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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $126.6M, roughly 1.4× Applied Digital Corp.). Mistras Group, Inc. runs the higher net margin — 2.1% vs -11.4%, a 13.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 5.1%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -0.8%).
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.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
APLD vs MG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $181.5M |
| Net Profit | $-14.4M | $3.8M |
| Gross Margin | 20.6% | 28.4% |
| Operating Margin | -24.5% | 7.0% |
| Net Margin | -11.4% | 2.1% |
| Revenue YoY | 98.2% | 5.1% |
| Net Profit YoY | 89.6% | -27.4% |
| EPS (diluted) | $-0.07 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $64.2M | $195.5M | ||
| Q2 25 | $-33.3M | $185.4M | ||
| Q1 25 | $52.9M | $161.6M | ||
| Q4 24 | $63.9M | $172.7M | ||
| Q3 24 | $60.7M | $182.7M | ||
| Q2 24 | $43.7M | $189.8M | ||
| Q1 24 | $43.3M | $184.4M |
| Q4 25 | $-14.4M | $3.8M | ||
| Q3 25 | $-16.9M | $13.1M | ||
| Q2 25 | $-52.5M | $3.0M | ||
| Q1 25 | $-35.6M | $-3.2M | ||
| Q4 24 | $-138.7M | $5.2M | ||
| Q3 24 | $-4.2M | $6.4M | ||
| Q2 24 | $-64.5M | $6.4M | ||
| Q1 24 | $-62.8M | $995.0K |
| Q4 25 | 20.6% | 28.4% | ||
| Q3 25 | 13.4% | 29.8% | ||
| Q2 25 | — | 29.1% | ||
| Q1 25 | 7.1% | 25.3% | ||
| Q4 24 | 18.0% | 26.5% | ||
| Q3 24 | -0.6% | 26.8% | ||
| Q2 24 | -9.1% | 27.1% | ||
| Q1 24 | -8.6% | 25.0% |
| Q4 25 | -24.5% | 7.0% | ||
| Q3 25 | -34.7% | 10.4% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | -35.8% | -0.6% | ||
| Q4 24 | -29.1% | 6.1% | ||
| Q3 24 | 15.6% | 6.5% | ||
| Q2 24 | -68.4% | 6.3% | ||
| Q1 24 | -128.8% | 3.0% |
| Q4 25 | -11.4% | 2.1% | ||
| Q3 25 | -26.4% | 6.7% | ||
| Q2 25 | 157.8% | 1.6% | ||
| Q1 25 | -67.2% | -2.0% | ||
| Q4 24 | -217.2% | 3.0% | ||
| Q3 24 | -7.0% | 3.5% | ||
| Q2 24 | -147.5% | 3.4% | ||
| Q1 24 | -145.0% | 0.5% |
| Q4 25 | $-0.07 | $0.12 | ||
| Q3 25 | $-0.07 | $0.41 | ||
| Q2 25 | $-0.31 | $0.10 | ||
| Q1 25 | $-0.16 | $-0.10 | ||
| Q4 24 | $-0.66 | $0.17 | ||
| Q3 24 | $-0.03 | $0.20 | ||
| Q2 24 | $-0.57 | $0.20 | ||
| Q1 24 | $-0.52 | $0.03 |
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 | $28.0M |
| Total DebtLower is stronger | — | $178.0M |
| Stockholders' EquityBook value | $1.4B | $235.1M |
| Total Assets | $5.2B | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $28.0M | ||
| Q3 25 | $73.9M | $27.8M | ||
| Q2 25 | $41.6M | $20.0M | ||
| Q1 25 | $68.7M | $18.5M | ||
| Q4 24 | $286.2M | $18.3M | ||
| Q3 24 | $58.2M | $20.4M | ||
| Q2 24 | $3.3M | $17.2M | ||
| Q1 24 | $4.4M | $16.9M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $189.4M | ||
| Q1 25 | — | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $198.4M |
| Q4 25 | $1.4B | $235.1M | ||
| Q3 25 | $1.0B | $227.4M | ||
| Q2 25 | $497.7M | $215.8M | ||
| Q1 25 | $454.6M | $198.7M | ||
| Q4 24 | $434.6M | $198.6M | ||
| Q3 24 | $241.8M | $205.2M | ||
| Q2 24 | $124.8M | $193.2M | ||
| Q1 24 | $118.5M | $187.1M |
| Q4 25 | $5.2B | $578.8M | ||
| Q3 25 | $2.4B | $596.3M | ||
| Q2 25 | $1.9B | $571.0M | ||
| Q1 25 | $1.7B | $526.8M | ||
| Q4 24 | $1.5B | $523.0M | ||
| Q3 24 | $937.7M | $551.7M | ||
| Q2 24 | $762.9M | $548.1M | ||
| Q1 24 | $643.2M | $542.1M |
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $-567.9M | $26.0M |
| FCF MarginFCF / Revenue | -448.6% | 14.3% |
| Capex IntensityCapex / Revenue | 436.1% | 3.4% |
| Cash ConversionOCF / Net Profit | — | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $32.1M | ||
| Q3 25 | $-82.0M | $4.5M | ||
| Q2 25 | $6.9M | $-9.3M | ||
| Q1 25 | $5.9M | $5.6M | ||
| Q4 24 | $-52.3M | $25.7M | ||
| Q3 24 | $-75.9M | $19.4M | ||
| Q2 24 | $-34.1M | $4.5M | ||
| Q1 24 | $38.8M | $604.0K |
| Q4 25 | $-567.9M | $26.0M | ||
| Q3 25 | $-331.4M | $-4.1M | ||
| Q2 25 | $-191.4M | $-14.7M | ||
| Q1 25 | $-251.6M | $1.1M | ||
| Q4 24 | $-223.3M | $22.1M | ||
| Q3 24 | $-130.7M | $14.6M | ||
| Q2 24 | $-88.9M | $-284.0K | ||
| Q1 24 | $-2.3M | $-4.2M |
| Q4 25 | -448.6% | 14.3% | ||
| Q3 25 | -516.1% | -2.1% | ||
| Q2 25 | 574.8% | -7.9% | ||
| Q1 25 | -475.4% | 0.7% | ||
| Q4 24 | -349.6% | 12.8% | ||
| Q3 24 | -215.3% | 8.0% | ||
| Q2 24 | -203.5% | -0.1% | ||
| Q1 24 | -5.4% | -2.3% |
| Q4 25 | 436.1% | 3.4% | ||
| Q3 25 | 388.4% | 4.4% | ||
| Q2 25 | -595.4% | 2.9% | ||
| Q1 25 | 486.6% | 2.8% | ||
| Q4 24 | 267.8% | 2.1% | ||
| Q3 24 | 90.3% | 2.6% | ||
| Q2 24 | 125.4% | 2.5% | ||
| Q1 24 | 95.0% | 2.6% |
| Q4 25 | — | 8.55× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | -3.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.96× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | — | 0.61× |
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% |
MG
Segment breakdown not available.
