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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $158.3M, roughly 1.3× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 2.7%, a 5.3% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs -3.5%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-15.6M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% 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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
APEI vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $208.9M |
| Net Profit | $12.6M | $5.6M |
| Gross Margin | 56.4% | 70.9% |
| Operating Margin | 12.0% | 1.1% |
| Net Margin | 8.0% | 2.7% |
| Revenue YoY | -3.5% | 27.1% |
| Net Profit YoY | -2.7% | 518.5% |
| EPS (diluted) | $0.67 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $163.2M | $192.9M | ||
| Q2 25 | $162.8M | $186.7M | ||
| Q1 25 | $164.6M | $158.7M | ||
| Q4 24 | $164.1M | $164.3M | ||
| Q3 24 | $153.1M | $147.5M | ||
| Q2 24 | $152.9M | $148.0M | ||
| Q1 24 | $154.4M | $131.9M |
| Q4 25 | $12.6M | $5.6M | ||
| Q3 25 | $5.6M | $-5.2M | ||
| Q2 25 | $4.5M | $-14.2M | ||
| Q1 25 | $8.9M | $-30.7M | ||
| Q4 24 | $13.0M | $-1.3M | ||
| Q3 24 | $2.3M | $-46.2M | ||
| Q2 24 | $371.0K | $-20.1M | ||
| Q1 24 | $516.0K | $-45.7M |
| Q4 25 | 56.4% | 70.9% | ||
| Q3 25 | 54.2% | 71.1% | ||
| Q2 25 | 51.8% | 71.2% | ||
| Q1 25 | 54.5% | 68.8% | ||
| Q4 24 | 56.3% | 70.0% | ||
| Q3 24 | 50.8% | 68.8% | ||
| Q2 24 | 50.2% | 69.9% | ||
| Q1 24 | 53.1% | 66.3% |
| Q4 25 | 12.0% | 1.1% | ||
| Q3 25 | 5.9% | -4.4% | ||
| Q2 25 | 4.3% | -10.0% | ||
| Q1 25 | 7.4% | -20.5% | ||
| Q4 24 | 13.1% | -2.5% | ||
| Q3 24 | 2.7% | -34.1% | ||
| Q2 24 | 1.5% | -15.5% | ||
| Q1 24 | 3.4% | -28.9% |
| Q4 25 | 8.0% | 2.7% | ||
| Q3 25 | 3.4% | -2.7% | ||
| Q2 25 | 2.8% | -7.6% | ||
| Q1 25 | 5.4% | -19.3% | ||
| Q4 24 | 7.9% | -0.8% | ||
| Q3 24 | 1.5% | -31.3% | ||
| Q2 24 | 0.2% | -13.6% | ||
| Q1 24 | 0.3% | -34.6% |
| Q4 25 | $0.67 | $0.18 | ||
| Q3 25 | $0.30 | $-0.16 | ||
| Q2 25 | $-0.02 | $-0.44 | ||
| Q1 25 | $0.41 | $-0.97 | ||
| Q4 24 | $0.63 | $-0.03 | ||
| Q3 24 | $0.04 | $-1.48 | ||
| Q2 24 | $-0.06 | $-0.65 | ||
| Q1 24 | $-0.06 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $152.7M |
| Total Assets | $521.4M | $1.0B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $583.8M | ||
| Q3 25 | $191.3M | $565.2M | ||
| Q2 25 | $174.9M | $545.5M | ||
| Q1 25 | $161.6M | $520.6M | ||
| Q4 24 | $131.9M | $535.6M | ||
| Q3 24 | $135.4M | $522.0M | ||
| Q2 24 | $129.8M | $561.5M | ||
| Q1 24 | $125.3M | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $279.3M | $121.9M | ||
| Q2 25 | $272.2M | $103.7M | ||
| Q1 25 | $310.0M | $86.7M | ||
| Q4 24 | $303.9M | $90.9M | ||
| Q3 24 | $290.4M | $71.8M | ||
| Q2 24 | $288.7M | $99.2M | ||
| Q1 24 | $288.5M | $90.3M |
| Q4 25 | $521.4M | $1.0B | ||
| Q3 25 | $525.3M | $995.2M | ||
| Q2 25 | $537.4M | $964.0M | ||
| Q1 25 | $578.7M | $926.1M | ||
| Q4 24 | $570.1M | $931.4M | ||
| Q3 24 | $569.6M | $909.7M | ||
| Q2 24 | $560.7M | $919.2M | ||
| Q1 24 | $559.0M | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $-15.6M | $14.5M |
| FCF MarginFCF / Revenue | -9.9% | 6.9% |
| Capex IntensityCapex / Revenue | 2.6% | 5.6% |
| Cash ConversionOCF / Net Profit | -0.92× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $26.2M | ||
| Q3 25 | $21.7M | $34.9M | ||
| Q2 25 | $14.8M | $27.7M | ||
| Q1 25 | $37.0M | $-7.9M | ||
| Q4 24 | $1.6M | $19.2M | ||
| Q3 24 | $14.1M | $24.3M | ||
| Q2 24 | $12.5M | $11.8M | ||
| Q1 24 | $20.7M | $-52.0M |
| Q4 25 | $-15.6M | $14.5M | ||
| Q3 25 | $17.5M | $20.1M | ||
| Q2 25 | $11.1M | $17.3M | ||
| Q1 25 | $33.1M | $-17.3M | ||
| Q4 24 | $-1.8M | $12.4M | ||
| Q3 24 | $7.8M | $15.5M | ||
| Q2 24 | $7.3M | $3.4M | ||
| Q1 24 | $14.5M | $-61.8M |
| Q4 25 | -9.9% | 6.9% | ||
| Q3 25 | 10.7% | 10.4% | ||
| Q2 25 | 6.8% | 9.3% | ||
| Q1 25 | 20.1% | -10.9% | ||
| Q4 24 | -1.1% | 7.5% | ||
| Q3 24 | 5.1% | 10.5% | ||
| Q2 24 | 4.7% | 2.3% | ||
| Q1 24 | 9.4% | -46.8% |
| Q4 25 | 2.6% | 5.6% | ||
| Q3 25 | 2.6% | 7.7% | ||
| Q2 25 | 2.3% | 5.6% | ||
| Q1 25 | 2.4% | 5.9% | ||
| Q4 24 | 2.0% | 4.2% | ||
| Q3 24 | 4.1% | 6.0% | ||
| Q2 24 | 3.4% | 5.7% | ||
| Q1 24 | 4.0% | 7.4% |
| Q4 25 | -0.92× | 4.70× | ||
| 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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
