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Side-by-side financial comparison of Applied Digital Corp. (APLD) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $126.6M, roughly 1.0× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -35.7%, a 24.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -2.5%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -6.3%).
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.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
APLD vs JBGS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $127.6M |
| Net Profit | $-14.4M | $-45.5M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -47.5% |
| Net Margin | -11.4% | -35.7% |
| Revenue YoY | 98.2% | -2.5% |
| Net Profit YoY | 89.6% | 24.0% |
| EPS (diluted) | $-0.07 | $-0.76 |
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 | $127.6M | ||
| Q3 25 | $64.2M | $123.9M | ||
| Q2 25 | $-33.3M | $126.5M | ||
| Q1 25 | $52.9M | $120.7M | ||
| Q4 24 | $63.9M | $130.8M | ||
| Q3 24 | $60.7M | $136.0M | ||
| Q2 24 | $43.7M | $135.3M | ||
| Q1 24 | $43.3M | $145.2M |
| Q4 25 | $-14.4M | $-45.5M | ||
| Q3 25 | $-16.9M | $-28.6M | ||
| Q2 25 | $-52.5M | $-19.2M | ||
| Q1 25 | $-35.6M | $-45.7M | ||
| Q4 24 | $-138.7M | $-59.9M | ||
| Q3 24 | $-4.2M | $-27.0M | ||
| Q2 24 | $-64.5M | $-24.4M | ||
| Q1 24 | $-62.8M | $-32.3M |
| 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% | -47.5% | ||
| Q3 25 | -34.7% | -27.5% | ||
| Q2 25 | — | -18.4% | ||
| Q1 25 | -35.8% | -44.7% | ||
| Q4 24 | -29.1% | -53.6% | ||
| Q3 24 | 15.6% | -22.4% | ||
| Q2 24 | -68.4% | -24.3% | ||
| Q1 24 | -128.8% | -30.1% |
| Q4 25 | -11.4% | -35.7% | ||
| Q3 25 | -26.4% | -23.1% | ||
| Q2 25 | 157.8% | -15.2% | ||
| Q1 25 | -67.2% | -37.9% | ||
| Q4 24 | -217.2% | -45.8% | ||
| Q3 24 | -7.0% | -19.8% | ||
| Q2 24 | -147.5% | -18.0% | ||
| Q1 24 | -145.0% | -22.2% |
| Q4 25 | $-0.07 | $-0.76 | ||
| Q3 25 | $-0.07 | $-0.48 | ||
| Q2 25 | $-0.31 | $-0.29 | ||
| Q1 25 | $-0.16 | $-0.56 | ||
| Q4 24 | $-0.66 | $-0.70 | ||
| Q3 24 | $-0.03 | $-0.32 | ||
| Q2 24 | $-0.57 | $-0.27 | ||
| Q1 24 | $-0.52 | $-0.36 |
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 | $75.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.2B |
| Total Assets | $5.2B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $75.3M | ||
| Q3 25 | $73.9M | $64.4M | ||
| Q2 25 | $41.6M | $61.4M | ||
| Q1 25 | $68.7M | $81.3M | ||
| Q4 24 | $286.2M | $145.8M | ||
| Q3 24 | $58.2M | $137.0M | ||
| Q2 24 | $3.3M | $163.5M | ||
| Q1 24 | $4.4M | $220.5M |
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $497.7M | $1.3B | ||
| Q1 25 | $454.6M | $1.6B | ||
| Q4 24 | $434.6M | $1.8B | ||
| Q3 24 | $241.8M | $1.9B | ||
| Q2 24 | $124.8M | $2.0B | ||
| Q1 24 | $118.5M | $2.1B |
| Q4 25 | $5.2B | $4.4B | ||
| Q3 25 | $2.4B | $4.4B | ||
| Q2 25 | $1.9B | $4.5B | ||
| Q1 25 | $1.7B | $4.7B | ||
| Q4 24 | $1.5B | $5.0B | ||
| Q3 24 | $937.7M | $5.2B | ||
| Q2 24 | $762.9M | $5.3B | ||
| Q1 24 | $643.2M | $5.4B |
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 | $73.3M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $73.3M | ||
| Q3 25 | $-82.0M | $8.9M | ||
| Q2 25 | $6.9M | $18.8M | ||
| Q1 25 | $5.9M | $12.9M | ||
| Q4 24 | $-52.3M | $129.4M | ||
| Q3 24 | $-75.9M | $26.4M | ||
| Q2 24 | $-34.1M | $23.8M | ||
| Q1 24 | $38.8M | $37.0M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
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% |
JBGS
Segment breakdown not available.
