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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and JFrog Ltd (FROG). 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 $145.3M, roughly 1.1× JFrog Ltd). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -10.5%, a 18.4% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs -3.5%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $-15.6M). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% 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.
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
APEI vs FROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $145.3M |
| Net Profit | $12.6M | $-15.2M |
| Gross Margin | 56.4% | 77.9% |
| Operating Margin | 12.0% | -14.7% |
| Net Margin | 8.0% | -10.5% |
| Revenue YoY | -3.5% | 25.2% |
| Net Profit YoY | -2.7% | 34.4% |
| EPS (diluted) | $0.67 | $-0.13 |
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 | $145.3M | ||
| Q3 25 | $163.2M | $136.9M | ||
| Q2 25 | $162.8M | $127.2M | ||
| Q1 25 | $164.6M | $122.4M | ||
| Q4 24 | $164.1M | $116.1M | ||
| Q3 24 | $153.1M | $109.1M | ||
| Q2 24 | $152.9M | $103.0M | ||
| Q1 24 | $154.4M | $100.3M |
| Q4 25 | $12.6M | $-15.2M | ||
| Q3 25 | $5.6M | $-16.4M | ||
| Q2 25 | $4.5M | $-21.7M | ||
| Q1 25 | $8.9M | $-18.5M | ||
| Q4 24 | $13.0M | $-23.2M | ||
| Q3 24 | $2.3M | $-22.9M | ||
| Q2 24 | $371.0K | $-14.3M | ||
| Q1 24 | $516.0K | $-8.8M |
| Q4 25 | 56.4% | 77.9% | ||
| Q3 25 | 54.2% | 77.4% | ||
| Q2 25 | 51.8% | 76.3% | ||
| Q1 25 | 54.5% | 75.3% | ||
| Q4 24 | 56.3% | 75.4% | ||
| Q3 24 | 50.8% | 75.0% | ||
| Q2 24 | 50.2% | 78.8% | ||
| Q1 24 | 53.1% | 79.5% |
| Q4 25 | 12.0% | -14.7% | ||
| Q3 25 | 5.9% | -15.8% | ||
| Q2 25 | 4.3% | -20.4% | ||
| Q1 25 | 7.4% | -18.8% | ||
| Q4 24 | 13.1% | -21.9% | ||
| Q3 24 | 2.7% | -27.4% | ||
| Q2 24 | 1.5% | -18.6% | ||
| Q1 24 | 3.4% | -16.6% |
| Q4 25 | 8.0% | -10.5% | ||
| Q3 25 | 3.4% | -12.0% | ||
| Q2 25 | 2.8% | -17.0% | ||
| Q1 25 | 5.4% | -15.1% | ||
| Q4 24 | 7.9% | -20.0% | ||
| Q3 24 | 1.5% | -21.0% | ||
| Q2 24 | 0.2% | -13.9% | ||
| Q1 24 | 0.3% | -8.8% |
| Q4 25 | $0.67 | $-0.13 | ||
| Q3 25 | $0.30 | $-0.14 | ||
| Q2 25 | $-0.02 | $-0.19 | ||
| Q1 25 | $0.41 | $-0.16 | ||
| Q4 24 | $0.63 | $-0.21 | ||
| Q3 24 | $0.04 | $-0.21 | ||
| Q2 24 | $-0.06 | $-0.13 | ||
| Q1 24 | $-0.06 | $-0.08 |
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 | $704.4M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $887.4M |
| Total Assets | $521.4M | $1.3B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $704.4M | ||
| Q3 25 | $191.3M | $651.1M | ||
| Q2 25 | $174.9M | $611.7M | ||
| Q1 25 | $161.6M | $563.5M | ||
| Q4 24 | $131.9M | $522.0M | ||
| Q3 24 | $135.4M | $467.8M | ||
| Q2 24 | $129.8M | $591.3M | ||
| Q1 24 | $125.3M | $579.6M |
| 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 24 | $95.0M | — |
| Q4 25 | $294.8M | $887.4M | ||
| Q3 25 | $279.3M | $859.4M | ||
| Q2 25 | $272.2M | $826.5M | ||
| Q1 25 | $310.0M | $800.0M | ||
| Q4 24 | $303.9M | $773.5M | ||
| Q3 24 | $290.4M | $756.2M | ||
| Q2 24 | $288.7M | $721.4M | ||
| Q1 24 | $288.5M | $707.8M |
| Q4 25 | $521.4M | $1.3B | ||
| Q3 25 | $525.3M | $1.3B | ||
| Q2 25 | $537.4M | $1.2B | ||
| Q1 25 | $578.7M | $1.2B | ||
| Q4 24 | $570.1M | $1.1B | ||
| Q3 24 | $569.6M | $1.1B | ||
| Q2 24 | $560.7M | $1.0B | ||
| Q1 24 | $559.0M | $997.1M |
| 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× | — | ||
| 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 | $50.7M |
| Free Cash FlowOCF − Capex | $-15.6M | $49.9M |
| FCF MarginFCF / Revenue | -9.9% | 34.3% |
| Capex IntensityCapex / Revenue | 2.6% | 0.6% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $142.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $50.7M | ||
| Q3 25 | $21.7M | $30.2M | ||
| Q2 25 | $14.8M | $36.1M | ||
| Q1 25 | $37.0M | $28.8M | ||
| Q4 24 | $1.6M | $49.1M | ||
| Q3 24 | $14.1M | $27.6M | ||
| Q2 24 | $12.5M | $16.7M | ||
| Q1 24 | $20.7M | $17.5M |
| Q4 25 | $-15.6M | $49.9M | ||
| Q3 25 | $17.5M | $28.8M | ||
| Q2 25 | $11.1M | $35.5M | ||
| Q1 25 | $33.1M | $28.1M | ||
| Q4 24 | $-1.8M | $48.5M | ||
| Q3 24 | $7.8M | $26.7M | ||
| Q2 24 | $7.3M | $16.0M | ||
| Q1 24 | $14.5M | $16.6M |
| Q4 25 | -9.9% | 34.3% | ||
| Q3 25 | 10.7% | 21.0% | ||
| Q2 25 | 6.8% | 27.9% | ||
| Q1 25 | 20.1% | 23.0% | ||
| Q4 24 | -1.1% | 41.8% | ||
| Q3 24 | 5.1% | 24.5% | ||
| Q2 24 | 4.7% | 15.5% | ||
| Q1 24 | 9.4% | 16.6% |
| Q4 25 | 2.6% | 0.6% | ||
| Q3 25 | 2.6% | 1.0% | ||
| Q2 25 | 2.3% | 0.5% | ||
| Q1 25 | 2.4% | 0.5% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 4.1% | 0.9% | ||
| Q2 24 | 3.4% | 0.7% | ||
| Q1 24 | 4.0% | 0.8% |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — | ||
| Q1 24 | 40.20× | — |
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% |
FROG
Segment breakdown not available.
