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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Riot Platforms, Inc. (RIOT). 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 $152.8M, roughly 1.0× Riot Platforms, Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -452.0%, a 459.9% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -3.5%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% 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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
APEI vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $152.8M |
| Net Profit | $12.6M | $-690.7M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | -447.9% |
| Net Margin | 8.0% | -452.0% |
| Revenue YoY | -3.5% | 7.2% |
| Net Profit YoY | -2.7% | -606.3% |
| EPS (diluted) | $0.67 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $163.2M | $180.2M | ||
| Q2 25 | $162.8M | $153.0M | ||
| Q1 25 | $164.6M | $161.4M | ||
| Q4 24 | $164.1M | $142.6M | ||
| Q3 24 | $153.1M | $84.8M | ||
| Q2 24 | $152.9M | $70.0M | ||
| Q1 24 | $154.4M | $79.3M |
| Q4 25 | $12.6M | $-690.7M | ||
| Q3 25 | $5.6M | $104.5M | ||
| Q2 25 | $4.5M | $219.5M | ||
| Q1 25 | $8.9M | $-296.4M | ||
| Q4 24 | $13.0M | $136.4M | ||
| Q3 24 | $2.3M | $-154.4M | ||
| Q2 24 | $371.0K | $-84.4M | ||
| Q1 24 | $516.0K | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | 5.9% | 44.4% | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 7.4% | -144.9% | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 2.7% | -143.3% | ||
| Q2 24 | 1.5% | -167.2% | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 8.0% | -452.0% | ||
| Q3 25 | 3.4% | 58.0% | ||
| Q2 25 | 2.8% | 143.4% | ||
| Q1 25 | 5.4% | -183.6% | ||
| Q4 24 | 7.9% | 95.7% | ||
| Q3 24 | 1.5% | -182.1% | ||
| Q2 24 | 0.2% | -120.6% | ||
| Q1 24 | 0.3% | 267.1% |
| Q4 25 | $0.67 | $-1.89 | ||
| Q3 25 | $0.30 | $0.26 | ||
| Q2 25 | $-0.02 | $0.58 | ||
| Q1 25 | $0.41 | $-0.90 | ||
| Q4 24 | $0.63 | $0.39 | ||
| Q3 24 | $0.04 | $-0.54 | ||
| Q2 24 | $-0.06 | $-0.32 | ||
| Q1 24 | $-0.06 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | $94.7M | $840.8M |
| Stockholders' EquityBook value | $294.8M | $2.9B |
| Total Assets | $521.4M | $3.9B |
| Debt / EquityLower = less leverage | 0.32× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $233.5M | ||
| Q3 25 | $191.3M | $330.7M | ||
| Q2 25 | $174.9M | $255.4M | ||
| Q1 25 | $161.6M | $163.7M | ||
| Q4 24 | $131.9M | $277.9M | ||
| Q3 24 | $135.4M | $355.7M | ||
| Q2 24 | $129.8M | $481.2M | ||
| Q1 24 | $125.3M | $688.5M |
| Q4 25 | $94.7M | $840.8M | ||
| Q3 25 | $94.4M | $5.3M | ||
| Q2 25 | $94.1M | $5.3M | ||
| Q1 25 | $93.7M | $5.3M | ||
| Q4 24 | $93.4M | $584.6M | ||
| Q3 24 | $93.1M | $5.7M | ||
| Q2 24 | $92.8M | — | ||
| Q1 24 | $95.0M | — |
| Q4 25 | $294.8M | $2.9B | ||
| Q3 25 | $279.3M | $3.5B | ||
| Q2 25 | $272.2M | $3.3B | ||
| Q1 25 | $310.0M | $2.9B | ||
| Q4 24 | $303.9M | $3.1B | ||
| Q3 24 | $290.4M | $2.7B | ||
| Q2 24 | $288.7M | $2.6B | ||
| Q1 24 | $288.5M | $2.5B |
| Q4 25 | $521.4M | $3.9B | ||
| Q3 25 | $525.3M | $4.5B | ||
| Q2 25 | $537.4M | $4.3B | ||
| Q1 25 | $578.7M | $3.7B | ||
| Q4 24 | $570.1M | $3.9B | ||
| Q3 24 | $569.6M | $2.9B | ||
| Q2 24 | $560.7M | $2.7B | ||
| Q1 24 | $559.0M | $2.6B |
| Q4 25 | 0.32× | 0.29× | ||
| Q3 25 | 0.34× | 0.00× | ||
| Q2 25 | 0.35× | 0.00× | ||
| Q1 25 | 0.30× | 0.00× | ||
| Q4 24 | 0.31× | 0.19× | ||
| Q3 24 | 0.32× | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-15.6M | $-774.3M |
| FCF MarginFCF / Revenue | -9.9% | -506.6% |
| Capex IntensityCapex / Revenue | 2.6% | 131.8% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-572.9M | ||
| Q3 25 | $21.7M | $-114.0M | ||
| Q2 25 | $14.8M | $-231.3M | ||
| Q1 25 | $37.0M | $-122.1M | ||
| Q4 24 | $1.6M | $-255.1M | ||
| Q3 24 | $14.1M | $-56.3M | ||
| Q2 24 | $12.5M | $-42.5M | ||
| Q1 24 | $20.7M | $-57.9M |
| Q4 25 | $-15.6M | $-774.3M | ||
| Q3 25 | $17.5M | $-139.7M | ||
| Q2 25 | $11.1M | $-291.7M | ||
| Q1 25 | $33.1M | $-154.9M | ||
| Q4 24 | $-1.8M | $-495.4M | ||
| Q3 24 | $7.8M | $-127.6M | ||
| Q2 24 | $7.3M | $-96.1M | ||
| Q1 24 | $14.5M | $-115.2M |
| Q4 25 | -9.9% | -506.6% | ||
| Q3 25 | 10.7% | -77.5% | ||
| Q2 25 | 6.8% | -190.7% | ||
| Q1 25 | 20.1% | -96.0% | ||
| Q4 24 | -1.1% | -347.5% | ||
| Q3 24 | 5.1% | -150.5% | ||
| Q2 24 | 4.7% | -137.2% | ||
| Q1 24 | 9.4% | -145.2% |
| Q4 25 | 2.6% | 131.8% | ||
| Q3 25 | 2.6% | 14.3% | ||
| Q2 25 | 2.3% | 39.5% | ||
| Q1 25 | 2.4% | 20.4% | ||
| Q4 24 | 2.0% | 168.6% | ||
| Q3 24 | 4.1% | 84.1% | ||
| Q2 24 | 3.4% | 76.5% | ||
| Q1 24 | 4.0% | 72.3% |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | -1.09× | ||
| Q2 25 | 3.29× | -1.05× | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | -1.87× | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — | ||
| Q1 24 | 40.20× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
