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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and PagerDuty, Inc. (PD). 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 $124.5M, roughly 1.3× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 8.0%, a 121.8% gap on every dollar of revenue. On growth, PagerDuty, Inc. posted the faster year-over-year revenue change (4.7% vs -3.5%). PagerDuty, Inc. produced more free cash flow last quarter ($24.1M vs $-15.6M). Over the past eight quarters, PagerDuty, Inc.'s revenue compounded faster (5.9% 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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
APEI vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $124.5M |
| Net Profit | $12.6M | $161.6M |
| Gross Margin | 56.4% | 85.3% |
| Operating Margin | 12.0% | 6.5% |
| Net Margin | 8.0% | 129.7% |
| Revenue YoY | -3.5% | 4.7% |
| Net Profit YoY | -2.7% | 2827.7% |
| EPS (diluted) | $0.67 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $163.2M | $123.4M | ||
| Q2 25 | $162.8M | $119.8M | ||
| Q1 25 | $164.6M | $121.4M | ||
| Q4 24 | $164.1M | $118.9M | ||
| Q3 24 | $153.1M | $115.9M | ||
| Q2 24 | $152.9M | $111.2M | ||
| Q1 24 | $154.4M | $111.1M |
| Q4 25 | $12.6M | $161.6M | ||
| Q3 25 | $5.6M | $9.6M | ||
| Q2 25 | $4.5M | $-7.2M | ||
| Q1 25 | $8.9M | $-8.8M | ||
| Q4 24 | $13.0M | $-5.9M | ||
| Q3 24 | $2.3M | $-10.9M | ||
| Q2 24 | $371.0K | $-17.1M | ||
| Q1 24 | $516.0K | $-28.2M |
| Q4 25 | 56.4% | 85.3% | ||
| Q3 25 | 54.2% | 84.6% | ||
| Q2 25 | 51.8% | 84.0% | ||
| Q1 25 | 54.5% | 83.6% | ||
| Q4 24 | 56.3% | 83.0% | ||
| Q3 24 | 50.8% | 82.7% | ||
| Q2 24 | 50.2% | 82.6% | ||
| Q1 24 | 53.1% | 81.7% |
| Q4 25 | 12.0% | 6.5% | ||
| Q3 25 | 5.9% | 2.9% | ||
| Q2 25 | 4.3% | -8.6% | ||
| Q1 25 | 7.4% | -9.6% | ||
| Q4 24 | 13.1% | -8.7% | ||
| Q3 24 | 2.7% | -13.8% | ||
| Q2 24 | 1.5% | -19.5% | ||
| Q1 24 | 3.4% | -30.1% |
| Q4 25 | 8.0% | 129.7% | ||
| Q3 25 | 3.4% | 7.8% | ||
| Q2 25 | 2.8% | -6.0% | ||
| Q1 25 | 5.4% | -7.2% | ||
| Q4 24 | 7.9% | -5.0% | ||
| Q3 24 | 1.5% | -9.4% | ||
| Q2 24 | 0.2% | -15.4% | ||
| Q1 24 | 0.3% | -25.3% |
| Q4 25 | $0.67 | $1.69 | ||
| Q3 25 | $0.30 | $0.10 | ||
| Q2 25 | $-0.02 | $-0.07 | ||
| Q1 25 | $0.41 | $-0.12 | ||
| Q4 24 | $0.63 | $-0.07 | ||
| Q3 24 | $0.04 | $-0.14 | ||
| Q2 24 | $-0.06 | $-0.26 | ||
| Q1 24 | $-0.06 | $-0.34 |
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 | $547.8M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $320.5M |
| Total Assets | $521.4M | $1.0B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $547.8M | ||
| Q3 25 | $191.3M | $567.9M | ||
| Q2 25 | $174.9M | $597.1M | ||
| Q1 25 | $161.6M | $570.8M | ||
| Q4 24 | $131.9M | $542.2M | ||
| Q3 24 | $135.4M | $599.3M | ||
| Q2 24 | $129.8M | $592.8M | ||
| Q1 24 | $125.3M | $571.2M |
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | $484.5M | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | $489.5M |
| Q4 25 | $294.8M | $320.5M | ||
| Q3 25 | $279.3M | $180.7M | ||
| Q2 25 | $272.2M | $145.7M | ||
| Q1 25 | $310.0M | $129.8M | ||
| Q4 24 | $303.9M | $111.6M | ||
| Q3 24 | $290.4M | $164.7M | ||
| Q2 24 | $288.7M | $174.0M | ||
| Q1 24 | $288.5M | $171.6M |
| Q4 25 | $521.4M | $1.0B | ||
| Q3 25 | $525.3M | $891.5M | ||
| Q2 25 | $537.4M | $926.8M | ||
| Q1 25 | $578.7M | $927.3M | ||
| Q4 24 | $570.1M | $866.8M | ||
| Q3 24 | $569.6M | $916.0M | ||
| Q2 24 | $560.7M | $924.0M | ||
| Q1 24 | $559.0M | $925.3M |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | 3.73× | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $-15.6M | $24.1M |
| FCF MarginFCF / Revenue | -9.9% | 19.3% |
| Capex IntensityCapex / Revenue | 2.6% | 0.6% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $24.8M | ||
| Q3 25 | $21.7M | $34.0M | ||
| Q2 25 | $14.8M | $30.7M | ||
| Q1 25 | $37.0M | $31.4M | ||
| Q4 24 | $1.6M | $22.1M | ||
| Q3 24 | $14.1M | $35.8M | ||
| Q2 24 | $12.5M | $28.6M | ||
| Q1 24 | $20.7M | $22.2M |
| Q4 25 | $-15.6M | $24.1M | ||
| Q3 25 | $17.5M | $33.1M | ||
| Q2 25 | $11.1M | $30.2M | ||
| Q1 25 | $33.1M | $30.3M | ||
| Q4 24 | $-1.8M | $21.5M | ||
| Q3 24 | $7.8M | $35.1M | ||
| Q2 24 | $7.3M | $28.2M | ||
| Q1 24 | $14.5M | $21.2M |
| Q4 25 | -9.9% | 19.3% | ||
| Q3 25 | 10.7% | 26.8% | ||
| Q2 25 | 6.8% | 25.2% | ||
| Q1 25 | 20.1% | 24.9% | ||
| Q4 24 | -1.1% | 18.1% | ||
| Q3 24 | 5.1% | 30.3% | ||
| Q2 24 | 4.7% | 25.4% | ||
| Q1 24 | 9.4% | 19.1% |
| Q4 25 | 2.6% | 0.6% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 2.3% | 0.4% | ||
| Q1 25 | 2.4% | 0.9% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 4.1% | 0.5% | ||
| Q2 24 | 3.4% | 0.4% | ||
| Q1 24 | 4.0% | 0.9% |
| Q4 25 | -0.92× | 0.15× | ||
| Q3 25 | 3.90× | 3.55× | ||
| 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% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
