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Side-by-side financial comparison of Applied Digital Corp. (APLD) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $126.6M, roughly 1.8× Applied Digital Corp.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -11.4%, a 15.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 5.1%).
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.
APLD vs CSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $233.0M |
| Net Profit | $-14.4M | $10.3M |
| Gross Margin | 20.6% | 39.7% |
| Operating Margin | -24.5% | 7.4% |
| Net Margin | -11.4% | 4.4% |
| Revenue YoY | 98.2% | 20.3% |
| Net Profit YoY | 89.6% | -61.9% |
| EPS (diluted) | $-0.07 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $64.2M | $277.0M | ||
| Q2 25 | $-33.3M | $263.6M | ||
| Q1 25 | $52.9M | $230.5M | ||
| Q4 24 | $63.9M | $193.6M | ||
| Q3 24 | $60.7M | $227.9M | ||
| Q2 24 | $43.7M | $226.2M | ||
| Q1 24 | $43.3M | $210.9M |
| Q4 25 | $-14.4M | $10.3M | ||
| Q3 25 | $-16.9M | $40.7M | ||
| Q2 25 | $-52.5M | $40.9M | ||
| Q1 25 | $-35.6M | $35.1M | ||
| Q4 24 | $-138.7M | $26.9M | ||
| Q3 24 | $-4.2M | $36.1M | ||
| Q2 24 | $-64.5M | $38.6M | ||
| Q1 24 | $-62.8M | $31.8M |
| Q4 25 | 20.6% | 39.7% | ||
| Q3 25 | 13.4% | 43.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | 7.1% | 44.2% | ||
| Q4 24 | 18.0% | 41.4% | ||
| Q3 24 | -0.6% | 45.6% | ||
| Q2 24 | -9.1% | 47.5% | ||
| Q1 24 | -8.6% | 44.4% |
| Q4 25 | -24.5% | 7.4% | ||
| Q3 25 | -34.7% | 20.5% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | -35.8% | 19.5% | ||
| Q4 24 | -29.1% | 15.3% | ||
| Q3 24 | 15.6% | 22.6% | ||
| Q2 24 | -68.4% | 24.3% | ||
| Q1 24 | -128.8% | 21.0% |
| Q4 25 | -11.4% | 4.4% | ||
| Q3 25 | -26.4% | 14.7% | ||
| Q2 25 | 157.8% | 15.5% | ||
| Q1 25 | -67.2% | 15.2% | ||
| Q4 24 | -217.2% | 13.9% | ||
| Q3 24 | -7.0% | 15.8% | ||
| Q2 24 | -147.5% | 17.1% | ||
| Q1 24 | -145.0% | 15.1% |
| Q4 25 | $-0.07 | $0.62 | ||
| Q3 25 | $-0.07 | $2.41 | ||
| Q2 25 | $-0.31 | $2.43 | ||
| Q1 25 | $-0.16 | $2.05 | ||
| Q4 24 | $-0.66 | $1.60 | ||
| Q3 24 | $-0.03 | $2.26 | ||
| Q2 24 | $-0.57 | $2.47 | ||
| Q1 24 | $-0.52 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.1B |
| Total Assets | $5.2B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $40.2M | ||
| Q3 25 | $73.9M | $31.5M | ||
| Q2 25 | $41.6M | $38.0M | ||
| Q1 25 | $68.7M | $225.8M | ||
| Q4 24 | $286.2M | $213.8M | ||
| Q3 24 | $58.2M | $273.2M | ||
| Q2 24 | $3.3M | $18.9M | ||
| Q1 24 | $4.4M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $497.7M | $1.1B | ||
| Q1 25 | $454.6M | $1.1B | ||
| Q4 24 | $434.6M | $1.0B | ||
| Q3 24 | $241.8M | $1.0B | ||
| Q2 24 | $124.8M | $650.2M | ||
| Q1 24 | $118.5M | $615.7M |
| Q4 25 | $5.2B | $2.3B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $937.7M | $1.4B | ||
| Q2 24 | $762.9M | $1.1B | ||
| Q1 24 | $643.2M | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $22.7M |
| FCF MarginFCF / Revenue | -448.6% | 9.8% |
| Capex IntensityCapex / Revenue | 436.1% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $28.9M | ||
| Q3 25 | $-82.0M | $61.8M | ||
| Q2 25 | $6.9M | $60.6M | ||
| Q1 25 | $5.9M | $27.3M | ||
| Q4 24 | $-52.3M | $11.6M | ||
| Q3 24 | $-75.9M | $66.8M | ||
| Q2 24 | $-34.1M | $62.7M | ||
| Q1 24 | $38.8M | $22.4M |
| Q4 25 | $-567.9M | $22.7M | ||
| Q3 25 | $-331.4M | $58.7M | ||
| Q2 25 | $-191.4M | $57.7M | ||
| Q1 25 | $-251.6M | $22.8M | ||
| Q4 24 | $-223.3M | $8.5M | ||
| Q3 24 | $-130.7M | $61.3M | ||
| Q2 24 | $-88.9M | $59.6M | ||
| Q1 24 | $-2.3M | $17.5M |
| Q4 25 | -448.6% | 9.8% | ||
| Q3 25 | -516.1% | 21.2% | ||
| Q2 25 | 574.8% | 21.9% | ||
| Q1 25 | -475.4% | 9.9% | ||
| Q4 24 | -349.6% | 4.4% | ||
| Q3 24 | -215.3% | 26.9% | ||
| Q2 24 | -203.5% | 26.3% | ||
| Q1 24 | -5.4% | 8.3% |
| Q4 25 | 436.1% | 2.6% | ||
| Q3 25 | 388.4% | 1.1% | ||
| Q2 25 | -595.4% | 1.1% | ||
| Q1 25 | 486.6% | 2.0% | ||
| Q4 24 | 267.8% | 1.6% | ||
| Q3 24 | 90.3% | 2.4% | ||
| Q2 24 | 125.4% | 1.4% | ||
| Q1 24 | 95.0% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
