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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Kennedy-Wilson Holdings, Inc. (KW). 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 $120.6M, roughly 1.3× Kennedy-Wilson Holdings, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs 8.0%, a 40.1% gap on every dollar of revenue. On growth, AMERICAN PUBLIC EDUCATION INC posted the faster year-over-year revenue change (-3.5% vs -11.0%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-55.2M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -6.0%).
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.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
APEI vs KW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $120.6M |
| Net Profit | $12.6M | $58.0M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 57.3% |
| Net Margin | 8.0% | 48.1% |
| Revenue YoY | -3.5% | -11.0% |
| Net Profit YoY | -2.7% | 32.7% |
| EPS (diluted) | $0.67 | $0.22 |
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 | $120.6M | ||
| Q3 25 | $163.2M | $116.4M | ||
| Q2 25 | $162.8M | $135.7M | ||
| Q1 25 | $164.6M | $128.3M | ||
| Q4 24 | $164.1M | $135.5M | ||
| Q3 24 | $153.1M | $127.5M | ||
| Q2 24 | $152.9M | $132.0M | ||
| Q1 24 | $154.4M | $136.4M |
| Q4 25 | $12.6M | $58.0M | ||
| Q3 25 | $5.6M | $-10.2M | ||
| Q2 25 | $4.5M | $5.6M | ||
| Q1 25 | $8.9M | $-29.6M | ||
| Q4 24 | $13.0M | $43.7M | ||
| Q3 24 | $2.3M | $-66.8M | ||
| Q2 24 | $371.0K | $-48.3M | ||
| Q1 24 | $516.0K | $37.7M |
| 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% | 57.3% | ||
| Q3 25 | 5.9% | -6.2% | ||
| Q2 25 | 4.3% | 7.4% | ||
| Q1 25 | 7.4% | -26.9% | ||
| Q4 24 | 13.1% | 36.7% | ||
| Q3 24 | 2.7% | -60.8% | ||
| Q2 24 | 1.5% | -45.5% | ||
| Q1 24 | 3.4% | 47.2% |
| Q4 25 | 8.0% | 48.1% | ||
| Q3 25 | 3.4% | -8.8% | ||
| Q2 25 | 2.8% | 4.1% | ||
| Q1 25 | 5.4% | -23.1% | ||
| Q4 24 | 7.9% | 32.3% | ||
| Q3 24 | 1.5% | -52.4% | ||
| Q2 24 | 0.2% | -36.6% | ||
| Q1 24 | 0.3% | 27.6% |
| Q4 25 | $0.67 | $0.22 | ||
| Q3 25 | $0.30 | $-0.15 | ||
| Q2 25 | $-0.02 | $-0.05 | ||
| Q1 25 | $0.41 | $-0.30 | ||
| Q4 24 | $0.63 | $0.24 | ||
| Q3 24 | $0.04 | $-0.56 | ||
| Q2 24 | $-0.06 | $-0.43 | ||
| Q1 24 | $-0.06 | $0.19 |
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 | $184.5M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $1.5B |
| Total Assets | $521.4M | $6.6B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $184.5M | ||
| Q3 25 | $191.3M | $382.6M | ||
| Q2 25 | $174.9M | $309.1M | ||
| Q1 25 | $161.6M | $356.6M | ||
| Q4 24 | $131.9M | $217.5M | ||
| Q3 24 | $135.4M | $367.1M | ||
| Q2 24 | $129.8M | $366.5M | ||
| Q1 24 | $125.3M | $541.9M |
| 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 | $1.5B | ||
| Q3 25 | $279.3M | $1.5B | ||
| Q2 25 | $272.2M | $1.6B | ||
| Q1 25 | $310.0M | $1.6B | ||
| Q4 24 | $303.9M | $1.6B | ||
| Q3 24 | $290.4M | $1.6B | ||
| Q2 24 | $288.7M | $1.7B | ||
| Q1 24 | $288.5M | $1.7B |
| Q4 25 | $521.4M | $6.6B | ||
| Q3 25 | $525.3M | $6.7B | ||
| Q2 25 | $537.4M | $6.8B | ||
| Q1 25 | $578.7M | $7.2B | ||
| Q4 24 | $570.1M | $7.0B | ||
| Q3 24 | $569.6M | $7.4B | ||
| Q2 24 | $560.7M | $7.5B | ||
| Q1 24 | $559.0M | $7.7B |
| 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 | $11.4M |
| Free Cash FlowOCF − Capex | $-15.6M | $-55.2M |
| FCF MarginFCF / Revenue | -9.9% | -45.8% |
| Capex IntensityCapex / Revenue | 2.6% | 55.2% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $11.4M | ||
| Q3 25 | $21.7M | $-7.6M | ||
| Q2 25 | $14.8M | $42.0M | ||
| Q1 25 | $37.0M | $-51.9M | ||
| Q4 24 | $1.6M | $55.1M | ||
| Q3 24 | $14.1M | $-5.6M | ||
| Q2 24 | $12.5M | $36.7M | ||
| Q1 24 | $20.7M | $-5.6M |
| Q4 25 | $-15.6M | $-55.2M | ||
| Q3 25 | $17.5M | $-18.0M | ||
| Q2 25 | $11.1M | $29.4M | ||
| Q1 25 | $33.1M | $-59.7M | ||
| Q4 24 | $-1.8M | $-76.5M | ||
| Q3 24 | $7.8M | $-27.7M | ||
| Q2 24 | $7.3M | $-500.0K | ||
| Q1 24 | $14.5M | $-57.1M |
| Q4 25 | -9.9% | -45.8% | ||
| Q3 25 | 10.7% | -15.5% | ||
| Q2 25 | 6.8% | 21.7% | ||
| Q1 25 | 20.1% | -46.5% | ||
| Q4 24 | -1.1% | -56.5% | ||
| Q3 24 | 5.1% | -21.7% | ||
| Q2 24 | 4.7% | -0.4% | ||
| Q1 24 | 9.4% | -41.9% |
| Q4 25 | 2.6% | 55.2% | ||
| Q3 25 | 2.6% | 8.9% | ||
| Q2 25 | 2.3% | 9.3% | ||
| Q1 25 | 2.4% | 6.1% | ||
| Q4 24 | 2.0% | 97.1% | ||
| Q3 24 | 4.1% | 17.3% | ||
| Q2 24 | 3.4% | 28.2% | ||
| Q1 24 | 4.0% | 37.8% |
| Q4 25 | -0.92× | 0.20× | ||
| Q3 25 | 3.90× | — | ||
| Q2 25 | 3.29× | 7.50× | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | 1.26× | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — | ||
| Q1 24 | 40.20× | -0.15× |
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% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
