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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and UNIVERSAL TECHNICAL INSTITUTE INC (UTI). Click either name above to swap in a different company.
UNIVERSAL TECHNICAL INSTITUTE INC is the larger business by last-quarter revenue ($220.8M vs $158.3M, roughly 1.4× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 5.8%, a 2.2% gap on every dollar of revenue. On growth, UNIVERSAL TECHNICAL INSTITUTE INC posted the faster year-over-year revenue change (9.6% vs -3.5%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-19.2M). Over the past eight quarters, UNIVERSAL TECHNICAL INSTITUTE INC's revenue compounded faster (9.5% 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.
Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges in the United States. It was established in 1965 by Robert Sweet.
APEI vs UTI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $220.8M |
| Net Profit | $12.6M | $12.8M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 7.1% |
| Net Margin | 8.0% | 5.8% |
| Revenue YoY | -3.5% | 9.6% |
| Net Profit YoY | -2.7% | -42.1% |
| EPS (diluted) | $0.67 | $0.23 |
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 | $220.8M | ||
| Q3 25 | $163.2M | $222.4M | ||
| Q2 25 | $162.8M | $204.3M | ||
| Q1 25 | $164.6M | $207.4M | ||
| Q4 24 | $164.1M | $201.4M | ||
| Q3 24 | $153.1M | $196.4M | ||
| Q2 24 | $152.9M | $177.5M | ||
| Q1 24 | $154.4M | $184.2M |
| Q4 25 | $12.6M | $12.8M | ||
| Q3 25 | $5.6M | $18.8M | ||
| Q2 25 | $4.5M | $10.7M | ||
| Q1 25 | $8.9M | $11.4M | ||
| Q4 24 | $13.0M | $22.2M | ||
| Q3 24 | $2.3M | $18.8M | ||
| Q2 24 | $371.0K | $5.0M | ||
| Q1 24 | $516.0K | $7.8M |
| 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% | 7.1% | ||
| Q3 25 | 5.9% | 11.2% | ||
| Q2 25 | 4.3% | 6.9% | ||
| Q1 25 | 7.4% | 8.1% | ||
| Q4 24 | 13.1% | 13.6% | ||
| Q3 24 | 2.7% | 13.3% | ||
| Q2 24 | 1.5% | 4.2% | ||
| Q1 24 | 3.4% | 6.1% |
| Q4 25 | 8.0% | 5.8% | ||
| Q3 25 | 3.4% | 8.4% | ||
| Q2 25 | 2.8% | 5.2% | ||
| Q1 25 | 5.4% | 5.5% | ||
| Q4 24 | 7.9% | 11.0% | ||
| Q3 24 | 1.5% | 9.6% | ||
| Q2 24 | 0.2% | 2.8% | ||
| Q1 24 | 0.3% | 4.2% |
| Q4 25 | $0.67 | $0.23 | ||
| Q3 25 | $0.30 | $0.33 | ||
| Q2 25 | $-0.02 | $0.19 | ||
| Q1 25 | $0.41 | $0.21 | ||
| Q4 24 | $0.63 | $0.40 | ||
| Q3 24 | $0.04 | $0.35 | ||
| Q2 24 | $-0.06 | $0.09 | ||
| 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 | $162.8M |
| Total DebtLower is stronger | $94.7M | $101.4M |
| Stockholders' EquityBook value | $294.8M | $335.9M |
| Total Assets | $521.4M | $834.0M |
| Debt / EquityLower = less leverage | 0.32× | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $162.8M | ||
| Q3 25 | $191.3M | $169.1M | ||
| Q2 25 | $174.9M | $70.7M | ||
| Q1 25 | $161.6M | $96.0M | ||
| Q4 24 | $131.9M | $172.0M | ||
| Q3 24 | $135.4M | $161.9M | ||
| Q2 24 | $129.8M | $115.5M | ||
| Q1 24 | $125.3M | $116.1M |
| Q4 25 | $94.7M | $101.4M | ||
| Q3 25 | $94.4M | $87.1M | ||
| Q2 25 | $94.1M | $73.8M | ||
| Q1 25 | $93.7M | $94.4M | ||
| Q4 24 | $93.4M | $120.1M | ||
| Q3 24 | $93.1M | $125.7M | ||
| Q2 24 | $92.8M | $137.3M | ||
| Q1 24 | $95.0M | $141.9M |
| Q4 25 | $294.8M | $335.9M | ||
| Q3 25 | $279.3M | $328.1M | ||
| Q2 25 | $272.2M | $306.8M | ||
| Q1 25 | $310.0M | $293.9M | ||
| Q4 24 | $303.9M | $280.0M | ||
| Q3 24 | $290.4M | $260.2M | ||
| Q2 24 | $288.7M | $239.4M | ||
| Q1 24 | $288.5M | $232.6M |
| Q4 25 | $521.4M | $834.0M | ||
| Q3 25 | $525.3M | $826.1M | ||
| Q2 25 | $537.4M | $740.8M | ||
| Q1 25 | $578.7M | $720.4M | ||
| Q4 24 | $570.1M | $753.8M | ||
| Q3 24 | $569.6M | $744.6M | ||
| Q2 24 | $560.7M | $706.0M | ||
| Q1 24 | $559.0M | $702.1M |
| Q4 25 | 0.32× | 0.30× | ||
| Q3 25 | 0.34× | 0.27× | ||
| Q2 25 | 0.35× | 0.24× | ||
| Q1 25 | 0.30× | 0.32× | ||
| Q4 24 | 0.31× | 0.43× | ||
| Q3 24 | 0.32× | 0.48× | ||
| Q2 24 | 0.32× | 0.57× | ||
| Q1 24 | 0.33× | 0.61× |
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 | $3.1M |
| Free Cash FlowOCF − Capex | $-15.6M | $-19.2M |
| FCF MarginFCF / Revenue | -9.9% | -8.7% |
| Capex IntensityCapex / Revenue | 2.6% | 10.1% |
| Cash ConversionOCF / Net Profit | -0.92× | 0.24× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $16.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $3.1M | ||
| Q3 25 | $21.7M | $57.1M | ||
| Q2 25 | $14.8M | $18.1M | ||
| Q1 25 | $37.0M | $-789.0K | ||
| Q4 24 | $1.6M | $23.0M | ||
| Q3 24 | $14.1M | $67.5M | ||
| Q2 24 | $12.5M | $10.0M | ||
| Q1 24 | $20.7M | $-2.5M |
| Q4 25 | $-15.6M | $-19.2M | ||
| Q3 25 | $17.5M | $40.6M | ||
| Q2 25 | $11.1M | $6.8M | ||
| Q1 25 | $33.1M | $-11.7M | ||
| Q4 24 | $-1.8M | $19.6M | ||
| Q3 24 | $7.8M | $60.0M | ||
| Q2 24 | $7.3M | $3.0M | ||
| Q1 24 | $14.5M | $-8.4M |
| Q4 25 | -9.9% | -8.7% | ||
| Q3 25 | 10.7% | 18.3% | ||
| Q2 25 | 6.8% | 3.4% | ||
| Q1 25 | 20.1% | -5.7% | ||
| Q4 24 | -1.1% | 9.7% | ||
| Q3 24 | 5.1% | 30.6% | ||
| Q2 24 | 4.7% | 1.7% | ||
| Q1 24 | 9.4% | -4.6% |
| Q4 25 | 2.6% | 10.1% | ||
| Q3 25 | 2.6% | 7.4% | ||
| Q2 25 | 2.3% | 5.5% | ||
| Q1 25 | 2.4% | 5.3% | ||
| Q4 24 | 2.0% | 1.7% | ||
| Q3 24 | 4.1% | 3.8% | ||
| Q2 24 | 3.4% | 4.0% | ||
| Q1 24 | 4.0% | 3.2% |
| Q4 25 | -0.92× | 0.24× | ||
| Q3 25 | 3.90× | 3.04× | ||
| Q2 25 | 3.29× | 1.69× | ||
| Q1 25 | 4.16× | -0.07× | ||
| Q4 24 | 0.12× | 1.04× | ||
| Q3 24 | 6.22× | 3.58× | ||
| Q2 24 | 33.57× | 2.01× | ||
| Q1 24 | 40.20× | -0.32× |
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% |
UTI
| UTI | $142.8M | 65% |
| Concorde | $78.0M | 35% |
