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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.6× Latham Group, Inc.). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -7.0%, a 15.0% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -3.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-15.6M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
APEI vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $100.0M |
| Net Profit | $12.6M | $-7.0M |
| Gross Margin | 56.4% | 28.0% |
| Operating Margin | 12.0% | -10.7% |
| Net Margin | 8.0% | -7.0% |
| Revenue YoY | -3.5% | 14.5% |
| Net Profit YoY | -2.7% | 76.0% |
| EPS (diluted) | $0.67 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $163.2M | $161.9M | ||
| Q2 25 | $162.8M | $172.6M | ||
| Q1 25 | $164.6M | $111.4M | ||
| Q4 24 | $164.1M | $87.3M | ||
| Q3 24 | $153.1M | $150.5M | ||
| Q2 24 | $152.9M | $160.1M | ||
| Q1 24 | $154.4M | $110.6M |
| Q4 25 | $12.6M | $-7.0M | ||
| Q3 25 | $5.6M | $8.1M | ||
| Q2 25 | $4.5M | $16.0M | ||
| Q1 25 | $8.9M | $-6.0M | ||
| Q4 24 | $13.0M | $-29.2M | ||
| Q3 24 | $2.3M | $5.9M | ||
| Q2 24 | $371.0K | $13.3M | ||
| Q1 24 | $516.0K | $-7.9M |
| Q4 25 | 56.4% | 28.0% | ||
| Q3 25 | 54.2% | 35.4% | ||
| Q2 25 | 51.8% | 37.1% | ||
| Q1 25 | 54.5% | 29.5% | ||
| Q4 24 | 56.3% | 24.6% | ||
| Q3 24 | 50.8% | 32.4% | ||
| Q2 24 | 50.2% | 33.1% | ||
| Q1 24 | 53.1% | 27.7% |
| Q4 25 | 12.0% | -10.7% | ||
| Q3 25 | 5.9% | 13.3% | ||
| Q2 25 | 4.3% | 14.3% | ||
| Q1 25 | 7.4% | -4.4% | ||
| Q4 24 | 13.1% | -14.9% | ||
| Q3 24 | 2.7% | 8.9% | ||
| Q2 24 | 1.5% | 12.5% | ||
| Q1 24 | 3.4% | -1.9% |
| Q4 25 | 8.0% | -7.0% | ||
| Q3 25 | 3.4% | 5.0% | ||
| Q2 25 | 2.8% | 9.3% | ||
| Q1 25 | 5.4% | -5.4% | ||
| Q4 24 | 7.9% | -33.4% | ||
| Q3 24 | 1.5% | 3.9% | ||
| Q2 24 | 0.2% | 8.3% | ||
| Q1 24 | 0.3% | -7.1% |
| Q4 25 | $0.67 | $-0.06 | ||
| Q3 25 | $0.30 | $0.07 | ||
| Q2 25 | $-0.02 | $0.13 | ||
| Q1 25 | $0.41 | $-0.05 | ||
| Q4 24 | $0.63 | $-0.24 | ||
| Q3 24 | $0.04 | $0.05 | ||
| Q2 24 | $-0.06 | $0.11 | ||
| Q1 24 | $-0.06 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $94.7M | $279.8M |
| Stockholders' EquityBook value | $294.8M | $405.9M |
| Total Assets | $521.4M | $823.2M |
| Debt / EquityLower = less leverage | 0.32× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | — | ||
| Q3 25 | $191.3M | — | ||
| Q2 25 | $174.9M | — | ||
| Q1 25 | $161.6M | — | ||
| Q4 24 | $131.9M | — | ||
| Q3 24 | $135.4M | — | ||
| Q2 24 | $129.8M | — | ||
| Q1 24 | $125.3M | — |
| Q4 25 | $94.7M | $279.8M | ||
| Q3 25 | $94.4M | $281.1M | ||
| Q2 25 | $94.1M | $281.5M | ||
| Q1 25 | $93.7M | $306.9M | ||
| Q4 24 | $93.4M | $281.5M | ||
| Q3 24 | $93.1M | $282.8M | ||
| Q2 24 | $92.8M | $282.4M | ||
| Q1 24 | $95.0M | $282.8M |
| Q4 25 | $294.8M | $405.9M | ||
| Q3 25 | $279.3M | $408.4M | ||
| Q2 25 | $272.2M | $398.4M | ||
| Q1 25 | $310.0M | $381.1M | ||
| Q4 24 | $303.9M | $387.2M | ||
| Q3 24 | $290.4M | $416.6M | ||
| Q2 24 | $288.7M | $408.1M | ||
| Q1 24 | $288.5M | $391.8M |
| Q4 25 | $521.4M | $823.2M | ||
| Q3 25 | $525.3M | $844.4M | ||
| Q2 25 | $537.4M | $822.1M | ||
| Q1 25 | $578.7M | $824.6M | ||
| Q4 24 | $570.1M | $794.2M | ||
| Q3 24 | $569.6M | $853.4M | ||
| Q2 24 | $560.7M | $830.0M | ||
| Q1 24 | $559.0M | $808.6M |
| Q4 25 | 0.32× | 0.69× | ||
| Q3 25 | 0.34× | 0.69× | ||
| Q2 25 | 0.35× | 0.71× | ||
| Q1 25 | 0.30× | 0.81× | ||
| Q4 24 | 0.31× | 0.73× | ||
| Q3 24 | 0.32× | 0.68× | ||
| Q2 24 | 0.32× | 0.69× | ||
| Q1 24 | 0.33× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-15.6M | $14.1M |
| FCF MarginFCF / Revenue | -9.9% | 14.1% |
| Capex IntensityCapex / Revenue | 2.6% | 9.2% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $23.3M | ||
| Q3 25 | $21.7M | $51.0M | ||
| Q2 25 | $14.8M | $36.0M | ||
| Q1 25 | $37.0M | $-46.9M | ||
| Q4 24 | $1.6M | $6.2M | ||
| Q3 24 | $14.1M | $37.2M | ||
| Q2 24 | $12.5M | $52.4M | ||
| Q1 24 | $20.7M | $-34.5M |
| Q4 25 | $-15.6M | $14.1M | ||
| Q3 25 | $17.5M | $45.2M | ||
| Q2 25 | $11.1M | $29.1M | ||
| Q1 25 | $33.1M | $-50.3M | ||
| Q4 24 | $-1.8M | $-98.0K | ||
| Q3 24 | $7.8M | $33.2M | ||
| Q2 24 | $7.3M | $47.9M | ||
| Q1 24 | $14.5M | $-39.9M |
| Q4 25 | -9.9% | 14.1% | ||
| Q3 25 | 10.7% | 27.9% | ||
| Q2 25 | 6.8% | 16.8% | ||
| Q1 25 | 20.1% | -45.2% | ||
| Q4 24 | -1.1% | -0.1% | ||
| Q3 24 | 5.1% | 22.1% | ||
| Q2 24 | 4.7% | 29.9% | ||
| Q1 24 | 9.4% | -36.0% |
| Q4 25 | 2.6% | 9.2% | ||
| Q3 25 | 2.6% | 3.6% | ||
| Q2 25 | 2.3% | 4.0% | ||
| Q1 25 | 2.4% | 3.1% | ||
| Q4 24 | 2.0% | 7.2% | ||
| Q3 24 | 4.1% | 2.7% | ||
| Q2 24 | 3.4% | 2.8% | ||
| Q1 24 | 4.0% | 4.8% |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | 6.29× | ||
| Q2 25 | 3.29× | 2.25× | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | 6.32× | ||
| Q2 24 | 33.57× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
