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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and ICHOR HOLDINGS, LTD. (ICHR). Click either name above to swap in a different company.
ICHOR HOLDINGS, LTD. is the larger business by last-quarter revenue ($223.6M vs $158.3M, roughly 1.4× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -7.1%, a 15.1% gap on every dollar of revenue. On growth, AMERICAN PUBLIC EDUCATION INC posted the faster year-over-year revenue change (-3.5% vs -4.2%). ICHOR HOLDINGS, LTD. produced more free cash flow last quarter ($5.9M vs $-15.6M). Over the past eight quarters, ICHOR HOLDINGS, LTD.'s revenue compounded faster (5.4% 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.
Ichor Holdings Ltd. designs, manufactures and supplies critical fluid delivery systems, subsystems and related components for the global semiconductor manufacturing sector. Its products are integrated into front-end wafer processing equipment, supporting production of advanced logic, memory and specialty chips for leading semiconductor device and equipment makers across North America, East Asia and Europe.
APEI vs ICHR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $223.6M |
| Net Profit | $12.6M | $-16.0M |
| Gross Margin | 56.4% | 9.4% |
| Operating Margin | 12.0% | -6.2% |
| Net Margin | 8.0% | -7.1% |
| Revenue YoY | -3.5% | -4.2% |
| Net Profit YoY | -2.7% | -304.8% |
| EPS (diluted) | $0.67 | $-0.46 |
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 | $223.6M | ||
| Q3 25 | $163.2M | $239.3M | ||
| Q2 25 | $162.8M | $240.3M | ||
| Q1 25 | $164.6M | $244.5M | ||
| Q4 24 | $164.1M | $233.3M | ||
| Q3 24 | $153.1M | $211.1M | ||
| Q2 24 | $152.9M | $203.2M | ||
| Q1 24 | $154.4M | $201.4M |
| Q4 25 | $12.6M | $-16.0M | ||
| Q3 25 | $5.6M | $-22.9M | ||
| Q2 25 | $4.5M | $-9.4M | ||
| Q1 25 | $8.9M | $-4.6M | ||
| Q4 24 | $13.0M | $-3.9M | ||
| Q3 24 | $2.3M | $-2.8M | ||
| Q2 24 | $371.0K | $-5.1M | ||
| Q1 24 | $516.0K | $-9.0M |
| Q4 25 | 56.4% | 9.4% | ||
| Q3 25 | 54.2% | 4.6% | ||
| Q2 25 | 51.8% | 11.3% | ||
| Q1 25 | 54.5% | 11.7% | ||
| Q4 24 | 56.3% | 11.6% | ||
| Q3 24 | 50.8% | 13.2% | ||
| Q2 24 | 50.2% | 12.6% | ||
| Q1 24 | 53.1% | 11.4% |
| Q4 25 | 12.0% | -6.2% | ||
| Q3 25 | 5.9% | -8.1% | ||
| Q2 25 | 4.3% | -2.0% | ||
| Q1 25 | 7.4% | -0.5% | ||
| Q4 24 | 13.1% | -0.5% | ||
| Q3 24 | 2.7% | -0.2% | ||
| Q2 24 | 1.5% | -1.1% | ||
| Q1 24 | 3.4% | -1.9% |
| Q4 25 | 8.0% | -7.1% | ||
| Q3 25 | 3.4% | -9.6% | ||
| Q2 25 | 2.8% | -3.9% | ||
| Q1 25 | 5.4% | -1.9% | ||
| Q4 24 | 7.9% | -1.7% | ||
| Q3 24 | 1.5% | -1.3% | ||
| Q2 24 | 0.2% | -2.5% | ||
| Q1 24 | 0.3% | -4.5% |
| Q4 25 | $0.67 | $-0.46 | ||
| Q3 25 | $0.30 | $-0.67 | ||
| Q2 25 | $-0.02 | $-0.28 | ||
| Q1 25 | $0.41 | $-0.13 | ||
| Q4 24 | $0.63 | $-0.11 | ||
| Q3 24 | $0.04 | $-0.08 | ||
| Q2 24 | $-0.06 | $-0.15 | ||
| Q1 24 | $-0.06 | $-0.30 |
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 | $98.3M |
| Total DebtLower is stronger | $94.7M | $123.5M |
| Stockholders' EquityBook value | $294.8M | $663.9M |
| Total Assets | $521.4M | $942.9M |
| Debt / EquityLower = less leverage | 0.32× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $98.3M | ||
| Q3 25 | $191.3M | $92.5M | ||
| Q2 25 | $174.9M | $92.2M | ||
| Q1 25 | $161.6M | $109.3M | ||
| Q4 24 | $131.9M | $108.7M | ||
| Q3 24 | $135.4M | $116.4M | ||
| Q2 24 | $129.8M | $114.3M | ||
| Q1 24 | $125.3M | $102.1M |
| Q4 25 | $94.7M | $123.5M | ||
| Q3 25 | $94.4M | $123.5M | ||
| Q2 25 | $94.1M | $125.0M | ||
| Q1 25 | $93.7M | $126.8M | ||
| Q4 24 | $93.4M | $128.5M | ||
| Q3 24 | $93.1M | $130.3M | ||
| Q2 24 | $92.8M | $130.2M | ||
| Q1 24 | $95.0M | $131.9M |
| Q4 25 | $294.8M | $663.9M | ||
| Q3 25 | $279.3M | $676.2M | ||
| Q2 25 | $272.2M | $694.1M | ||
| Q1 25 | $310.0M | $700.4M | ||
| Q4 24 | $303.9M | $698.3M | ||
| Q3 24 | $290.4M | $697.3M | ||
| Q2 24 | $288.7M | $694.9M | ||
| Q1 24 | $288.5M | $697.2M |
| Q4 25 | $521.4M | $942.9M | ||
| Q3 25 | $525.3M | $966.6M | ||
| Q2 25 | $537.4M | $985.1M | ||
| Q1 25 | $578.7M | $1.0B | ||
| Q4 24 | $570.1M | $995.6M | ||
| Q3 24 | $569.6M | $975.9M | ||
| Q2 24 | $560.7M | $947.7M | ||
| Q1 24 | $559.0M | $957.4M |
| Q4 25 | 0.32× | 0.19× | ||
| Q3 25 | 0.34× | 0.18× | ||
| Q2 25 | 0.35× | 0.18× | ||
| Q1 25 | 0.30× | 0.18× | ||
| Q4 24 | 0.31× | 0.18× | ||
| Q3 24 | 0.32× | 0.19× | ||
| Q2 24 | 0.32× | 0.19× | ||
| Q1 24 | 0.33× | 0.19× |
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 | $9.2M |
| Free Cash FlowOCF − Capex | $-15.6M | $5.9M |
| FCF MarginFCF / Revenue | -9.9% | 2.6% |
| Capex IntensityCapex / Revenue | 2.6% | 1.5% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $9.2M | ||
| Q3 25 | $21.7M | $9.2M | ||
| Q2 25 | $14.8M | $-7.5M | ||
| Q1 25 | $37.0M | $19.0M | ||
| Q4 24 | $1.6M | $-2.5M | ||
| Q3 24 | $14.1M | $8.1M | ||
| Q2 24 | $12.5M | $17.5M | ||
| Q1 24 | $20.7M | $4.8M |
| Q4 25 | $-15.6M | $5.9M | ||
| Q3 25 | $17.5M | $2.1M | ||
| Q2 25 | $11.1M | $-14.8M | ||
| Q1 25 | $33.1M | $496.0K | ||
| Q4 24 | $-1.8M | $-6.9M | ||
| Q3 24 | $7.8M | $2.2M | ||
| Q2 24 | $7.3M | $14.6M | ||
| Q1 24 | $14.5M | $314.0K |
| Q4 25 | -9.9% | 2.6% | ||
| Q3 25 | 10.7% | 0.9% | ||
| Q2 25 | 6.8% | -6.2% | ||
| Q1 25 | 20.1% | 0.2% | ||
| Q4 24 | -1.1% | -3.0% | ||
| Q3 24 | 5.1% | 1.0% | ||
| Q2 24 | 4.7% | 7.2% | ||
| Q1 24 | 9.4% | 0.2% |
| Q4 25 | 2.6% | 1.5% | ||
| Q3 25 | 2.6% | 3.0% | ||
| Q2 25 | 2.3% | 3.0% | ||
| Q1 25 | 2.4% | 7.6% | ||
| Q4 24 | 2.0% | 1.9% | ||
| Q3 24 | 4.1% | 2.8% | ||
| Q2 24 | 3.4% | 1.4% | ||
| Q1 24 | 4.0% | 2.2% |
| 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× | — | ||
| Q1 24 | 40.20× | — |
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% |
ICHR
| Other | $101.6M | 45% |
| US | $67.4M | 30% |
| Other Countries | $29.7M | 13% |
| Europe | $24.9M | 11% |
