vs
Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and WORKIVA INC (WK). Click either name above to swap in a different company.
WORKIVA INC is the larger business by last-quarter revenue ($247.3M vs $158.3M, roughly 1.6× AMERICAN PUBLIC EDUCATION INC). AMERICAN PUBLIC EDUCATION INC runs the higher net margin — 8.0% vs 7.7%, a 0.3% gap on every dollar of revenue. On growth, WORKIVA INC posted the faster year-over-year revenue change (19.9% vs -3.5%). WORKIVA INC produced more free cash flow last quarter ($25.7M vs $-15.6M). Over the past eight quarters, WORKIVA INC's revenue compounded faster (18.0% 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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
APEI vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $247.3M |
| Net Profit | $12.6M | $19.0M |
| Gross Margin | 56.4% | 80.4% |
| Operating Margin | 12.0% | 25.8% |
| Net Margin | 8.0% | 7.7% |
| Revenue YoY | -3.5% | 19.9% |
| Net Profit YoY | -2.7% | — |
| EPS (diluted) | $0.67 | $0.33 |
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.
| Q1 26 | — | $247.3M | ||
| Q4 25 | $158.3M | $238.9M | ||
| Q3 25 | $163.2M | $224.2M | ||
| Q2 25 | $162.8M | $215.2M | ||
| Q1 25 | $164.6M | $206.3M | ||
| Q4 24 | $164.1M | $199.9M | ||
| Q3 24 | $153.1M | $185.6M | ||
| Q2 24 | $152.9M | $177.5M |
| Q1 26 | — | $19.0M | ||
| Q4 25 | $12.6M | $11.8M | ||
| Q3 25 | $5.6M | $2.8M | ||
| Q2 25 | $4.5M | $-19.4M | ||
| Q1 25 | $8.9M | $-21.4M | ||
| Q4 24 | $13.0M | $-8.8M | ||
| Q3 24 | $2.3M | $-17.0M | ||
| Q2 24 | $371.0K | $-17.5M |
| Q1 26 | — | 80.4% | ||
| Q4 25 | 56.4% | 80.7% | ||
| Q3 25 | 54.2% | 79.3% | ||
| Q2 25 | 51.8% | 77.0% | ||
| Q1 25 | 54.5% | 76.6% | ||
| Q4 24 | 56.3% | 77.1% | ||
| Q3 24 | 50.8% | 76.5% | ||
| Q2 24 | 50.2% | 76.8% |
| Q1 26 | — | 25.8% | ||
| Q4 25 | 12.0% | 3.3% | ||
| Q3 25 | 5.9% | -1.5% | ||
| Q2 25 | 4.3% | -10.3% | ||
| Q1 25 | 7.4% | -12.0% | ||
| Q4 24 | 13.1% | -6.7% | ||
| Q3 24 | 2.7% | -11.7% | ||
| Q2 24 | 1.5% | -13.0% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 8.0% | 4.9% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 2.8% | -9.0% | ||
| Q1 25 | 5.4% | -10.4% | ||
| Q4 24 | 7.9% | -4.4% | ||
| Q3 24 | 1.5% | -9.2% | ||
| Q2 24 | 0.2% | -9.9% |
| Q1 26 | — | $0.33 | ||
| Q4 25 | $0.67 | $0.21 | ||
| Q3 25 | $0.30 | $0.05 | ||
| Q2 25 | $-0.02 | $-0.35 | ||
| Q1 25 | $0.41 | $-0.38 | ||
| Q4 24 | $0.63 | $-0.15 | ||
| Q3 24 | $0.04 | $-0.31 | ||
| Q2 24 | $-0.06 | $-0.32 |
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 | $334.3M |
| Total DebtLower is stronger | $94.7M | — |
| Stockholders' EquityBook value | $294.8M | — |
| Total Assets | $521.4M | $1.4B |
| Debt / EquityLower = less leverage | 0.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $334.3M | ||
| Q4 25 | $174.1M | $338.8M | ||
| Q3 25 | $191.3M | $315.9M | ||
| Q2 25 | $174.9M | $284.3M | ||
| Q1 25 | $161.6M | $242.0M | ||
| Q4 24 | $131.9M | $301.8M | ||
| Q3 24 | $135.4M | $248.2M | ||
| Q2 24 | $129.8M | $267.9M |
| Q1 26 | — | — | ||
| Q4 25 | $94.7M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $94.1M | — | ||
| Q1 25 | $93.7M | — | ||
| Q4 24 | $93.4M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $92.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $294.8M | $-5.4M | ||
| Q3 25 | $279.3M | $-36.9M | ||
| Q2 25 | $272.2M | $-66.5M | ||
| Q1 25 | $310.0M | $-75.7M | ||
| Q4 24 | $303.9M | $-41.7M | ||
| Q3 24 | $290.4M | $-50.8M | ||
| Q2 24 | $288.7M | $-77.7M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $521.4M | $1.5B | ||
| Q3 25 | $525.3M | $1.4B | ||
| Q2 25 | $537.4M | $1.3B | ||
| Q1 25 | $578.7M | $1.3B | ||
| Q4 24 | $570.1M | $1.4B | ||
| Q3 24 | $569.6M | $1.3B | ||
| Q2 24 | $560.7M | $1.2B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $-15.6M | $25.7M |
| FCF MarginFCF / Revenue | -9.9% | 10.4% |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | -0.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $171.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-11.6M | $51.0M | ||
| Q3 25 | $21.7M | $46.2M | ||
| Q2 25 | $14.8M | $50.3M | ||
| Q1 25 | $37.0M | $-7.4M | ||
| Q4 24 | $1.6M | $44.0M | ||
| Q3 24 | $14.1M | $18.9M | ||
| Q2 24 | $12.5M | $-14.0K |
| Q1 26 | — | $25.7M | ||
| Q4 25 | $-15.6M | $50.7M | ||
| Q3 25 | $17.5M | $46.1M | ||
| Q2 25 | $11.1M | $49.3M | ||
| Q1 25 | $33.1M | $-8.1M | ||
| Q4 24 | $-1.8M | $43.2M | ||
| Q3 24 | $7.8M | $18.7M | ||
| Q2 24 | $7.3M | $-122.0K |
| Q1 26 | — | 10.4% | ||
| Q4 25 | -9.9% | 21.2% | ||
| Q3 25 | 10.7% | 20.5% | ||
| Q2 25 | 6.8% | 22.9% | ||
| Q1 25 | 20.1% | -3.9% | ||
| Q4 24 | -1.1% | 21.6% | ||
| Q3 24 | 5.1% | 10.1% | ||
| Q2 24 | 4.7% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 0.1% | ||
| Q3 25 | 2.6% | 0.0% | ||
| Q2 25 | 2.3% | 0.5% | ||
| Q1 25 | 2.4% | 0.4% | ||
| Q4 24 | 2.0% | 0.4% | ||
| Q3 24 | 4.1% | 0.1% | ||
| Q2 24 | 3.4% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | -0.92× | 4.31× | ||
| Q3 25 | 3.90× | 16.57× | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 4.16× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 6.22× | — | ||
| Q2 24 | 33.57× | — |
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% |
WK
| Subscription and support | $225.4M | 91% |
| Other | $22.0M | 9% |
