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Side-by-side financial comparison of Applied Digital Corp. (APLD) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $126.6M, roughly 1.3× Applied Digital Corp.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs -11.4%, a 49.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 22.8%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 20.6%).
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.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
APLD vs EPRT — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $158.8M |
| Net Profit | $-14.4M | $60.0M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 56.5% |
| Net Margin | -11.4% | 37.8% |
| Revenue YoY | 98.2% | 22.8% |
| Net Profit YoY | 89.6% | 6.5% |
| EPS (diluted) | $-0.07 | $0.28 |
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.
| Q1 26 | — | $158.8M | ||
| Q4 25 | $126.6M | $149.9M | ||
| Q3 25 | $64.2M | $144.9M | ||
| Q2 25 | $-33.3M | $137.1M | ||
| Q1 25 | $52.9M | $129.4M | ||
| Q4 24 | $63.9M | $119.7M | ||
| Q3 24 | $60.7M | $117.1M | ||
| Q2 24 | $43.7M | $109.3M |
| Q1 26 | — | $60.0M | ||
| Q4 25 | $-14.4M | $68.1M | ||
| Q3 25 | $-16.9M | $65.6M | ||
| Q2 25 | $-52.5M | $63.2M | ||
| Q1 25 | $-35.6M | $56.1M | ||
| Q4 24 | $-138.7M | $55.4M | ||
| Q3 24 | $-4.2M | $49.1M | ||
| Q2 24 | $-64.5M | $51.5M |
| Q1 26 | — | — | ||
| 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 26 | — | 56.5% | ||
| Q4 25 | -24.5% | 65.9% | ||
| Q3 25 | -34.7% | 64.7% | ||
| Q2 25 | — | 64.1% | ||
| Q1 25 | -35.8% | 61.6% | ||
| Q4 24 | -29.1% | 66.1% | ||
| Q3 24 | 15.6% | 59.7% | ||
| Q2 24 | -68.4% | 61.1% |
| Q1 26 | — | 37.8% | ||
| Q4 25 | -11.4% | 45.4% | ||
| Q3 25 | -26.4% | 45.3% | ||
| Q2 25 | 157.8% | 46.1% | ||
| Q1 25 | -67.2% | 43.4% | ||
| Q4 24 | -217.2% | 46.3% | ||
| Q3 24 | -7.0% | 42.0% | ||
| Q2 24 | -147.5% | 47.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.07 | $0.34 | ||
| Q3 25 | $-0.07 | $0.33 | ||
| Q2 25 | $-0.31 | $0.32 | ||
| Q1 25 | $-0.16 | $0.29 | ||
| Q4 24 | $-0.66 | $0.31 | ||
| Q3 24 | $-0.03 | $0.27 | ||
| Q2 24 | $-0.57 | $0.29 |
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 | $15.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $4.4B |
| Total Assets | $5.2B | $7.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.2M | ||
| Q4 25 | $1.9B | $60.2M | ||
| Q3 25 | $73.9M | $23.8M | ||
| Q2 25 | $41.6M | $20.8M | ||
| Q1 25 | $68.7M | $47.0M | ||
| Q4 24 | $286.2M | $40.7M | ||
| Q3 24 | $58.2M | $32.7M | ||
| Q2 24 | $3.3M | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $1.4B | $4.2B | ||
| Q3 25 | $1.0B | $3.8B | ||
| Q2 25 | $497.7M | $3.8B | ||
| Q1 25 | $454.6M | $3.8B | ||
| Q4 24 | $434.6M | $3.6B | ||
| Q3 24 | $241.8M | $3.2B | ||
| Q2 24 | $124.8M | $3.2B |
| Q1 26 | — | $7.2B | ||
| Q4 25 | $5.2B | $6.9B | ||
| Q3 25 | $2.4B | $6.6B | ||
| Q2 25 | $1.9B | $6.3B | ||
| Q1 25 | $1.7B | $6.1B | ||
| Q4 24 | $1.5B | $5.8B | ||
| Q3 24 | $937.7M | $5.5B | ||
| Q2 24 | $762.9M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.59× |
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 | — |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $381.1M | ||
| Q3 25 | $-82.0M | $99.0M | ||
| Q2 25 | $6.9M | $99.8M | ||
| Q1 25 | $5.9M | $77.2M | ||
| Q4 24 | $-52.3M | $308.5M | ||
| Q3 24 | $-75.9M | $73.5M | ||
| Q2 24 | $-34.1M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.60× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 5.57× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.57× |
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% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
