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Side-by-side financial comparison of Applied Digital Corp. (APLD) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $101.1M, roughly 1.3× FORRESTER RESEARCH, INC.). Applied Digital Corp. runs the higher net margin — -11.4% vs -33.5%, a 22.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
APLD vs FORR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $101.1M |
| Net Profit | $-14.4M | $-33.9M |
| Gross Margin | 20.6% | 56.7% |
| Operating Margin | -24.5% | -36.6% |
| Net Margin | -11.4% | -33.5% |
| Revenue YoY | 98.2% | -6.5% |
| Net Profit YoY | 89.6% | -7941.4% |
| EPS (diluted) | $-0.07 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $64.2M | $94.3M | ||
| Q2 25 | $-33.3M | $111.7M | ||
| Q1 25 | $52.9M | $89.9M | ||
| Q4 24 | $63.9M | $108.0M | ||
| Q3 24 | $60.7M | $102.5M | ||
| Q2 24 | $43.7M | $121.8M | ||
| Q1 24 | $43.3M | $100.1M |
| Q4 25 | $-14.4M | $-33.9M | ||
| Q3 25 | $-16.9M | $-2.1M | ||
| Q2 25 | $-52.5M | $3.9M | ||
| Q1 25 | $-35.6M | $-87.3M | ||
| Q4 24 | $-138.7M | $432.0K | ||
| Q3 24 | $-4.2M | $-5.8M | ||
| Q2 24 | $-64.5M | $6.3M | ||
| Q1 24 | $-62.8M | $-6.7M |
| Q4 25 | 20.6% | 56.7% | ||
| Q3 25 | 13.4% | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | 7.1% | 55.9% | ||
| Q4 24 | 18.0% | 58.8% | ||
| Q3 24 | -0.6% | 60.5% | ||
| Q2 24 | -9.1% | 57.3% | ||
| Q1 24 | -8.6% | 54.9% |
| Q4 25 | -24.5% | -36.6% | ||
| Q3 25 | -34.7% | 4.7% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | -35.8% | -97.5% | ||
| Q4 24 | -29.1% | -0.5% | ||
| Q3 24 | 15.6% | -0.7% | ||
| Q2 24 | -68.4% | 9.3% | ||
| Q1 24 | -128.8% | -9.3% |
| Q4 25 | -11.4% | -33.5% | ||
| Q3 25 | -26.4% | -2.3% | ||
| Q2 25 | 157.8% | 3.5% | ||
| Q1 25 | -67.2% | -97.1% | ||
| Q4 24 | -217.2% | 0.4% | ||
| Q3 24 | -7.0% | -5.7% | ||
| Q2 24 | -147.5% | 5.2% | ||
| Q1 24 | -145.0% | -6.7% |
| Q4 25 | $-0.07 | $-1.75 | ||
| Q3 25 | $-0.07 | $-0.11 | ||
| Q2 25 | $-0.31 | $0.20 | ||
| Q1 25 | $-0.16 | $-4.62 | ||
| Q4 24 | $-0.66 | $0.02 | ||
| Q3 24 | $-0.03 | $-0.30 | ||
| Q2 24 | $-0.57 | $0.33 | ||
| Q1 24 | $-0.52 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $126.5M |
| Total Assets | $5.2B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $63.3M | ||
| Q3 25 | $73.9M | $65.1M | ||
| Q2 25 | $41.6M | $67.8M | ||
| Q1 25 | $68.7M | $75.6M | ||
| Q4 24 | $286.2M | $56.1M | ||
| Q3 24 | $58.2M | $62.8M | ||
| Q2 24 | $3.3M | $58.9M | ||
| Q1 24 | $4.4M | $61.4M |
| Q4 25 | $1.4B | $126.5M | ||
| Q3 25 | $1.0B | $157.7M | ||
| Q2 25 | $497.7M | $159.5M | ||
| Q1 25 | $454.6M | $147.4M | ||
| Q4 24 | $434.6M | $229.5M | ||
| Q3 24 | $241.8M | $234.3M | ||
| Q2 24 | $124.8M | $237.1M | ||
| Q1 24 | $118.5M | $230.9M |
| Q4 25 | $5.2B | $404.0M | ||
| Q3 25 | $2.4B | $414.2M | ||
| Q2 25 | $1.9B | $436.0M | ||
| Q1 25 | $1.7B | $439.8M | ||
| Q4 24 | $1.5B | $503.9M | ||
| Q3 24 | $937.7M | $505.3M | ||
| Q2 24 | $762.9M | $524.2M | ||
| Q1 24 | $643.2M | $555.7M |
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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-567.9M | $-4.3M |
| FCF MarginFCF / Revenue | -448.6% | -4.2% |
| Capex IntensityCapex / Revenue | 436.1% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-3.2M | ||
| Q3 25 | $-82.0M | $1.2M | ||
| Q2 25 | $6.9M | $-3.6M | ||
| Q1 25 | $5.9M | $26.7M | ||
| Q4 24 | $-52.3M | $-1.8M | ||
| Q3 24 | $-75.9M | $264.0K | ||
| Q2 24 | $-34.1M | $-2.9M | ||
| Q1 24 | $38.8M | $611.0K |
| Q4 25 | $-567.9M | $-4.3M | ||
| Q3 25 | $-331.4M | $524.0K | ||
| Q2 25 | $-191.4M | $-4.2M | ||
| Q1 25 | $-251.6M | $26.1M | ||
| Q4 24 | $-223.3M | $-2.5M | ||
| Q3 24 | $-130.7M | $-223.0K | ||
| Q2 24 | $-88.9M | $-3.7M | ||
| Q1 24 | $-2.3M | $-815.0K |
| Q4 25 | -448.6% | -4.2% | ||
| Q3 25 | -516.1% | 0.6% | ||
| Q2 25 | 574.8% | -3.8% | ||
| Q1 25 | -475.4% | 29.0% | ||
| Q4 24 | -349.6% | -2.3% | ||
| Q3 24 | -215.3% | -0.2% | ||
| Q2 24 | -203.5% | -3.1% | ||
| Q1 24 | -5.4% | -0.8% |
| Q4 25 | 436.1% | 1.1% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 0.5% | ||
| Q1 25 | 486.6% | 0.7% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.5% | ||
| Q2 24 | 125.4% | 0.7% | ||
| Q1 24 | 95.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
