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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Industrial Logistics Properties Trust (ILPT). 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 $113.9M, roughly 1.4× Industrial Logistics Properties Trust). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -1.6%, a 9.5% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -3.5%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
APEI vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $113.9M |
| Net Profit | $12.6M | $-1.8M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | -22.1% |
| Net Margin | 8.0% | -1.6% |
| Revenue YoY | -3.5% | 3.1% |
| Net Profit YoY | -2.7% | 92.6% |
| 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.
| Q4 25 | $158.3M | $113.9M | ||
| Q3 25 | $163.2M | $110.9M | ||
| Q2 25 | $162.8M | $112.1M | ||
| Q1 25 | $164.6M | $111.9M | ||
| Q4 24 | $164.1M | $110.5M | ||
| Q3 24 | $153.1M | $108.9M | ||
| Q2 24 | $152.9M | $110.6M | ||
| Q1 24 | $154.4M | $112.2M |
| Q4 25 | $12.6M | $-1.8M | ||
| Q3 25 | $5.6M | $-21.6M | ||
| Q2 25 | $4.5M | $-21.3M | ||
| Q1 25 | $8.9M | $-21.5M | ||
| Q4 24 | $13.0M | $-24.1M | ||
| Q3 24 | $2.3M | $-25.0M | ||
| Q2 24 | $371.0K | $-23.2M | ||
| Q1 24 | $516.0K | $-23.4M |
| 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% | -22.1% | ||
| Q3 25 | 5.9% | -29.4% | ||
| Q2 25 | 4.3% | -30.8% | ||
| Q1 25 | 7.4% | -26.9% | ||
| Q4 24 | 13.1% | -31.1% | ||
| Q3 24 | 2.7% | -33.5% | ||
| Q2 24 | 1.5% | -32.4% | ||
| Q1 24 | 3.4% | -31.7% |
| Q4 25 | 8.0% | -1.6% | ||
| Q3 25 | 3.4% | -19.4% | ||
| Q2 25 | 2.8% | -19.0% | ||
| Q1 25 | 5.4% | -19.2% | ||
| Q4 24 | 7.9% | -21.8% | ||
| Q3 24 | 1.5% | -22.9% | ||
| Q2 24 | 0.2% | -20.9% | ||
| Q1 24 | 0.3% | -20.9% |
| Q4 25 | $0.67 | $-0.02 | ||
| Q3 25 | $0.30 | $-0.33 | ||
| Q2 25 | $-0.02 | $-0.32 | ||
| Q1 25 | $0.41 | $-0.33 | ||
| Q4 24 | $0.63 | $-0.37 | ||
| Q3 24 | $0.04 | $-0.38 | ||
| Q2 24 | $-0.06 | $-0.35 | ||
| 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 | $94.8M |
| Total DebtLower is stronger | $94.7M | $4.2B |
| Stockholders' EquityBook value | $294.8M | $489.7M |
| Total Assets | $521.4M | $5.2B |
| Debt / EquityLower = less leverage | 0.32× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $94.8M | ||
| Q3 25 | $191.3M | $83.2M | ||
| Q2 25 | $174.9M | $58.6M | ||
| Q1 25 | $161.6M | $108.0M | ||
| Q4 24 | $131.9M | $131.7M | ||
| Q3 24 | $135.4M | $153.9M | ||
| Q2 24 | $129.8M | $146.2M | ||
| Q1 24 | $125.3M | $128.4M |
| Q4 25 | $94.7M | $4.2B | ||
| Q3 25 | $94.4M | $4.2B | ||
| Q2 25 | $94.1M | $4.2B | ||
| Q1 25 | $93.7M | $4.3B | ||
| Q4 24 | $93.4M | $4.3B | ||
| Q3 24 | $93.1M | $4.3B | ||
| Q2 24 | $92.8M | $4.3B | ||
| Q1 24 | $95.0M | $4.3B |
| Q4 25 | $294.8M | $489.7M | ||
| Q3 25 | $279.3M | $494.1M | ||
| Q2 25 | $272.2M | $519.1M | ||
| Q1 25 | $310.0M | $539.5M | ||
| Q4 24 | $303.9M | $562.0M | ||
| Q3 24 | $290.4M | $585.9M | ||
| Q2 24 | $288.7M | $618.3M | ||
| Q1 24 | $288.5M | $643.2M |
| Q4 25 | $521.4M | $5.2B | ||
| Q3 25 | $525.3M | $5.2B | ||
| Q2 25 | $537.4M | $5.2B | ||
| Q1 25 | $578.7M | $5.4B | ||
| Q4 24 | $570.1M | $5.4B | ||
| Q3 24 | $569.6M | $5.5B | ||
| Q2 24 | $560.7M | $5.5B | ||
| Q1 24 | $559.0M | $5.5B |
| Q4 25 | 0.32× | 8.56× | ||
| Q3 25 | 0.34× | 8.49× | ||
| Q2 25 | 0.35× | 8.09× | ||
| Q1 25 | 0.30× | 7.96× | ||
| Q4 24 | 0.31× | 7.65× | ||
| Q3 24 | 0.32× | 7.35× | ||
| Q2 24 | 0.32× | 6.96× | ||
| Q1 24 | 0.33× | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-15.6M | $42.0M |
| FCF MarginFCF / Revenue | -9.9% | 36.9% |
| Capex IntensityCapex / Revenue | 2.6% | 16.4% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $60.7M | ||
| Q3 25 | $21.7M | $22.7M | ||
| Q2 25 | $14.8M | $18.4M | ||
| Q1 25 | $37.0M | $11.4M | ||
| Q4 24 | $1.6M | $2.0M | ||
| Q3 24 | $14.1M | $-3.4M | ||
| Q2 24 | $12.5M | $10.8M | ||
| Q1 24 | $20.7M | $8.0M |
| Q4 25 | $-15.6M | $42.0M | ||
| Q3 25 | $17.5M | $17.6M | ||
| Q2 25 | $11.1M | $15.2M | ||
| Q1 25 | $33.1M | $5.0M | ||
| Q4 24 | $-1.8M | $-3.7M | ||
| Q3 24 | $7.8M | $-5.9M | ||
| Q2 24 | $7.3M | $9.4M | ||
| Q1 24 | $14.5M | $5.9M |
| Q4 25 | -9.9% | 36.9% | ||
| Q3 25 | 10.7% | 15.9% | ||
| Q2 25 | 6.8% | 13.5% | ||
| Q1 25 | 20.1% | 4.5% | ||
| Q4 24 | -1.1% | -3.4% | ||
| Q3 24 | 5.1% | -5.5% | ||
| Q2 24 | 4.7% | 8.5% | ||
| Q1 24 | 9.4% | 5.2% |
| Q4 25 | 2.6% | 16.4% | ||
| Q3 25 | 2.6% | 4.6% | ||
| Q2 25 | 2.3% | 2.9% | ||
| Q1 25 | 2.4% | 5.7% | ||
| Q4 24 | 2.0% | 5.2% | ||
| Q3 24 | 4.1% | 2.3% | ||
| Q2 24 | 3.4% | 1.3% | ||
| Q1 24 | 4.0% | 1.9% |
| 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% |
ILPT
Segment breakdown not available.
