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Side-by-side financial comparison of Applied Digital Corp. (APLD) and SAUL CENTERS, INC. (BFS). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $75.1M, roughly 1.7× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -11.4%, a 20.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 10.6%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 6.2%).
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.
Saul Centers, Inc. is a self-administered real estate investment trust (REIT) headquartered in the United States. It primarily owns, operates, and develops high-quality shopping centers, mixed-use properties, and multifamily residential assets, with its core portfolio concentrated in the Washington D.C. metropolitan area and other select high-growth U.S. regional markets.
APLD vs BFS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $75.1M |
| Net Profit | $-14.4M | $6.5M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 65.4% |
| Net Margin | -11.4% | 8.7% |
| Revenue YoY | 98.2% | 10.6% |
| Net Profit YoY | 89.6% | -19.6% |
| EPS (diluted) | $-0.07 | $0.15 |
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 | $126.6M | $75.1M | ||
| Q3 25 | $64.2M | $72.0M | ||
| Q2 25 | $-33.3M | $70.8M | ||
| Q1 25 | $52.9M | $71.9M | ||
| Q4 24 | $63.9M | $67.9M | ||
| Q3 24 | $60.7M | $67.3M | ||
| Q2 24 | $43.7M | $66.9M | ||
| Q1 24 | $43.3M | $66.7M |
| Q4 25 | $-14.4M | $6.5M | ||
| Q3 25 | $-16.9M | $10.5M | ||
| Q2 25 | $-52.5M | $10.7M | ||
| Q1 25 | $-35.6M | $9.8M | ||
| Q4 24 | $-138.7M | $8.1M | ||
| Q3 24 | $-4.2M | $14.5M | ||
| Q2 24 | $-64.5M | $14.4M | ||
| Q1 24 | $-62.8M | $13.6M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | 73.6% | ||
| Q2 24 | -9.1% | 74.2% | ||
| Q1 24 | -8.6% | 72.8% |
| Q4 25 | -24.5% | 65.4% | ||
| Q3 25 | -34.7% | 69.1% | ||
| Q2 25 | — | 68.7% | ||
| Q1 25 | -35.8% | 66.5% | ||
| Q4 24 | -29.1% | 82.9% | ||
| Q3 24 | 15.6% | 72.8% | ||
| Q2 24 | -68.4% | 75.0% | ||
| Q1 24 | -128.8% | 72.4% |
| Q4 25 | -11.4% | 8.7% | ||
| Q3 25 | -26.4% | 14.6% | ||
| Q2 25 | 157.8% | 15.1% | ||
| Q1 25 | -67.2% | 13.6% | ||
| Q4 24 | -217.2% | 11.9% | ||
| Q3 24 | -7.0% | 21.5% | ||
| Q2 24 | -147.5% | 21.6% | ||
| Q1 24 | -145.0% | 20.4% |
| Q4 25 | $-0.07 | $0.15 | ||
| Q3 25 | $-0.07 | $0.32 | ||
| Q2 25 | $-0.31 | $0.33 | ||
| Q1 25 | $-0.16 | $0.29 | ||
| Q4 24 | $-0.66 | $0.22 | ||
| Q3 24 | $-0.03 | $0.48 | ||
| Q2 24 | $-0.57 | $0.48 | ||
| Q1 24 | $-0.52 | $0.45 |
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 | $8.7M |
| Total DebtLower is stronger | — | $468.4M |
| Stockholders' EquityBook value | $1.4B | $307.8M |
| Total Assets | $5.2B | $2.2B |
| Debt / EquityLower = less leverage | — | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $8.7M | ||
| Q3 25 | $73.9M | $11.8M | ||
| Q2 25 | $41.6M | $5.3M | ||
| Q1 25 | $68.7M | $6.5M | ||
| Q4 24 | $286.2M | $10.3M | ||
| Q3 24 | $58.2M | $7.2M | ||
| Q2 24 | $3.3M | $6.9M | ||
| Q1 24 | $4.4M | $7.1M |
| Q4 25 | — | $468.4M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $1.4B | $307.8M | ||
| Q3 25 | $1.0B | $316.6M | ||
| Q2 25 | $497.7M | $322.4M | ||
| Q1 25 | $454.6M | $328.4M | ||
| Q4 24 | $434.6M | $335.8M | ||
| Q3 24 | $241.8M | $341.8M | ||
| Q2 24 | $124.8M | $345.7M | ||
| Q1 24 | $118.5M | $347.1M |
| Q4 25 | $5.2B | $2.2B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $937.7M | $2.1B | ||
| Q2 24 | $762.9M | $2.1B | ||
| Q1 24 | $643.2M | $2.0B |
| Q4 25 | — | 1.52× | ||
| Q3 25 | — | 5.02× | ||
| Q2 25 | — | 4.85× | ||
| Q1 25 | — | 4.70× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | — | 4.37× | ||
| Q2 24 | — | 4.17× | ||
| Q1 24 | — | 4.06× |
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 | $99.8M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | 15.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $99.8M | ||
| Q3 25 | $-82.0M | $20.6M | ||
| Q2 25 | $6.9M | $26.6M | ||
| Q1 25 | $5.9M | $30.4M | ||
| Q4 24 | $-52.3M | $121.2M | ||
| Q3 24 | $-75.9M | $26.5M | ||
| Q2 24 | $-34.1M | $32.1M | ||
| Q1 24 | $38.8M | $33.8M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | $-28.3M | ||
| Q2 24 | $-88.9M | $-12.5M | ||
| Q1 24 | $-2.3M | $-11.7M |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | -42.1% | ||
| Q2 24 | -203.5% | -18.7% | ||
| Q1 24 | -5.4% | -17.6% |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | 81.5% | ||
| Q2 24 | 125.4% | 66.7% | ||
| Q1 24 | 95.0% | 68.3% |
| Q4 25 | — | 15.35× | ||
| Q3 25 | — | 1.97× | ||
| Q2 25 | — | 2.48× | ||
| Q1 25 | — | 3.10× | ||
| Q4 24 | — | 14.98× | ||
| Q3 24 | — | 1.83× | ||
| Q2 24 | — | 2.22× | ||
| Q1 24 | — | 2.48× |
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% |
BFS
Segment breakdown not available.
