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Side-by-side financial comparison of Applied Digital Corp. (APLD) and COHEN & STEERS, INC. (CNS). Click either name above to swap in a different company.
COHEN & STEERS, INC. is the larger business by last-quarter revenue ($143.8M vs $126.6M, roughly 1.1× Applied Digital Corp.). COHEN & STEERS, INC. runs the higher net margin — 24.3% vs -11.4%, a 35.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 2.9%). COHEN & STEERS, INC. produced more free cash flow last quarter ($-126.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 8.3%).
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.
Cohen & Steers is an American investment management company. It focuses on investments in real estate securities via real estate investment trusts (REIT) and alternative income via preferred securities.
APLD vs CNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $143.8M |
| Net Profit | $-14.4M | $34.9M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 28.0% |
| Net Margin | -11.4% | 24.3% |
| Revenue YoY | 98.2% | 2.9% |
| Net Profit YoY | 89.6% | -23.9% |
| EPS (diluted) | $-0.07 | $0.67 |
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 | $143.8M | ||
| Q3 25 | $64.2M | $141.7M | ||
| Q2 25 | $-33.3M | $136.1M | ||
| Q1 25 | $52.9M | $134.5M | ||
| Q4 24 | $63.9M | $139.8M | ||
| Q3 24 | $60.7M | $133.2M | ||
| Q2 24 | $43.7M | $121.7M | ||
| Q1 24 | $43.3M | $122.7M |
| Q4 25 | $-14.4M | $34.9M | ||
| Q3 25 | $-16.9M | $41.7M | ||
| Q2 25 | $-52.5M | $36.8M | ||
| Q1 25 | $-35.6M | $39.8M | ||
| Q4 24 | $-138.7M | $45.8M | ||
| Q3 24 | $-4.2M | $39.7M | ||
| Q2 24 | $-64.5M | $31.8M | ||
| Q1 24 | $-62.8M | $34.0M |
| 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% | 28.0% | ||
| Q3 25 | -34.7% | 34.5% | ||
| Q2 25 | — | 31.8% | ||
| Q1 25 | -35.8% | 33.6% | ||
| Q4 24 | -29.1% | 35.3% | ||
| Q3 24 | 15.6% | 33.7% | ||
| Q2 24 | -68.4% | 31.5% | ||
| Q1 24 | -128.8% | 32.8% |
| Q4 25 | -11.4% | 24.3% | ||
| Q3 25 | -26.4% | 29.4% | ||
| Q2 25 | 157.8% | 27.1% | ||
| Q1 25 | -67.2% | 29.6% | ||
| Q4 24 | -217.2% | 32.8% | ||
| Q3 24 | -7.0% | 29.8% | ||
| Q2 24 | -147.5% | 26.1% | ||
| Q1 24 | -145.0% | 27.7% |
| Q4 25 | $-0.07 | $0.67 | ||
| Q3 25 | $-0.07 | $0.81 | ||
| Q2 25 | $-0.31 | $0.72 | ||
| Q1 25 | $-0.16 | $0.77 | ||
| Q4 24 | $-0.66 | $0.89 | ||
| Q3 24 | $-0.03 | $0.77 | ||
| Q2 24 | $-0.57 | $0.63 | ||
| Q1 24 | $-0.52 | $0.68 |
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 | $145.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $562.0M |
| Total Assets | $5.2B | $876.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $145.5M | ||
| Q3 25 | $73.9M | $98.1M | ||
| Q2 25 | $41.6M | $95.4M | ||
| Q1 25 | $68.7M | $65.2M | ||
| Q4 24 | $286.2M | $183.0M | ||
| Q3 24 | $58.2M | $106.5M | ||
| Q2 24 | $3.3M | $122.0M | ||
| Q1 24 | $4.4M | $99.5M |
| Q4 25 | $1.4B | $562.0M | ||
| Q3 25 | $1.0B | $550.3M | ||
| Q2 25 | $497.7M | $528.5M | ||
| Q1 25 | $454.6M | $507.7M | ||
| Q4 24 | $434.6M | $511.7M | ||
| Q3 24 | $241.8M | $491.0M | ||
| Q2 24 | $124.8M | $463.2M | ||
| Q1 24 | $118.5M | $378.9M |
| Q4 25 | $5.2B | $876.7M | ||
| Q3 25 | $2.4B | $801.6M | ||
| Q2 25 | $1.9B | $751.0M | ||
| Q1 25 | $1.7B | $834.9M | ||
| Q4 24 | $1.5B | $812.4M | ||
| Q3 24 | $937.7M | $727.8M | ||
| Q2 24 | $762.9M | $784.1M | ||
| Q1 24 | $643.2M | $680.7M |
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 | $-120.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $-126.4M |
| FCF MarginFCF / Revenue | -448.6% | -87.9% |
| Capex IntensityCapex / Revenue | 436.1% | 4.2% |
| Cash ConversionOCF / Net Profit | — | -3.45× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-253.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-120.4M | ||
| Q3 25 | $-82.0M | $55.1M | ||
| Q2 25 | $6.9M | $-67.6M | ||
| Q1 25 | $5.9M | $-108.9M | ||
| Q4 24 | $-52.3M | $96.7M | ||
| Q3 24 | $-75.9M | $25.6M | ||
| Q2 24 | $-34.1M | $31.4M | ||
| Q1 24 | $38.8M | $4.9M |
| Q4 25 | $-567.9M | $-126.4M | ||
| Q3 25 | $-331.4M | $52.6M | ||
| Q2 25 | $-191.4M | $-69.8M | ||
| Q1 25 | $-251.6M | $-110.0M | ||
| Q4 24 | $-223.3M | $85.0M | ||
| Q3 24 | $-130.7M | $24.2M | ||
| Q2 24 | $-88.9M | $27.1M | ||
| Q1 24 | $-2.3M | $537.0K |
| Q4 25 | -448.6% | -87.9% | ||
| Q3 25 | -516.1% | 37.1% | ||
| Q2 25 | 574.8% | -51.3% | ||
| Q1 25 | -475.4% | -81.8% | ||
| Q4 24 | -349.6% | 60.8% | ||
| Q3 24 | -215.3% | 18.2% | ||
| Q2 24 | -203.5% | 22.3% | ||
| Q1 24 | -5.4% | 0.4% |
| Q4 25 | 436.1% | 4.2% | ||
| Q3 25 | 388.4% | 1.8% | ||
| Q2 25 | -595.4% | 1.6% | ||
| Q1 25 | 486.6% | 0.8% | ||
| Q4 24 | 267.8% | 8.3% | ||
| Q3 24 | 90.3% | 1.1% | ||
| Q2 24 | 125.4% | 3.5% | ||
| Q1 24 | 95.0% | 3.5% |
| Q4 25 | — | -3.45× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | -1.84× | ||
| Q1 25 | — | -2.74× | ||
| Q4 24 | — | 2.11× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 0.14× |
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% |
CNS
Segment breakdown not available.
