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AMERICAN PUBLIC EDUCATION INC（APEI）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
AMERICAN PUBLIC EDUCATION INC的季度营收约是再鼎医药的1.2倍（$158.3M vs $127.1M），再鼎医药同比增速更快（17.1% vs -3.5%），AMERICAN PUBLIC EDUCATION INC自由现金流更多（$-15.6M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 1.3%）
美国公共教育公司（股票代码APEI）旗下控股教育服务企业Strategic Education Inc，运营着卡佩拉大学、斯特雷耶大学两所营利性在线大学，还拥有DevMountain、Hackbright Academy、Sophia Learning等非学历教育项目，主营面向在职人群的成人教育服务。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
APEI vs ZLAB — 直观对比
营收规模更大
APEI
是对方的1.2倍
$127.1M
营收增速更快
ZLAB
高出20.6%
-3.5%
自由现金流更多
APEI
多$11.1M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $158.3M | $127.1M |
| 净利润 | $12.6M | — |
| 毛利率 | 56.4% | 51.0% |
| 营业利润率 | 12.0% | -54.6% |
| 净利率 | 8.0% | — |
| 营收同比 | -3.5% | 17.1% |
| 净利润同比 | -2.7% | — |
| 每股收益（稀释后） | $0.67 | $-0.05 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APEIZLAB
| Q4 25 | $158.3M | $127.1M | ||
| Q3 25 | $163.2M | $115.4M | ||
| Q2 25 | $162.8M | $109.1M | ||
| Q1 25 | $164.6M | $105.7M | ||
| Q4 24 | $164.1M | $108.5M | ||
| Q3 24 | $153.1M | $101.8M | ||
| Q2 24 | $152.9M | $100.1M | ||
| Q1 24 | $154.4M | $87.1M |
净利润APEIZLAB
| Q4 25 | $12.6M | — | ||
| Q3 25 | $5.6M | $-36.0M | ||
| Q2 25 | $4.5M | $-40.7M | ||
| Q1 25 | $8.9M | $-48.4M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $2.3M | $-41.7M | ||
| Q2 24 | $371.0K | $-80.3M | ||
| Q1 24 | $516.0K | $-53.5M |
毛利率APEIZLAB
| Q4 25 | 56.4% | 51.0% | ||
| Q3 25 | 54.2% | 59.5% | ||
| Q2 25 | 51.8% | 60.6% | ||
| Q1 25 | 54.5% | 63.6% | ||
| Q4 24 | 56.3% | 61.5% | ||
| Q3 24 | 50.8% | 64.1% | ||
| Q2 24 | 50.2% | 64.9% | ||
| Q1 24 | 53.1% | 61.4% |
营业利润率APEIZLAB
| Q4 25 | 12.0% | -54.6% | ||
| Q3 25 | 5.9% | -42.3% | ||
| Q2 25 | 4.3% | -50.3% | ||
| Q1 25 | 7.4% | -53.3% | ||
| Q4 24 | 13.1% | -62.6% | ||
| Q3 24 | 2.7% | -66.6% | ||
| Q2 24 | 1.5% | -76.0% | ||
| Q1 24 | 3.4% | -80.7% |
净利率APEIZLAB
| Q4 25 | 8.0% | — | ||
| Q3 25 | 3.4% | -31.2% | ||
| Q2 25 | 2.8% | -37.3% | ||
| Q1 25 | 5.4% | -45.8% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 1.5% | -40.9% | ||
| Q2 24 | 0.2% | -80.2% | ||
| Q1 24 | 0.3% | -61.4% |
每股收益（稀释后）APEIZLAB
| Q4 25 | $0.67 | $-0.05 | ||
| Q3 25 | $0.30 | $-0.03 | ||
| Q2 25 | $-0.02 | $-0.04 | ||
| Q1 25 | $0.41 | $-0.04 | ||
| Q4 24 | $0.63 | $-0.09 | ||
| Q3 24 | $0.04 | $-0.04 | ||
| Q2 24 | $-0.06 | $-0.08 | ||
| Q1 24 | $-0.06 | $-0.05 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $174.1M | $689.6M |
| 总债务越低越好 | $94.7M | — |
| 股东权益账面价值 | $294.8M | $715.5M |
| 总资产 | $521.4M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.32× | — |
8季度趋势，按日历期对齐
现金及短期投资APEIZLAB
| Q4 25 | $174.1M | $689.6M | ||
| Q3 25 | $191.3M | $717.2M | ||
| Q2 25 | $174.9M | $732.2M | ||
| Q1 25 | $161.6M | $757.3M | ||
| Q4 24 | $131.9M | $779.7M | ||
| Q3 24 | $135.4M | $616.1M | ||
| Q2 24 | $129.8M | $630.0M | ||
| Q1 24 | $125.3M | $650.8M |
总债务APEIZLAB
| 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 24 | $95.0M | — |
股东权益APEIZLAB
| Q4 25 | $294.8M | $715.5M | ||
| Q3 25 | $279.3M | $759.9M | ||
| Q2 25 | $272.2M | $791.7M | ||
| Q1 25 | $310.0M | $810.8M | ||
| Q4 24 | $303.9M | $840.9M | ||
| Q3 24 | $290.4M | $667.7M | ||
| Q2 24 | $288.7M | $704.2M | ||
| Q1 24 | $288.5M | $762.2M |
总资产APEIZLAB
| Q4 25 | $521.4M | $1.2B | ||
| Q3 25 | $525.3M | $1.2B | ||
| Q2 25 | $537.4M | $1.2B | ||
| Q1 25 | $578.7M | $1.2B | ||
| Q4 24 | $570.1M | $1.2B | ||
| Q3 24 | $569.6M | $985.3M | ||
| Q2 24 | $560.7M | $987.4M | ||
| Q1 24 | $559.0M | $988.4M |
负债/权益比APEIZLAB
| 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× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-11.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-15.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | -9.9% | -21.0% |
| 资本支出强度资本支出/营收 | 2.6% | 0.5% |
| 现金转化率经营现金流/净利润 | -0.92× | — |
| 过去12个月自由现金流最近4个季度 | $46.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流APEIZLAB
| Q4 25 | $-11.6M | $-26.0M | ||
| Q3 25 | $21.7M | $-32.0M | ||
| Q2 25 | $14.8M | $-31.0M | ||
| Q1 25 | $37.0M | $-61.7M | ||
| Q4 24 | $1.6M | $-55.8M | ||
| Q3 24 | $14.1M | $-26.8M | ||
| Q2 24 | $12.5M | $-42.2M | ||
| Q1 24 | $20.7M | $-90.1M |
自由现金流APEIZLAB
| Q4 25 | $-15.6M | $-26.7M | ||
| Q3 25 | $17.5M | $-35.0M | ||
| Q2 25 | $11.1M | $-33.9M | ||
| Q1 25 | $33.1M | $-63.2M | ||
| Q4 24 | $-1.8M | $-58.4M | ||
| Q3 24 | $7.8M | $-28.2M | ||
| Q2 24 | $7.3M | $-42.9M | ||
| Q1 24 | $14.5M | $-91.1M |
自由现金流率APEIZLAB
| Q4 25 | -9.9% | -21.0% | ||
| Q3 25 | 10.7% | -30.4% | ||
| Q2 25 | 6.8% | -31.1% | ||
| Q1 25 | 20.1% | -59.9% | ||
| Q4 24 | -1.1% | -53.8% | ||
| Q3 24 | 5.1% | -27.7% | ||
| Q2 24 | 4.7% | -42.9% | ||
| Q1 24 | 9.4% | -104.5% |
资本支出强度APEIZLAB
| Q4 25 | 2.6% | 0.5% | ||
| Q3 25 | 2.6% | 2.6% | ||
| Q2 25 | 2.3% | 2.6% | ||
| Q1 25 | 2.4% | 1.5% | ||
| Q4 24 | 2.0% | 2.4% | ||
| Q3 24 | 4.1% | 1.3% | ||
| Q2 24 | 3.4% | 0.7% | ||
| Q1 24 | 4.0% | 1.1% |
现金转化率APEIZLAB
| 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× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APEI
| American Public Education Inc Segment | $71.0M | 45% |
| Rasmussen University Segment | $66.6M | 42% |
| Hondros College Of Nursing Segment | $20.7M | 13% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
