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Side-by-side financial comparison of Applied Digital Corp. (APLD) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $85.1M, roughly 1.5× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs -11.4%, a 34.2% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 98.2%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-567.9M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 70.9%).
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.
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
APLD vs FDMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $85.1M |
| Net Profit | $-14.4M | $19.4M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 17.3% |
| Net Margin | -11.4% | 22.8% |
| Revenue YoY | 98.2% | 8508900.0% |
| Net Profit YoY | 89.6% | 139.1% |
| EPS (diluted) | $-0.07 | $0.43 |
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 | $85.1M | ||
| Q3 25 | $64.2M | $90.0K | ||
| Q2 25 | $-33.3M | $15.0K | ||
| Q1 25 | $52.9M | $14.0K | ||
| Q4 24 | $63.9M | $1.0K | ||
| Q3 24 | $60.7M | $3.0K | ||
| Q2 24 | $43.7M | $5.0K | ||
| Q1 24 | $43.3M | $28.0K |
| Q4 25 | $-14.4M | $19.4M | ||
| Q3 25 | $-16.9M | $-56.9M | ||
| Q2 25 | $-52.5M | $-54.7M | ||
| Q1 25 | $-35.6M | $-48.0M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-43.8M | ||
| Q2 24 | $-64.5M | $-35.0M | ||
| Q1 24 | $-62.8M | $-32.4M |
| 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% | 17.3% | ||
| Q3 25 | -34.7% | -67983.3% | ||
| Q2 25 | — | -396373.3% | ||
| Q1 25 | -35.8% | -383007.1% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | -1704400.0% | ||
| Q2 24 | -68.4% | -849120.0% | ||
| Q1 24 | -128.8% | -136200.0% |
| Q4 25 | -11.4% | 22.8% | ||
| Q3 25 | -26.4% | -63195.6% | ||
| Q2 25 | 157.8% | -364386.7% | ||
| Q1 25 | -67.2% | -342657.1% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -1461433.3% | ||
| Q2 24 | -147.5% | -699060.0% | ||
| Q1 24 | -145.0% | -115717.9% |
| Q4 25 | $-0.07 | $0.43 | ||
| Q3 25 | $-0.07 | $-1.01 | ||
| Q2 25 | $-0.31 | $-0.98 | ||
| Q1 25 | $-0.16 | $-0.86 | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | $-0.79 | ||
| Q2 24 | $-0.57 | $-0.63 | ||
| Q1 24 | $-0.52 | $-0.66 |
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 | $402.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $505.7M |
| Total Assets | $5.2B | $566.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $402.7M | ||
| Q3 25 | $73.9M | $305.1M | ||
| Q2 25 | $41.6M | $293.2M | ||
| Q1 25 | $68.7M | $321.4M | ||
| Q4 24 | $286.2M | $424.9M | ||
| Q3 24 | $58.2M | $501.9M | ||
| Q2 24 | $3.3M | $541.9M | ||
| Q1 24 | $4.4M | $525.9M |
| Q4 25 | $1.4B | $505.7M | ||
| Q3 25 | $1.0B | $369.0M | ||
| Q2 25 | $497.7M | $420.9M | ||
| Q1 25 | $454.6M | $469.7M | ||
| Q4 24 | $434.6M | $510.6M | ||
| Q3 24 | $241.8M | $552.9M | ||
| Q2 24 | $124.8M | $588.3M | ||
| Q1 24 | $118.5M | $600.6M |
| Q4 25 | $5.2B | $566.7M | ||
| Q3 25 | $2.4B | $424.0M | ||
| Q2 25 | $1.9B | $473.6M | ||
| Q1 25 | $1.7B | $515.7M | ||
| Q4 24 | $1.5B | $560.4M | ||
| Q3 24 | $937.7M | $604.0M | ||
| Q2 24 | $762.9M | $620.1M | ||
| Q1 24 | $643.2M | $629.9M |
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 | $28.6M |
| Free Cash FlowOCF − Capex | $-567.9M | $28.5M |
| FCF MarginFCF / Revenue | -448.6% | 33.5% |
| Capex IntensityCapex / Revenue | 436.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $28.6M | ||
| Q3 25 | $-82.0M | $-46.5M | ||
| Q2 25 | $6.9M | $-43.4M | ||
| Q1 25 | $5.9M | $-47.8M | ||
| Q4 24 | $-52.3M | $-134.6M | ||
| Q3 24 | $-75.9M | $-29.4M | ||
| Q2 24 | $-34.1M | $-30.2M | ||
| Q1 24 | $38.8M | $-29.1M |
| Q4 25 | $-567.9M | $28.5M | ||
| Q3 25 | $-331.4M | $-46.6M | ||
| Q2 25 | $-191.4M | $-43.4M | ||
| Q1 25 | $-251.6M | $-48.4M | ||
| Q4 24 | $-223.3M | $-138.4M | ||
| Q3 24 | $-130.7M | $-31.2M | ||
| Q2 24 | $-88.9M | $-30.6M | ||
| Q1 24 | $-2.3M | $-29.8M |
| Q4 25 | -448.6% | 33.5% | ||
| Q3 25 | -516.1% | -51765.6% | ||
| Q2 25 | 574.8% | -289620.0% | ||
| Q1 25 | -475.4% | -345635.7% | ||
| Q4 24 | -349.6% | -13837100.0% | ||
| Q3 24 | -215.3% | -1038966.7% | ||
| Q2 24 | -203.5% | -611840.0% | ||
| Q1 24 | -5.4% | -106421.4% |
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 101.1% | ||
| Q2 25 | -595.4% | 440.0% | ||
| Q1 25 | 486.6% | 4507.1% | ||
| Q4 24 | 267.8% | 378600.0% | ||
| Q3 24 | 90.3% | 59266.7% | ||
| Q2 24 | 125.4% | 6980.0% | ||
| Q1 24 | 95.0% | 2535.7% |
| Q4 25 | — | 1.47× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
FDMT
Segment breakdown not available.
