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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $158.3M, roughly 1.3× AMERICAN PUBLIC EDUCATION INC). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs 8.0%, a 8.3% gap on every dollar of revenue. On growth, AMERICAN PUBLIC EDUCATION INC posted the faster year-over-year revenue change (-3.5% vs -10.9%). AMERICAN PUBLIC EDUCATION INC produced more free cash flow last quarter ($-15.6M vs $-74.1M). Over the past eight quarters, AMERICAN PUBLIC EDUCATION INC's revenue compounded faster (1.3% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
APEI vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $208.0M |
| Net Profit | $12.6M | $33.9M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 19.1% |
| Net Margin | 8.0% | 16.3% |
| Revenue YoY | -3.5% | -10.9% |
| Net Profit YoY | -2.7% | -14.2% |
| EPS (diluted) | $0.67 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $163.2M | $216.4M | ||
| Q2 25 | $162.8M | $210.5M | ||
| Q1 25 | $164.6M | $217.9M | ||
| Q4 24 | $164.1M | $233.5M | ||
| Q3 24 | $153.1M | $227.0M | ||
| Q2 24 | $152.9M | $224.4M | ||
| Q1 24 | $154.4M | $222.0M |
| Q4 25 | $12.6M | $33.9M | ||
| Q3 25 | $5.6M | $31.3M | ||
| Q2 25 | $4.5M | $42.7M | ||
| Q1 25 | $8.9M | $28.1M | ||
| Q4 24 | $13.0M | $39.5M | ||
| Q3 24 | $2.3M | $49.1M | ||
| Q2 24 | $371.0K | $26.0M | ||
| Q1 24 | $516.0K | $37.9M |
| 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% | 19.1% | ||
| Q3 25 | 5.9% | 21.7% | ||
| Q2 25 | 4.3% | 21.5% | ||
| Q1 25 | 7.4% | 16.8% | ||
| Q4 24 | 13.1% | 21.7% | ||
| Q3 24 | 2.7% | 24.3% | ||
| Q2 24 | 1.5% | 19.7% | ||
| Q1 24 | 3.4% | 14.5% |
| Q4 25 | 8.0% | 16.3% | ||
| Q3 25 | 3.4% | 14.5% | ||
| Q2 25 | 2.8% | 20.3% | ||
| Q1 25 | 5.4% | 12.9% | ||
| Q4 24 | 7.9% | 16.9% | ||
| Q3 24 | 1.5% | 21.6% | ||
| Q2 24 | 0.2% | 11.6% | ||
| Q1 24 | 0.3% | 17.1% |
| Q4 25 | $0.67 | $5.15 | ||
| Q3 25 | $0.30 | $4.65 | ||
| Q2 25 | $-0.02 | $6.12 | ||
| Q1 25 | $0.41 | $4.05 | ||
| Q4 24 | $0.63 | $4.65 | ||
| Q3 24 | $0.04 | $5.71 | ||
| Q2 24 | $-0.06 | $2.43 | ||
| Q1 24 | $-0.06 | $4.10 |
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 | $390.0M |
| Stockholders' EquityBook value | $294.8M | $934.0M |
| Total Assets | $521.4M | $4.3B |
| Debt / EquityLower = less leverage | 0.32× | 0.42× |
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 | $390.0M | ||
| Q3 25 | $94.4M | $390.6M | ||
| Q2 25 | $94.1M | $231.3M | ||
| Q1 25 | $93.7M | $231.7M | ||
| Q4 24 | $93.4M | $232.1M | ||
| Q3 24 | $93.1M | $237.5M | ||
| Q2 24 | $92.8M | $247.6M | ||
| Q1 24 | $95.0M | $253.0M |
| Q4 25 | $294.8M | $934.0M | ||
| Q3 25 | $279.3M | $918.7M | ||
| Q2 25 | $272.2M | $896.4M | ||
| Q1 25 | $310.0M | $893.7M | ||
| Q4 24 | $303.9M | $897.5M | ||
| Q3 24 | $290.4M | $889.0M | ||
| Q2 24 | $288.7M | $868.7M | ||
| Q1 24 | $288.5M | $871.7M |
| Q4 25 | $521.4M | $4.3B | ||
| Q3 25 | $525.3M | $3.9B | ||
| Q2 25 | $537.4M | $3.7B | ||
| Q1 25 | $578.7M | $3.7B | ||
| Q4 24 | $570.1M | $4.0B | ||
| Q3 24 | $569.6M | $3.6B | ||
| Q2 24 | $560.7M | $3.6B | ||
| Q1 24 | $559.0M | $3.5B |
| Q4 25 | 0.32× | 0.42× | ||
| Q3 25 | 0.34× | 0.43× | ||
| Q2 25 | 0.35× | 0.26× | ||
| Q1 25 | 0.30× | 0.26× | ||
| Q4 24 | 0.31× | 0.26× | ||
| Q3 24 | 0.32× | 0.27× | ||
| Q2 24 | 0.32× | 0.29× | ||
| Q1 24 | 0.33× | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $-15.6M | $-74.1M |
| FCF MarginFCF / Revenue | -9.9% | -35.6% |
| Capex IntensityCapex / Revenue | 2.6% | 3.3% |
| Cash ConversionOCF / Net Profit | -0.92× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $-67.2M | ||
| Q3 25 | $21.7M | $108.3M | ||
| Q2 25 | $14.8M | $75.8M | ||
| Q1 25 | $37.0M | $-3.8M | ||
| Q4 24 | $1.6M | $1.8M | ||
| Q3 24 | $14.1M | $69.1M | ||
| Q2 24 | $12.5M | $70.0M | ||
| Q1 24 | $20.7M | $-34.5M |
| Q4 25 | $-15.6M | $-74.1M | ||
| Q3 25 | $17.5M | $106.9M | ||
| Q2 25 | $11.1M | $74.2M | ||
| Q1 25 | $33.1M | $-6.8M | ||
| Q4 24 | $-1.8M | $-3.8M | ||
| Q3 24 | $7.8M | $68.7M | ||
| Q2 24 | $7.3M | $68.6M | ||
| Q1 24 | $14.5M | $-36.5M |
| Q4 25 | -9.9% | -35.6% | ||
| Q3 25 | 10.7% | 49.4% | ||
| Q2 25 | 6.8% | 35.2% | ||
| Q1 25 | 20.1% | -3.1% | ||
| Q4 24 | -1.1% | -1.6% | ||
| Q3 24 | 5.1% | 30.3% | ||
| Q2 24 | 4.7% | 30.6% | ||
| Q1 24 | 9.4% | -16.4% |
| Q4 25 | 2.6% | 3.3% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 2.3% | 0.7% | ||
| Q1 25 | 2.4% | 1.4% | ||
| Q4 24 | 2.0% | 2.4% | ||
| Q3 24 | 4.1% | 0.2% | ||
| Q2 24 | 3.4% | 0.6% | ||
| Q1 24 | 4.0% | 0.9% |
| Q4 25 | -0.92× | -1.99× | ||
| Q3 25 | 3.90× | 3.45× | ||
| Q2 25 | 3.29× | 1.77× | ||
| Q1 25 | 4.16× | -0.13× | ||
| Q4 24 | 0.12× | 0.04× | ||
| Q3 24 | 6.22× | 1.41× | ||
| Q2 24 | 33.57× | 2.69× | ||
| Q1 24 | 40.20× | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
