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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Shoals Technologies Group, Inc. (SHLS). 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 $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 5.5%, a 2.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -3.5%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-15.6M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
APEI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $148.3M |
| Net Profit | $12.6M | $8.1M |
| Gross Margin | 56.4% | 31.6% |
| Operating Margin | 12.0% | 11.7% |
| Net Margin | 8.0% | 5.5% |
| Revenue YoY | -3.5% | 38.6% |
| Net Profit YoY | -2.7% | 3.9% |
| EPS (diluted) | $0.67 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $163.2M | $135.8M | ||
| Q2 25 | $162.8M | $110.8M | ||
| Q1 25 | $164.6M | $80.4M | ||
| Q4 24 | $164.1M | $107.0M | ||
| Q3 24 | $153.1M | $102.2M | ||
| Q2 24 | $152.9M | $99.2M | ||
| Q1 24 | $154.4M | $90.8M |
| Q4 25 | $12.6M | $8.1M | ||
| Q3 25 | $5.6M | $11.9M | ||
| Q2 25 | $4.5M | $13.9M | ||
| Q1 25 | $8.9M | $-282.0K | ||
| Q4 24 | $13.0M | $7.8M | ||
| Q3 24 | $2.3M | $-267.0K | ||
| Q2 24 | $371.0K | $11.8M | ||
| Q1 24 | $516.0K | $4.8M |
| Q4 25 | 56.4% | 31.6% | ||
| Q3 25 | 54.2% | 37.0% | ||
| Q2 25 | 51.8% | 37.2% | ||
| Q1 25 | 54.5% | 35.0% | ||
| Q4 24 | 56.3% | 37.6% | ||
| Q3 24 | 50.8% | 24.8% | ||
| Q2 24 | 50.2% | 40.3% | ||
| Q1 24 | 53.1% | 40.2% |
| Q4 25 | 12.0% | 11.7% | ||
| Q3 25 | 5.9% | 13.7% | ||
| Q2 25 | 4.3% | 14.4% | ||
| Q1 25 | 7.4% | 5.4% | ||
| Q4 24 | 13.1% | 15.4% | ||
| Q3 24 | 2.7% | 4.4% | ||
| Q2 24 | 1.5% | 18.7% | ||
| Q1 24 | 3.4% | 12.8% |
| Q4 25 | 8.0% | 5.5% | ||
| Q3 25 | 3.4% | 8.7% | ||
| Q2 25 | 2.8% | 12.5% | ||
| Q1 25 | 5.4% | -0.4% | ||
| Q4 24 | 7.9% | 7.3% | ||
| Q3 24 | 1.5% | -0.3% | ||
| Q2 24 | 0.2% | 11.9% | ||
| Q1 24 | 0.3% | 5.3% |
| Q4 25 | $0.67 | $0.05 | ||
| Q3 25 | $0.30 | $0.07 | ||
| Q2 25 | $-0.02 | $0.08 | ||
| Q1 25 | $0.41 | $0.00 | ||
| Q4 24 | $0.63 | $0.04 | ||
| Q3 24 | $0.04 | $0.00 | ||
| Q2 24 | $-0.06 | $0.07 | ||
| Q1 24 | $-0.06 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | $600.0M |
| Total Assets | $521.4M | $904.1M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $7.3M | ||
| Q3 25 | $191.3M | $8.6M | ||
| Q2 25 | $174.9M | $4.7M | ||
| Q1 25 | $161.6M | $35.6M | ||
| Q4 24 | $131.9M | $23.5M | ||
| Q3 24 | $135.4M | $11.1M | ||
| Q2 24 | $129.8M | $3.2M | ||
| Q1 24 | $125.3M | $15.2M |
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | $141.8M | ||
| Q4 24 | $93.4M | $141.8M | ||
| Q3 24 | $93.1M | $141.8M | ||
| Q2 24 | $92.8M | $146.8M | ||
| Q1 24 | $95.0M | $168.8M |
| Q4 25 | $294.8M | $600.0M | ||
| Q3 25 | $279.3M | $589.6M | ||
| Q2 25 | $272.2M | $575.4M | ||
| Q1 25 | $310.0M | $558.9M | ||
| Q4 24 | $303.9M | $556.8M | ||
| Q3 24 | $290.4M | $545.2M | ||
| Q2 24 | $288.7M | $544.6M | ||
| Q1 24 | $288.5M | $554.0M |
| Q4 25 | $521.4M | $904.1M | ||
| Q3 25 | $525.3M | $851.8M | ||
| Q2 25 | $537.4M | $795.0M | ||
| Q1 25 | $578.7M | $788.4M | ||
| Q4 24 | $570.1M | $793.1M | ||
| Q3 24 | $569.6M | $801.3M | ||
| Q2 24 | $560.7M | $788.4M | ||
| Q1 24 | $559.0M | $825.3M |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | 0.25× | ||
| Q4 24 | 0.31× | 0.25× | ||
| Q3 24 | 0.32× | 0.26× | ||
| Q2 24 | 0.32× | 0.27× | ||
| Q1 24 | 0.33× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-15.6M | $-11.3M |
| FCF MarginFCF / Revenue | -9.9% | -7.6% |
| Capex IntensityCapex / Revenue | 2.6% | 4.8% |
| Cash ConversionOCF / Net Profit | -0.92× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-4.1M | ||
| Q3 25 | $21.7M | $19.4M | ||
| Q2 25 | $14.8M | $-13.8M | ||
| Q1 25 | $37.0M | $15.6M | ||
| Q4 24 | $1.6M | $14.0M | ||
| Q3 24 | $14.1M | $15.7M | ||
| Q2 24 | $12.5M | $37.8M | ||
| Q1 24 | $20.7M | $12.9M |
| Q4 25 | $-15.6M | $-11.3M | ||
| Q3 25 | $17.5M | $9.0M | ||
| Q2 25 | $11.1M | $-26.0M | ||
| Q1 25 | $33.1M | $12.3M | ||
| Q4 24 | $-1.8M | $12.5M | ||
| Q3 24 | $7.8M | $13.3M | ||
| Q2 24 | $7.3M | $35.8M | ||
| Q1 24 | $14.5M | $10.4M |
| Q4 25 | -9.9% | -7.6% | ||
| Q3 25 | 10.7% | 6.6% | ||
| Q2 25 | 6.8% | -23.5% | ||
| Q1 25 | 20.1% | 15.4% | ||
| Q4 24 | -1.1% | 11.6% | ||
| Q3 24 | 5.1% | 13.0% | ||
| Q2 24 | 4.7% | 36.1% | ||
| Q1 24 | 9.4% | 11.4% |
| Q4 25 | 2.6% | 4.8% | ||
| Q3 25 | 2.6% | 7.7% | ||
| Q2 25 | 2.3% | 11.0% | ||
| Q1 25 | 2.4% | 4.0% | ||
| Q4 24 | 2.0% | 1.4% | ||
| Q3 24 | 4.1% | 2.3% | ||
| Q2 24 | 3.4% | 2.0% | ||
| Q1 24 | 4.0% | 2.7% |
| Q4 25 | -0.92× | -0.50× | ||
| Q3 25 | 3.90× | 1.63× | ||
| Q2 25 | 3.29× | -1.00× | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | 1.79× | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | 3.21× | ||
| Q1 24 | 40.20× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
