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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $158.3M, roughly 1.2× AMERICAN PUBLIC EDUCATION INC). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 8.0%, a 4.3% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -3.5%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
APEI vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $187.0M |
| Net Profit | $12.6M | $22.9M |
| Gross Margin | 56.4% | 72.5% |
| Operating Margin | 12.0% | 20.2% |
| Net Margin | 8.0% | 12.2% |
| Revenue YoY | -3.5% | -1.6% |
| Net Profit YoY | -2.7% | 36.8% |
| EPS (diluted) | $0.67 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $163.2M | $188.7M | ||
| Q2 25 | $162.8M | $188.8M | ||
| Q1 25 | $164.6M | $188.4M | ||
| Q4 24 | $164.1M | $190.1M | ||
| Q3 24 | $153.1M | $193.6M | ||
| Q2 24 | $152.9M | $190.4M | ||
| Q1 24 | $154.4M | $196.1M |
| Q4 25 | $12.6M | $22.9M | ||
| Q3 25 | $5.6M | $18.4M | ||
| Q2 25 | $4.5M | $19.5M | ||
| Q1 25 | $8.9M | $13.0M | ||
| Q4 24 | $13.0M | $16.7M | ||
| Q3 24 | $2.3M | $18.7M | ||
| Q2 24 | $371.0K | $17.1M | ||
| Q1 24 | $516.0K | $59.0M |
| Q4 25 | 56.4% | 72.5% | ||
| Q3 25 | 54.2% | 70.7% | ||
| Q2 25 | 51.8% | 70.5% | ||
| Q1 25 | 54.5% | 70.7% | ||
| Q4 24 | 56.3% | 72.5% | ||
| Q3 24 | 50.8% | 72.8% | ||
| Q2 24 | 50.2% | 72.6% | ||
| Q1 24 | 53.1% | 72.1% |
| Q4 25 | 12.0% | 20.2% | ||
| Q3 25 | 5.9% | 15.8% | ||
| Q2 25 | 4.3% | 16.5% | ||
| Q1 25 | 7.4% | 11.0% | ||
| Q4 24 | 13.1% | 14.5% | ||
| Q3 24 | 2.7% | 15.8% | ||
| Q2 24 | 1.5% | 17.2% | ||
| Q1 24 | 3.4% | 48.9% |
| Q4 25 | 8.0% | 12.2% | ||
| Q3 25 | 3.4% | 9.8% | ||
| Q2 25 | 2.8% | 10.3% | ||
| Q1 25 | 5.4% | 6.9% | ||
| Q4 24 | 7.9% | 8.8% | ||
| Q3 24 | 1.5% | 9.7% | ||
| Q2 24 | 0.2% | 9.0% | ||
| Q1 24 | 0.3% | 30.1% |
| Q4 25 | $0.67 | $0.23 | ||
| Q3 25 | $0.30 | $0.17 | ||
| Q2 25 | $-0.02 | $0.19 | ||
| Q1 25 | $0.41 | $0.10 | ||
| Q4 24 | $0.63 | $0.19 | ||
| Q3 24 | $0.04 | $0.18 | ||
| Q2 24 | $-0.06 | $0.16 | ||
| Q1 24 | $-0.06 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $946.0M |
| Total Assets | $521.4M | $5.1B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $23.3M | ||
| Q3 25 | $191.3M | $26.3M | ||
| Q2 25 | $174.9M | $26.1M | ||
| Q1 25 | $161.6M | $19.3M | ||
| Q4 24 | $131.9M | $50.4M | ||
| Q3 24 | $135.4M | $69.9M | ||
| Q2 24 | $129.8M | $59.0M | ||
| Q1 24 | $125.3M | $64.2M |
| 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 | $946.0M | ||
| Q3 25 | $279.3M | $973.1M | ||
| Q2 25 | $272.2M | $1.0B | ||
| Q1 25 | $310.0M | $1.0B | ||
| Q4 24 | $303.9M | $1.1B | ||
| Q3 24 | $290.4M | $986.9M | ||
| Q2 24 | $288.7M | $1.2B | ||
| Q1 24 | $288.5M | $1.3B |
| Q4 25 | $521.4M | $5.1B | ||
| Q3 25 | $525.3M | $5.1B | ||
| Q2 25 | $537.4M | $5.2B | ||
| Q1 25 | $578.7M | $5.3B | ||
| Q4 24 | $570.1M | $5.4B | ||
| Q3 24 | $569.6M | $5.4B | ||
| Q2 24 | $560.7M | $5.3B | ||
| Q1 24 | $559.0M | $5.4B |
| 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 | $338.5M |
| Free Cash FlowOCF − Capex | $-15.6M | $299.8M |
| FCF MarginFCF / Revenue | -9.9% | 160.3% |
| Capex IntensityCapex / Revenue | 2.6% | 20.7% |
| Cash ConversionOCF / Net Profit | -0.92× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $338.5M | ||
| Q3 25 | $21.7M | $100.2M | ||
| Q2 25 | $14.8M | $79.9M | ||
| Q1 25 | $37.0M | $85.6M | ||
| Q4 24 | $1.6M | $363.1M | ||
| Q3 24 | $14.1M | $105.7M | ||
| Q2 24 | $12.5M | $83.2M | ||
| Q1 24 | $20.7M | $94.0M |
| Q4 25 | $-15.6M | $299.8M | ||
| Q3 25 | $17.5M | $88.0M | ||
| Q2 25 | $11.1M | $73.8M | ||
| Q1 25 | $33.1M | $79.9M | ||
| Q4 24 | $-1.8M | $344.4M | ||
| Q3 24 | $7.8M | $101.8M | ||
| Q2 24 | $7.3M | $79.5M | ||
| Q1 24 | $14.5M | $88.6M |
| Q4 25 | -9.9% | 160.3% | ||
| Q3 25 | 10.7% | 46.6% | ||
| Q2 25 | 6.8% | 39.1% | ||
| Q1 25 | 20.1% | 42.4% | ||
| Q4 24 | -1.1% | 181.2% | ||
| Q3 24 | 5.1% | 52.6% | ||
| Q2 24 | 4.7% | 41.7% | ||
| Q1 24 | 9.4% | 45.2% |
| Q4 25 | 2.6% | 20.7% | ||
| Q3 25 | 2.6% | 6.5% | ||
| Q2 25 | 2.3% | 3.2% | ||
| Q1 25 | 2.4% | 3.0% | ||
| Q4 24 | 2.0% | 9.8% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 3.4% | 1.9% | ||
| Q1 24 | 4.0% | 2.7% |
| Q4 25 | -0.92× | 14.79× | ||
| Q3 25 | 3.90× | 5.44× | ||
| Q2 25 | 3.29× | 4.10× | ||
| Q1 25 | 4.16× | 6.59× | ||
| Q4 24 | 0.12× | 21.70× | ||
| Q3 24 | 6.22× | 5.65× | ||
| Q2 24 | 33.57× | 4.88× | ||
| Q1 24 | 40.20× | 1.59× |
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% |
NSA
Segment breakdown not available.
