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Side-by-side financial comparison of Applied Digital Corp. (APLD) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $104.0M, roughly 1.2× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -11.4%, a 50.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 12.5%).
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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
APLD vs NIC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $104.0M |
| Net Profit | $-14.4M | $40.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 48.3% |
| Net Margin | -11.4% | 38.8% |
| Revenue YoY | 98.2% | 12.5% |
| Net Profit YoY | 89.6% | 16.9% |
| EPS (diluted) | $-0.07 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $64.2M | $102.9M | ||
| Q2 25 | $-33.3M | $95.7M | ||
| Q1 25 | $52.9M | $89.4M | ||
| Q4 24 | $63.9M | $92.4M | ||
| Q3 24 | $60.7M | $90.7M | ||
| Q2 24 | $43.7M | $85.0M | ||
| Q1 24 | $43.3M | $82.2M |
| Q4 25 | $-14.4M | $40.3M | ||
| Q3 25 | $-16.9M | $41.7M | ||
| Q2 25 | $-52.5M | $36.0M | ||
| Q1 25 | $-35.6M | $32.6M | ||
| Q4 24 | $-138.7M | $34.5M | ||
| Q3 24 | $-4.2M | $32.5M | ||
| Q2 24 | $-64.5M | $29.3M | ||
| Q1 24 | $-62.8M | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | -34.7% | 50.4% | ||
| Q2 25 | — | 46.8% | ||
| Q1 25 | -35.8% | 44.9% | ||
| Q4 24 | -29.1% | 46.8% | ||
| Q3 24 | 15.6% | 45.0% | ||
| Q2 24 | -68.4% | 43.3% | ||
| Q1 24 | -128.8% | 41.8% |
| Q4 25 | -11.4% | 38.8% | ||
| Q3 25 | -26.4% | 40.6% | ||
| Q2 25 | 157.8% | 37.6% | ||
| Q1 25 | -67.2% | 36.4% | ||
| Q4 24 | -217.2% | 37.3% | ||
| Q3 24 | -7.0% | 35.8% | ||
| Q2 24 | -147.5% | 34.5% | ||
| Q1 24 | -145.0% | 33.8% |
| Q4 25 | $-0.07 | $2.63 | ||
| Q3 25 | $-0.07 | $2.73 | ||
| Q2 25 | $-0.31 | $2.34 | ||
| Q1 25 | $-0.16 | $2.08 | ||
| Q4 24 | $-0.66 | $2.21 | ||
| Q3 24 | $-0.03 | $2.10 | ||
| Q2 24 | $-0.57 | $1.92 | ||
| Q1 24 | $-0.52 | $1.82 |
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 | — | $134.9M |
| Stockholders' EquityBook value | $1.4B | $1.3B |
| Total Assets | $5.2B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
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 | — | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | — | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $497.7M | $1.2B | ||
| Q1 25 | $454.6M | $1.2B | ||
| Q4 24 | $434.6M | $1.2B | ||
| Q3 24 | $241.8M | $1.1B | ||
| Q2 24 | $124.8M | $1.1B | ||
| Q1 24 | $118.5M | $1.1B |
| Q4 25 | $5.2B | $9.2B | ||
| Q3 25 | $2.4B | $9.0B | ||
| Q2 25 | $1.9B | $8.9B | ||
| Q1 25 | $1.7B | $9.0B | ||
| Q4 24 | $1.5B | $8.8B | ||
| Q3 24 | $937.7M | $8.6B | ||
| Q2 24 | $762.9M | $8.6B | ||
| Q1 24 | $643.2M | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $149.4M |
| FCF MarginFCF / Revenue | -448.6% | 143.7% |
| Capex IntensityCapex / Revenue | 436.1% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $153.5M | ||
| Q3 25 | $-82.0M | $45.9M | ||
| Q2 25 | $6.9M | $38.9M | ||
| Q1 25 | $5.9M | $41.8M | ||
| Q4 24 | $-52.3M | $133.7M | ||
| Q3 24 | $-75.9M | $39.6M | ||
| Q2 24 | $-34.1M | $37.3M | ||
| Q1 24 | $38.8M | $23.4M |
| Q4 25 | $-567.9M | $149.4M | ||
| Q3 25 | $-331.4M | $45.9M | ||
| Q2 25 | $-191.4M | $38.4M | ||
| Q1 25 | $-251.6M | $41.3M | ||
| Q4 24 | $-223.3M | $116.8M | ||
| Q3 24 | $-130.7M | $34.7M | ||
| Q2 24 | $-88.9M | $34.4M | ||
| Q1 24 | $-2.3M | $20.1M |
| Q4 25 | -448.6% | 143.7% | ||
| Q3 25 | -516.1% | 44.6% | ||
| Q2 25 | 574.8% | 40.1% | ||
| Q1 25 | -475.4% | 46.2% | ||
| Q4 24 | -349.6% | 126.4% | ||
| Q3 24 | -215.3% | 38.3% | ||
| Q2 24 | -203.5% | 40.5% | ||
| Q1 24 | -5.4% | 24.4% |
| Q4 25 | 436.1% | 3.9% | ||
| Q3 25 | 388.4% | 0.0% | ||
| Q2 25 | -595.4% | 0.6% | ||
| Q1 25 | 486.6% | 0.5% | ||
| Q4 24 | 267.8% | 18.3% | ||
| Q3 24 | 90.3% | 5.4% | ||
| Q2 24 | 125.4% | 3.5% | ||
| Q1 24 | 95.0% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
