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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Fastly, Inc. (FSLY). Click either name above to swap in a different company.
Fastly, Inc. is the larger business by last-quarter revenue ($173.0M vs $158.3M, roughly 1.1× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -11.9%, a 19.8% gap on every dollar of revenue. On growth, Fastly, Inc. posted the faster year-over-year revenue change (19.8% vs -3.5%). Fastly, Inc. produced more free cash flow last quarter ($4.1M vs $-15.6M). Over the past eight quarters, Fastly, Inc.'s revenue compounded faster (14.3% 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.
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
APEI vs FSLY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $173.0M |
| Net Profit | $12.6M | $-20.5M |
| Gross Margin | 56.4% | 62.5% |
| Operating Margin | 12.0% | 23.7% |
| Net Margin | 8.0% | -11.9% |
| Revenue YoY | -3.5% | 19.8% |
| Net Profit YoY | -2.7% | 47.6% |
| 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.
| Q1 26 | — | $173.0M | ||
| Q4 25 | $158.3M | $172.6M | ||
| Q3 25 | $163.2M | $158.2M | ||
| Q2 25 | $162.8M | $148.7M | ||
| Q1 25 | $164.6M | $144.5M | ||
| Q4 24 | $164.1M | $140.6M | ||
| Q3 24 | $153.1M | $137.2M | ||
| Q2 24 | $152.9M | $132.4M |
| Q1 26 | — | $-20.5M | ||
| Q4 25 | $12.6M | $-15.5M | ||
| Q3 25 | $5.6M | $-29.5M | ||
| Q2 25 | $4.5M | $-37.5M | ||
| Q1 25 | $8.9M | $-39.1M | ||
| Q4 24 | $13.0M | $-32.9M | ||
| Q3 24 | $2.3M | $-38.0M | ||
| Q2 24 | $371.0K | $-43.7M |
| Q1 26 | — | 62.5% | ||
| Q4 25 | 56.4% | 61.4% | ||
| Q3 25 | 54.2% | 58.4% | ||
| Q2 25 | 51.8% | 54.5% | ||
| Q1 25 | 54.5% | 53.2% | ||
| Q4 24 | 56.3% | 53.4% | ||
| Q3 24 | 50.8% | 54.5% | ||
| Q2 24 | 50.2% | 55.1% |
| Q1 26 | — | 23.7% | ||
| Q4 25 | 12.0% | -8.7% | ||
| Q3 25 | 5.9% | -18.2% | ||
| Q2 25 | 4.3% | -24.8% | ||
| Q1 25 | 7.4% | -26.4% | ||
| Q4 24 | 13.1% | -24.4% | ||
| Q3 24 | 2.7% | -29.6% | ||
| Q2 24 | 1.5% | -35.3% |
| Q1 26 | — | -11.9% | ||
| Q4 25 | 8.0% | -9.0% | ||
| Q3 25 | 3.4% | -18.6% | ||
| Q2 25 | 2.8% | -25.2% | ||
| Q1 25 | 5.4% | -27.1% | ||
| Q4 24 | 7.9% | -23.4% | ||
| Q3 24 | 1.5% | -27.7% | ||
| Q2 24 | 0.2% | -33.0% |
| Q1 26 | — | $-0.13 | ||
| Q4 25 | $0.67 | $-0.10 | ||
| Q3 25 | $0.30 | $-0.20 | ||
| Q2 25 | $-0.02 | $-0.26 | ||
| Q1 25 | $0.41 | $-0.27 | ||
| Q4 24 | $0.63 | $-0.23 | ||
| Q3 24 | $0.04 | $-0.27 | ||
| Q2 24 | $-0.06 | $-0.32 |
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 | $146.7M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $977.1M |
| Total Assets | $521.4M | $1.5B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $146.7M | ||
| Q4 25 | $174.1M | $361.8M | ||
| Q3 25 | $191.3M | $342.9M | ||
| Q2 25 | $174.9M | $321.2M | ||
| Q1 25 | $161.6M | $307.3M | ||
| Q4 24 | $131.9M | $295.9M | ||
| Q3 24 | $135.4M | $308.2M | ||
| Q2 24 | $129.8M | $311.8M |
| 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 | — | $977.1M | ||
| Q4 25 | $294.8M | $929.6M | ||
| Q3 25 | $279.3M | $937.0M | ||
| Q2 25 | $272.2M | $942.6M | ||
| Q1 25 | $310.0M | $957.0M | ||
| Q4 24 | $303.9M | $965.3M | ||
| Q3 24 | $290.4M | $969.5M | ||
| Q2 24 | $288.7M | $981.2M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $521.4M | $1.5B | ||
| Q3 25 | $525.3M | $1.5B | ||
| Q2 25 | $537.4M | $1.5B | ||
| Q1 25 | $578.7M | $1.4B | ||
| Q4 24 | $570.1M | $1.5B | ||
| Q3 24 | $569.6M | $1.5B | ||
| Q2 24 | $560.7M | $1.5B |
| 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 | $28.9M |
| Free Cash FlowOCF − Capex | $-15.6M | $4.1M |
| FCF MarginFCF / Revenue | -9.9% | 2.4% |
| Capex IntensityCapex / Revenue | 2.6% | 14.3% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $55.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.9M | ||
| Q4 25 | $-11.6M | $22.4M | ||
| Q3 25 | $21.7M | $28.9M | ||
| Q2 25 | $14.8M | $25.8M | ||
| Q1 25 | $37.0M | $17.3M | ||
| Q4 24 | $1.6M | $5.2M | ||
| Q3 24 | $14.1M | $5.0M | ||
| Q2 24 | $12.5M | $-4.9M |
| Q1 26 | — | $4.1M | ||
| Q4 25 | $-15.6M | $12.2M | ||
| Q3 25 | $17.5M | $22.9M | ||
| Q2 25 | $11.1M | $15.9M | ||
| Q1 25 | $33.1M | $14.7M | ||
| Q4 24 | $-1.8M | $251.0K | ||
| Q3 24 | $7.8M | $3.0M | ||
| Q2 24 | $7.3M | $-6.7M |
| Q1 26 | — | 2.4% | ||
| Q4 25 | -9.9% | 7.1% | ||
| Q3 25 | 10.7% | 14.5% | ||
| Q2 25 | 6.8% | 10.7% | ||
| Q1 25 | 20.1% | 10.2% | ||
| Q4 24 | -1.1% | 0.2% | ||
| Q3 24 | 5.1% | 2.2% | ||
| Q2 24 | 4.7% | -5.1% |
| Q1 26 | — | 14.3% | ||
| Q4 25 | 2.6% | 5.9% | ||
| Q3 25 | 2.6% | 3.8% | ||
| Q2 25 | 2.3% | 6.6% | ||
| Q1 25 | 2.4% | 1.8% | ||
| Q4 24 | 2.0% | 3.5% | ||
| Q3 24 | 4.1% | 1.5% | ||
| Q2 24 | 3.4% | 1.3% |
| Q1 26 | — | — | ||
| 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× | — |
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% |
FSLY
| Network Services | $126.2M | 73% |
| Security | $38.8M | 22% |
| Other | $8.0M | 5% |
