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Side-by-side financial comparison of Applied Digital Corp. (APLD) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $126.6M, roughly 1.9× Applied Digital Corp.). HCI Group, Inc. runs the higher net margin — 39.7% vs -11.4%, a 51.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 52.1%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 9.2%).
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.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
APLD vs HCI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $246.2M |
| Net Profit | $-14.4M | $97.7M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 58.5% |
| Net Margin | -11.4% | 39.7% |
| Revenue YoY | 98.2% | 52.1% |
| Net Profit YoY | 89.6% | 3679.2% |
| EPS (diluted) | $-0.07 | $7.29 |
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 | $246.2M | ||
| Q3 25 | $64.2M | $216.3M | ||
| Q2 25 | $-33.3M | $221.9M | ||
| Q1 25 | $52.9M | $216.4M | ||
| Q4 24 | $63.9M | $161.9M | ||
| Q3 24 | $60.7M | $175.3M | ||
| Q2 24 | $43.7M | $206.2M | ||
| Q1 24 | $43.3M | $206.6M |
| Q4 25 | $-14.4M | $97.7M | ||
| Q3 25 | $-16.9M | $65.5M | ||
| Q2 25 | $-52.5M | $66.2M | ||
| Q1 25 | $-35.6M | $69.7M | ||
| Q4 24 | $-138.7M | $2.6M | ||
| Q3 24 | $-4.2M | $5.7M | ||
| Q2 24 | $-64.5M | $54.1M | ||
| Q1 24 | $-62.8M | $47.6M |
| 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% | 58.5% | ||
| Q3 25 | -34.7% | 41.9% | ||
| Q2 25 | — | 42.5% | ||
| Q1 25 | -35.8% | 46.4% | ||
| Q4 24 | -29.1% | 3.6% | ||
| Q3 24 | 15.6% | 8.0% | ||
| Q2 24 | -68.4% | 36.9% | ||
| Q1 24 | -128.8% | 37.5% |
| Q4 25 | -11.4% | 39.7% | ||
| Q3 25 | -26.4% | 30.3% | ||
| Q2 25 | 157.8% | 29.8% | ||
| Q1 25 | -67.2% | 32.2% | ||
| Q4 24 | -217.2% | 1.6% | ||
| Q3 24 | -7.0% | 3.2% | ||
| Q2 24 | -147.5% | 26.2% | ||
| Q1 24 | -145.0% | 23.0% |
| Q4 25 | $-0.07 | $7.29 | ||
| Q3 25 | $-0.07 | $4.90 | ||
| Q2 25 | $-0.31 | $5.18 | ||
| Q1 25 | $-0.16 | $5.35 | ||
| Q4 24 | $-0.66 | $0.32 | ||
| Q3 24 | $-0.03 | $0.52 | ||
| Q2 24 | $-0.57 | $4.24 | ||
| Q1 24 | $-0.52 | $3.81 |
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 | $1.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.0B |
| Total Assets | $5.2B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $73.9M | $987.9M | ||
| Q2 25 | $41.6M | $947.2M | ||
| Q1 25 | $68.7M | $754.5M | ||
| Q4 24 | $286.2M | $532.5M | ||
| Q3 24 | $58.2M | $518.8M | ||
| Q2 24 | $3.3M | $445.8M | ||
| Q1 24 | $4.4M | $655.4M |
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | $1.0B | $821.8M | ||
| Q2 25 | $497.7M | $758.6M | ||
| Q1 25 | $454.6M | $522.7M | ||
| Q4 24 | $434.6M | $453.3M | ||
| Q3 24 | $241.8M | $455.3M | ||
| Q2 24 | $124.8M | $447.3M | ||
| Q1 24 | $118.5M | $395.7M |
| Q4 25 | $5.2B | $2.5B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.7B | $2.3B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $937.7M | $2.0B | ||
| Q2 24 | $762.9M | $1.9B | ||
| Q1 24 | $643.2M | $1.8B |
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 | $444.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $440.8M |
| FCF MarginFCF / Revenue | -448.6% | 179.0% |
| Capex IntensityCapex / Revenue | 436.1% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $444.4M | ||
| Q3 25 | $-82.0M | $26.7M | ||
| Q2 25 | $6.9M | $145.0M | ||
| Q1 25 | $5.9M | $162.0M | ||
| Q4 24 | $-52.3M | $331.8M | ||
| Q3 24 | $-75.9M | $104.1M | ||
| Q2 24 | $-34.1M | $-29.0M | ||
| Q1 24 | $38.8M | $182.0M |
| Q4 25 | $-567.9M | $440.8M | ||
| Q3 25 | $-331.4M | $25.9M | ||
| Q2 25 | $-191.4M | $144.5M | ||
| Q1 25 | $-251.6M | $160.3M | ||
| Q4 24 | $-223.3M | $327.8M | ||
| Q3 24 | $-130.7M | $103.2M | ||
| Q2 24 | $-88.9M | $-30.1M | ||
| Q1 24 | $-2.3M | $181.0M |
| Q4 25 | -448.6% | 179.0% | ||
| Q3 25 | -516.1% | 12.0% | ||
| Q2 25 | 574.8% | 65.1% | ||
| Q1 25 | -475.4% | 74.1% | ||
| Q4 24 | -349.6% | 202.5% | ||
| Q3 24 | -215.3% | 58.9% | ||
| Q2 24 | -203.5% | -14.6% | ||
| Q1 24 | -5.4% | 87.6% |
| Q4 25 | 436.1% | 1.5% | ||
| Q3 25 | 388.4% | 0.4% | ||
| Q2 25 | -595.4% | 0.2% | ||
| Q1 25 | 486.6% | 0.8% | ||
| Q4 24 | 267.8% | 2.5% | ||
| Q3 24 | 90.3% | 0.5% | ||
| Q2 24 | 125.4% | 0.5% | ||
| Q1 24 | 95.0% | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | — | 128.41× | ||
| Q3 24 | — | 18.33× | ||
| Q2 24 | — | -0.54× | ||
| Q1 24 | — | 3.82× |
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% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
