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Side-by-side financial comparison of Applied Digital Corp. (APLD) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $126.6M, roughly 1.7× Applied Digital Corp.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -11.4%, a 46.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 46.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 24.3%).
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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
APLD vs INDB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $212.5M |
| Net Profit | $-14.4M | $75.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | 35.5% |
| Revenue YoY | 98.2% | 46.9% |
| Net Profit YoY | 89.6% | 50.6% |
| EPS (diluted) | $-0.07 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $64.2M | $203.3M | ||
| Q2 25 | $-33.3M | $147.5M | ||
| Q1 25 | $52.9M | $145.5M | ||
| Q4 24 | $63.9M | $144.7M | ||
| Q3 24 | $60.7M | $141.7M | ||
| Q2 24 | $43.7M | $137.9M | ||
| Q1 24 | $43.3M | $137.4M |
| Q4 25 | $-14.4M | $75.3M | ||
| Q3 25 | $-16.9M | $34.3M | ||
| Q2 25 | $-52.5M | $51.1M | ||
| Q1 25 | $-35.6M | $44.4M | ||
| Q4 24 | $-138.7M | $50.0M | ||
| Q3 24 | $-4.2M | $42.9M | ||
| Q2 24 | $-64.5M | $51.3M | ||
| Q1 24 | $-62.8M | $47.8M |
| 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% | — | ||
| Q3 25 | -34.7% | 21.8% | ||
| Q2 25 | — | 44.6% | ||
| Q1 25 | -35.8% | 39.3% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | 39.0% | ||
| Q2 24 | -68.4% | 48.1% | ||
| Q1 24 | -128.8% | 45.5% |
| Q4 25 | -11.4% | 35.5% | ||
| Q3 25 | -26.4% | 16.8% | ||
| Q2 25 | 157.8% | 34.6% | ||
| Q1 25 | -67.2% | 30.5% | ||
| Q4 24 | -217.2% | 34.6% | ||
| Q3 24 | -7.0% | 30.3% | ||
| Q2 24 | -147.5% | 37.2% | ||
| Q1 24 | -145.0% | 34.8% |
| Q4 25 | $-0.07 | $1.51 | ||
| Q3 25 | $-0.07 | $0.69 | ||
| Q2 25 | $-0.31 | $1.20 | ||
| Q1 25 | $-0.16 | $1.04 | ||
| Q4 24 | $-0.66 | $1.18 | ||
| Q3 24 | $-0.03 | $1.01 | ||
| Q2 24 | $-0.57 | $1.21 | ||
| Q1 24 | $-0.52 | $1.12 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $3.6B |
| Total Assets | $5.2B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
| Q4 25 | $1.4B | $3.6B | ||
| Q3 25 | $1.0B | $3.5B | ||
| Q2 25 | $497.7M | $3.1B | ||
| Q1 25 | $454.6M | $3.0B | ||
| Q4 24 | $434.6M | $3.0B | ||
| Q3 24 | $241.8M | $3.0B | ||
| Q2 24 | $124.8M | $2.9B | ||
| Q1 24 | $118.5M | $2.9B |
| Q4 25 | $5.2B | $24.9B | ||
| Q3 25 | $2.4B | $25.0B | ||
| Q2 25 | $1.9B | $20.0B | ||
| Q1 25 | $1.7B | $19.9B | ||
| Q4 24 | $1.5B | $19.4B | ||
| Q3 24 | $937.7M | $19.4B | ||
| Q2 24 | $762.9M | $19.4B | ||
| Q1 24 | $643.2M | $19.3B |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $75.5M |
| FCF MarginFCF / Revenue | -448.6% | 35.5% |
| Capex IntensityCapex / Revenue | 436.1% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $78.9M | ||
| Q3 25 | $-82.0M | $52.2M | ||
| Q2 25 | $6.9M | $106.7M | ||
| Q1 25 | $5.9M | $13.3M | ||
| Q4 24 | $-52.3M | $42.9M | ||
| Q3 24 | $-75.9M | $70.2M | ||
| Q2 24 | $-34.1M | $65.6M | ||
| Q1 24 | $38.8M | $51.1M |
| Q4 25 | $-567.9M | $75.5M | ||
| Q3 25 | $-331.4M | $49.7M | ||
| Q2 25 | $-191.4M | $102.5M | ||
| Q1 25 | $-251.6M | $11.3M | ||
| Q4 24 | $-223.3M | $36.5M | ||
| Q3 24 | $-130.7M | $64.4M | ||
| Q2 24 | $-88.9M | $61.9M | ||
| Q1 24 | $-2.3M | $46.7M |
| Q4 25 | -448.6% | 35.5% | ||
| Q3 25 | -516.1% | 24.4% | ||
| Q2 25 | 574.8% | 69.5% | ||
| Q1 25 | -475.4% | 7.8% | ||
| Q4 24 | -349.6% | 25.2% | ||
| Q3 24 | -215.3% | 45.4% | ||
| Q2 24 | -203.5% | 44.9% | ||
| Q1 24 | -5.4% | 34.0% |
| Q4 25 | 436.1% | 1.6% | ||
| Q3 25 | 388.4% | 1.2% | ||
| Q2 25 | -595.4% | 2.9% | ||
| Q1 25 | 486.6% | 1.4% | ||
| Q4 24 | 267.8% | 4.4% | ||
| Q3 24 | 90.3% | 4.1% | ||
| Q2 24 | 125.4% | 2.7% | ||
| Q1 24 | 95.0% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.07× |
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% |
INDB
Segment breakdown not available.
