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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Legacy Education Inc. (LGCY). 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 $19.2M, roughly 8.3× Legacy Education Inc.). Legacy Education Inc. runs the higher net margin — 10.6% vs 8.0%, a 2.7% gap on every dollar of revenue. On growth, Legacy Education Inc. posted the faster year-over-year revenue change (40.7% vs -3.5%). Legacy Education Inc. produced more free cash flow last quarter ($512.7K vs $-15.6M).
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.
Legacy Education Inc. is a professional educational service provider focused on financial literacy, real estate investment, entrepreneurship, and personal wealth management training programs. It mainly serves individual learners across North America, Europe and select Asia-Pacific markets, offering both in-person workshops and online digital courses to help users build practical financial and business skills.
APEI vs LGCY — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $19.2M |
| Net Profit | $12.6M | $2.0M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 13.3% |
| Net Margin | 8.0% | 10.6% |
| Revenue YoY | -3.5% | 40.7% |
| Net Profit YoY | -2.7% | 46.0% |
| EPS (diluted) | $0.67 | $0.15 |
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 | $19.2M | ||
| Q3 25 | $163.2M | $19.4M | ||
| Q2 25 | $162.8M | $18.0M | ||
| Q1 25 | $164.6M | $18.6M | ||
| Q4 24 | $164.1M | $13.6M | ||
| Q3 24 | $153.1M | $14.0M | ||
| Q2 24 | $152.9M | — | ||
| Q1 24 | $154.4M | — |
| Q4 25 | $12.6M | $2.0M | ||
| Q3 25 | $5.6M | $2.2M | ||
| Q2 25 | $4.5M | $1.2M | ||
| Q1 25 | $8.9M | $2.8M | ||
| Q4 24 | $13.0M | $1.4M | ||
| Q3 24 | $2.3M | $2.1M | ||
| Q2 24 | $371.0K | — | ||
| Q1 24 | $516.0K | — |
| 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% | 13.3% | ||
| Q3 25 | 5.9% | 13.9% | ||
| Q2 25 | 4.3% | 11.1% | ||
| Q1 25 | 7.4% | 19.7% | ||
| Q4 24 | 13.1% | 12.2% | ||
| Q3 24 | 2.7% | 19.1% | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 8.0% | 10.6% | ||
| Q3 25 | 3.4% | 11.3% | ||
| Q2 25 | 2.8% | 6.8% | ||
| Q1 25 | 5.4% | 15.2% | ||
| Q4 24 | 7.9% | 10.3% | ||
| Q3 24 | 1.5% | 14.9% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | $0.67 | $0.15 | ||
| Q3 25 | $0.30 | $0.16 | ||
| Q2 25 | $-0.02 | $0.07 | ||
| Q1 25 | $0.41 | $0.21 | ||
| Q4 24 | $0.63 | $0.10 | ||
| Q3 24 | $0.04 | $0.21 | ||
| Q2 24 | $-0.06 | — | ||
| Q1 24 | $-0.06 | — |
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 | $21.1M |
| Total DebtLower is stronger | $94.7M | $660.3K |
| Stockholders' EquityBook value | $294.8M | $46.1M |
| Total Assets | $521.4M | $73.1M |
| Debt / EquityLower = less leverage | 0.32× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $21.1M | ||
| Q3 25 | $191.3M | $20.6M | ||
| Q2 25 | $174.9M | $20.3M | ||
| Q1 25 | $161.6M | $17.3M | ||
| Q4 24 | $131.9M | $16.9M | ||
| Q3 24 | $135.4M | $21.5M | ||
| Q2 24 | $129.8M | — | ||
| Q1 24 | $125.3M | — |
| Q4 25 | $94.7M | $660.3K | ||
| Q3 25 | $94.4M | $776.9K | ||
| Q2 25 | $94.1M | $1.4M | ||
| Q1 25 | $93.7M | $1.0M | ||
| Q4 24 | $93.4M | $1.1M | ||
| Q3 24 | $93.1M | $758.2K | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | — |
| Q4 25 | $294.8M | $46.1M | ||
| Q3 25 | $279.3M | $43.7M | ||
| Q2 25 | $272.2M | $41.0M | ||
| Q1 25 | $310.0M | $39.3M | ||
| Q4 24 | $303.9M | $36.4M | ||
| Q3 24 | $290.4M | $32.6M | ||
| Q2 24 | $288.7M | — | ||
| Q1 24 | $288.5M | — |
| Q4 25 | $521.4M | $73.1M | ||
| Q3 25 | $525.3M | $72.1M | ||
| Q2 25 | $537.4M | $69.2M | ||
| Q1 25 | $578.7M | $67.1M | ||
| Q4 24 | $570.1M | $62.1M | ||
| Q3 24 | $569.6M | $50.6M | ||
| Q2 24 | $560.7M | — | ||
| Q1 24 | $559.0M | — |
| Q4 25 | 0.32× | 0.01× | ||
| Q3 25 | 0.34× | 0.02× | ||
| Q2 25 | 0.35× | 0.03× | ||
| Q1 25 | 0.30× | 0.03× | ||
| Q4 24 | 0.31× | 0.03× | ||
| Q3 24 | 0.32× | 0.02× | ||
| 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 | $1.1M |
| Free Cash FlowOCF − Capex | $-15.6M | $512.7K |
| FCF MarginFCF / Revenue | -9.9% | 2.7% |
| Capex IntensityCapex / Revenue | 2.6% | 2.8% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $4.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $1.1M | ||
| Q3 25 | $21.7M | $1.1M | ||
| Q2 25 | $14.8M | $3.0M | ||
| Q1 25 | $37.0M | $918.7K | ||
| Q4 24 | $1.6M | $659.0K | ||
| Q3 24 | $14.1M | $3.2M | ||
| Q2 24 | $12.5M | — | ||
| Q1 24 | $20.7M | — |
| Q4 25 | $-15.6M | $512.7K | ||
| Q3 25 | $17.5M | $809.7K | ||
| Q2 25 | $11.1M | $2.9M | ||
| Q1 25 | $33.1M | $596.6K | ||
| Q4 24 | $-1.8M | $466.8K | ||
| Q3 24 | $7.8M | $2.9M | ||
| Q2 24 | $7.3M | — | ||
| Q1 24 | $14.5M | — |
| Q4 25 | -9.9% | 2.7% | ||
| Q3 25 | 10.7% | 4.2% | ||
| Q2 25 | 6.8% | 16.2% | ||
| Q1 25 | 20.1% | 3.2% | ||
| Q4 24 | -1.1% | 3.4% | ||
| Q3 24 | 5.1% | 21.1% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 9.4% | — |
| Q4 25 | 2.6% | 2.8% | ||
| Q3 25 | 2.6% | 1.3% | ||
| Q2 25 | 2.3% | 0.5% | ||
| Q1 25 | 2.4% | 1.7% | ||
| Q4 24 | 2.0% | 1.4% | ||
| Q3 24 | 4.1% | 1.7% | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | -0.92× | 0.52× | ||
| Q3 25 | 3.90× | 0.48× | ||
| Q2 25 | 3.29× | 2.45× | ||
| Q1 25 | 4.16× | 0.33× | ||
| Q4 24 | 0.12× | 0.47× | ||
| Q3 24 | 6.22× | 1.52× | ||
| 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% |
LGCY
Segment breakdown not available.
