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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and FIRST INTERSTATE BANCSYSTEM INC (FIBK). Click either name above to swap in a different company.
FIRST INTERSTATE BANCSYSTEM INC is the larger business by last-quarter revenue ($313.0M vs $158.3M, roughly 2.0× AMERICAN PUBLIC EDUCATION INC). FIRST INTERSTATE BANCSYSTEM INC runs the higher net margin — 34.8% vs 8.0%, a 26.8% gap on every dollar of revenue. On growth, FIRST INTERSTATE BANCSYSTEM INC posted the faster year-over-year revenue change (19.8% vs -3.5%). Over the past eight quarters, FIRST INTERSTATE BANCSYSTEM INC's revenue compounded faster (13.7% 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.
First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States. It is the largest bank based in Montana, as measured by total assets.
APEI vs FIBK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $313.0M |
| Net Profit | $12.6M | $108.8M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 44.5% |
| Net Margin | 8.0% | 34.8% |
| Revenue YoY | -3.5% | 19.8% |
| Net Profit YoY | -2.7% | 108.8% |
| EPS (diluted) | $0.67 | $1.07 |
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 | $313.0M | ||
| Q3 25 | $163.2M | $250.5M | ||
| Q2 25 | $162.8M | $248.3M | ||
| Q1 25 | $164.6M | $247.0M | ||
| Q4 24 | $164.1M | $261.3M | ||
| Q3 24 | $153.1M | $251.9M | ||
| Q2 24 | $152.9M | $244.3M | ||
| Q1 24 | $154.4M | $242.2M |
| Q4 25 | $12.6M | $108.8M | ||
| Q3 25 | $5.6M | $71.4M | ||
| Q2 25 | $4.5M | $71.7M | ||
| Q1 25 | $8.9M | $50.2M | ||
| Q4 24 | $13.0M | $52.1M | ||
| Q3 24 | $2.3M | $55.5M | ||
| Q2 24 | $371.0K | $60.0M | ||
| Q1 24 | $516.0K | $58.4M |
| 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% | 44.5% | ||
| Q3 25 | 5.9% | 37.0% | ||
| Q2 25 | 4.3% | 37.7% | ||
| Q1 25 | 7.4% | 26.9% | ||
| Q4 24 | 13.1% | 25.5% | ||
| Q3 24 | 2.7% | 28.9% | ||
| Q2 24 | 1.5% | 32.1% | ||
| Q1 24 | 3.4% | 31.7% |
| Q4 25 | 8.0% | 34.8% | ||
| Q3 25 | 3.4% | 28.5% | ||
| Q2 25 | 2.8% | 28.9% | ||
| Q1 25 | 5.4% | 20.3% | ||
| Q4 24 | 7.9% | 19.9% | ||
| Q3 24 | 1.5% | 22.0% | ||
| Q2 24 | 0.2% | 24.6% | ||
| Q1 24 | 0.3% | 24.1% |
| Q4 25 | $0.67 | $1.07 | ||
| Q3 25 | $0.30 | $0.69 | ||
| Q2 25 | $-0.02 | $0.69 | ||
| Q1 25 | $0.41 | $0.49 | ||
| Q4 24 | $0.63 | $0.50 | ||
| Q3 24 | $0.04 | $0.54 | ||
| Q2 24 | $-0.06 | $0.58 | ||
| Q1 24 | $-0.06 | $0.57 |
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 | — |
| Total DebtLower is stronger | $94.7M | $146.3M |
| Stockholders' EquityBook value | $294.8M | $3.4B |
| Total Assets | $521.4M | $26.6B |
| Debt / EquityLower = less leverage | 0.32× | 0.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | — | ||
| Q3 25 | $191.3M | — | ||
| Q2 25 | $174.9M | — | ||
| Q1 25 | $161.6M | — | ||
| Q4 24 | $131.9M | — | ||
| Q3 24 | $135.4M | — | ||
| Q2 24 | $129.8M | — | ||
| Q1 24 | $125.3M | — |
| Q4 25 | $94.7M | $146.3M | ||
| Q3 25 | $94.4M | $146.2M | ||
| Q2 25 | $94.1M | $252.0M | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | $132.2M | ||
| Q3 24 | $93.1M | $137.3M | ||
| Q2 24 | $92.8M | $383.4M | ||
| Q1 24 | $95.0M | $370.8M |
| Q4 25 | $294.8M | $3.4B | ||
| Q3 25 | $279.3M | $3.4B | ||
| Q2 25 | $272.2M | $3.4B | ||
| Q1 25 | $310.0M | $3.4B | ||
| Q4 24 | $303.9M | $3.3B | ||
| Q3 24 | $290.4M | $3.4B | ||
| Q2 24 | $288.7M | $3.2B | ||
| Q1 24 | $288.5M | $3.2B |
| Q4 25 | $521.4M | $26.6B | ||
| Q3 25 | $525.3M | $27.3B | ||
| Q2 25 | $537.4M | $27.6B | ||
| Q1 25 | $578.7M | $28.3B | ||
| Q4 24 | $570.1M | $29.1B | ||
| Q3 24 | $569.6M | $29.6B | ||
| Q2 24 | $560.7M | $30.3B | ||
| Q1 24 | $559.0M | $30.1B |
| Q4 25 | 0.32× | 0.04× | ||
| Q3 25 | 0.34× | 0.04× | ||
| Q2 25 | 0.35× | 0.07× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | 0.04× | ||
| Q3 24 | 0.32× | 0.04× | ||
| Q2 24 | 0.32× | 0.12× | ||
| Q1 24 | 0.33× | 0.12× |
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 | $305.6M |
| Free Cash FlowOCF − Capex | $-15.6M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $305.6M | ||
| Q3 25 | $21.7M | $91.7M | ||
| Q2 25 | $14.8M | $68.1M | ||
| Q1 25 | $37.0M | $78.5M | ||
| Q4 24 | $1.6M | $355.0M | ||
| Q3 24 | $14.1M | $89.9M | ||
| Q2 24 | $12.5M | $82.3M | ||
| Q1 24 | $20.7M | $87.6M |
| Q4 25 | $-15.6M | — | ||
| Q3 25 | $17.5M | — | ||
| 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% | — | ||
| 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% | — | ||
| 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× | 2.81× | ||
| Q3 25 | 3.90× | 1.28× | ||
| Q2 25 | 3.29× | 0.95× | ||
| Q1 25 | 4.16× | 1.56× | ||
| Q4 24 | 0.12× | 6.81× | ||
| Q3 24 | 6.22× | 1.62× | ||
| Q2 24 | 33.57× | 1.37× | ||
| Q1 24 | 40.20× | 1.50× |
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% |
FIBK
Segment breakdown not available.
