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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $158.3M, roughly 1.3× AMERICAN PUBLIC EDUCATION INC). H2O AMERICA runs the higher net margin — 8.1% vs 8.0%, a 0.2% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -3.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% 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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
APEI vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $199.4M |
| Net Profit | $12.6M | $16.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 16.6% |
| Net Margin | 8.0% | 8.1% |
| Revenue YoY | -3.5% | 1.5% |
| Net Profit YoY | -2.7% | -29.2% |
| EPS (diluted) | $0.67 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $163.2M | $243.5M | ||
| Q2 25 | $162.8M | $197.8M | ||
| Q1 25 | $164.6M | $164.9M | ||
| Q4 24 | $164.1M | $196.5M | ||
| Q3 24 | $153.1M | $216.7M | ||
| Q2 24 | $152.9M | $173.1M | ||
| Q1 24 | $154.4M | $150.0M |
| Q4 25 | $12.6M | $16.2M | ||
| Q3 25 | $5.6M | $45.1M | ||
| Q2 25 | $4.5M | $24.7M | ||
| Q1 25 | $8.9M | $16.6M | ||
| Q4 24 | $13.0M | $22.9M | ||
| Q3 24 | $2.3M | $38.7M | ||
| Q2 24 | $371.0K | $20.7M | ||
| Q1 24 | $516.0K | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 5.9% | 26.5% | ||
| Q2 25 | 4.3% | 22.2% | ||
| Q1 25 | 7.4% | 21.8% | ||
| Q4 24 | 13.1% | 22.2% | ||
| Q3 24 | 2.7% | 26.9% | ||
| Q2 24 | 1.5% | 23.4% | ||
| Q1 24 | 3.4% | 18.6% |
| Q4 25 | 8.0% | 8.1% | ||
| Q3 25 | 3.4% | 18.5% | ||
| Q2 25 | 2.8% | 12.5% | ||
| Q1 25 | 5.4% | 10.0% | ||
| Q4 24 | 7.9% | 11.7% | ||
| Q3 24 | 1.5% | 17.8% | ||
| Q2 24 | 0.2% | 12.0% | ||
| Q1 24 | 0.3% | 7.8% |
| Q4 25 | $0.67 | $0.45 | ||
| Q3 25 | $0.30 | $1.27 | ||
| Q2 25 | $-0.02 | $0.71 | ||
| Q1 25 | $0.41 | $0.49 | ||
| Q4 24 | $0.63 | $0.70 | ||
| Q3 24 | $0.04 | $1.17 | ||
| Q2 24 | $-0.06 | $0.64 | ||
| Q1 24 | $-0.06 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | $94.7M | $1.9B |
| Stockholders' EquityBook value | $294.8M | $1.5B |
| Total Assets | $521.4M | $5.1B |
| Debt / EquityLower = less leverage | 0.32× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $20.7M | ||
| Q3 25 | $191.3M | $11.3M | ||
| Q2 25 | $174.9M | $19.8M | ||
| Q1 25 | $161.6M | $23.7M | ||
| Q4 24 | $131.9M | $11.1M | ||
| Q3 24 | $135.4M | $4.0M | ||
| Q2 24 | $129.8M | $22.8M | ||
| Q1 24 | $125.3M | $4.5M |
| Q4 25 | $94.7M | $1.9B | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | $1.7B | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | — |
| Q4 25 | $294.8M | $1.5B | ||
| Q3 25 | $279.3M | $1.5B | ||
| Q2 25 | $272.2M | $1.5B | ||
| Q1 25 | $310.0M | $1.4B | ||
| Q4 24 | $303.9M | $1.4B | ||
| Q3 24 | $290.4M | $1.3B | ||
| Q2 24 | $288.7M | $1.3B | ||
| Q1 24 | $288.5M | $1.2B |
| Q4 25 | $521.4M | $5.1B | ||
| Q3 25 | $525.3M | $5.0B | ||
| Q2 25 | $537.4M | $4.8B | ||
| Q1 25 | $578.7M | $4.7B | ||
| Q4 24 | $570.1M | $4.7B | ||
| Q3 24 | $569.6M | $4.6B | ||
| Q2 24 | $560.7M | $4.4B | ||
| Q1 24 | $559.0M | $4.4B |
| Q4 25 | 0.32× | 1.23× | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $-15.6M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $63.5M | ||
| Q3 25 | $21.7M | $77.3M | ||
| Q2 25 | $14.8M | $60.8M | ||
| Q1 25 | $37.0M | $43.2M | ||
| Q4 24 | $1.6M | $41.5M | ||
| Q3 24 | $14.1M | $53.5M | ||
| Q2 24 | $12.5M | $49.3M | ||
| Q1 24 | $20.7M | $51.2M |
| Q4 25 | $-15.6M | — | ||
| Q3 25 | $17.5M | — | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $7.8M | — | ||
| Q2 24 | $7.3M | — | ||
| Q1 24 | $14.5M | — |
| Q4 25 | -9.9% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 20.1% | — | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 9.4% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | -0.92× | 3.92× | ||
| Q3 25 | 3.90× | 1.71× | ||
| Q2 25 | 3.29× | 2.47× | ||
| Q1 25 | 4.16× | 2.61× | ||
| Q4 24 | 0.12× | 1.81× | ||
| Q3 24 | 6.22× | 1.39× | ||
| Q2 24 | 33.57× | 2.38× | ||
| Q1 24 | 40.20× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
