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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Donnelley Financial Solutions, Inc. (DFIN). Click either name above to swap in a different company.
Donnelley Financial Solutions, Inc. is the larger business by last-quarter revenue ($172.5M vs $126.6M, roughly 1.4× Applied Digital Corp.). Donnelley Financial Solutions, Inc. runs the higher net margin — 3.6% vs -11.4%, a 15.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 10.4%). Donnelley Financial Solutions, Inc. produced more free cash flow last quarter ($47.9M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -7.9%).
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.
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
APLD vs DFIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $172.5M |
| Net Profit | $-14.4M | $6.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 8.3% |
| Net Margin | -11.4% | 3.6% |
| Revenue YoY | 98.2% | 10.4% |
| Net Profit YoY | 89.6% | -1.6% |
| EPS (diluted) | $-0.07 | $0.31 |
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 | $172.5M | ||
| Q3 25 | $64.2M | $175.3M | ||
| Q2 25 | $-33.3M | $218.1M | ||
| Q1 25 | $52.9M | $201.1M | ||
| Q4 24 | $63.9M | $156.3M | ||
| Q3 24 | $60.7M | $179.5M | ||
| Q2 24 | $43.7M | $242.7M | ||
| Q1 24 | $43.3M | $203.4M |
| Q4 25 | $-14.4M | $6.2M | ||
| Q3 25 | $-16.9M | $-40.9M | ||
| Q2 25 | $-52.5M | $36.1M | ||
| Q1 25 | $-35.6M | $31.0M | ||
| Q4 24 | $-138.7M | $6.3M | ||
| Q3 24 | $-4.2M | $8.7M | ||
| Q2 24 | $-64.5M | $44.1M | ||
| Q1 24 | $-62.8M | $33.3M |
| 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% | 8.3% | ||
| Q3 25 | -34.7% | 16.1% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | -35.8% | 22.8% | ||
| Q4 24 | -29.1% | 6.0% | ||
| Q3 24 | 15.6% | 10.1% | ||
| Q2 24 | -68.4% | 26.6% | ||
| Q1 24 | -128.8% | 21.9% |
| Q4 25 | -11.4% | 3.6% | ||
| Q3 25 | -26.4% | -23.3% | ||
| Q2 25 | 157.8% | 16.6% | ||
| Q1 25 | -67.2% | 15.4% | ||
| Q4 24 | -217.2% | 4.0% | ||
| Q3 24 | -7.0% | 4.8% | ||
| Q2 24 | -147.5% | 18.2% | ||
| Q1 24 | -145.0% | 16.4% |
| Q4 25 | $-0.07 | $0.31 | ||
| Q3 25 | $-0.07 | $-1.49 | ||
| Q2 25 | $-0.31 | $1.28 | ||
| Q1 25 | $-0.16 | $1.05 | ||
| Q4 24 | $-0.66 | $0.21 | ||
| Q3 24 | $-0.03 | $0.29 | ||
| Q2 24 | $-0.57 | $1.47 | ||
| Q1 24 | $-0.52 | $1.09 |
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 | $24.5M |
| Total DebtLower is stronger | — | $171.3M |
| Stockholders' EquityBook value | $1.4B | $379.2M |
| Total Assets | $5.2B | $800.4M |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $24.5M | ||
| Q3 25 | $73.9M | $22.7M | ||
| Q2 25 | $41.6M | $33.8M | ||
| Q1 25 | $68.7M | $16.2M | ||
| Q4 24 | $286.2M | $57.3M | ||
| Q3 24 | $58.2M | $33.6M | ||
| Q2 24 | $3.3M | $35.0M | ||
| Q1 24 | $4.4M | $43.7M |
| Q4 25 | — | $171.3M | ||
| Q3 25 | — | $154.7M | ||
| Q2 25 | — | $190.1M | ||
| Q1 25 | — | $189.5M | ||
| Q4 24 | — | $124.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $379.2M | ||
| Q3 25 | $1.0B | $423.1M | ||
| Q2 25 | $497.7M | $432.1M | ||
| Q1 25 | $454.6M | $419.9M | ||
| Q4 24 | $434.6M | $436.1M | ||
| Q3 24 | $241.8M | $444.5M | ||
| Q2 24 | $124.8M | $441.5M | ||
| Q1 24 | $118.5M | $408.9M |
| Q4 25 | $5.2B | $800.4M | ||
| Q3 25 | $2.4B | $816.3M | ||
| Q2 25 | $1.9B | $874.7M | ||
| Q1 25 | $1.7B | $852.8M | ||
| Q4 24 | $1.5B | $841.6M | ||
| Q3 24 | $937.7M | $843.6M | ||
| Q2 24 | $762.9M | $882.9M | ||
| Q1 24 | $643.2M | $867.8M |
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $59.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $47.9M |
| FCF MarginFCF / Revenue | -448.6% | 27.8% |
| Capex IntensityCapex / Revenue | 436.1% | 6.9% |
| Cash ConversionOCF / Net Profit | — | 9.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $59.8M | ||
| Q3 25 | $-82.0M | $74.4M | ||
| Q2 25 | $6.9M | $68.4M | ||
| Q1 25 | $5.9M | $-37.7M | ||
| Q4 24 | $-52.3M | $56.4M | ||
| Q3 24 | $-75.9M | $86.4M | ||
| Q2 24 | $-34.1M | $56.2M | ||
| Q1 24 | $38.8M | $-27.9M |
| Q4 25 | $-567.9M | $47.9M | ||
| Q3 25 | $-331.4M | $59.2M | ||
| Q2 25 | $-191.4M | $51.7M | ||
| Q1 25 | $-251.6M | $-51.0M | ||
| Q4 24 | $-223.3M | $41.3M | ||
| Q3 24 | $-130.7M | $67.3M | ||
| Q2 24 | $-88.9M | $36.8M | ||
| Q1 24 | $-2.3M | $-40.2M |
| Q4 25 | -448.6% | 27.8% | ||
| Q3 25 | -516.1% | 33.8% | ||
| Q2 25 | 574.8% | 23.7% | ||
| Q1 25 | -475.4% | -25.4% | ||
| Q4 24 | -349.6% | 26.4% | ||
| Q3 24 | -215.3% | 37.5% | ||
| Q2 24 | -203.5% | 15.2% | ||
| Q1 24 | -5.4% | -19.8% |
| Q4 25 | 436.1% | 6.9% | ||
| Q3 25 | 388.4% | 8.7% | ||
| Q2 25 | -595.4% | 7.7% | ||
| Q1 25 | 486.6% | 6.6% | ||
| Q4 24 | 267.8% | 9.7% | ||
| Q3 24 | 90.3% | 10.6% | ||
| Q2 24 | 125.4% | 8.0% | ||
| Q1 24 | 95.0% | 6.0% |
| Q4 25 | — | 9.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | -1.22× | ||
| Q4 24 | — | 8.95× | ||
| Q3 24 | — | 9.93× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | -0.84× |
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% |
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
