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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and OPAL Fuels Inc. (OPAL). 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 $88.4M, roughly 1.8× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 8.0%, a 10.3% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -3.5%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-15.6M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 1.3%).
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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
APEI vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $88.4M |
| Net Profit | $12.6M | $16.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 7.5% |
| Net Margin | 8.0% | 18.3% |
| Revenue YoY | -3.5% | 18.7% |
| Net Profit YoY | -2.7% | 401.5% |
| EPS (diluted) | $0.67 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $163.2M | $77.9M | ||
| Q2 25 | $162.8M | $77.4M | ||
| Q1 25 | $164.6M | $83.0M | ||
| Q4 24 | $164.1M | $74.5M | ||
| Q3 24 | $153.1M | $82.6M | ||
| Q2 24 | $152.9M | $69.8M | ||
| Q1 24 | $154.4M | $64.0M |
| Q4 25 | $12.6M | $16.2M | ||
| Q3 25 | $5.6M | $11.4M | ||
| Q2 25 | $4.5M | $7.6M | ||
| Q1 25 | $8.9M | $1.3M | ||
| Q4 24 | $13.0M | $-5.4M | ||
| Q3 24 | $2.3M | $17.1M | ||
| Q2 24 | $371.0K | $1.9M | ||
| Q1 24 | $516.0K | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | 5.9% | 4.6% | ||
| Q2 25 | 4.3% | -1.1% | ||
| Q1 25 | 7.4% | -2.3% | ||
| Q4 24 | 13.1% | -0.5% | ||
| Q3 24 | 2.7% | 14.9% | ||
| Q2 24 | 1.5% | 8.1% | ||
| Q1 24 | 3.4% | 5.6% |
| Q4 25 | 8.0% | 18.3% | ||
| Q3 25 | 3.4% | 14.6% | ||
| Q2 25 | 2.8% | 9.8% | ||
| Q1 25 | 5.4% | 1.5% | ||
| Q4 24 | 7.9% | -7.2% | ||
| Q3 24 | 1.5% | 20.7% | ||
| Q2 24 | 0.2% | 2.7% | ||
| Q1 24 | 0.3% | 1.1% |
| Q4 25 | $0.67 | $0.08 | ||
| Q3 25 | $0.30 | $0.05 | ||
| Q2 25 | $-0.02 | $0.03 | ||
| Q1 25 | $0.41 | $-0.01 | ||
| Q4 24 | $0.63 | $-0.05 | ||
| Q3 24 | $0.04 | $0.09 | ||
| Q2 24 | $-0.06 | $-0.01 | ||
| Q1 24 | $-0.06 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $94.7M | $361.3M |
| Stockholders' EquityBook value | $294.8M | $-12.9M |
| Total Assets | $521.4M | $959.5M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $24.4M | ||
| Q3 25 | $191.3M | $29.9M | ||
| Q2 25 | $174.9M | $29.3M | ||
| Q1 25 | $161.6M | $40.1M | ||
| Q4 24 | $131.9M | $24.3M | ||
| Q3 24 | $135.4M | $31.0M | ||
| Q2 24 | $129.8M | $27.6M | ||
| Q1 24 | $125.3M | $34.2M |
| Q4 25 | $94.7M | $361.3M | ||
| Q3 25 | $94.4M | $351.2M | ||
| Q2 25 | $94.1M | $331.6M | ||
| Q1 25 | $93.7M | $307.0M | ||
| Q4 24 | $93.4M | $307.5M | ||
| Q3 24 | $93.1M | $252.9M | ||
| Q2 24 | $92.8M | $233.3M | ||
| Q1 24 | $95.0M | $208.7M |
| Q4 25 | $294.8M | $-12.9M | ||
| Q3 25 | $279.3M | $7.5M | ||
| Q2 25 | $272.2M | $-25.0M | ||
| Q1 25 | $310.0M | $57.1M | ||
| Q4 24 | $303.9M | $-148.4M | ||
| Q3 24 | $290.4M | $-180.1M | ||
| Q2 24 | $288.7M | $-273.0M | ||
| Q1 24 | $288.5M | $-382.4M |
| Q4 25 | $521.4M | $959.5M | ||
| Q3 25 | $525.3M | $916.7M | ||
| Q2 25 | $537.4M | $905.5M | ||
| Q1 25 | $578.7M | $884.9M | ||
| Q4 24 | $570.1M | $881.1M | ||
| Q3 24 | $569.6M | $831.1M | ||
| Q2 24 | $560.7M | $782.3M | ||
| Q1 24 | $559.0M | $750.5M |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | 46.95× | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-15.6M | $-13.4M |
| FCF MarginFCF / Revenue | -9.9% | -15.1% |
| Capex IntensityCapex / Revenue | 2.6% | 11.1% |
| Cash ConversionOCF / Net Profit | -0.92× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-3.5M | ||
| Q3 25 | $21.7M | $18.2M | ||
| Q2 25 | $14.8M | $-7.9M | ||
| Q1 25 | $37.0M | $29.7M | ||
| Q4 24 | $1.6M | $-532.0K | ||
| Q3 24 | $14.1M | $17.7M | ||
| Q2 24 | $12.5M | $533.0K | ||
| Q1 24 | $20.7M | $13.7M |
| Q4 25 | $-15.6M | $-13.4M | ||
| Q3 25 | $17.5M | $-9.3M | ||
| Q2 25 | $11.1M | $-29.7M | ||
| Q1 25 | $33.1M | $18.1M | ||
| Q4 24 | $-1.8M | $-55.0M | ||
| Q3 24 | $7.8M | $-5.4M | ||
| Q2 24 | $7.3M | $-22.5M | ||
| Q1 24 | $14.5M | $-13.0M |
| Q4 25 | -9.9% | -15.1% | ||
| Q3 25 | 10.7% | -11.9% | ||
| Q2 25 | 6.8% | -38.4% | ||
| Q1 25 | 20.1% | 21.8% | ||
| Q4 24 | -1.1% | -73.8% | ||
| Q3 24 | 5.1% | -6.5% | ||
| Q2 24 | 4.7% | -32.2% | ||
| Q1 24 | 9.4% | -20.4% |
| Q4 25 | 2.6% | 11.1% | ||
| Q3 25 | 2.6% | 35.3% | ||
| Q2 25 | 2.3% | 28.2% | ||
| Q1 25 | 2.4% | 13.9% | ||
| Q4 24 | 2.0% | 73.1% | ||
| Q3 24 | 4.1% | 27.9% | ||
| Q2 24 | 3.4% | 32.9% | ||
| Q1 24 | 4.0% | 41.8% |
| Q4 25 | -0.92× | -0.22× | ||
| Q3 25 | 3.90× | 1.60× | ||
| Q2 25 | 3.29× | -1.04× | ||
| Q1 25 | 4.16× | 23.11× | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | 1.03× | ||
| Q2 24 | 33.57× | 0.28× | ||
| Q1 24 | 40.20× | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
