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Side-by-side financial comparison of Applied Digital Corp. (APLD) and IBEX Ltd (IBEX). Click either name above to swap in a different company.
IBEX Ltd is the larger business by last-quarter revenue ($164.2M vs $126.6M, roughly 1.3× Applied Digital Corp.). IBEX Ltd runs the higher net margin — 7.4% vs -11.4%, a 18.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 16.7%). IBEX Ltd produced more free cash flow last quarter ($-5.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 13.8%).
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.
The IBEX 35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets. It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures con...
APLD vs IBEX — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $164.2M |
| Net Profit | $-14.4M | $12.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 9.3% |
| Net Margin | -11.4% | 7.4% |
| Revenue YoY | 98.2% | 16.7% |
| Net Profit YoY | 89.6% | 31.8% |
| EPS (diluted) | $-0.07 | $0.83 |
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 | $164.2M | ||
| Q3 25 | $64.2M | $151.2M | ||
| Q2 25 | $-33.3M | $147.1M | ||
| Q1 25 | $52.9M | $140.7M | ||
| Q4 24 | $63.9M | $140.7M | ||
| Q3 24 | $60.7M | $129.7M | ||
| Q2 24 | $43.7M | $124.5M | ||
| Q1 24 | $43.3M | $126.8M |
| Q4 25 | $-14.4M | $12.2M | ||
| Q3 25 | $-16.9M | $12.0M | ||
| Q2 25 | $-52.5M | $9.6M | ||
| Q1 25 | $-35.6M | $10.5M | ||
| Q4 24 | $-138.7M | $9.3M | ||
| Q3 24 | $-4.2M | $7.5M | ||
| Q2 24 | $-64.5M | $9.8M | ||
| Q1 24 | $-62.8M | $10.3M |
| 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% | 9.3% | ||
| Q3 25 | -34.7% | 9.1% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | -35.8% | 9.5% | ||
| Q4 24 | -29.1% | 8.5% | ||
| Q3 24 | 15.6% | 7.0% | ||
| Q2 24 | -68.4% | 10.3% | ||
| Q1 24 | -128.8% | 8.9% |
| Q4 25 | -11.4% | 7.4% | ||
| Q3 25 | -26.4% | 8.0% | ||
| Q2 25 | 157.8% | 6.5% | ||
| Q1 25 | -67.2% | 7.4% | ||
| Q4 24 | -217.2% | 6.6% | ||
| Q3 24 | -7.0% | 5.8% | ||
| Q2 24 | -147.5% | 7.9% | ||
| Q1 24 | -145.0% | 8.1% |
| Q4 25 | $-0.07 | $0.83 | ||
| Q3 25 | $-0.07 | $0.82 | ||
| Q2 25 | $-0.31 | $0.63 | ||
| Q1 25 | $-0.16 | $0.73 | ||
| Q4 24 | $-0.66 | $0.57 | ||
| Q3 24 | $-0.03 | $0.43 | ||
| Q2 24 | $-0.57 | $0.55 | ||
| Q1 24 | $-0.52 | $0.57 |
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 | $15.5M |
| Total DebtLower is stronger | — | $594.0K |
| Stockholders' EquityBook value | $1.4B | $154.5M |
| Total Assets | $5.2B | $295.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $15.5M | ||
| Q3 25 | $73.9M | $22.7M | ||
| Q2 25 | $41.6M | $15.3M | ||
| Q1 25 | $68.7M | $13.0M | ||
| Q4 24 | $286.2M | $20.2M | ||
| Q3 24 | $58.2M | $62.3M | ||
| Q2 24 | $3.3M | $62.7M | ||
| Q1 24 | $4.4M | $50.7M |
| Q4 25 | — | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | — | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K | ||
| Q1 24 | — | $820.0K |
| Q4 25 | $1.4B | $154.5M | ||
| Q3 25 | $1.0B | $143.6M | ||
| Q2 25 | $497.7M | $134.3M | ||
| Q1 25 | $454.6M | $124.2M | ||
| Q4 24 | $434.6M | $108.9M | ||
| Q3 24 | $241.8M | $171.1M | ||
| Q2 24 | $124.8M | $165.8M | ||
| Q1 24 | $118.5M | $159.3M |
| Q4 25 | $5.2B | $295.8M | ||
| Q3 25 | $2.4B | $283.9M | ||
| Q2 25 | $1.9B | $273.2M | ||
| Q1 25 | $1.7B | $274.7M | ||
| Q4 24 | $1.5B | $272.5M | ||
| Q3 24 | $937.7M | $306.3M | ||
| Q2 24 | $762.9M | $293.9M | ||
| Q1 24 | $643.2M | $289.6M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $6.6M |
| Free Cash FlowOCF − Capex | $-567.9M | $-5.1M |
| FCF MarginFCF / Revenue | -448.6% | -3.1% |
| Capex IntensityCapex / Revenue | 436.1% | 7.1% |
| Cash ConversionOCF / Net Profit | — | 0.54× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $29.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $6.6M | ||
| Q3 25 | $-82.0M | $15.7M | ||
| Q2 25 | $6.9M | $27.9M | ||
| Q1 25 | $5.9M | $8.8M | ||
| Q4 24 | $-52.3M | $1.1M | ||
| Q3 24 | $-75.9M | $7.8M | ||
| Q2 24 | $-34.1M | $17.4M | ||
| Q1 24 | $38.8M | $11.4M |
| Q4 25 | $-567.9M | $-5.1M | ||
| Q3 25 | $-331.4M | $8.0M | ||
| Q2 25 | $-191.4M | $22.8M | ||
| Q1 25 | $-251.6M | $3.6M | ||
| Q4 24 | $-223.3M | $-3.2M | ||
| Q3 24 | $-130.7M | $4.1M | ||
| Q2 24 | $-88.9M | $15.2M | ||
| Q1 24 | $-2.3M | $9.7M |
| Q4 25 | -448.6% | -3.1% | ||
| Q3 25 | -516.1% | 5.3% | ||
| Q2 25 | 574.8% | 15.5% | ||
| Q1 25 | -475.4% | 2.5% | ||
| Q4 24 | -349.6% | -2.3% | ||
| Q3 24 | -215.3% | 3.2% | ||
| Q2 24 | -203.5% | 12.2% | ||
| Q1 24 | -5.4% | 7.7% |
| Q4 25 | 436.1% | 7.1% | ||
| Q3 25 | 388.4% | 5.1% | ||
| Q2 25 | -595.4% | 3.5% | ||
| Q1 25 | 486.6% | 3.7% | ||
| Q4 24 | 267.8% | 3.1% | ||
| Q3 24 | 90.3% | 2.8% | ||
| Q2 24 | 125.4% | 1.8% | ||
| Q1 24 | 95.0% | 1.3% |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.91× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.77× | ||
| Q1 24 | — | 1.11× |
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% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
