vs
Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Ranpak Holdings Corp. (PACK). 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 $93.7M, roughly 1.7× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -3.5%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% 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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
APEI vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $93.7M |
| Net Profit | $12.6M | — |
| Gross Margin | 56.4% | 39.0% |
| Operating Margin | 12.0% | -1.0% |
| Net Margin | 8.0% | — |
| Revenue YoY | -3.5% | 2.3% |
| Net Profit YoY | -2.7% | — |
| EPS (diluted) | $0.67 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $163.2M | $83.6M | ||
| Q2 25 | $162.8M | $77.8M | ||
| Q1 25 | $164.6M | $77.6M | ||
| Q4 24 | $164.1M | $91.6M | ||
| Q3 24 | $153.1M | $78.6M | ||
| Q2 24 | $152.9M | $72.8M | ||
| Q1 24 | $154.4M | $72.5M |
| Q4 25 | $12.6M | — | ||
| Q3 25 | $5.6M | $-10.4M | ||
| Q2 25 | $4.5M | $-7.5M | ||
| Q1 25 | $8.9M | $-10.9M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $2.3M | $-8.1M | ||
| Q2 24 | $371.0K | $5.5M | ||
| Q1 24 | $516.0K | $-8.1M |
| Q4 25 | 56.4% | 39.0% | ||
| Q3 25 | 54.2% | 41.1% | ||
| Q2 25 | 51.8% | 37.1% | ||
| Q1 25 | 54.5% | 39.8% | ||
| Q4 24 | 56.3% | 45.2% | ||
| Q3 24 | 50.8% | 43.8% | ||
| Q2 24 | 50.2% | 43.5% | ||
| Q1 24 | 53.1% | 44.6% |
| Q4 25 | 12.0% | -1.0% | ||
| Q3 25 | 5.9% | -6.8% | ||
| Q2 25 | 4.3% | -12.5% | ||
| Q1 25 | 7.4% | -10.3% | ||
| Q4 24 | 13.1% | 1.5% | ||
| Q3 24 | 2.7% | -5.3% | ||
| Q2 24 | 1.5% | -7.1% | ||
| Q1 24 | 3.4% | -6.6% |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 3.4% | -12.4% | ||
| Q2 25 | 2.8% | -9.6% | ||
| Q1 25 | 5.4% | -14.0% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 1.5% | -10.3% | ||
| Q2 24 | 0.2% | 7.6% | ||
| Q1 24 | 0.3% | -11.2% |
| Q4 25 | $0.67 | $-0.11 | ||
| Q3 25 | $0.30 | $-0.12 | ||
| Q2 25 | $-0.02 | $-0.09 | ||
| Q1 25 | $0.41 | $-0.13 | ||
| Q4 24 | $0.63 | $-0.13 | ||
| Q3 24 | $0.04 | $-0.10 | ||
| Q2 24 | $-0.06 | $0.07 | ||
| Q1 24 | $-0.06 | $-0.10 |
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 | $63.0M |
| Total DebtLower is stronger | $94.7M | $401.9M |
| Stockholders' EquityBook value | $294.8M | $534.9M |
| Total Assets | $521.4M | $1.1B |
| Debt / EquityLower = less leverage | 0.32× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $63.0M | ||
| Q3 25 | $191.3M | $49.9M | ||
| Q2 25 | $174.9M | $49.2M | ||
| Q1 25 | $161.6M | $65.5M | ||
| Q4 24 | $131.9M | $76.1M | ||
| Q3 24 | $135.4M | $69.5M | ||
| Q2 24 | $129.8M | $65.1M | ||
| Q1 24 | $125.3M | $55.1M |
| Q4 25 | $94.7M | $401.9M | ||
| Q3 25 | $94.4M | $403.1M | ||
| Q2 25 | $94.1M | $403.1M | ||
| Q1 25 | $93.7M | $405.2M | ||
| Q4 24 | $93.4M | $406.4M | ||
| Q3 24 | $93.1M | $403.2M | ||
| Q2 24 | $92.8M | $396.1M | ||
| Q1 24 | $95.0M | $396.7M |
| Q4 25 | $294.8M | $534.9M | ||
| Q3 25 | $279.3M | $537.8M | ||
| Q2 25 | $272.2M | $539.0M | ||
| Q1 25 | $310.0M | $544.1M | ||
| Q4 24 | $303.9M | $548.1M | ||
| Q3 24 | $290.4M | $564.3M | ||
| Q2 24 | $288.7M | $566.2M | ||
| Q1 24 | $288.5M | $560.0M |
| Q4 25 | $521.4M | $1.1B | ||
| Q3 25 | $525.3M | $1.1B | ||
| Q2 25 | $537.4M | $1.1B | ||
| Q1 25 | $578.7M | $1.1B | ||
| Q4 24 | $570.1M | $1.1B | ||
| Q3 24 | $569.6M | $1.1B | ||
| Q2 24 | $560.7M | $1.1B | ||
| Q1 24 | $559.0M | $1.1B |
| Q4 25 | 0.32× | 0.75× | ||
| Q3 25 | 0.34× | 0.75× | ||
| Q2 25 | 0.35× | 0.75× | ||
| Q1 25 | 0.30× | 0.74× | ||
| Q4 24 | 0.31× | 0.74× | ||
| Q3 24 | 0.32× | 0.71× | ||
| Q2 24 | 0.32× | 0.70× | ||
| Q1 24 | 0.33× | 0.71× |
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 | $19.5M |
| Free Cash FlowOCF − Capex | $-15.6M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $19.5M | ||
| Q3 25 | $21.7M | $8.5M | ||
| Q2 25 | $14.8M | $-3.6M | ||
| Q1 25 | $37.0M | $-1.3M | ||
| Q4 24 | $1.6M | $6.5M | ||
| Q3 24 | $14.1M | $10.1M | ||
| Q2 24 | $12.5M | $19.6M | ||
| Q1 24 | $20.7M | $5.2M |
| Q4 25 | $-15.6M | — | ||
| Q3 25 | $17.5M | — | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $7.8M | — | ||
| Q2 24 | $7.3M | — | ||
| Q1 24 | $14.5M | — |
| Q4 25 | -9.9% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 20.1% | — | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 9.4% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 4.0% | — |
| 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× | 3.56× | ||
| 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
