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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and FIRST MERCHANTS CORP (FRME). Click either name above to swap in a different company.
AMERICAN PUBLIC EDUCATION INC is the larger business by last-quarter revenue ($158.3M vs $157.1M, roughly 1.0× FIRST MERCHANTS CORP). FIRST MERCHANTS CORP runs the higher net margin — 17.9% vs 8.0%, a 10.0% gap on every dollar of revenue. Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -0.9%).
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.
First Merchants Corporation is a financial holding company in Central Indiana, headquartered in Muncie, Indiana. The Corporation includes First Merchants Bank and First Merchants Private Wealth Advisors. The company is listed on the NASDAQ as FRME. As of March 2023, total asset size of First Merchants Corporation was $18.2 billion. First Merchants offers commercial banking, personal banking, and investment advisor services.
APEI vs FRME — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $157.1M |
| Net Profit | $12.6M | $28.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | — |
| Net Margin | 8.0% | 17.9% |
| Revenue YoY | -3.5% | — |
| Net Profit YoY | -2.7% | -49.1% |
| EPS (diluted) | $0.67 | $0.45 |
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 | — | $157.1M | ||
| Q4 25 | $158.3M | $172.2M | ||
| Q3 25 | $163.2M | $166.1M | ||
| Q2 25 | $162.8M | $164.3M | ||
| Q1 25 | $164.6M | $160.3M | ||
| Q4 24 | $164.1M | $177.1M | ||
| Q3 24 | $153.1M | $156.0M | ||
| Q2 24 | $152.9M | $159.9M |
| Q1 26 | — | $28.2M | ||
| Q4 25 | $12.6M | $57.1M | ||
| Q3 25 | $5.6M | $56.8M | ||
| Q2 25 | $4.5M | $56.8M | ||
| Q1 25 | $8.9M | $55.3M | ||
| Q4 24 | $13.0M | $64.3M | ||
| Q3 24 | $2.3M | $49.2M | ||
| Q2 24 | $371.0K | $39.9M |
| 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% | 38.0% | ||
| Q3 25 | 5.9% | 39.3% | ||
| Q2 25 | 4.3% | 39.6% | ||
| Q1 25 | 7.4% | 39.4% | ||
| Q4 24 | 13.1% | 43.3% | ||
| Q3 24 | 2.7% | 36.1% | ||
| Q2 24 | 1.5% | 27.5% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 8.0% | 33.1% | ||
| Q3 25 | 3.4% | 34.2% | ||
| Q2 25 | 2.8% | 34.6% | ||
| Q1 25 | 5.4% | 34.5% | ||
| Q4 24 | 7.9% | 36.3% | ||
| Q3 24 | 1.5% | 31.5% | ||
| Q2 24 | 0.2% | 25.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.67 | $0.98 | ||
| Q3 25 | $0.30 | $0.98 | ||
| Q2 25 | $-0.02 | $0.98 | ||
| Q1 25 | $0.41 | $0.94 | ||
| Q4 24 | $0.63 | $1.09 | ||
| Q3 24 | $0.04 | $0.84 | ||
| Q2 24 | $-0.06 | $0.68 |
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 | — |
| Stockholders' EquityBook value | $294.8M | $2.7B |
| Total Assets | $521.4M | $21.1B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $294.8M | $2.5B | ||
| Q3 25 | $279.3M | $2.4B | ||
| Q2 25 | $272.2M | $2.3B | ||
| Q1 25 | $310.0M | $2.3B | ||
| Q4 24 | $303.9M | $2.3B | ||
| Q3 24 | $290.4M | $2.3B | ||
| Q2 24 | $288.7M | $2.2B |
| Q1 26 | — | $21.1B | ||
| Q4 25 | $521.4M | $19.0B | ||
| Q3 25 | $525.3M | $18.8B | ||
| Q2 25 | $537.4M | $18.6B | ||
| Q1 25 | $578.7M | $18.4B | ||
| Q4 24 | $570.1M | $18.3B | ||
| Q3 24 | $569.6M | $18.3B | ||
| Q2 24 | $560.7M | $18.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — |
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 | — |
| 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 | — | — | ||
| Q4 25 | $-11.6M | $283.6M | ||
| Q3 25 | $21.7M | $87.6M | ||
| Q2 25 | $14.8M | $53.7M | ||
| Q1 25 | $37.0M | $61.7M | ||
| Q4 24 | $1.6M | $266.2M | ||
| Q3 24 | $14.1M | $76.8M | ||
| Q2 24 | $12.5M | $63.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -0.92× | 4.97× | ||
| Q3 25 | 3.90× | 1.54× | ||
| Q2 25 | 3.29× | 0.94× | ||
| Q1 25 | 4.16× | 1.11× | ||
| Q4 24 | 0.12× | 4.14× | ||
| Q3 24 | 6.22× | 1.56× | ||
| Q2 24 | 33.57× | 1.58× |
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% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
