 25 | $12.6M | $10.3M | ||
| Q3 25 | $5.6M | $40.7M | ||
| Q2 25 | $4.5M | $40.9M | ||
| Q1 25 | $8.9M | $35.1M | ||
| Q4 24 | $13.0M | $26.9M | ||
| Q3 24 | $2.3M | $36.1M | ||
| Q2 24 | $371.0K | $38.6M | ||
| Q1 24 | $516.0K | $31.8M |
| Q4 25 | 56.4% | 39.7% | ||
| Q3 25 | 54.2% | 43.0% | ||
| Q2 25 | 51.8% | 43.8% | ||
| Q1 25 | 54.5% | 44.2% | ||
| Q4 24 | 56.3% | 41.4% | ||
| Q3 24 | 50.8% | 45.6% | ||
| Q2 24 | 50.2% | 47.5% | ||
| Q1 24 | 53.1% | 44.4% |
| Q4 25 | 12.0% | 7.4% | ||
| Q3 25 | 5.9% | 20.5% | ||
| Q2 25 | 4.3% | 20.8% | ||
| Q1 25 | 7.4% | 19.5% | ||
| Q4 24 | 13.1% | 15.3% | ||
| Q3 24 | 2.7% | 22.6% | ||
| Q2 24 | 1.5% | 24.3% | ||
| Q1 24 | 3.4% | 21.0% |
| Q4 25 | 8.0% | 4.4% | ||
| Q3 25 | 3.4% | 14.7% | ||
| Q2 25 | 2.8% | 15.5% | ||
| Q1 25 | 5.4% | 15.2% | ||
| Q4 24 | 7.9% | 13.9% | ||
| Q3 24 | 1.5% | 15.8% | ||
| Q2 24 | 0.2% | 17.1% | ||
| Q1 24 | 0.3% | 15.1% |
| Q4 25 | $0.67 | $0.62 | ||
| Q3 25 | $0.30 | $2.41 | ||
| Q2 25 | $-0.02 | $2.43 | ||
| Q1 25 | $0.41 | $2.05 | ||
| Q4 24 | $0.63 | $1.60 | ||
| Q3 24 | $0.04 | $2.26 | ||
| Q2 24 | $-0.06 | $2.47 | ||
| Q1 24 | $-0.06 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $1.1B |
| Total Assets | $521.4M | $2.3B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $40.2M | ||
| Q3 25 | $191.3M | $31.5M | ||
| Q2 25 | $174.9M | $38.0M | ||
| Q1 25 | $161.6M | $225.8M | ||
| Q4 24 | $131.9M | $213.8M | ||
| Q3 24 | $135.4M | $273.2M | ||
| Q2 24 | $129.8M | $18.9M | ||
| Q1 24 | $125.3M | $22.2M |
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | $800.1M | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | $166.0M |
| Q4 25 | $294.8M | $1.1B | ||
| Q3 25 | $279.3M | $1.1B | ||
| Q2 25 | $272.2M | $1.1B | ||
| Q1 25 | $310.0M | $1.1B | ||
| Q4 24 | $303.9M | $1.0B | ||
| Q3 24 | $290.4M | $1.0B | ||
| Q2 24 | $288.7M | $650.2M | ||
| Q1 24 | $288.5M | $615.7M |
| Q4 25 | $521.4M | $2.3B | ||
| Q3 25 | $525.3M | $1.5B | ||
| Q2 25 | $537.4M | $1.5B | ||
| Q1 25 | $578.7M | $1.4B | ||
| Q4 24 | $570.1M | $1.4B | ||
| Q3 24 | $569.6M | $1.4B | ||
| Q2 24 | $560.7M | $1.1B | ||
| Q1 24 | $559.0M | $1.0B |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | 0.75× | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $-15.6M | $22.7M |
| FCF MarginFCF / Revenue | -9.9% | 9.8% |
| Capex IntensityCapex / Revenue | 2.6% | 2.6% |
| Cash ConversionOCF / Net Profit | -0.92× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $28.9M | ||
| Q3 25 | $21.7M | $61.8M | ||
| Q2 25 | $14.8M | $60.6M | ||
| Q1 25 | $37.0M | $27.3M | ||
| Q4 24 | $1.6M | $11.6M | ||
| Q3 24 | $14.1M | $66.8M | ||
| Q2 24 | $12.5M | $62.7M | ||
| Q1 24 | $20.7M | $22.4M |
| Q4 25 | $-15.6M | $22.7M | ||
| Q3 25 | $17.5M | $58.7M | ||
| Q2 25 | $11.1M | $57.7M | ||
| Q1 25 | $33.1M | $22.8M | ||
| Q4 24 | $-1.8M | $8.5M | ||
| Q3 24 | $7.8M | $61.3M | ||
| Q2 24 | $7.3M | $59.6M | ||
| Q1 24 | $14.5M | $17.5M |
| Q4 25 | -9.9% | 9.8% | ||
| Q3 25 | 10.7% | 21.2% | ||
| Q2 25 | 6.8% | 21.9% | ||
| Q1 25 | 20.1% | 9.9% | ||
| Q4 24 | -1.1% | 4.4% | ||
| Q3 24 | 5.1% | 26.9% | ||
| Q2 24 | 4.7% | 26.3% | ||
| Q1 24 | 9.4% | 8.3% |
| Q4 25 | 2.6% | 2.6% | ||
| Q3 25 | 2.6% | 1.1% | ||
| Q2 25 | 2.3% | 1.1% | ||
| Q1 25 | 2.4% | 2.0% | ||
| Q4 24 | 2.0% | 1.6% | ||
| Q3 24 | 4.1% | 2.4% | ||
| Q2 24 | 3.4% | 1.4% | ||
| Q1 24 | 4.0% | 2.3% |
| Q4 25 | -0.92× | 2.81× | ||
| Q3 25 | 3.90× | 1.52× | ||
| Q2 25 | 3.29× | 1.48× | ||
| Q1 25 | 4.16× | 0.78× | ||
| Q4 24 | 0.12× | 0.43× | ||
| Q3 24 | 6.22× | 1.85× | ||
| Q2 24 | 33.57× | 1.62× | ||
| Q1 24 | 40.20× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
