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Side-by-side financial comparison of Applied Digital Corp. (APLD) and BADGER METER INC (BMI). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $126.6M, roughly 1.8× Applied Digital Corp.). BADGER METER INC runs the higher net margin — 14.3% vs -11.4%, a 25.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 9.2%).
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.
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
APLD vs BMI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $234.1M |
| Net Profit | $-14.4M | $33.6M |
| Gross Margin | 20.6% | 39.7% |
| Operating Margin | -24.5% | 18.4% |
| Net Margin | -11.4% | 14.3% |
| Revenue YoY | 98.2% | 14.1% |
| Net Profit YoY | 89.6% | 9.3% |
| EPS (diluted) | $-0.07 | $1.13 |
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 | $234.1M | ||
| Q3 25 | $64.2M | $222.2M | ||
| Q2 25 | $-33.3M | $238.1M | ||
| Q1 25 | $52.9M | $222.2M | ||
| Q4 24 | $63.9M | $205.2M | ||
| Q3 24 | $60.7M | $208.4M | ||
| Q2 24 | $43.7M | $216.7M | ||
| Q1 24 | $43.3M | $196.3M |
| Q4 25 | $-14.4M | $33.6M | ||
| Q3 25 | $-16.9M | $35.1M | ||
| Q2 25 | $-52.5M | $34.6M | ||
| Q1 25 | $-35.6M | $38.4M | ||
| Q4 24 | $-138.7M | $30.7M | ||
| Q3 24 | $-4.2M | $32.0M | ||
| Q2 24 | $-64.5M | $33.1M | ||
| Q1 24 | $-62.8M | $29.1M |
| Q4 25 | 20.6% | 39.7% | ||
| Q3 25 | 13.4% | 43.1% | ||
| Q2 25 | — | 41.1% | ||
| Q1 25 | 7.1% | 42.9% | ||
| Q4 24 | 18.0% | 40.3% | ||
| Q3 24 | -0.6% | 40.2% | ||
| Q2 24 | -9.1% | 39.4% | ||
| Q1 24 | -8.6% | 39.3% |
| Q4 25 | -24.5% | 18.4% | ||
| Q3 25 | -34.7% | 20.7% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | -35.8% | 22.2% | ||
| Q4 24 | -29.1% | 19.1% | ||
| Q3 24 | 15.6% | 19.5% | ||
| Q2 24 | -68.4% | 19.2% | ||
| Q1 24 | -128.8% | 18.6% |
| Q4 25 | -11.4% | 14.3% | ||
| Q3 25 | -26.4% | 15.8% | ||
| Q2 25 | 157.8% | 14.5% | ||
| Q1 25 | -67.2% | 17.3% | ||
| Q4 24 | -217.2% | 15.0% | ||
| Q3 24 | -7.0% | 15.4% | ||
| Q2 24 | -147.5% | 15.3% | ||
| Q1 24 | -145.0% | 14.8% |
| Q4 25 | $-0.07 | $1.13 | ||
| Q3 25 | $-0.07 | $1.19 | ||
| Q2 25 | $-0.31 | $1.17 | ||
| Q1 25 | $-0.16 | $1.30 | ||
| Q4 24 | $-0.66 | $1.04 | ||
| Q3 24 | $-0.03 | $1.08 | ||
| Q2 24 | $-0.57 | $1.12 | ||
| Q1 24 | $-0.52 | $0.99 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $713.3M |
| Total Assets | $5.2B | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
| Q4 25 | $1.4B | $713.3M | ||
| Q3 25 | $1.0B | $702.5M | ||
| Q2 25 | $497.7M | $677.6M | ||
| Q1 25 | $454.6M | $641.7M | ||
| Q4 24 | $434.6M | $606.2M | ||
| Q3 24 | $241.8M | $591.2M | ||
| Q2 24 | $124.8M | $563.1M | ||
| Q1 24 | $118.5M | $535.6M |
| Q4 25 | $5.2B | $973.6M | ||
| Q3 25 | $2.4B | $978.3M | ||
| Q2 25 | $1.9B | $936.4M | ||
| Q1 25 | $1.7B | $899.6M | ||
| Q4 24 | $1.5B | $816.4M | ||
| Q3 24 | $937.7M | $802.9M | ||
| Q2 24 | $762.9M | $781.3M | ||
| Q1 24 | $643.2M | $743.5M |
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 | $54.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $50.8M |
| FCF MarginFCF / Revenue | -448.6% | 21.7% |
| Capex IntensityCapex / Revenue | 436.1% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $54.8M | ||
| Q3 25 | $-82.0M | $51.3M | ||
| Q2 25 | $6.9M | $44.6M | ||
| Q1 25 | $5.9M | $33.0M | ||
| Q4 24 | $-52.3M | $52.1M | ||
| Q3 24 | $-75.9M | $45.1M | ||
| Q2 24 | $-34.1M | $36.4M | ||
| Q1 24 | $38.8M | $21.5M |
| Q4 25 | $-567.9M | $50.8M | ||
| Q3 25 | $-331.4M | $48.2M | ||
| Q2 25 | $-191.4M | $40.6M | ||
| Q1 25 | $-251.6M | $30.1M | ||
| Q4 24 | $-223.3M | $47.4M | ||
| Q3 24 | $-130.7M | $42.0M | ||
| Q2 24 | $-88.9M | $34.1M | ||
| Q1 24 | $-2.3M | $18.8M |
| Q4 25 | -448.6% | 21.7% | ||
| Q3 25 | -516.1% | 21.7% | ||
| Q2 25 | 574.8% | 17.1% | ||
| Q1 25 | -475.4% | 13.5% | ||
| Q4 24 | -349.6% | 23.1% | ||
| Q3 24 | -215.3% | 20.1% | ||
| Q2 24 | -203.5% | 15.7% | ||
| Q1 24 | -5.4% | 9.6% |
| Q4 25 | 436.1% | 1.7% | ||
| Q3 25 | 388.4% | 1.4% | ||
| Q2 25 | -595.4% | 1.7% | ||
| Q1 25 | 486.6% | 1.3% | ||
| Q4 24 | 267.8% | 2.3% | ||
| Q3 24 | 90.3% | 1.5% | ||
| Q2 24 | 125.4% | 1.1% | ||
| Q1 24 | 95.0% | 1.4% |
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.70× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 0.74× |
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% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
