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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $158.3M, roughly 7.9× AMERICAN PUBLIC EDUCATION INC). Graham Holdings Co runs the higher net margin — 8.7% vs 8.0%, a 0.7% gap on every dollar of revenue. On growth, Graham Holdings Co posted the faster year-over-year revenue change (0.4% vs -3.5%). Graham Holdings Co produced more free cash flow last quarter ($5.0M vs $-15.6M). Over the past eight quarters, Graham Holdings Co's revenue compounded faster (4.2% 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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
APEI vs GHC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $1.3B |
| Net Profit | $12.6M | $108.7M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 3.8% |
| Net Margin | 8.0% | 8.7% |
| Revenue YoY | -3.5% | 0.4% |
| Net Profit YoY | -2.7% | -80.2% |
| EPS (diluted) | $0.67 | $24.76 |
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 | $1.3B | ||
| Q3 25 | $163.2M | $1.3B | ||
| Q2 25 | $162.8M | $1.2B | ||
| Q1 25 | $164.6M | $1.2B | ||
| Q4 24 | $164.1M | $1.2B | ||
| Q3 24 | $153.1M | $1.2B | ||
| Q2 24 | $152.9M | $1.2B | ||
| Q1 24 | $154.4M | $1.2B |
| Q4 25 | $12.6M | $108.7M | ||
| Q3 25 | $5.6M | $122.9M | ||
| Q2 25 | $4.5M | $36.7M | ||
| Q1 25 | $8.9M | $23.9M | ||
| Q4 24 | $13.0M | $548.8M | ||
| Q3 24 | $2.3M | $72.5M | ||
| Q2 24 | $371.0K | $-21.0M | ||
| Q1 24 | $516.0K | $124.4M |
| 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 24 | 53.1% | — |
| Q4 25 | 12.0% | 3.8% | ||
| Q3 25 | 5.9% | 5.2% | ||
| Q2 25 | 4.3% | 6.0% | ||
| Q1 25 | 7.4% | 4.1% | ||
| Q4 24 | 13.1% | 5.8% | ||
| Q3 24 | 2.7% | 6.8% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 3.4% | 3.1% |
| Q4 25 | 8.0% | 8.7% | ||
| Q3 25 | 3.4% | 9.6% | ||
| Q2 25 | 2.8% | 3.0% | ||
| Q1 25 | 5.4% | 2.0% | ||
| Q4 24 | 7.9% | 44.1% | ||
| Q3 24 | 1.5% | 6.0% | ||
| Q2 24 | 0.2% | -1.8% | ||
| Q1 24 | 0.3% | 10.8% |
| Q4 25 | $0.67 | $24.76 | ||
| Q3 25 | $0.30 | $27.91 | ||
| Q2 25 | $-0.02 | $8.35 | ||
| Q1 25 | $0.41 | $5.45 | ||
| Q4 24 | $0.63 | $124.05 | ||
| Q3 24 | $0.04 | $16.42 | ||
| Q2 24 | $-0.06 | $-4.79 | ||
| Q1 24 | $-0.06 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $4.8B |
| Total Assets | $521.4M | $8.4B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $267.0M | ||
| Q3 25 | $191.3M | $190.8M | ||
| Q2 25 | $174.9M | $176.2M | ||
| Q1 25 | $161.6M | $156.7M | ||
| Q4 24 | $131.9M | $260.9M | ||
| Q3 24 | $135.4M | $244.4M | ||
| Q2 24 | $129.8M | $140.7M | ||
| Q1 24 | $125.3M | $130.9M |
| 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 | $4.8B | ||
| Q3 25 | $279.3M | $4.5B | ||
| Q2 25 | $272.2M | $4.4B | ||
| Q1 25 | $310.0M | $4.3B | ||
| Q4 24 | $303.9M | $4.3B | ||
| Q3 24 | $290.4M | $4.0B | ||
| Q2 24 | $288.7M | $4.0B | ||
| Q1 24 | $288.5M | $4.0B |
| Q4 25 | $521.4M | $8.4B | ||
| Q3 25 | $525.3M | $7.9B | ||
| Q2 25 | $537.4M | $7.6B | ||
| Q1 25 | $578.7M | $7.6B | ||
| Q4 24 | $570.1M | $7.7B | ||
| Q3 24 | $569.6M | $7.4B | ||
| Q2 24 | $560.7M | $7.2B | ||
| Q1 24 | $559.0M | $7.3B |
| 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 | $28.3M |
| Free Cash FlowOCF − Capex | $-15.6M | $5.0M |
| FCF MarginFCF / Revenue | -9.9% | 0.4% |
| Capex IntensityCapex / Revenue | 2.6% | 1.9% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $28.3M | ||
| Q3 25 | $21.7M | $178.1M | ||
| Q2 25 | $14.8M | $94.8M | ||
| Q1 25 | $37.0M | $46.0M | ||
| Q4 24 | $1.6M | $116.3M | ||
| Q3 24 | $14.1M | $237.6M | ||
| Q2 24 | $12.5M | $52.0M | ||
| Q1 24 | $20.7M | $1.1M |
| Q4 25 | $-15.6M | $5.0M | ||
| Q3 25 | $17.5M | $161.8M | ||
| Q2 25 | $11.1M | $78.0M | ||
| Q1 25 | $33.1M | $30.5M | ||
| Q4 24 | $-1.8M | $91.1M | ||
| Q3 24 | $7.8M | $219.4M | ||
| Q2 24 | $7.3M | $33.7M | ||
| Q1 24 | $14.5M | $-20.2M |
| Q4 25 | -9.9% | 0.4% | ||
| Q3 25 | 10.7% | 12.6% | ||
| Q2 25 | 6.8% | 6.4% | ||
| Q1 25 | 20.1% | 2.6% | ||
| Q4 24 | -1.1% | 7.3% | ||
| Q3 24 | 5.1% | 18.2% | ||
| Q2 24 | 4.7% | 2.8% | ||
| Q1 24 | 9.4% | -1.8% |
| Q4 25 | 2.6% | 1.9% | ||
| Q3 25 | 2.6% | 1.3% | ||
| Q2 25 | 2.3% | 1.4% | ||
| Q1 25 | 2.4% | 1.3% | ||
| Q4 24 | 2.0% | 2.0% | ||
| Q3 24 | 4.1% | 1.5% | ||
| Q2 24 | 3.4% | 1.5% | ||
| Q1 24 | 4.0% | 1.8% |
| Q4 25 | -0.92× | 0.26× | ||
| Q3 25 | 3.90× | 1.45× | ||
| Q2 25 | 3.29× | 2.58× | ||
| Q1 25 | 4.16× | 1.93× | ||
| Q4 24 | 0.12× | 0.21× | ||
| Q3 24 | 6.22× | 3.28× | ||
| Q2 24 | 33.57× | — | ||
| Q1 24 | 40.20× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
