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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). 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 $86.8M, roughly 1.8× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -3.5%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% 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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
APEI vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $86.8M |
| Net Profit | $12.6M | — |
| Gross Margin | 56.4% | 67.4% |
| Operating Margin | 12.0% | -84.7% |
| Net Margin | 8.0% | — |
| Revenue YoY | -3.5% | 17.7% |
| Net Profit YoY | -2.7% | — |
| EPS (diluted) | $0.67 | — |
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 | $86.8M | ||
| Q3 25 | $163.2M | $67.5M | ||
| Q2 25 | $162.8M | $60.0M | ||
| Q1 25 | $164.6M | $49.3M | ||
| Q4 24 | $164.1M | $73.7M | ||
| Q3 24 | $153.1M | $58.6M | ||
| Q2 24 | $152.9M | $31.1M | ||
| Q1 24 | $154.4M | $715.0K |
| Q4 25 | $12.6M | — | ||
| Q3 25 | $5.6M | $-91.3M | ||
| Q2 25 | $4.5M | $-111.7M | ||
| Q1 25 | $8.9M | $-116.2M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $2.3M | $-83.5M | ||
| Q2 24 | $371.0K | $-97.1M | ||
| Q1 24 | $516.0K | $-113.0M |
| Q4 25 | 56.4% | 67.4% | ||
| Q3 25 | 54.2% | 43.0% | ||
| Q2 25 | 51.8% | 5.5% | ||
| Q1 25 | 54.5% | -0.8% | ||
| Q4 24 | 56.3% | 68.7% | ||
| Q3 24 | 50.8% | 46.2% | ||
| Q2 24 | 50.2% | -0.8% | ||
| Q1 24 | 53.1% | — |
| Q4 25 | 12.0% | -84.7% | ||
| Q3 25 | 5.9% | -140.7% | ||
| Q2 25 | 4.3% | -189.8% | ||
| Q1 25 | 7.4% | -245.8% | ||
| Q4 24 | 13.1% | -117.5% | ||
| Q3 24 | 2.7% | -152.1% | ||
| Q2 24 | 1.5% | -327.6% | ||
| Q1 24 | 3.4% | -16464.6% |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 3.4% | -135.3% | ||
| Q2 25 | 2.8% | -186.2% | ||
| Q1 25 | 5.4% | -235.5% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 1.5% | -142.7% | ||
| Q2 24 | 0.2% | -312.2% | ||
| Q1 24 | 0.3% | -15800.8% |
| Q4 25 | $0.67 | — | ||
| Q3 25 | $0.30 | — | ||
| Q2 25 | $-0.02 | $-0.33 | ||
| Q1 25 | $0.41 | $-0.36 | ||
| Q4 24 | $0.63 | $-0.24 | ||
| Q3 24 | $0.04 | $-0.28 | ||
| Q2 24 | $-0.06 | $-0.34 | ||
| Q1 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 | $297.0M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $698.6M |
| Total Assets | $521.4M | $913.2M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $297.0M | ||
| Q3 25 | $191.3M | $300.8M | ||
| Q2 25 | $174.9M | $301.2M | ||
| Q1 25 | $161.6M | $359.7M | ||
| Q4 24 | $131.9M | $323.8M | ||
| Q3 24 | $135.4M | $397.5M | ||
| Q2 24 | $129.8M | $412.5M | ||
| Q1 24 | $125.3M | $356.2M |
| 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 | $698.6M | ||
| Q3 25 | $279.3M | $702.3M | ||
| Q2 25 | $272.2M | $698.5M | ||
| Q1 25 | $310.0M | $767.9M | ||
| Q4 24 | $303.9M | $710.4M | ||
| Q3 24 | $290.4M | $773.5M | ||
| Q2 24 | $288.7M | $768.5M | ||
| Q1 24 | $288.5M | $680.0M |
| Q4 25 | $521.4M | $913.2M | ||
| Q3 25 | $525.3M | $904.9M | ||
| Q2 25 | $537.4M | $907.4M | ||
| Q1 25 | $578.7M | $966.7M | ||
| Q4 24 | $570.1M | $910.4M | ||
| Q3 24 | $569.6M | $991.1M | ||
| Q2 24 | $560.7M | $964.3M | ||
| Q1 24 | $559.0M | $869.8M |
| 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 | $-52.6M |
| Free Cash FlowOCF − Capex | $-15.6M | $-61.9M |
| FCF MarginFCF / Revenue | -9.9% | -71.3% |
| Capex IntensityCapex / Revenue | 2.6% | 10.7% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-52.6M | ||
| Q3 25 | $21.7M | $-78.7M | ||
| Q2 25 | $14.8M | $-67.4M | ||
| Q1 25 | $37.0M | $-103.7M | ||
| Q4 24 | $1.6M | $-73.3M | ||
| Q3 24 | $14.1M | $-59.0M | ||
| Q2 24 | $12.5M | $-98.4M | ||
| Q1 24 | $20.7M | $-122.3M |
| Q4 25 | $-15.6M | $-61.9M | ||
| Q3 25 | $17.5M | $-89.5M | ||
| Q2 25 | $11.1M | $-74.9M | ||
| Q1 25 | $33.1M | $-109.9M | ||
| Q4 24 | $-1.8M | $-77.5M | ||
| Q3 24 | $7.8M | $-61.3M | ||
| Q2 24 | $7.3M | $-98.9M | ||
| Q1 24 | $14.5M | $-126.5M |
| Q4 25 | -9.9% | -71.3% | ||
| Q3 25 | 10.7% | -132.7% | ||
| Q2 25 | 6.8% | -124.9% | ||
| Q1 25 | 20.1% | -222.8% | ||
| Q4 24 | -1.1% | -105.1% | ||
| Q3 24 | 5.1% | -104.6% | ||
| Q2 24 | 4.7% | -317.9% | ||
| Q1 24 | 9.4% | -17685.3% |
| Q4 25 | 2.6% | 10.7% | ||
| Q3 25 | 2.6% | 16.1% | ||
| Q2 25 | 2.3% | 12.4% | ||
| Q1 25 | 2.4% | 12.6% | ||
| Q4 24 | 2.0% | 5.7% | ||
| Q3 24 | 4.1% | 3.9% | ||
| Q2 24 | 3.4% | 1.4% | ||
| Q1 24 | 4.0% | 583.4% |
| 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% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
