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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and GRID DYNAMICS HOLDINGS, INC. (GDYN). 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 $104.1M, roughly 1.5× GRID DYNAMICS HOLDINGS, INC.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -1.4%, a 9.4% gap on every dollar of revenue. On growth, GRID DYNAMICS HOLDINGS, INC. posted the faster year-over-year revenue change (3.7% vs -3.5%). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (12.0% 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.
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
APEI vs GDYN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $104.1M |
| Net Profit | $12.6M | $-1.5M |
| Gross Margin | 56.4% | 34.8% |
| Operating Margin | 12.0% | 61.7% |
| Net Margin | 8.0% | -1.4% |
| Revenue YoY | -3.5% | 3.7% |
| Net Profit YoY | -2.7% | -150.6% |
| EPS (diluted) | $0.67 | $-0.02 |
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 | — | $104.1M | ||
| Q4 25 | $158.3M | $106.2M | ||
| Q3 25 | $163.2M | $104.2M | ||
| Q2 25 | $162.8M | $101.1M | ||
| Q1 25 | $164.6M | $100.4M | ||
| Q4 24 | $164.1M | $100.3M | ||
| Q3 24 | $153.1M | $87.4M | ||
| Q2 24 | $152.9M | $83.0M |
| Q1 26 | — | $-1.5M | ||
| Q4 25 | $12.6M | $306.0K | ||
| Q3 25 | $5.6M | $1.2M | ||
| Q2 25 | $4.5M | $5.3M | ||
| Q1 25 | $8.9M | $2.9M | ||
| Q4 24 | $13.0M | $4.5M | ||
| Q3 24 | $2.3M | $4.3M | ||
| Q2 24 | $371.0K | $-817.0K |
| Q1 26 | — | 34.8% | ||
| Q4 25 | 56.4% | 34.0% | ||
| Q3 25 | 54.2% | 33.3% | ||
| Q2 25 | 51.8% | 34.1% | ||
| Q1 25 | 54.5% | 36.8% | ||
| Q4 24 | 56.3% | 36.9% | ||
| Q3 24 | 50.8% | 37.4% | ||
| Q2 24 | 50.2% | 35.6% |
| Q1 26 | — | 61.7% | ||
| Q4 25 | 12.0% | 0.5% | ||
| Q3 25 | 5.9% | -0.2% | ||
| Q2 25 | 4.3% | -0.1% | ||
| Q1 25 | 7.4% | -2.0% | ||
| Q4 24 | 13.1% | 1.3% | ||
| Q3 24 | 2.7% | 2.4% | ||
| Q2 24 | 1.5% | 0.0% |
| Q1 26 | — | -1.4% | ||
| Q4 25 | 8.0% | 0.3% | ||
| Q3 25 | 3.4% | 1.1% | ||
| Q2 25 | 2.8% | 5.2% | ||
| Q1 25 | 5.4% | 2.9% | ||
| Q4 24 | 7.9% | 4.5% | ||
| Q3 24 | 1.5% | 4.9% | ||
| Q2 24 | 0.2% | -1.0% |
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.67 | $0.01 | ||
| Q3 25 | $0.30 | $0.01 | ||
| Q2 25 | $-0.02 | $0.06 | ||
| Q1 25 | $0.41 | $0.03 | ||
| Q4 24 | $0.63 | $0.06 | ||
| Q3 24 | $0.04 | $0.05 | ||
| Q2 24 | $-0.06 | $-0.01 |
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 | $327.5M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $530.1M |
| Total Assets | $521.4M | $605.0M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $327.5M | ||
| Q4 25 | $174.1M | $342.1M | ||
| Q3 25 | $191.3M | $338.6M | ||
| Q2 25 | $174.9M | $336.8M | ||
| Q1 25 | $161.6M | $325.5M | ||
| Q4 24 | $131.9M | $334.7M | ||
| Q3 24 | $135.4M | $231.3M | ||
| Q2 24 | $129.8M | $256.0M |
| 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 | — | $530.1M | ||
| Q4 25 | $294.8M | $542.1M | ||
| Q3 25 | $279.3M | $537.7M | ||
| Q2 25 | $272.2M | $532.2M | ||
| Q1 25 | $310.0M | $517.4M | ||
| Q4 24 | $303.9M | $517.8M | ||
| Q3 24 | $290.4M | $400.2M | ||
| Q2 24 | $288.7M | $388.4M |
| Q1 26 | — | $605.0M | ||
| Q4 25 | $521.4M | $612.9M | ||
| Q3 25 | $525.3M | $613.2M | ||
| Q2 25 | $537.4M | $608.9M | ||
| Q1 25 | $578.7M | $590.9M | ||
| Q4 24 | $570.1M | $592.2M | ||
| Q3 24 | $569.6M | $477.3M | ||
| Q2 24 | $560.7M | $443.6M |
| 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 | $9.9M | ||
| Q3 25 | $21.7M | $7.0M | ||
| Q2 25 | $14.8M | $14.4M | ||
| Q1 25 | $37.0M | $9.4M | ||
| Q4 24 | $1.6M | $7.1M | ||
| Q3 24 | $14.1M | $9.2M | ||
| Q2 24 | $12.5M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-15.6M | $6.1M | ||
| Q3 25 | $17.5M | $2.9M | ||
| Q2 25 | $11.1M | $10.2M | ||
| Q1 25 | $33.1M | $6.0M | ||
| Q4 24 | $-1.8M | $4.4M | ||
| Q3 24 | $7.8M | $5.9M | ||
| Q2 24 | $7.3M | $8.0M |
| Q1 26 | — | — | ||
| Q4 25 | -9.9% | 5.7% | ||
| Q3 25 | 10.7% | 2.8% | ||
| Q2 25 | 6.8% | 10.1% | ||
| Q1 25 | 20.1% | 6.0% | ||
| Q4 24 | -1.1% | 4.4% | ||
| Q3 24 | 5.1% | 6.8% | ||
| Q2 24 | 4.7% | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.6% | ||
| Q3 25 | 2.6% | 3.9% | ||
| Q2 25 | 2.3% | 4.1% | ||
| Q1 25 | 2.4% | 3.3% | ||
| Q4 24 | 2.0% | 2.6% | ||
| Q3 24 | 4.1% | 3.7% | ||
| Q2 24 | 3.4% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | -0.92× | 32.34× | ||
| Q3 25 | 3.90× | 5.92× | ||
| Q2 25 | 3.29× | 2.73× | ||
| Q1 25 | 4.16× | 3.21× | ||
| Q4 24 | 0.12× | 1.56× | ||
| Q3 24 | 6.22× | 2.15× | ||
| 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% |
GDYN
Segment breakdown not available.
