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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Terreno Realty Corp (TRNO). 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 $137.5M, roughly 1.2× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 8.0%, a 107.1% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -3.5%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
APEI vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $137.5M |
| Net Profit | $12.6M | $158.2M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | — |
| Net Margin | 8.0% | 115.1% |
| Revenue YoY | -3.5% | 32.6% |
| Net Profit YoY | -2.7% | 107.9% |
| EPS (diluted) | $0.67 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $163.2M | $116.2M | ||
| Q2 25 | $162.8M | $112.2M | ||
| Q1 25 | $164.6M | $110.4M | ||
| Q4 24 | $164.1M | $103.7M | ||
| Q3 24 | $153.1M | $99.6M | ||
| Q2 24 | $152.9M | $94.2M | ||
| Q1 24 | $154.4M | $85.0M |
| Q4 25 | $12.6M | $158.2M | ||
| Q3 25 | $5.6M | $103.4M | ||
| Q2 25 | $4.5M | $93.3M | ||
| Q1 25 | $8.9M | $48.1M | ||
| Q4 24 | $13.0M | $76.1M | ||
| Q3 24 | $2.3M | $36.6M | ||
| Q2 24 | $371.0K | $35.7M | ||
| Q1 24 | $516.0K | $36.1M |
| 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% | — | ||
| Q3 25 | 5.9% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 7.4% | — | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 8.0% | 115.1% | ||
| Q3 25 | 3.4% | 88.9% | ||
| Q2 25 | 2.8% | 83.1% | ||
| Q1 25 | 5.4% | 43.6% | ||
| Q4 24 | 7.9% | 73.4% | ||
| Q3 24 | 1.5% | 36.8% | ||
| Q2 24 | 0.2% | 37.9% | ||
| Q1 24 | 0.3% | 42.4% |
| Q4 25 | $0.67 | $1.54 | ||
| Q3 25 | $0.30 | $1.00 | ||
| Q2 25 | $-0.02 | $0.90 | ||
| Q1 25 | $0.41 | $0.47 | ||
| Q4 24 | $0.63 | $0.78 | ||
| Q3 24 | $0.04 | $0.37 | ||
| Q2 24 | $-0.06 | $0.37 | ||
| Q1 24 | $-0.06 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $94.7M | $943.3M |
| Stockholders' EquityBook value | $294.8M | $4.1B |
| Total Assets | $521.4M | $5.4B |
| Debt / EquityLower = less leverage | 0.32× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $25.0M | ||
| Q3 25 | $191.3M | $26.2M | ||
| Q2 25 | $174.9M | $128.4M | ||
| Q1 25 | $161.6M | $156.5M | ||
| Q4 24 | $131.9M | $18.1M | ||
| Q3 24 | $135.4M | $243.7M | ||
| Q2 24 | $129.8M | $182.0M | ||
| Q1 24 | $125.3M | $649.6M |
| Q4 25 | $94.7M | $943.3M | ||
| Q3 25 | $94.4M | $1.0B | ||
| Q2 25 | $94.1M | $742.4M | ||
| Q1 25 | $93.7M | $741.9M | ||
| Q4 24 | $93.4M | $823.4M | ||
| Q3 24 | $93.1M | $672.2M | ||
| Q2 24 | $92.8M | $772.0M | ||
| Q1 24 | $95.0M | $771.8M |
| Q4 25 | $294.8M | $4.1B | ||
| Q3 25 | $279.3M | $4.0B | ||
| Q2 25 | $272.2M | $3.9B | ||
| Q1 25 | $310.0M | $3.9B | ||
| Q4 24 | $303.9M | $3.7B | ||
| Q3 24 | $290.4M | $3.6B | ||
| Q2 24 | $288.7M | $3.4B | ||
| Q1 24 | $288.5M | $3.4B |
| Q4 25 | $521.4M | $5.4B | ||
| Q3 25 | $525.3M | $5.3B | ||
| Q2 25 | $537.4M | $5.0B | ||
| Q1 25 | $578.7M | $4.9B | ||
| Q4 24 | $570.1M | $4.8B | ||
| Q3 24 | $569.6M | $4.6B | ||
| Q2 24 | $560.7M | $4.5B | ||
| Q1 24 | $559.0M | $4.4B |
| Q4 25 | 0.32× | 0.23× | ||
| Q3 25 | 0.34× | 0.26× | ||
| Q2 25 | 0.35× | 0.19× | ||
| Q1 25 | 0.30× | 0.19× | ||
| Q4 24 | 0.31× | 0.22× | ||
| Q3 24 | 0.32× | 0.19× | ||
| Q2 24 | 0.32× | 0.22× | ||
| Q1 24 | 0.33× | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-15.6M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $271.9M | ||
| Q3 25 | $21.7M | $79.5M | ||
| Q2 25 | $14.8M | $60.6M | ||
| Q1 25 | $37.0M | $61.4M | ||
| Q4 24 | $1.6M | $232.7M | ||
| Q3 24 | $14.1M | $70.0M | ||
| Q2 24 | $12.5M | $64.3M | ||
| Q1 24 | $20.7M | $47.0M |
| 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× | 1.72× | ||
| Q3 25 | 3.90× | 0.77× | ||
| Q2 25 | 3.29× | 0.65× | ||
| Q1 25 | 4.16× | 1.28× | ||
| Q4 24 | 0.12× | 3.06× | ||
| Q3 24 | 6.22× | 1.91× | ||
| Q2 24 | 33.57× | 1.80× | ||
| Q1 24 | 40.20× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
