vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and NPK International Inc. (NPKI). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $75.2M, roughly 1.7× NPK International Inc.). On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 30.7%). NPK International Inc. produced more free cash flow last quarter ($5.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 23.9%).
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.
APLD vs NPKI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $75.2M |
| Net Profit | $-14.4M | — |
| Gross Margin | 20.6% | 37.7% |
| Operating Margin | -24.5% | 16.7% |
| Net Margin | -11.4% | — |
| Revenue YoY | 98.2% | 30.7% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $0.17 |
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 | $75.2M | ||
| Q3 25 | $64.2M | $68.8M | ||
| Q2 25 | $-33.3M | $68.2M | ||
| Q1 25 | $52.9M | $64.8M | ||
| Q4 24 | $63.9M | $57.5M | ||
| Q3 24 | $60.7M | $44.2M | ||
| Q2 24 | $43.7M | $66.8M | ||
| Q1 24 | $43.3M | $49.0M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $5.7M | ||
| Q2 25 | $-52.5M | $8.7M | ||
| Q1 25 | $-35.6M | $10.0M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-174.3M | ||
| Q2 24 | $-64.5M | $8.0M | ||
| Q1 24 | $-62.8M | $7.3M |
| Q4 25 | 20.6% | 37.7% | ||
| Q3 25 | 13.4% | 31.9% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | 7.1% | 39.0% | ||
| Q4 24 | 18.0% | 39.2% | ||
| Q3 24 | -0.6% | 27.5% | ||
| Q2 24 | -9.1% | 37.2% | ||
| Q1 24 | -8.6% | 36.0% |
| Q4 25 | -24.5% | 16.7% | ||
| Q3 25 | -34.7% | 13.2% | ||
| Q2 25 | — | 17.0% | ||
| Q1 25 | -35.8% | 20.9% | ||
| Q4 24 | -29.1% | 20.2% | ||
| Q3 24 | 15.6% | 2.8% | ||
| Q2 24 | -68.4% | 18.7% | ||
| Q1 24 | -128.8% | 14.2% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | 8.2% | ||
| Q2 25 | 157.8% | 12.7% | ||
| Q1 25 | -67.2% | 15.4% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -394.3% | ||
| Q2 24 | -147.5% | 12.0% | ||
| Q1 24 | -145.0% | 14.9% |
| Q4 25 | $-0.07 | $0.17 | ||
| Q3 25 | $-0.07 | $0.07 | ||
| Q2 25 | $-0.31 | $0.10 | ||
| Q1 25 | $-0.16 | $0.11 | ||
| Q4 24 | $-0.66 | $0.10 | ||
| Q3 24 | $-0.03 | $-1.99 | ||
| Q2 24 | $-0.57 | $0.09 | ||
| Q1 24 | $-0.52 | $0.08 |
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 | $5.1M |
| Total DebtLower is stronger | — | $16.9M |
| Stockholders' EquityBook value | $1.4B | $351.2M |
| Total Assets | $5.2B | $441.8M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $5.1M | ||
| Q3 25 | $73.9M | $35.6M | ||
| Q2 25 | $41.6M | $26.0M | ||
| Q1 25 | $68.7M | $20.8M | ||
| Q4 24 | $286.2M | $17.8M | ||
| Q3 24 | $58.2M | $42.9M | ||
| Q2 24 | $3.3M | $35.1M | ||
| Q1 24 | $4.4M | $37.7M |
| Q4 25 | — | $16.9M | ||
| Q3 25 | — | $9.5M | ||
| Q2 25 | — | $9.3M | ||
| Q1 25 | — | $8.1M | ||
| Q4 24 | — | $7.7M | ||
| Q3 24 | — | $14.0M | ||
| Q2 24 | — | $58.0M | ||
| Q1 24 | — | $77.4M |
| Q4 25 | $1.4B | $351.2M | ||
| Q3 25 | $1.0B | $333.9M | ||
| Q2 25 | $497.7M | $328.8M | ||
| Q1 25 | $454.6M | $326.9M | ||
| Q4 24 | $434.6M | $326.5M | ||
| Q3 24 | $241.8M | $316.5M | ||
| Q2 24 | $124.8M | $426.6M | ||
| Q1 24 | $118.5M | $421.6M |
| Q4 25 | $5.2B | $441.8M | ||
| Q3 25 | $2.4B | $404.5M | ||
| Q2 25 | $1.9B | $393.7M | ||
| Q1 25 | $1.7B | $390.0M | ||
| Q4 24 | $1.5B | $393.7M | ||
| Q3 24 | $937.7M | $389.6M | ||
| Q2 24 | $762.9M | $624.8M | ||
| Q1 24 | $643.2M | $640.8M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | — | 0.02× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.18× |
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 | $18.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $5.8M |
| FCF MarginFCF / Revenue | -448.6% | 7.6% |
| Capex IntensityCapex / Revenue | 436.1% | 16.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $26.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $18.0M | ||
| Q3 25 | $-82.0M | $24.7M | ||
| Q2 25 | $6.9M | $21.4M | ||
| Q1 25 | $5.9M | $8.8M | ||
| Q4 24 | $-52.3M | $-4.1M | ||
| Q3 24 | $-75.9M | $2.8M | ||
| Q2 24 | $-34.1M | $27.6M | ||
| Q1 24 | $38.8M | $11.9M |
| Q4 25 | $-567.9M | $5.8M | ||
| Q3 25 | $-331.4M | $12.0M | ||
| Q2 25 | $-191.4M | $9.7M | ||
| Q1 25 | $-251.6M | $-1.2M | ||
| Q4 24 | $-223.3M | $-17.7M | ||
| Q3 24 | $-130.7M | $-6.7M | ||
| Q2 24 | $-88.9M | $21.0M | ||
| Q1 24 | $-2.3M | $-1.9M |
| Q4 25 | -448.6% | 7.6% | ||
| Q3 25 | -516.1% | 17.4% | ||
| Q2 25 | 574.8% | 14.3% | ||
| Q1 25 | -475.4% | -1.8% | ||
| Q4 24 | -349.6% | -30.8% | ||
| Q3 24 | -215.3% | -15.2% | ||
| Q2 24 | -203.5% | 31.4% | ||
| Q1 24 | -5.4% | -3.9% |
| Q4 25 | 436.1% | 16.3% | ||
| Q3 25 | 388.4% | 18.5% | ||
| Q2 25 | -595.4% | 17.1% | ||
| Q1 25 | 486.6% | 15.5% | ||
| Q4 24 | 267.8% | 23.6% | ||
| Q3 24 | 90.3% | 21.4% | ||
| Q2 24 | 125.4% | 9.9% | ||
| Q1 24 | 95.0% | 28.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.37× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.43× | ||
| Q1 24 | — | 1.64× |
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% |
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
