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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Forestar Group Inc. (FOR). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $158.3M, roughly 1.7× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 5.6%, a 2.3% gap on every dollar of revenue. On growth, Forestar Group Inc. posted the faster year-over-year revenue change (9.0% vs -3.5%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-157.1M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -9.6%).
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.
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
APEI vs FOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $273.0M |
| Net Profit | $12.6M | $15.4M |
| Gross Margin | 56.4% | 20.1% |
| Operating Margin | 12.0% | 7.6% |
| Net Margin | 8.0% | 5.6% |
| Revenue YoY | -3.5% | 9.0% |
| Net Profit YoY | -2.7% | -6.7% |
| EPS (diluted) | $0.67 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $163.2M | $670.5M | ||
| Q2 25 | $162.8M | $390.5M | ||
| Q1 25 | $164.6M | $351.0M | ||
| Q4 24 | $164.1M | $250.4M | ||
| Q3 24 | $153.1M | $551.3M | ||
| Q2 24 | $152.9M | $318.4M | ||
| Q1 24 | $154.4M | $333.8M |
| Q4 25 | $12.6M | $15.4M | ||
| Q3 25 | $5.6M | $86.9M | ||
| Q2 25 | $4.5M | $32.9M | ||
| Q1 25 | $8.9M | $31.6M | ||
| Q4 24 | $13.0M | $16.5M | ||
| Q3 24 | $2.3M | $81.5M | ||
| Q2 24 | $371.0K | $38.7M | ||
| Q1 24 | $516.0K | $45.0M |
| Q4 25 | 56.4% | 20.1% | ||
| Q3 25 | 54.2% | 22.3% | ||
| Q2 25 | 51.8% | 20.4% | ||
| Q1 25 | 54.5% | 22.6% | ||
| Q4 24 | 56.3% | 22.0% | ||
| Q3 24 | 50.8% | 23.9% | ||
| Q2 24 | 50.2% | 22.5% | ||
| Q1 24 | 53.1% | 24.9% |
| Q4 25 | 12.0% | 7.6% | ||
| Q3 25 | 5.9% | 16.9% | ||
| Q2 25 | 4.3% | 11.2% | ||
| Q1 25 | 7.4% | 11.6% | ||
| Q4 24 | 13.1% | 8.7% | ||
| Q3 24 | 2.7% | 19.7% | ||
| Q2 24 | 1.5% | 16.2% | ||
| Q1 24 | 3.4% | 17.6% |
| Q4 25 | 8.0% | 5.6% | ||
| Q3 25 | 3.4% | 13.0% | ||
| Q2 25 | 2.8% | 8.4% | ||
| Q1 25 | 5.4% | 9.0% | ||
| Q4 24 | 7.9% | 6.6% | ||
| Q3 24 | 1.5% | 14.8% | ||
| Q2 24 | 0.2% | 12.2% | ||
| Q1 24 | 0.3% | 13.5% |
| Q4 25 | $0.67 | $0.30 | ||
| Q3 25 | $0.30 | $1.70 | ||
| Q2 25 | $-0.02 | $0.65 | ||
| Q1 25 | $0.41 | $0.62 | ||
| Q4 24 | $0.63 | $0.32 | ||
| Q3 24 | $0.04 | $1.59 | ||
| Q2 24 | $-0.06 | $0.76 | ||
| Q1 24 | $-0.06 | $0.89 |
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 | $211.7M |
| Total DebtLower is stronger | $94.7M | $793.2M |
| Stockholders' EquityBook value | $294.8M | $1.8B |
| Total Assets | $521.4M | $3.2B |
| Debt / EquityLower = less leverage | 0.32× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $211.7M | ||
| Q3 25 | $191.3M | $379.2M | ||
| Q2 25 | $174.9M | $189.2M | ||
| Q1 25 | $161.6M | $174.3M | ||
| Q4 24 | $131.9M | $132.0M | ||
| Q3 24 | $135.4M | $481.2M | ||
| Q2 24 | $129.8M | $359.2M | ||
| Q1 24 | $125.3M | $416.2M |
| Q4 25 | $94.7M | $793.2M | ||
| Q3 25 | $94.4M | $802.7M | ||
| Q2 25 | $94.1M | $872.8M | ||
| Q1 25 | $93.7M | $872.5M | ||
| Q4 24 | $93.4M | $806.8M | ||
| Q3 24 | $93.1M | $706.4M | ||
| Q2 24 | $92.8M | $706.1M | ||
| Q1 24 | $95.0M | $705.7M |
| Q4 25 | $294.8M | $1.8B | ||
| Q3 25 | $279.3M | $1.8B | ||
| Q2 25 | $272.2M | $1.7B | ||
| Q1 25 | $310.0M | $1.6B | ||
| Q4 24 | $303.9M | $1.6B | ||
| Q3 24 | $290.4M | $1.6B | ||
| Q2 24 | $288.7M | $1.5B | ||
| Q1 24 | $288.5M | $1.5B |
| Q4 25 | $521.4M | $3.2B | ||
| Q3 25 | $525.3M | $3.1B | ||
| Q2 25 | $537.4M | $3.1B | ||
| Q1 25 | $578.7M | $3.0B | ||
| Q4 24 | $570.1M | $3.0B | ||
| Q3 24 | $569.6M | $2.8B | ||
| Q2 24 | $560.7M | $2.7B | ||
| Q1 24 | $559.0M | $2.6B |
| Q4 25 | 0.32× | 0.44× | ||
| Q3 25 | 0.34× | 0.45× | ||
| Q2 25 | 0.35× | 0.52× | ||
| Q1 25 | 0.30× | 0.53× | ||
| Q4 24 | 0.31× | 0.50× | ||
| Q3 24 | 0.32× | 0.44× | ||
| Q2 24 | 0.32× | 0.47× | ||
| Q1 24 | 0.33× | 0.48× |
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 | $-157.0M |
| Free Cash FlowOCF − Capex | $-15.6M | $-157.1M |
| FCF MarginFCF / Revenue | -9.9% | -57.5% |
| Capex IntensityCapex / Revenue | 2.6% | 0.0% |
| Cash ConversionOCF / Net Profit | -0.92× | -10.19× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-157.0M | ||
| Q3 25 | $21.7M | $256.3M | ||
| Q2 25 | $14.8M | $15.8M | ||
| Q1 25 | $37.0M | $-19.8M | ||
| Q4 24 | $1.6M | $-450.0M | ||
| Q3 24 | $14.1M | $119.2M | ||
| Q2 24 | $12.5M | $-61.7M | ||
| Q1 24 | $20.7M | $-59.2M |
| Q4 25 | $-15.6M | $-157.1M | ||
| Q3 25 | $17.5M | $255.6M | ||
| Q2 25 | $11.1M | $15.0M | ||
| Q1 25 | $33.1M | $-20.5M | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $7.8M | $118.4M | ||
| Q2 24 | $7.3M | $-62.3M | ||
| Q1 24 | $14.5M | $-59.8M |
| Q4 25 | -9.9% | -57.5% | ||
| Q3 25 | 10.7% | 38.1% | ||
| Q2 25 | 6.8% | 3.8% | ||
| Q1 25 | 20.1% | -5.8% | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | 5.1% | 21.5% | ||
| Q2 24 | 4.7% | -19.6% | ||
| Q1 24 | 9.4% | -17.9% |
| Q4 25 | 2.6% | 0.0% | ||
| Q3 25 | 2.6% | 0.1% | ||
| Q2 25 | 2.3% | 0.2% | ||
| Q1 25 | 2.4% | 0.2% | ||
| Q4 24 | 2.0% | 0.0% | ||
| Q3 24 | 4.1% | 0.1% | ||
| Q2 24 | 3.4% | 0.2% | ||
| Q1 24 | 4.0% | 0.2% |
| Q4 25 | -0.92× | -10.19× | ||
| Q3 25 | 3.90× | 2.95× | ||
| Q2 25 | 3.29× | 0.48× | ||
| Q1 25 | 4.16× | -0.63× | ||
| Q4 24 | 0.12× | -27.27× | ||
| Q3 24 | 6.22× | 1.46× | ||
| Q2 24 | 33.57× | -1.59× | ||
| Q1 24 | 40.20× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
