vs
Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Mayville Engineering Company, Inc. (MEC). 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 $134.3M, roughly 1.2× Mayville Engineering Company, Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -3.2%, a 11.2% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -3.5%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
APEI vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $134.3M |
| Net Profit | $12.6M | $-4.4M |
| Gross Margin | 56.4% | 6.8% |
| Operating Margin | 12.0% | -4.1% |
| Net Margin | 8.0% | -3.2% |
| Revenue YoY | -3.5% | 10.7% |
| Net Profit YoY | -2.7% | -127.3% |
| 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 | $134.3M | ||
| Q3 25 | $163.2M | $144.3M | ||
| Q2 25 | $162.8M | $132.3M | ||
| Q1 25 | $164.6M | $135.6M | ||
| Q4 24 | $164.1M | $121.3M | ||
| Q3 24 | $153.1M | $135.4M | ||
| Q2 24 | $152.9M | $163.6M | ||
| Q1 24 | $154.4M | $161.3M |
| Q4 25 | $12.6M | $-4.4M | ||
| Q3 25 | $5.6M | $-2.7M | ||
| Q2 25 | $4.5M | $-1.1M | ||
| Q1 25 | $8.9M | $20.0K | ||
| Q4 24 | $13.0M | $16.0M | ||
| Q3 24 | $2.3M | $3.0M | ||
| Q2 24 | $371.0K | $3.8M | ||
| Q1 24 | $516.0K | $3.2M |
| Q4 25 | 56.4% | 6.8% | ||
| Q3 25 | 54.2% | 11.0% | ||
| Q2 25 | 51.8% | 10.3% | ||
| Q1 25 | 54.5% | 11.3% | ||
| Q4 24 | 56.3% | 8.9% | ||
| Q3 24 | 50.8% | 12.6% | ||
| Q2 24 | 50.2% | 13.6% | ||
| Q1 24 | 53.1% | 13.0% |
| Q4 25 | 12.0% | -4.1% | ||
| Q3 25 | 5.9% | 0.0% | ||
| Q2 25 | 4.3% | 0.1% | ||
| Q1 25 | 7.4% | 1.2% | ||
| Q4 24 | 13.1% | 19.0% | ||
| Q3 24 | 2.7% | 4.2% | ||
| Q2 24 | 1.5% | 5.0% | ||
| Q1 24 | 3.4% | 4.7% |
| Q4 25 | 8.0% | -3.2% | ||
| Q3 25 | 3.4% | -1.9% | ||
| Q2 25 | 2.8% | -0.8% | ||
| Q1 25 | 5.4% | 0.0% | ||
| Q4 24 | 7.9% | 13.2% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 0.2% | 2.3% | ||
| Q1 24 | 0.3% | 2.0% |
| Q4 25 | $0.67 | $-0.22 | ||
| Q3 25 | $0.30 | $-0.13 | ||
| Q2 25 | $-0.02 | $-0.05 | ||
| Q1 25 | $0.41 | $0.00 | ||
| Q4 24 | $0.63 | $0.76 | ||
| Q3 24 | $0.04 | $0.14 | ||
| Q2 24 | $-0.06 | $0.18 | ||
| Q1 24 | $-0.06 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $240.7M |
| Total Assets | $521.4M | $563.6M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $1.5M | ||
| Q3 25 | $191.3M | $1.2M | ||
| Q2 25 | $174.9M | $206.0K | ||
| Q1 25 | $161.6M | $183.0K | ||
| Q4 24 | $131.9M | $206.0K | ||
| Q3 24 | $135.4M | $178.0K | ||
| Q2 24 | $129.8M | $314.0K | ||
| Q1 24 | $125.3M | $314.0K |
| 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 | $240.7M | ||
| Q3 25 | $279.3M | $244.8M | ||
| Q2 25 | $272.2M | $246.8M | ||
| Q1 25 | $310.0M | $250.0M | ||
| Q4 24 | $303.9M | $251.8M | ||
| Q3 24 | $290.4M | $238.4M | ||
| Q2 24 | $288.7M | $238.1M | ||
| Q1 24 | $288.5M | $234.0M |
| Q4 25 | $521.4M | $563.6M | ||
| Q3 25 | $525.3M | $585.6M | ||
| Q2 25 | $537.4M | $433.7M | ||
| Q1 25 | $578.7M | $447.7M | ||
| Q4 24 | $570.1M | $445.6M | ||
| Q3 24 | $569.6M | $466.0M | ||
| Q2 24 | $560.7M | $488.2M | ||
| Q1 24 | $559.0M | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | $-15.6M | $10.2M |
| FCF MarginFCF / Revenue | -9.9% | 7.6% |
| Capex IntensityCapex / Revenue | 2.6% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $13.4M | ||
| Q3 25 | $21.7M | $1.9M | ||
| Q2 25 | $14.8M | $15.0M | ||
| Q1 25 | $37.0M | $8.3M | ||
| Q4 24 | $1.6M | $38.0M | ||
| Q3 24 | $14.1M | $17.9M | ||
| Q2 24 | $12.5M | $23.3M | ||
| Q1 24 | $20.7M | $10.6M |
| Q4 25 | $-15.6M | $10.2M | ||
| Q3 25 | $17.5M | $-1.1M | ||
| Q2 25 | $11.1M | $12.5M | ||
| Q1 25 | $33.1M | $5.4M | ||
| Q4 24 | $-1.8M | $35.6M | ||
| Q3 24 | $7.8M | $15.1M | ||
| Q2 24 | $7.3M | $19.2M | ||
| Q1 24 | $14.5M | $7.8M |
| Q4 25 | -9.9% | 7.6% | ||
| Q3 25 | 10.7% | -0.8% | ||
| Q2 25 | 6.8% | 9.5% | ||
| Q1 25 | 20.1% | 4.0% | ||
| Q4 24 | -1.1% | 29.4% | ||
| Q3 24 | 5.1% | 11.1% | ||
| Q2 24 | 4.7% | 11.7% | ||
| Q1 24 | 9.4% | 4.9% |
| Q4 25 | 2.6% | 2.4% | ||
| Q3 25 | 2.6% | 2.1% | ||
| Q2 25 | 2.3% | 1.8% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | 2.0% | 1.9% | ||
| Q3 24 | 4.1% | 2.1% | ||
| Q2 24 | 3.4% | 2.5% | ||
| Q1 24 | 4.0% | 1.7% |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 4.16× | 416.65× | ||
| Q4 24 | 0.12× | 2.38× | ||
| Q3 24 | 6.22× | 6.03× | ||
| Q2 24 | 33.57× | 6.15× | ||
| Q1 24 | 40.20× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
