vs
Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Nerdy Inc. (NRDY). 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 $49.1M, roughly 3.2× Nerdy Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -18.8%, a 26.8% gap on every dollar of revenue. On growth, Nerdy Inc. posted the faster year-over-year revenue change (2.3% vs -3.5%). Nerdy Inc. produced more free cash flow last quarter ($-4.3M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -4.4%).
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.
Nerdy Inc. is a leading U.S.-based edtech firm best known for operating the Varsity Tutors platform, offering live one-on-one tutoring, on-demand courses, test prep resources, and skill-building content. It serves K-12 students, higher ed learners, and working professionals across hundreds of academic and professional subject areas.
APEI vs NRDY — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $49.1M |
| Net Profit | $12.6M | $-9.2M |
| Gross Margin | 56.4% | 51.0% |
| Operating Margin | 12.0% | -28.3% |
| Net Margin | 8.0% | -18.8% |
| Revenue YoY | -3.5% | 2.3% |
| Net Profit YoY | -2.7% | 8.9% |
| EPS (diluted) | $0.67 | $-0.07 |
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 | $49.1M | ||
| Q3 25 | $163.2M | $37.0M | ||
| Q2 25 | $162.8M | $45.3M | ||
| Q1 25 | $164.6M | $47.6M | ||
| Q4 24 | $164.1M | $48.0M | ||
| Q3 24 | $153.1M | $37.5M | ||
| Q2 24 | $152.9M | $51.0M | ||
| Q1 24 | $154.4M | $53.7M |
| Q4 25 | $12.6M | $-9.2M | ||
| Q3 25 | $5.6M | $-12.3M | ||
| Q2 25 | $4.5M | $-7.9M | ||
| Q1 25 | $8.9M | $-10.5M | ||
| Q4 24 | $13.0M | $-10.1M | ||
| Q3 24 | $2.3M | $-15.9M | ||
| Q2 24 | $371.0K | $-9.1M | ||
| Q1 24 | $516.0K | $-7.4M |
| Q4 25 | 56.4% | 51.0% | ||
| Q3 25 | 54.2% | 62.9% | ||
| Q2 25 | 51.8% | 61.5% | ||
| Q1 25 | 54.5% | 58.0% | ||
| Q4 24 | 56.3% | 66.6% | ||
| Q3 24 | 50.8% | 70.5% | ||
| Q2 24 | 50.2% | 65.7% | ||
| Q1 24 | 53.1% | 68.0% |
| Q4 25 | 12.0% | -28.3% | ||
| Q3 25 | 5.9% | -51.5% | ||
| Q2 25 | 4.3% | -27.1% | ||
| Q1 25 | 7.4% | -34.8% | ||
| Q4 24 | 13.1% | -34.0% | ||
| Q3 24 | 2.7% | -68.5% | ||
| Q2 24 | 1.5% | -29.9% | ||
| Q1 24 | 3.4% | -23.9% |
| Q4 25 | 8.0% | -18.8% | ||
| Q3 25 | 3.4% | -33.2% | ||
| Q2 25 | 2.8% | -17.4% | ||
| Q1 25 | 5.4% | -22.1% | ||
| Q4 24 | 7.9% | -21.1% | ||
| Q3 24 | 1.5% | -42.4% | ||
| Q2 24 | 0.2% | -17.8% | ||
| Q1 24 | 0.3% | -13.9% |
| Q4 25 | $0.67 | $-0.07 | ||
| Q3 25 | $0.30 | $-0.10 | ||
| Q2 25 | $-0.02 | $-0.07 | ||
| Q1 25 | $0.41 | $-0.09 | ||
| Q4 24 | $0.63 | $-0.09 | ||
| Q3 24 | $0.04 | $-0.14 | ||
| Q2 24 | $-0.06 | $-0.08 | ||
| Q1 24 | $-0.06 | $-0.07 |
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 | $47.9M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $19.0M |
| Total Assets | $521.4M | $76.2M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $47.9M | ||
| Q3 25 | $191.3M | $32.7M | ||
| Q2 25 | $174.9M | $36.7M | ||
| Q1 25 | $161.6M | $44.9M | ||
| Q4 24 | $131.9M | $52.5M | ||
| Q3 24 | $135.4M | $65.0M | ||
| Q2 24 | $129.8M | $69.8M | ||
| Q1 24 | $125.3M | $77.0M |
| 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 | $19.0M | ||
| Q3 25 | $279.3M | $24.3M | ||
| Q2 25 | $272.2M | $31.8M | ||
| Q1 25 | $310.0M | $34.4M | ||
| Q4 24 | $303.9M | $39.5M | ||
| Q3 24 | $290.4M | $43.3M | ||
| Q2 24 | $288.7M | $52.2M | ||
| Q1 24 | $288.5M | $52.8M |
| Q4 25 | $521.4M | $76.2M | ||
| Q3 25 | $525.3M | $70.4M | ||
| Q2 25 | $537.4M | $73.7M | ||
| Q1 25 | $578.7M | $83.0M | ||
| Q4 24 | $570.1M | $92.5M | ||
| Q3 24 | $569.6M | $106.8M | ||
| Q2 24 | $560.7M | $111.3M | ||
| Q1 24 | $559.0M | $121.3M |
| 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 | $-2.9M |
| Free Cash FlowOCF − Capex | $-15.6M | $-4.3M |
| FCF MarginFCF / Revenue | -9.9% | -8.7% |
| Capex IntensityCapex / Revenue | 2.6% | 2.7% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-24.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-2.9M | ||
| Q3 25 | $21.7M | $-2.4M | ||
| Q2 25 | $14.8M | $-7.0M | ||
| Q1 25 | $37.0M | $-6.4M | ||
| Q4 24 | $1.6M | $-11.3M | ||
| Q3 24 | $14.1M | $-3.1M | ||
| Q2 24 | $12.5M | $-5.6M | ||
| Q1 24 | $20.7M | $4.4M |
| Q4 25 | $-15.6M | $-4.3M | ||
| Q3 25 | $17.5M | $-4.1M | ||
| Q2 25 | $11.1M | $-8.2M | ||
| Q1 25 | $33.1M | $-7.6M | ||
| Q4 24 | $-1.8M | $-12.5M | ||
| Q3 24 | $7.8M | $-5.0M | ||
| Q2 24 | $7.3M | $-7.1M | ||
| Q1 24 | $14.5M | $2.1M |
| Q4 25 | -9.9% | -8.7% | ||
| Q3 25 | 10.7% | -11.2% | ||
| Q2 25 | 6.8% | -18.1% | ||
| Q1 25 | 20.1% | -16.0% | ||
| Q4 24 | -1.1% | -26.0% | ||
| Q3 24 | 5.1% | -13.3% | ||
| Q2 24 | 4.7% | -14.0% | ||
| Q1 24 | 9.4% | 4.0% |
| Q4 25 | 2.6% | 2.7% | ||
| Q3 25 | 2.6% | 4.6% | ||
| Q2 25 | 2.3% | 2.6% | ||
| Q1 25 | 2.4% | 2.5% | ||
| Q4 24 | 2.0% | 2.4% | ||
| Q3 24 | 4.1% | 5.2% | ||
| Q2 24 | 3.4% | 3.0% | ||
| Q1 24 | 4.0% | 4.1% |
| 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% |
NRDY
Segment breakdown not available.
