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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $158.3M, roughly 1.3× AMERICAN PUBLIC EDUCATION INC). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 8.0%, a 27.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -3.5%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-15.6M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% 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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
APEI vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $212.5M |
| Net Profit | $12.6M | $75.3M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | — |
| Net Margin | 8.0% | 35.5% |
| Revenue YoY | -3.5% | 46.9% |
| Net Profit YoY | -2.7% | 50.6% |
| EPS (diluted) | $0.67 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $163.2M | $203.3M | ||
| Q2 25 | $162.8M | $147.5M | ||
| Q1 25 | $164.6M | $145.5M | ||
| Q4 24 | $164.1M | $144.7M | ||
| Q3 24 | $153.1M | $141.7M | ||
| Q2 24 | $152.9M | $137.9M | ||
| Q1 24 | $154.4M | $137.4M |
| Q4 25 | $12.6M | $75.3M | ||
| Q3 25 | $5.6M | $34.3M | ||
| Q2 25 | $4.5M | $51.1M | ||
| Q1 25 | $8.9M | $44.4M | ||
| Q4 24 | $13.0M | $50.0M | ||
| Q3 24 | $2.3M | $42.9M | ||
| Q2 24 | $371.0K | $51.3M | ||
| Q1 24 | $516.0K | $47.8M |
| 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% | — | ||
| Q3 25 | 5.9% | 21.8% | ||
| Q2 25 | 4.3% | 44.6% | ||
| Q1 25 | 7.4% | 39.3% | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 2.7% | 39.0% | ||
| Q2 24 | 1.5% | 48.1% | ||
| Q1 24 | 3.4% | 45.5% |
| Q4 25 | 8.0% | 35.5% | ||
| Q3 25 | 3.4% | 16.8% | ||
| Q2 25 | 2.8% | 34.6% | ||
| Q1 25 | 5.4% | 30.5% | ||
| Q4 24 | 7.9% | 34.6% | ||
| Q3 24 | 1.5% | 30.3% | ||
| Q2 24 | 0.2% | 37.2% | ||
| Q1 24 | 0.3% | 34.8% |
| Q4 25 | $0.67 | $1.51 | ||
| Q3 25 | $0.30 | $0.69 | ||
| Q2 25 | $-0.02 | $1.20 | ||
| Q1 25 | $0.41 | $1.04 | ||
| Q4 24 | $0.63 | $1.18 | ||
| Q3 24 | $0.04 | $1.01 | ||
| Q2 24 | $-0.06 | $1.21 | ||
| Q1 24 | $-0.06 | $1.12 |
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 | — |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $3.6B |
| Total Assets | $521.4M | $24.9B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | — | ||
| Q3 25 | $191.3M | — | ||
| Q2 25 | $174.9M | — | ||
| Q1 25 | $161.6M | — | ||
| Q4 24 | $131.9M | — | ||
| Q3 24 | $135.4M | — | ||
| Q2 24 | $129.8M | — | ||
| Q1 24 | $125.3M | — |
| 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 | $3.6B | ||
| Q3 25 | $279.3M | $3.5B | ||
| Q2 25 | $272.2M | $3.1B | ||
| Q1 25 | $310.0M | $3.0B | ||
| Q4 24 | $303.9M | $3.0B | ||
| Q3 24 | $290.4M | $3.0B | ||
| Q2 24 | $288.7M | $2.9B | ||
| Q1 24 | $288.5M | $2.9B |
| Q4 25 | $521.4M | $24.9B | ||
| Q3 25 | $525.3M | $25.0B | ||
| Q2 25 | $537.4M | $20.0B | ||
| Q1 25 | $578.7M | $19.9B | ||
| Q4 24 | $570.1M | $19.4B | ||
| Q3 24 | $569.6M | $19.4B | ||
| Q2 24 | $560.7M | $19.4B | ||
| Q1 24 | $559.0M | $19.3B |
| 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 | $78.9M |
| Free Cash FlowOCF − Capex | $-15.6M | $75.5M |
| FCF MarginFCF / Revenue | -9.9% | 35.5% |
| Capex IntensityCapex / Revenue | 2.6% | 1.6% |
| Cash ConversionOCF / Net Profit | -0.92× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $78.9M | ||
| Q3 25 | $21.7M | $52.2M | ||
| Q2 25 | $14.8M | $106.7M | ||
| Q1 25 | $37.0M | $13.3M | ||
| Q4 24 | $1.6M | $42.9M | ||
| Q3 24 | $14.1M | $70.2M | ||
| Q2 24 | $12.5M | $65.6M | ||
| Q1 24 | $20.7M | $51.1M |
| Q4 25 | $-15.6M | $75.5M | ||
| Q3 25 | $17.5M | $49.7M | ||
| Q2 25 | $11.1M | $102.5M | ||
| Q1 25 | $33.1M | $11.3M | ||
| Q4 24 | $-1.8M | $36.5M | ||
| Q3 24 | $7.8M | $64.4M | ||
| Q2 24 | $7.3M | $61.9M | ||
| Q1 24 | $14.5M | $46.7M |
| Q4 25 | -9.9% | 35.5% | ||
| Q3 25 | 10.7% | 24.4% | ||
| Q2 25 | 6.8% | 69.5% | ||
| Q1 25 | 20.1% | 7.8% | ||
| Q4 24 | -1.1% | 25.2% | ||
| Q3 24 | 5.1% | 45.4% | ||
| Q2 24 | 4.7% | 44.9% | ||
| Q1 24 | 9.4% | 34.0% |
| Q4 25 | 2.6% | 1.6% | ||
| Q3 25 | 2.6% | 1.2% | ||
| Q2 25 | 2.3% | 2.9% | ||
| Q1 25 | 2.4% | 1.4% | ||
| Q4 24 | 2.0% | 4.4% | ||
| Q3 24 | 4.1% | 4.1% | ||
| Q2 24 | 3.4% | 2.7% | ||
| Q1 24 | 4.0% | 3.2% |
| Q4 25 | -0.92× | 1.05× | ||
| Q3 25 | 3.90× | 1.52× | ||
| Q2 25 | 3.29× | 2.09× | ||
| Q1 25 | 4.16× | 0.30× | ||
| Q4 24 | 0.12× | 0.86× | ||
| Q3 24 | 6.22× | 1.64× | ||
| Q2 24 | 33.57× | 1.28× | ||
| Q1 24 | 40.20× | 1.07× |
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% |
INDB
Segment breakdown not available.
