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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Donnelley Financial Solutions, Inc. (DFIN). Click either name above to swap in a different company.
Donnelley Financial Solutions, Inc. is the larger business by last-quarter revenue ($172.5M vs $158.3M, roughly 1.1× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 3.6%, a 4.4% gap on every dollar of revenue. On growth, Donnelley Financial Solutions, Inc. posted the faster year-over-year revenue change (10.4% vs -3.5%). Donnelley Financial Solutions, Inc. produced more free cash flow last quarter ($47.9M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -7.9%).
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.
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
APEI vs DFIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $172.5M |
| Net Profit | $12.6M | $6.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 8.3% |
| Net Margin | 8.0% | 3.6% |
| Revenue YoY | -3.5% | 10.4% |
| Net Profit YoY | -2.7% | -1.6% |
| EPS (diluted) | $0.67 | $0.31 |
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 | $172.5M | ||
| Q3 25 | $163.2M | $175.3M | ||
| Q2 25 | $162.8M | $218.1M | ||
| Q1 25 | $164.6M | $201.1M | ||
| Q4 24 | $164.1M | $156.3M | ||
| Q3 24 | $153.1M | $179.5M | ||
| Q2 24 | $152.9M | $242.7M | ||
| Q1 24 | $154.4M | $203.4M |
| Q4 25 | $12.6M | $6.2M | ||
| Q3 25 | $5.6M | $-40.9M | ||
| Q2 25 | $4.5M | $36.1M | ||
| Q1 25 | $8.9M | $31.0M | ||
| Q4 24 | $13.0M | $6.3M | ||
| Q3 24 | $2.3M | $8.7M | ||
| Q2 24 | $371.0K | $44.1M | ||
| Q1 24 | $516.0K | $33.3M |
| 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 24 | 53.1% | — |
| Q4 25 | 12.0% | 8.3% | ||
| Q3 25 | 5.9% | 16.1% | ||
| Q2 25 | 4.3% | 24.2% | ||
| Q1 25 | 7.4% | 22.8% | ||
| Q4 24 | 13.1% | 6.0% | ||
| Q3 24 | 2.7% | 10.1% | ||
| Q2 24 | 1.5% | 26.6% | ||
| Q1 24 | 3.4% | 21.9% |
| Q4 25 | 8.0% | 3.6% | ||
| Q3 25 | 3.4% | -23.3% | ||
| Q2 25 | 2.8% | 16.6% | ||
| Q1 25 | 5.4% | 15.4% | ||
| Q4 24 | 7.9% | 4.0% | ||
| Q3 24 | 1.5% | 4.8% | ||
| Q2 24 | 0.2% | 18.2% | ||
| Q1 24 | 0.3% | 16.4% |
| Q4 25 | $0.67 | $0.31 | ||
| Q3 25 | $0.30 | $-1.49 | ||
| Q2 25 | $-0.02 | $1.28 | ||
| Q1 25 | $0.41 | $1.05 | ||
| Q4 24 | $0.63 | $0.21 | ||
| Q3 24 | $0.04 | $0.29 | ||
| Q2 24 | $-0.06 | $1.47 | ||
| Q1 24 | $-0.06 | $1.09 |
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 | $24.5M |
| Total DebtLower is stronger | $94.7M | $171.3M |
| Stockholders' EquityBook value | $294.8M | $379.2M |
| Total Assets | $521.4M | $800.4M |
| Debt / EquityLower = less leverage | 0.32× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $24.5M | ||
| Q3 25 | $191.3M | $22.7M | ||
| Q2 25 | $174.9M | $33.8M | ||
| Q1 25 | $161.6M | $16.2M | ||
| Q4 24 | $131.9M | $57.3M | ||
| Q3 24 | $135.4M | $33.6M | ||
| Q2 24 | $129.8M | $35.0M | ||
| Q1 24 | $125.3M | $43.7M |
| Q4 25 | $94.7M | $171.3M | ||
| Q3 25 | $94.4M | $154.7M | ||
| Q2 25 | $94.1M | $190.1M | ||
| Q1 25 | $93.7M | $189.5M | ||
| Q4 24 | $93.4M | $124.7M | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | — |
| Q4 25 | $294.8M | $379.2M | ||
| Q3 25 | $279.3M | $423.1M | ||
| Q2 25 | $272.2M | $432.1M | ||
| Q1 25 | $310.0M | $419.9M | ||
| Q4 24 | $303.9M | $436.1M | ||
| Q3 24 | $290.4M | $444.5M | ||
| Q2 24 | $288.7M | $441.5M | ||
| Q1 24 | $288.5M | $408.9M |
| Q4 25 | $521.4M | $800.4M | ||
| Q3 25 | $525.3M | $816.3M | ||
| Q2 25 | $537.4M | $874.7M | ||
| Q1 25 | $578.7M | $852.8M | ||
| Q4 24 | $570.1M | $841.6M | ||
| Q3 24 | $569.6M | $843.6M | ||
| Q2 24 | $560.7M | $882.9M | ||
| Q1 24 | $559.0M | $867.8M |
| Q4 25 | 0.32× | 0.45× | ||
| Q3 25 | 0.34× | 0.37× | ||
| Q2 25 | 0.35× | 0.44× | ||
| Q1 25 | 0.30× | 0.45× | ||
| Q4 24 | 0.31× | 0.29× | ||
| 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 | $59.8M |
| Free Cash FlowOCF − Capex | $-15.6M | $47.9M |
| FCF MarginFCF / Revenue | -9.9% | 27.8% |
| Capex IntensityCapex / Revenue | 2.6% | 6.9% |
| Cash ConversionOCF / Net Profit | -0.92× | 9.65× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $59.8M | ||
| Q3 25 | $21.7M | $74.4M | ||
| Q2 25 | $14.8M | $68.4M | ||
| Q1 25 | $37.0M | $-37.7M | ||
| Q4 24 | $1.6M | $56.4M | ||
| Q3 24 | $14.1M | $86.4M | ||
| Q2 24 | $12.5M | $56.2M | ||
| Q1 24 | $20.7M | $-27.9M |
| Q4 25 | $-15.6M | $47.9M | ||
| Q3 25 | $17.5M | $59.2M | ||
| Q2 25 | $11.1M | $51.7M | ||
| Q1 25 | $33.1M | $-51.0M | ||
| Q4 24 | $-1.8M | $41.3M | ||
| Q3 24 | $7.8M | $67.3M | ||
| Q2 24 | $7.3M | $36.8M | ||
| Q1 24 | $14.5M | $-40.2M |
| Q4 25 | -9.9% | 27.8% | ||
| Q3 25 | 10.7% | 33.8% | ||
| Q2 25 | 6.8% | 23.7% | ||
| Q1 25 | 20.1% | -25.4% | ||
| Q4 24 | -1.1% | 26.4% | ||
| Q3 24 | 5.1% | 37.5% | ||
| Q2 24 | 4.7% | 15.2% | ||
| Q1 24 | 9.4% | -19.8% |
| Q4 25 | 2.6% | 6.9% | ||
| Q3 25 | 2.6% | 8.7% | ||
| Q2 25 | 2.3% | 7.7% | ||
| Q1 25 | 2.4% | 6.6% | ||
| Q4 24 | 2.0% | 9.7% | ||
| Q3 24 | 4.1% | 10.6% | ||
| Q2 24 | 3.4% | 8.0% | ||
| Q1 24 | 4.0% | 6.0% |
| Q4 25 | -0.92× | 9.65× | ||
| Q3 25 | 3.90× | — | ||
| Q2 25 | 3.29× | 1.89× | ||
| Q1 25 | 4.16× | -1.22× | ||
| Q4 24 | 0.12× | 8.95× | ||
| Q3 24 | 6.22× | 9.93× | ||
| Q2 24 | 33.57× | 1.27× | ||
| Q1 24 | 40.20× | -0.84× |
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% |
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
