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Side-by-side financial comparison of Applied Digital Corp. (APLD) and AVANOS MEDICAL, INC. (AVNS). Click either name above to swap in a different company.
AVANOS MEDICAL, INC. is the larger business by last-quarter revenue ($180.9M vs $126.6M, roughly 1.4× Applied Digital Corp.). AVANOS MEDICAL, INC. runs the higher net margin — -0.7% vs -11.4%, a 10.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 0.7%). AVANOS MEDICAL, INC. produced more free cash flow last quarter ($21.3M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 4.4%).
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.
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
APLD vs AVNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $180.9M |
| Net Profit | $-14.4M | $-1.3M |
| Gross Margin | 20.6% | 47.5% |
| Operating Margin | -24.5% | 1.4% |
| Net Margin | -11.4% | -0.7% |
| Revenue YoY | 98.2% | 0.7% |
| Net Profit YoY | 89.6% | 99.7% |
| EPS (diluted) | $-0.07 | $-0.02 |
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 | $126.6M | $180.9M | ||
| Q3 25 | $64.2M | $177.8M | ||
| Q2 25 | $-33.3M | $175.0M | ||
| Q1 25 | $52.9M | $167.5M | ||
| Q4 24 | $63.9M | $179.6M | ||
| Q3 24 | $60.7M | $170.4M | ||
| Q2 24 | $43.7M | $171.7M | ||
| Q1 24 | $43.3M | $166.1M |
| Q4 25 | $-14.4M | $-1.3M | ||
| Q3 25 | $-16.9M | $-1.4M | ||
| Q2 25 | $-52.5M | $-76.8M | ||
| Q1 25 | $-35.6M | $6.6M | ||
| Q4 24 | $-138.7M | $-397.3M | ||
| Q3 24 | $-4.2M | $4.3M | ||
| Q2 24 | $-64.5M | $1.8M | ||
| Q1 24 | $-62.8M | $-900.0K |
| Q4 25 | 20.6% | 47.5% | ||
| Q3 25 | 13.4% | 48.4% | ||
| Q2 25 | — | 52.6% | ||
| Q1 25 | 7.1% | 53.6% | ||
| Q4 24 | 18.0% | 54.6% | ||
| Q3 24 | -0.6% | 54.5% | ||
| Q2 24 | -9.1% | 55.7% | ||
| Q1 24 | -8.6% | 57.1% |
| Q4 25 | -24.5% | 1.4% | ||
| Q3 25 | -34.7% | 0.1% | ||
| Q2 25 | — | -42.6% | ||
| Q1 25 | -35.8% | 6.1% | ||
| Q4 24 | -29.1% | -233.0% | ||
| Q3 24 | 15.6% | 7.0% | ||
| Q2 24 | -68.4% | 3.7% | ||
| Q1 24 | -128.8% | 2.4% |
| Q4 25 | -11.4% | -0.7% | ||
| Q3 25 | -26.4% | -0.8% | ||
| Q2 25 | 157.8% | -43.9% | ||
| Q1 25 | -67.2% | 3.9% | ||
| Q4 24 | -217.2% | -221.2% | ||
| Q3 24 | -7.0% | 2.5% | ||
| Q2 24 | -147.5% | 1.0% | ||
| Q1 24 | -145.0% | -0.5% |
| Q4 25 | $-0.07 | $-0.02 | ||
| Q3 25 | $-0.07 | $-0.03 | ||
| Q2 25 | $-0.31 | $-1.66 | ||
| Q1 25 | $-0.16 | $0.14 | ||
| Q4 24 | $-0.66 | $-8.64 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| Q2 24 | $-0.57 | $0.04 | ||
| Q1 24 | $-0.52 | $-0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $89.8M |
| Total DebtLower is stronger | — | $90.3M |
| Stockholders' EquityBook value | $1.4B | $778.2M |
| Total Assets | $5.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.12× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $89.8M | ||
| Q3 25 | $73.9M | $70.5M | ||
| Q2 25 | $41.6M | $90.3M | ||
| Q1 25 | $68.7M | $97.0M | ||
| Q4 24 | $286.2M | $107.7M | ||
| Q3 24 | $58.2M | $89.0M | ||
| Q2 24 | $3.3M | $92.2M | ||
| Q1 24 | $4.4M | $75.8M |
| Q4 25 | — | $90.3M | ||
| Q3 25 | — | $93.4M | ||
| Q2 25 | — | $95.7M | ||
| Q1 25 | — | $98.0M | ||
| Q4 24 | — | $125.3M | ||
| Q3 24 | — | $152.6M | ||
| Q2 24 | — | $164.9M | ||
| Q1 24 | — | $167.2M |
| Q4 25 | $1.4B | $778.2M | ||
| Q3 25 | $1.0B | $778.0M | ||
| Q2 25 | $497.7M | $776.3M | ||
| Q1 25 | $454.6M | $839.4M | ||
| Q4 24 | $434.6M | $828.5M | ||
| Q3 24 | $241.8M | $1.2B | ||
| Q2 24 | $124.8M | $1.2B | ||
| Q1 24 | $118.5M | $1.2B |
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $937.7M | $1.7B | ||
| Q2 24 | $762.9M | $1.7B | ||
| Q1 24 | $643.2M | $1.7B |
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.13× | ||
| Q1 24 | — | 0.14× |
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 | $-15.8M | $28.2M |
| Free Cash FlowOCF − Capex | $-567.9M | $21.3M |
| FCF MarginFCF / Revenue | -448.6% | 11.8% |
| Capex IntensityCapex / Revenue | 436.1% | 3.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $43.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $28.2M | ||
| Q3 25 | $-82.0M | $14.0M | ||
| Q2 25 | $6.9M | $6.8M | ||
| Q1 25 | $5.9M | $25.7M | ||
| Q4 24 | $-52.3M | $57.9M | ||
| Q3 24 | $-75.9M | $23.0M | ||
| Q2 24 | $-34.1M | $27.8M | ||
| Q1 24 | $38.8M | $-8.0M |
| Q4 25 | $-567.9M | $21.3M | ||
| Q3 25 | $-331.4M | $7.0M | ||
| Q2 25 | $-191.4M | $-4.2M | ||
| Q1 25 | $-251.6M | $19.0M | ||
| Q4 24 | $-223.3M | $53.1M | ||
| Q3 24 | $-130.7M | $20.0M | ||
| Q2 24 | $-88.9M | $21.9M | ||
| Q1 24 | $-2.3M | $-12.1M |
| Q4 25 | -448.6% | 11.8% | ||
| Q3 25 | -516.1% | 3.9% | ||
| Q2 25 | 574.8% | -2.4% | ||
| Q1 25 | -475.4% | 11.3% | ||
| Q4 24 | -349.6% | 29.6% | ||
| Q3 24 | -215.3% | 11.7% | ||
| Q2 24 | -203.5% | 12.8% | ||
| Q1 24 | -5.4% | -7.3% |
| Q4 25 | 436.1% | 3.8% | ||
| Q3 25 | 388.4% | 3.9% | ||
| Q2 25 | -595.4% | 6.3% | ||
| Q1 25 | 486.6% | 4.0% | ||
| Q4 24 | 267.8% | 2.7% | ||
| Q3 24 | 90.3% | 1.8% | ||
| Q2 24 | 125.4% | 3.4% | ||
| Q1 24 | 95.0% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.89× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.35× | ||
| Q2 24 | — | 15.44× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
