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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($188.4M vs $158.3M, roughly 1.2× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -79.7%, a 87.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs -3.5%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
APEI vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $188.4M |
| Net Profit | $12.6M | $-150.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | — |
| Net Margin | 8.0% | -79.7% |
| Revenue YoY | -3.5% | 95.9% |
| Net Profit YoY | -2.7% | -387.6% |
| EPS (diluted) | $0.67 | $-1.32 |
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 | — | $188.4M | ||
| Q4 25 | $158.3M | $143.5M | ||
| Q3 25 | $163.2M | $140.6M | ||
| Q2 25 | $162.8M | $122.3M | ||
| Q1 25 | $164.6M | $96.2M | ||
| Q4 24 | $164.1M | $80.8M | ||
| Q3 24 | $153.1M | $83.3M | ||
| Q2 24 | $152.9M | $84.9M |
| Q1 26 | — | $-150.2M | ||
| Q4 25 | $12.6M | $-97.7M | ||
| Q3 25 | $5.6M | $-104.5M | ||
| Q2 25 | $4.5M | $-70.0M | ||
| Q1 25 | $8.9M | $120.2M | ||
| Q4 24 | $13.0M | $-124.7M | ||
| Q3 24 | $2.3M | $-43.0M | ||
| Q2 24 | $371.0K | $-48.1M |
| 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% | -45.7% | ||
| Q3 25 | 5.9% | -70.8% | ||
| Q2 25 | 4.3% | -56.4% | ||
| Q1 25 | 7.4% | 81.8% | ||
| Q4 24 | 13.1% | -152.7% | ||
| Q3 24 | 2.7% | -51.7% | ||
| Q2 24 | 1.5% | -56.4% |
| Q1 26 | — | -79.7% | ||
| Q4 25 | 8.0% | -68.1% | ||
| Q3 25 | 3.4% | -74.4% | ||
| Q2 25 | 2.8% | -57.2% | ||
| Q1 25 | 5.4% | 125.0% | ||
| Q4 24 | 7.9% | -154.4% | ||
| Q3 24 | 1.5% | -51.6% | ||
| Q2 24 | 0.2% | -56.7% |
| Q1 26 | — | $-1.32 | ||
| Q4 25 | $0.67 | $-1.04 | ||
| Q3 25 | $0.30 | $-1.38 | ||
| Q2 25 | $-0.02 | $-0.73 | ||
| Q1 25 | $0.41 | $0.89 | ||
| Q4 24 | $0.63 | $-1.21 | ||
| Q3 24 | $0.04 | $-0.45 | ||
| Q2 24 | $-0.06 | $-0.52 |
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 | $37.9M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $-122.5K |
| Total Assets | $521.4M | $5.7B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.9M | ||
| Q4 25 | $174.1M | $57.4M | ||
| Q3 25 | $191.3M | $34.7M | ||
| Q2 25 | $174.9M | $33.6M | ||
| Q1 25 | $161.6M | $26.3M | ||
| Q4 24 | $131.9M | $27.8M | ||
| Q3 24 | $135.4M | $20.3M | ||
| Q2 24 | $129.8M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | $94.7M | $3.8B | ||
| Q3 25 | $94.4M | $3.7B | ||
| Q2 25 | $94.1M | $3.1B | ||
| Q1 25 | $93.7M | $2.8B | ||
| Q4 24 | $93.4M | $1.6B | ||
| Q3 24 | $93.1M | $1.5B | ||
| Q2 24 | $92.8M | $1.6B |
| Q1 26 | — | $-122.5K | ||
| Q4 25 | $294.8M | $21.3M | ||
| Q3 25 | $279.3M | $181.1M | ||
| Q2 25 | $272.2M | $375.5M | ||
| Q1 25 | $310.0M | $476.2M | ||
| Q4 24 | $303.9M | $202.7M | ||
| Q3 24 | $290.4M | $370.8M | ||
| Q2 24 | $288.7M | $394.8M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $521.4M | $5.7B | ||
| Q3 25 | $525.3M | $5.5B | ||
| Q2 25 | $537.4M | $4.4B | ||
| Q1 25 | $578.7M | $4.1B | ||
| Q4 24 | $570.1M | $2.4B | ||
| Q3 24 | $569.6M | $2.4B | ||
| Q2 24 | $560.7M | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | 176.99× | ||
| Q3 25 | 0.34× | 20.59× | ||
| Q2 25 | 0.35× | 8.21× | ||
| Q1 25 | 0.30× | 5.79× | ||
| Q4 24 | 0.31× | 7.84× | ||
| Q3 24 | 0.32× | 4.14× | ||
| Q2 24 | 0.32× | 3.94× |
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 | $-69.4M |
| 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 | — | $-69.4M | ||
| Q4 25 | $-11.6M | $-2.8M | ||
| Q3 25 | $21.7M | $-24.4M | ||
| Q2 25 | $14.8M | $-5.2M | ||
| Q1 25 | $37.0M | $-85.7M | ||
| Q4 24 | $1.6M | $-8.1M | ||
| Q3 24 | $14.1M | $14.2M | ||
| Q2 24 | $12.5M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-15.6M | $-68.6M | ||
| Q3 25 | $17.5M | $-90.7M | ||
| Q2 25 | $11.1M | $-87.5M | ||
| Q1 25 | $33.1M | $-151.7M | ||
| Q4 24 | $-1.8M | $-34.3M | ||
| Q3 24 | $7.8M | $-11.7M | ||
| Q2 24 | $7.3M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | -9.9% | -47.8% | ||
| Q3 25 | 10.7% | -64.5% | ||
| Q2 25 | 6.8% | -71.6% | ||
| Q1 25 | 20.1% | -157.7% | ||
| Q4 24 | -1.1% | -42.4% | ||
| Q3 24 | 5.1% | -14.0% | ||
| Q2 24 | 4.7% | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 45.9% | ||
| Q3 25 | 2.6% | 47.2% | ||
| Q2 25 | 2.3% | 67.3% | ||
| Q1 25 | 2.4% | 68.6% | ||
| Q4 24 | 2.0% | 32.5% | ||
| Q3 24 | 4.1% | 31.1% | ||
| Q2 24 | 3.4% | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 4.16× | -0.71× | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — |
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% |
FIP
Segment breakdown not available.
