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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $158.3M, roughly 1.2× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs -15.7%, a 23.7% gap on every dollar of revenue. On growth, AMERICAN PUBLIC EDUCATION INC posted the faster year-over-year revenue change (-3.5% vs -10.2%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-58.3M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
APEI vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $183.8M |
| Net Profit | $12.6M | $-28.9M |
| Gross Margin | 56.4% | 14.3% |
| Operating Margin | 12.0% | -0.9% |
| Net Margin | 8.0% | -15.7% |
| Revenue YoY | -3.5% | -10.2% |
| Net Profit YoY | -2.7% | 67.0% |
| EPS (diluted) | $0.67 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $163.2M | $185.5M | ||
| Q2 25 | $162.8M | $189.6M | ||
| Q1 25 | $164.6M | $177.5M | ||
| Q4 24 | $164.1M | $204.8M | ||
| Q3 24 | $153.1M | $193.9M | ||
| Q2 24 | $152.9M | $196.3M | ||
| Q1 24 | $154.4M | $197.1M |
| Q4 25 | $12.6M | $-28.9M | ||
| Q3 25 | $5.6M | $-83.7M | ||
| Q2 25 | $4.5M | $-82.3M | ||
| Q1 25 | $8.9M | $-99.3M | ||
| Q4 24 | $13.0M | $-87.5M | ||
| Q3 24 | $2.3M | $-57.7M | ||
| Q2 24 | $371.0K | $-97.0M | ||
| Q1 24 | $516.0K | $-97.4M |
| Q4 25 | 56.4% | 14.3% | ||
| Q3 25 | 54.2% | 6.8% | ||
| Q2 25 | 51.8% | 8.3% | ||
| Q1 25 | 54.5% | 10.8% | ||
| Q4 24 | 56.3% | 13.9% | ||
| Q3 24 | 50.8% | 13.9% | ||
| Q2 24 | 50.2% | 2.3% | ||
| Q1 24 | 53.1% | -0.6% |
| Q4 25 | 12.0% | -0.9% | ||
| Q3 25 | 5.9% | -33.1% | ||
| Q2 25 | 4.3% | -31.4% | ||
| Q1 25 | 7.4% | -45.5% | ||
| Q4 24 | 13.1% | -26.0% | ||
| Q3 24 | 2.7% | -21.6% | ||
| Q2 24 | 1.5% | -40.3% | ||
| Q1 24 | 3.4% | -42.9% |
| Q4 25 | 8.0% | -15.7% | ||
| Q3 25 | 3.4% | -45.1% | ||
| Q2 25 | 2.8% | -43.4% | ||
| Q1 25 | 5.4% | -55.9% | ||
| Q4 24 | 7.9% | -42.7% | ||
| Q3 24 | 1.5% | -29.8% | ||
| Q2 24 | 0.2% | -49.4% | ||
| Q1 24 | 0.3% | -49.4% |
| Q4 25 | $0.67 | $-0.04 | ||
| Q3 25 | $0.30 | $-0.12 | ||
| Q2 25 | $-0.02 | $-0.12 | ||
| Q1 25 | $0.41 | $-0.14 | ||
| Q4 24 | $0.63 | $-0.13 | ||
| Q3 24 | $0.04 | $-0.08 | ||
| Q2 24 | $-0.06 | $-0.14 | ||
| Q1 24 | $-0.06 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $94.7M | $671.3M |
| Stockholders' EquityBook value | $294.8M | $-392.1M |
| Total Assets | $521.4M | $968.8M |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $133.9M | ||
| Q3 25 | $191.3M | $125.3M | ||
| Q2 25 | $174.9M | $107.0M | ||
| Q1 25 | $161.6M | $171.8M | ||
| Q4 24 | $131.9M | $216.4M | ||
| Q3 24 | $135.4M | $115.9M | ||
| Q2 24 | $129.8M | $141.5M | ||
| Q1 24 | $125.3M | $180.9M |
| Q4 25 | $94.7M | $671.3M | ||
| Q3 25 | $94.4M | $766.5M | ||
| Q2 25 | $94.1M | $770.5M | ||
| Q1 25 | $93.7M | $765.8M | ||
| Q4 24 | $93.4M | $761.3M | ||
| Q3 24 | $93.1M | $596.9M | ||
| Q2 24 | $92.8M | $597.4M | ||
| Q1 24 | $95.0M | $603.2M |
| Q4 25 | $294.8M | $-392.1M | ||
| Q3 25 | $279.3M | $-374.5M | ||
| Q2 25 | $272.2M | $-347.8M | ||
| Q1 25 | $310.0M | $-288.1M | ||
| Q4 24 | $303.9M | $-202.1M | ||
| Q3 24 | $290.4M | $-117.7M | ||
| Q2 24 | $288.7M | $-72.2M | ||
| Q1 24 | $288.5M | $936.0K |
| Q4 25 | $521.4M | $968.8M | ||
| Q3 25 | $525.3M | $973.0M | ||
| Q2 25 | $537.4M | $1.0B | ||
| Q1 25 | $578.7M | $1.1B | ||
| Q4 24 | $570.1M | $1.2B | ||
| Q3 24 | $569.6M | $1.0B | ||
| Q2 24 | $560.7M | $1.1B | ||
| Q1 24 | $559.0M | $1.2B |
| Q4 25 | 0.32× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-15.6M | $-58.3M |
| FCF MarginFCF / Revenue | -9.9% | -31.7% |
| Capex IntensityCapex / Revenue | 2.6% | 21.7% |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-18.4M | ||
| Q3 25 | $21.7M | $-37.1M | ||
| Q2 25 | $14.8M | $-62.9M | ||
| Q1 25 | $37.0M | $-47.9M | ||
| Q4 24 | $1.6M | $37.9M | ||
| Q3 24 | $14.1M | $-16.9M | ||
| Q2 24 | $12.5M | $-25.2M | ||
| Q1 24 | $20.7M | $-73.8M |
| Q4 25 | $-15.6M | $-58.3M | ||
| Q3 25 | $17.5M | $-60.4M | ||
| Q2 25 | $11.1M | $-78.6M | ||
| Q1 25 | $33.1M | $-62.6M | ||
| Q4 24 | $-1.8M | $-70.2M | ||
| Q3 24 | $7.8M | $-21.9M | ||
| Q2 24 | $7.3M | $-30.8M | ||
| Q1 24 | $14.5M | $-77.8M |
| Q4 25 | -9.9% | -31.7% | ||
| Q3 25 | 10.7% | -32.6% | ||
| Q2 25 | 6.8% | -41.5% | ||
| Q1 25 | 20.1% | -35.3% | ||
| Q4 24 | -1.1% | -34.3% | ||
| Q3 24 | 5.1% | -11.3% | ||
| Q2 24 | 4.7% | -15.7% | ||
| Q1 24 | 9.4% | -39.5% |
| Q4 25 | 2.6% | 21.7% | ||
| Q3 25 | 2.6% | 12.5% | ||
| Q2 25 | 2.3% | 8.3% | ||
| Q1 25 | 2.4% | 8.3% | ||
| Q4 24 | 2.0% | 52.8% | ||
| Q3 24 | 4.1% | 2.6% | ||
| Q2 24 | 3.4% | 2.9% | ||
| Q1 24 | 4.0% | 2.0% |
| Q4 25 | -0.92× | — | ||
| Q3 25 | 3.90× | — | ||
| 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% |
UP
Segment breakdown not available.
