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Side-by-side financial comparison of Applied Digital Corp. (APLD) and PATHWARD FINANCIAL, INC. (CASH). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($173.1M vs $126.6M, roughly 1.4× Applied Digital Corp.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs -11.4%, a 31.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -0.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -18.0%).
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.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
APLD vs CASH — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $173.1M |
| Net Profit | $-14.4M | $35.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 24.6% |
| Net Margin | -11.4% | 20.3% |
| Revenue YoY | 98.2% | -0.2% |
| Net Profit YoY | 89.6% | 11.9% |
| EPS (diluted) | $-0.07 | $1.57 |
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 | $173.1M | ||
| Q3 25 | $64.2M | $186.7M | ||
| Q2 25 | $-33.3M | $195.8M | ||
| Q1 25 | $52.9M | $274.8M | ||
| Q4 24 | $63.9M | $182.6M | ||
| Q3 24 | $60.7M | $179.5M | ||
| Q2 24 | $43.7M | $188.6M | ||
| Q1 24 | $43.3M | $257.6M |
| Q4 25 | $-14.4M | $35.2M | ||
| Q3 25 | $-16.9M | $38.8M | ||
| Q2 25 | $-52.5M | $42.1M | ||
| Q1 25 | $-35.6M | $75.0M | ||
| Q4 24 | $-138.7M | $30.0M | ||
| Q3 24 | $-4.2M | $33.5M | ||
| Q2 24 | $-64.5M | $44.9M | ||
| Q1 24 | $-62.8M | $69.9M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | 24.6% | ||
| Q3 25 | -34.7% | 25.9% | ||
| Q2 25 | — | 24.1% | ||
| Q1 25 | -35.8% | 33.2% | ||
| Q4 24 | -29.1% | 19.8% | ||
| Q3 24 | 15.6% | 20.9% | ||
| Q2 24 | -68.4% | 27.1% | ||
| Q1 24 | -128.8% | 33.8% |
| Q4 25 | -11.4% | 20.3% | ||
| Q3 25 | -26.4% | 20.8% | ||
| Q2 25 | 157.8% | 21.5% | ||
| Q1 25 | -67.2% | 27.3% | ||
| Q4 24 | -217.2% | 16.4% | ||
| Q3 24 | -7.0% | 18.7% | ||
| Q2 24 | -147.5% | 23.8% | ||
| Q1 24 | -145.0% | 27.1% |
| Q4 25 | $-0.07 | $1.57 | ||
| Q3 25 | $-0.07 | $1.69 | ||
| Q2 25 | $-0.31 | $1.81 | ||
| Q1 25 | $-0.16 | $3.14 | ||
| Q4 24 | $-0.66 | $1.23 | ||
| Q3 24 | $-0.03 | $1.34 | ||
| Q2 24 | $-0.57 | $1.78 | ||
| Q1 24 | $-0.52 | $2.74 |
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 | $331.2M |
| Total DebtLower is stronger | — | $33.5M |
| Stockholders' EquityBook value | $1.4B | $854.5M |
| Total Assets | $5.2B | $7.6B |
| Debt / EquityLower = less leverage | — | 0.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $331.2M | ||
| Q3 25 | $73.9M | $120.6M | ||
| Q2 25 | $41.6M | $258.3M | ||
| Q1 25 | $68.7M | $254.2M | ||
| Q4 24 | $286.2M | $597.4M | ||
| Q3 24 | $58.2M | $158.3M | ||
| Q2 24 | $3.3M | $298.9M | ||
| Q1 24 | $4.4M | $347.9M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $33.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.4M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $33.4M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $33.4M |
| Q4 25 | $1.4B | $854.5M | ||
| Q3 25 | $1.0B | $858.0M | ||
| Q2 25 | $497.7M | $819.0M | ||
| Q1 25 | $454.6M | $814.7M | ||
| Q4 24 | $434.6M | $758.3M | ||
| Q3 24 | $241.8M | $822.5M | ||
| Q2 24 | $124.8M | $748.4M | ||
| Q1 24 | $118.5M | $719.5M |
| Q4 25 | $5.2B | $7.6B | ||
| Q3 25 | $2.4B | $7.2B | ||
| Q2 25 | $1.9B | $7.2B | ||
| Q1 25 | $1.7B | $7.0B | ||
| Q4 24 | $1.5B | $7.6B | ||
| Q3 24 | $937.7M | $7.5B | ||
| Q2 24 | $762.9M | $7.5B | ||
| Q1 24 | $643.2M | $7.4B |
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× | ||
| Q1 24 | — | 0.05× |
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 | $108.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $104.1M |
| FCF MarginFCF / Revenue | -448.6% | 60.1% |
| Capex IntensityCapex / Revenue | 436.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 3.08× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $616.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $108.3M | ||
| Q3 25 | $-82.0M | $303.7M | ||
| Q2 25 | $6.9M | $30.4M | ||
| Q1 25 | $5.9M | $188.3M | ||
| Q4 24 | $-52.3M | $-71.7M | ||
| Q3 24 | $-75.9M | $143.1M | ||
| Q2 24 | $-34.1M | $113.2M | ||
| Q1 24 | $38.8M | $203.0M |
| Q4 25 | $-567.9M | $104.1M | ||
| Q3 25 | $-331.4M | $300.3M | ||
| Q2 25 | $-191.4M | $27.7M | ||
| Q1 25 | $-251.6M | $184.7M | ||
| Q4 24 | $-223.3M | $-73.8M | ||
| Q3 24 | $-130.7M | $138.8M | ||
| Q2 24 | $-88.9M | $111.0M | ||
| Q1 24 | $-2.3M | $201.3M |
| Q4 25 | -448.6% | 60.1% | ||
| Q3 25 | -516.1% | 160.9% | ||
| Q2 25 | 574.8% | 14.1% | ||
| Q1 25 | -475.4% | 67.2% | ||
| Q4 24 | -349.6% | -40.4% | ||
| Q3 24 | -215.3% | 77.3% | ||
| Q2 24 | -203.5% | 58.8% | ||
| Q1 24 | -5.4% | 78.1% |
| Q4 25 | 436.1% | 2.4% | ||
| Q3 25 | 388.4% | 1.8% | ||
| Q2 25 | -595.4% | 1.4% | ||
| Q1 25 | 486.6% | 1.3% | ||
| Q4 24 | 267.8% | 1.1% | ||
| Q3 24 | 90.3% | 2.4% | ||
| Q2 24 | 125.4% | 1.2% | ||
| Q1 24 | 95.0% | 0.7% |
| Q4 25 | — | 3.08× | ||
| Q3 25 | — | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | — | -2.39× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 2.52× | ||
| Q1 24 | — | 2.90× |
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% |
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
