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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($235.9M vs $158.3M, roughly 1.5× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 3.4%, a 4.5% gap on every dollar of revenue. On growth, Howard Hughes Holdings Inc. posted the faster year-over-year revenue change (18.4% vs -3.5%). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -13.8%).
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.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
APEI vs HHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $235.9M |
| Net Profit | $12.6M | $8.1M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 121.6% |
| Net Margin | 8.0% | 3.4% |
| Revenue YoY | -3.5% | 18.4% |
| Net Profit YoY | -2.7% | -25.6% |
| EPS (diluted) | $0.67 | $0.14 |
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 | — | $235.9M | ||
| Q4 25 | $158.3M | $624.4M | ||
| Q3 25 | $163.2M | $390.2M | ||
| Q2 25 | $162.8M | $260.9M | ||
| Q1 25 | $164.6M | $199.3M | ||
| Q4 24 | $164.1M | $935.0M | ||
| Q3 24 | $153.1M | $327.1M | ||
| Q2 24 | $152.9M | $317.4M |
| Q1 26 | — | $8.1M | ||
| Q4 25 | $12.6M | $6.0M | ||
| Q3 25 | $5.6M | $119.5M | ||
| Q2 25 | $4.5M | $-12.1M | ||
| Q1 25 | $8.9M | $10.5M | ||
| Q4 24 | $13.0M | $156.3M | ||
| Q3 24 | $2.3M | $72.8M | ||
| Q2 24 | $371.0K | $21.1M |
| 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 | — | 121.6% | ||
| Q4 25 | 12.0% | 4.2% | ||
| Q3 25 | 5.9% | 48.6% | ||
| Q2 25 | 4.3% | 26.0% | ||
| Q1 25 | 7.4% | 24.0% | ||
| Q4 24 | 13.1% | 33.5% | ||
| Q3 24 | 2.7% | 60.6% | ||
| Q2 24 | 1.5% | 20.4% |
| Q1 26 | — | 3.4% | ||
| Q4 25 | 8.0% | 1.0% | ||
| Q3 25 | 3.4% | 30.6% | ||
| Q2 25 | 2.8% | -4.7% | ||
| Q1 25 | 5.4% | 5.3% | ||
| Q4 24 | 7.9% | 16.7% | ||
| Q3 24 | 1.5% | 22.2% | ||
| Q2 24 | 0.2% | 6.6% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.67 | $0.20 | ||
| Q3 25 | $0.30 | $2.02 | ||
| Q2 25 | $-0.02 | $-0.22 | ||
| Q1 25 | $0.41 | $0.21 | ||
| Q4 24 | $0.63 | $3.14 | ||
| Q3 24 | $0.04 | $1.46 | ||
| Q2 24 | $-0.06 | $0.42 |
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 | $1.8B |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $3.8B |
| Total Assets | $521.4M | $11.2B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $174.1M | $1.5B | ||
| Q3 25 | $191.3M | $1.5B | ||
| Q2 25 | $174.9M | $1.4B | ||
| Q1 25 | $161.6M | $493.7M | ||
| Q4 24 | $131.9M | $596.1M | ||
| Q3 24 | $135.4M | $400.7M | ||
| Q2 24 | $129.8M | $436.8M |
| Q1 26 | — | — | ||
| Q4 25 | $94.7M | $5.1B | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | $5.1B | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — |
| Q1 26 | — | $3.8B | ||
| Q4 25 | $294.8M | $3.8B | ||
| Q3 25 | $279.3M | $3.8B | ||
| Q2 25 | $272.2M | $3.6B | ||
| Q1 25 | $310.0M | $2.8B | ||
| Q4 24 | $303.9M | $2.8B | ||
| Q3 24 | $290.4M | $2.6B | ||
| Q2 24 | $288.7M | $3.0B |
| Q1 26 | — | $11.2B | ||
| Q4 25 | $521.4M | $10.6B | ||
| Q3 25 | $525.3M | $10.7B | ||
| Q2 25 | $537.4M | $10.3B | ||
| Q1 25 | $578.7M | $9.3B | ||
| Q4 24 | $570.1M | $9.2B | ||
| Q3 24 | $569.6M | $9.4B | ||
| Q2 24 | $560.7M | $9.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | 1.35× | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | 1.85× | ||
| 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 | $360.3M | ||
| Q3 25 | $21.7M | $149.8M | ||
| Q2 25 | $14.8M | $177.3M | ||
| Q1 25 | $37.0M | $-224.9M | ||
| Q4 24 | $1.6M | $337.1M | ||
| Q3 24 | $14.1M | $248.3M | ||
| Q2 24 | $12.5M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-15.6M | $348.6M | ||
| Q3 25 | $17.5M | $137.7M | ||
| Q2 25 | $11.1M | $169.7M | ||
| Q1 25 | $33.1M | $-238.4M | ||
| Q4 24 | $-1.8M | $317.1M | ||
| Q3 24 | $7.8M | $238.7M | ||
| Q2 24 | $7.3M | $-25.1M |
| Q1 26 | — | — | ||
| Q4 25 | -9.9% | 55.8% | ||
| Q3 25 | 10.7% | 35.3% | ||
| Q2 25 | 6.8% | 65.1% | ||
| Q1 25 | 20.1% | -119.6% | ||
| Q4 24 | -1.1% | 33.9% | ||
| Q3 24 | 5.1% | 73.0% | ||
| Q2 24 | 4.7% | -7.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.9% | ||
| Q3 25 | 2.6% | 3.1% | ||
| Q2 25 | 2.3% | 2.9% | ||
| Q1 25 | 2.4% | 6.8% | ||
| Q4 24 | 2.0% | 2.1% | ||
| Q3 24 | 4.1% | 2.9% | ||
| Q2 24 | 3.4% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | -0.92× | 60.04× | ||
| Q3 25 | 3.90× | 1.25× | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 4.16× | -21.35× | ||
| Q4 24 | 0.12× | 2.16× | ||
| Q3 24 | 6.22× | 3.41× | ||
| Q2 24 | 33.57× | -0.83× |
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% |
HHH
| Rental revenue | $113.5M | 48% |
| Master Planned Communities land sales | $99.6M | 42% |
| Other revenues | $11.0M | 5% |
| Builder price participation | $8.7M | 4% |
| Condominium rights and unit sales | $3.1M | 1% |
