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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Applied Digital Corp. (APLD). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $75.6M, roughly 1.7× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -11.4%, a 14.6% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 0.8%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
AHH vs APLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $126.6M |
| Net Profit | $2.4M | $-14.4M |
| Gross Margin | — | 20.6% |
| Operating Margin | 31.0% | -24.5% |
| Net Margin | 3.1% | -11.4% |
| Revenue YoY | 0.8% | 98.2% |
| Net Profit YoY | -89.8% | 89.6% |
| EPS (diluted) | $0.00 | $-0.07 |
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 | $75.6M | $126.6M | ||
| Q3 25 | $72.7M | $64.2M | ||
| Q2 25 | $69.1M | $-33.3M | ||
| Q1 25 | $67.8M | $52.9M | ||
| Q4 24 | $75.0M | $63.9M | ||
| Q3 24 | $114.4M | $60.7M | ||
| Q2 24 | $116.8M | $43.7M | ||
| Q1 24 | $127.0M | $43.3M |
| Q4 25 | $2.4M | $-14.4M | ||
| Q3 25 | $80.0K | $-16.9M | ||
| Q2 25 | $5.9M | $-52.5M | ||
| Q1 25 | $-2.8M | $-35.6M | ||
| Q4 24 | $23.4M | $-138.7M | ||
| Q3 24 | $-5.0M | $-4.2M | ||
| Q2 24 | $3.2M | $-64.5M | ||
| Q1 24 | $14.1M | $-62.8M |
| Q4 25 | — | 20.6% | ||
| Q3 25 | — | 13.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | — | 18.0% | ||
| Q3 24 | 45.0% | -0.6% | ||
| Q2 24 | 41.8% | -9.1% | ||
| Q1 24 | 37.9% | -8.6% |
| Q4 25 | 31.0% | -24.5% | ||
| Q3 25 | 29.2% | -34.7% | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 23.2% | -35.8% | ||
| Q4 24 | 50.1% | -29.1% | ||
| Q3 24 | 19.0% | 15.6% | ||
| Q2 24 | 11.9% | -68.4% | ||
| Q1 24 | 15.1% | -128.8% |
| Q4 25 | 3.1% | -11.4% | ||
| Q3 25 | 0.1% | -26.4% | ||
| Q2 25 | 8.6% | 157.8% | ||
| Q1 25 | -4.1% | -67.2% | ||
| Q4 24 | 31.2% | -217.2% | ||
| Q3 24 | -4.4% | -7.0% | ||
| Q2 24 | 2.7% | -147.5% | ||
| Q1 24 | 11.1% | -145.0% |
| Q4 25 | $0.00 | $-0.07 | ||
| Q3 25 | $-0.04 | $-0.07 | ||
| Q2 25 | $0.04 | $-0.31 | ||
| Q1 25 | $-0.07 | $-0.16 | ||
| Q4 24 | $0.28 | $-0.66 | ||
| Q3 24 | $-0.11 | $-0.03 | ||
| Q2 24 | $0.00 | $-0.57 | ||
| Q1 24 | $0.17 | $-0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $1.9B |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $1.4B |
| Total Assets | $2.6B | $5.2B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $1.9B | ||
| Q3 25 | $46.5M | $73.9M | ||
| Q2 25 | $52.1M | $41.6M | ||
| Q1 25 | $45.7M | $68.7M | ||
| Q4 24 | $31.9M | $286.2M | ||
| Q3 24 | $43.9M | $58.2M | ||
| Q2 24 | $20.3M | $3.3M | ||
| Q1 24 | $41.9M | $4.4M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $1.4B | ||
| Q3 25 | $638.8M | $1.0B | ||
| Q2 25 | $652.0M | $497.7M | ||
| Q1 25 | $657.4M | $454.6M | ||
| Q4 24 | $670.6M | $434.6M | ||
| Q3 24 | $663.9M | $241.8M | ||
| Q2 24 | $562.7M | $124.8M | ||
| Q1 24 | $571.4M | $118.5M |
| Q4 25 | $2.6B | $5.2B | ||
| Q3 25 | $2.6B | $2.4B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.6B | $937.7M | ||
| Q2 24 | $2.6B | $762.9M | ||
| Q1 24 | $2.6B | $643.2M |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
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 | $64.2M | $-15.8M |
| Free Cash FlowOCF − Capex | — | $-567.9M |
| FCF MarginFCF / Revenue | — | -448.6% |
| Capex IntensityCapex / Revenue | — | 436.1% |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $-15.8M | ||
| Q3 25 | $26.3M | $-82.0M | ||
| Q2 25 | $11.1M | $6.9M | ||
| Q1 25 | $107.0K | $5.9M | ||
| Q4 24 | $112.0M | $-52.3M | ||
| Q3 24 | $27.3M | $-75.9M | ||
| Q2 24 | $17.4M | $-34.1M | ||
| Q1 24 | $46.5M | $38.8M |
| Q4 25 | — | $-567.9M | ||
| Q3 25 | — | $-331.4M | ||
| Q2 25 | — | $-191.4M | ||
| Q1 25 | — | $-251.6M | ||
| Q4 24 | — | $-223.3M | ||
| Q3 24 | — | $-130.7M | ||
| Q2 24 | — | $-88.9M | ||
| Q1 24 | — | $-2.3M |
| Q4 25 | — | -448.6% | ||
| Q3 25 | — | -516.1% | ||
| Q2 25 | — | 574.8% | ||
| Q1 25 | — | -475.4% | ||
| Q4 24 | — | -349.6% | ||
| Q3 24 | — | -215.3% | ||
| Q2 24 | — | -203.5% | ||
| Q1 24 | — | -5.4% |
| Q4 25 | — | 436.1% | ||
| Q3 25 | — | 388.4% | ||
| Q2 25 | — | -595.4% | ||
| Q1 25 | — | 486.6% | ||
| Q4 24 | — | 267.8% | ||
| Q3 24 | — | 90.3% | ||
| Q2 24 | — | 125.4% | ||
| Q1 24 | — | 95.0% |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
