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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $126.6M, roughly 1.1× Applied Digital Corp.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -11.4%, a 8.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
APLD vs MEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $134.3M |
| Net Profit | $-14.4M | $-4.4M |
| Gross Margin | 20.6% | 6.8% |
| Operating Margin | -24.5% | -4.1% |
| Net Margin | -11.4% | -3.2% |
| Revenue YoY | 98.2% | 10.7% |
| Net Profit YoY | 89.6% | -127.3% |
| EPS (diluted) | $-0.07 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $64.2M | $144.3M | ||
| Q2 25 | $-33.3M | $132.3M | ||
| Q1 25 | $52.9M | $135.6M | ||
| Q4 24 | $63.9M | $121.3M | ||
| Q3 24 | $60.7M | $135.4M | ||
| Q2 24 | $43.7M | $163.6M | ||
| Q1 24 | $43.3M | $161.3M |
| Q4 25 | $-14.4M | $-4.4M | ||
| Q3 25 | $-16.9M | $-2.7M | ||
| Q2 25 | $-52.5M | $-1.1M | ||
| Q1 25 | $-35.6M | $20.0K | ||
| Q4 24 | $-138.7M | $16.0M | ||
| Q3 24 | $-4.2M | $3.0M | ||
| Q2 24 | $-64.5M | $3.8M | ||
| Q1 24 | $-62.8M | $3.2M |
| Q4 25 | 20.6% | 6.8% | ||
| Q3 25 | 13.4% | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | 7.1% | 11.3% | ||
| Q4 24 | 18.0% | 8.9% | ||
| Q3 24 | -0.6% | 12.6% | ||
| Q2 24 | -9.1% | 13.6% | ||
| Q1 24 | -8.6% | 13.0% |
| Q4 25 | -24.5% | -4.1% | ||
| Q3 25 | -34.7% | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | -35.8% | 1.2% | ||
| Q4 24 | -29.1% | 19.0% | ||
| Q3 24 | 15.6% | 4.2% | ||
| Q2 24 | -68.4% | 5.0% | ||
| Q1 24 | -128.8% | 4.7% |
| Q4 25 | -11.4% | -3.2% | ||
| Q3 25 | -26.4% | -1.9% | ||
| Q2 25 | 157.8% | -0.8% | ||
| Q1 25 | -67.2% | 0.0% | ||
| Q4 24 | -217.2% | 13.2% | ||
| Q3 24 | -7.0% | 2.2% | ||
| Q2 24 | -147.5% | 2.3% | ||
| Q1 24 | -145.0% | 2.0% |
| Q4 25 | $-0.07 | $-0.22 | ||
| Q3 25 | $-0.07 | $-0.13 | ||
| Q2 25 | $-0.31 | $-0.05 | ||
| Q1 25 | $-0.16 | $0.00 | ||
| Q4 24 | $-0.66 | $0.76 | ||
| Q3 24 | $-0.03 | $0.14 | ||
| Q2 24 | $-0.57 | $0.18 | ||
| Q1 24 | $-0.52 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $240.7M |
| Total Assets | $5.2B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $1.5M | ||
| Q3 25 | $73.9M | $1.2M | ||
| Q2 25 | $41.6M | $206.0K | ||
| Q1 25 | $68.7M | $183.0K | ||
| Q4 24 | $286.2M | $206.0K | ||
| Q3 24 | $58.2M | $178.0K | ||
| Q2 24 | $3.3M | $314.0K | ||
| Q1 24 | $4.4M | $314.0K |
| Q4 25 | $1.4B | $240.7M | ||
| Q3 25 | $1.0B | $244.8M | ||
| Q2 25 | $497.7M | $246.8M | ||
| Q1 25 | $454.6M | $250.0M | ||
| Q4 24 | $434.6M | $251.8M | ||
| Q3 24 | $241.8M | $238.4M | ||
| Q2 24 | $124.8M | $238.1M | ||
| Q1 24 | $118.5M | $234.0M |
| Q4 25 | $5.2B | $563.6M | ||
| Q3 25 | $2.4B | $585.6M | ||
| Q2 25 | $1.9B | $433.7M | ||
| Q1 25 | $1.7B | $447.7M | ||
| Q4 24 | $1.5B | $445.6M | ||
| Q3 24 | $937.7M | $466.0M | ||
| Q2 24 | $762.9M | $488.2M | ||
| Q1 24 | $643.2M | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $10.2M |
| FCF MarginFCF / Revenue | -448.6% | 7.6% |
| Capex IntensityCapex / Revenue | 436.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $13.4M | ||
| Q3 25 | $-82.0M | $1.9M | ||
| Q2 25 | $6.9M | $15.0M | ||
| Q1 25 | $5.9M | $8.3M | ||
| Q4 24 | $-52.3M | $38.0M | ||
| Q3 24 | $-75.9M | $17.9M | ||
| Q2 24 | $-34.1M | $23.3M | ||
| Q1 24 | $38.8M | $10.6M |
| Q4 25 | $-567.9M | $10.2M | ||
| Q3 25 | $-331.4M | $-1.1M | ||
| Q2 25 | $-191.4M | $12.5M | ||
| Q1 25 | $-251.6M | $5.4M | ||
| Q4 24 | $-223.3M | $35.6M | ||
| Q3 24 | $-130.7M | $15.1M | ||
| Q2 24 | $-88.9M | $19.2M | ||
| Q1 24 | $-2.3M | $7.8M |
| Q4 25 | -448.6% | 7.6% | ||
| Q3 25 | -516.1% | -0.8% | ||
| Q2 25 | 574.8% | 9.5% | ||
| Q1 25 | -475.4% | 4.0% | ||
| Q4 24 | -349.6% | 29.4% | ||
| Q3 24 | -215.3% | 11.1% | ||
| Q2 24 | -203.5% | 11.7% | ||
| Q1 24 | -5.4% | 4.9% |
| Q4 25 | 436.1% | 2.4% | ||
| Q3 25 | 388.4% | 2.1% | ||
| Q2 25 | -595.4% | 1.8% | ||
| Q1 25 | 486.6% | 2.2% | ||
| Q4 24 | 267.8% | 1.9% | ||
| Q3 24 | 90.3% | 2.1% | ||
| Q2 24 | 125.4% | 2.5% | ||
| Q1 24 | 95.0% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
