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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $121.0M, roughly 1.0× Ramaco Resources, Inc.). Ramaco Resources, Inc. runs the higher net margin — -11.0% vs -11.4%, a 0.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -27.7%). Ramaco Resources, Inc. produced more free cash flow last quarter ($-17.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -22.7%).
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.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
APLD vs METC — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $121.0M |
| Net Profit | $-14.4M | $-13.3M |
| Gross Margin | 20.6% | 15.8% |
| Operating Margin | -24.5% | -12.0% |
| Net Margin | -11.4% | -11.0% |
| Revenue YoY | 98.2% | -27.7% |
| Net Profit YoY | 89.6% | -5468.2% |
| EPS (diluted) | $-0.07 | — |
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 | — | ||
| Q3 25 | $64.2M | $121.0M | ||
| Q2 25 | $-33.3M | $153.0M | ||
| Q1 25 | $52.9M | $134.7M | ||
| Q4 24 | $63.9M | $170.9M | ||
| Q3 24 | $60.7M | $167.4M | ||
| Q2 24 | $43.7M | $155.3M | ||
| Q1 24 | $43.3M | $172.7M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-13.3M | ||
| Q2 25 | $-52.5M | $-14.0M | ||
| Q1 25 | $-35.6M | $-9.5M | ||
| Q4 24 | $-138.7M | $3.9M | ||
| Q3 24 | $-4.2M | $-239.0K | ||
| Q2 24 | $-64.5M | $5.5M | ||
| Q1 24 | $-62.8M | $2.0M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | 7.1% | 15.2% | ||
| Q4 24 | 18.0% | 20.4% | ||
| Q3 24 | -0.6% | 19.5% | ||
| Q2 24 | -9.1% | 21.0% | ||
| Q1 24 | -8.6% | 19.1% |
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | -12.0% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | -35.8% | -8.9% | ||
| Q4 24 | -29.1% | 3.7% | ||
| Q3 24 | 15.6% | 1.0% | ||
| Q2 24 | -68.4% | 3.5% | ||
| Q1 24 | -128.8% | 1.9% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -11.0% | ||
| Q2 25 | 157.8% | -9.1% | ||
| Q1 25 | -67.2% | -7.0% | ||
| Q4 24 | -217.2% | 2.3% | ||
| Q3 24 | -7.0% | -0.1% | ||
| Q2 24 | -147.5% | 3.6% | ||
| Q1 24 | -145.0% | 1.2% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | $0.06 | ||
| Q3 24 | $-0.03 | $-0.03 | ||
| Q2 24 | $-0.57 | $0.08 | ||
| Q1 24 | $-0.52 | $0.00 |
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 | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $1.4B | $526.9M |
| Total Assets | $5.2B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | $193.8M | ||
| Q2 25 | $41.6M | $28.1M | ||
| Q1 25 | $68.7M | $43.5M | ||
| Q4 24 | $286.2M | $33.0M | ||
| Q3 24 | $58.2M | $22.9M | ||
| Q2 24 | $3.3M | $27.6M | ||
| Q1 24 | $4.4M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.0B | $526.9M | ||
| Q2 25 | $497.7M | $347.4M | ||
| Q1 25 | $454.6M | $355.2M | ||
| Q4 24 | $434.6M | $362.8M | ||
| Q3 24 | $241.8M | $361.8M | ||
| Q2 24 | $124.8M | $366.1M | ||
| Q1 24 | $118.5M | $372.3M |
| Q4 25 | $5.2B | — | ||
| Q3 25 | $2.4B | $849.7M | ||
| Q2 25 | $1.9B | $674.6M | ||
| Q1 25 | $1.7B | $685.7M | ||
| Q4 24 | $1.5B | $674.7M | ||
| Q3 24 | $937.7M | $645.4M | ||
| Q2 24 | $762.9M | $659.2M | ||
| Q1 24 | $643.2M | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-1.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $-17.5M |
| FCF MarginFCF / Revenue | -448.6% | -14.5% |
| Capex IntensityCapex / Revenue | 436.1% | 13.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | — | ||
| Q3 25 | $-82.0M | $-1.4M | ||
| Q2 25 | $6.9M | $-4.3M | ||
| Q1 25 | $5.9M | $26.0M | ||
| Q4 24 | $-52.3M | $15.7M | ||
| Q3 24 | $-75.9M | $37.4M | ||
| Q2 24 | $-34.1M | $34.4M | ||
| Q1 24 | $38.8M | $25.2M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | $-17.5M | ||
| Q2 25 | $-191.4M | $-19.8M | ||
| Q1 25 | $-251.6M | $7.6M | ||
| Q4 24 | $-223.3M | $5.1M | ||
| Q3 24 | $-130.7M | $25.6M | ||
| Q2 24 | $-88.9M | $20.3M | ||
| Q1 24 | $-2.3M | $6.5M |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | -14.5% | ||
| Q2 25 | 574.8% | -13.0% | ||
| Q1 25 | -475.4% | 5.6% | ||
| Q4 24 | -349.6% | 3.0% | ||
| Q3 24 | -215.3% | 15.3% | ||
| Q2 24 | -203.5% | 13.1% | ||
| Q1 24 | -5.4% | 3.7% |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | 13.3% | ||
| Q2 25 | -595.4% | 10.2% | ||
| Q1 25 | 486.6% | 13.7% | ||
| Q4 24 | 267.8% | 6.2% | ||
| Q3 24 | 90.3% | 7.0% | ||
| Q2 24 | 125.4% | 9.1% | ||
| Q1 24 | 95.0% | 10.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.21× | ||
| Q1 24 | — | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
