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Side-by-side financial comparison of Applied Digital Corp. (APLD) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $126.6M, roughly 1.5× Applied Digital Corp.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -11.4%, a 23.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
APLD vs NSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $187.0M |
| Net Profit | $-14.4M | $22.9M |
| Gross Margin | 20.6% | 72.5% |
| Operating Margin | -24.5% | 20.2% |
| Net Margin | -11.4% | 12.2% |
| Revenue YoY | 98.2% | -1.6% |
| Net Profit YoY | 89.6% | 36.8% |
| EPS (diluted) | $-0.07 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $64.2M | $188.7M | ||
| Q2 25 | $-33.3M | $188.8M | ||
| Q1 25 | $52.9M | $188.4M | ||
| Q4 24 | $63.9M | $190.1M | ||
| Q3 24 | $60.7M | $193.6M | ||
| Q2 24 | $43.7M | $190.4M | ||
| Q1 24 | $43.3M | $196.1M |
| Q4 25 | $-14.4M | $22.9M | ||
| Q3 25 | $-16.9M | $18.4M | ||
| Q2 25 | $-52.5M | $19.5M | ||
| Q1 25 | $-35.6M | $13.0M | ||
| Q4 24 | $-138.7M | $16.7M | ||
| Q3 24 | $-4.2M | $18.7M | ||
| Q2 24 | $-64.5M | $17.1M | ||
| Q1 24 | $-62.8M | $59.0M |
| Q4 25 | 20.6% | 72.5% | ||
| Q3 25 | 13.4% | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | 7.1% | 70.7% | ||
| Q4 24 | 18.0% | 72.5% | ||
| Q3 24 | -0.6% | 72.8% | ||
| Q2 24 | -9.1% | 72.6% | ||
| Q1 24 | -8.6% | 72.1% |
| Q4 25 | -24.5% | 20.2% | ||
| Q3 25 | -34.7% | 15.8% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | -35.8% | 11.0% | ||
| Q4 24 | -29.1% | 14.5% | ||
| Q3 24 | 15.6% | 15.8% | ||
| Q2 24 | -68.4% | 17.2% | ||
| Q1 24 | -128.8% | 48.9% |
| Q4 25 | -11.4% | 12.2% | ||
| Q3 25 | -26.4% | 9.8% | ||
| Q2 25 | 157.8% | 10.3% | ||
| Q1 25 | -67.2% | 6.9% | ||
| Q4 24 | -217.2% | 8.8% | ||
| Q3 24 | -7.0% | 9.7% | ||
| Q2 24 | -147.5% | 9.0% | ||
| Q1 24 | -145.0% | 30.1% |
| Q4 25 | $-0.07 | $0.23 | ||
| Q3 25 | $-0.07 | $0.17 | ||
| Q2 25 | $-0.31 | $0.19 | ||
| Q1 25 | $-0.16 | $0.10 | ||
| Q4 24 | $-0.66 | $0.19 | ||
| Q3 24 | $-0.03 | $0.18 | ||
| Q2 24 | $-0.57 | $0.16 | ||
| Q1 24 | $-0.52 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $946.0M |
| Total Assets | $5.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $23.3M | ||
| Q3 25 | $73.9M | $26.3M | ||
| Q2 25 | $41.6M | $26.1M | ||
| Q1 25 | $68.7M | $19.3M | ||
| Q4 24 | $286.2M | $50.4M | ||
| Q3 24 | $58.2M | $69.9M | ||
| Q2 24 | $3.3M | $59.0M | ||
| Q1 24 | $4.4M | $64.2M |
| Q4 25 | $1.4B | $946.0M | ||
| Q3 25 | $1.0B | $973.1M | ||
| Q2 25 | $497.7M | $1.0B | ||
| Q1 25 | $454.6M | $1.0B | ||
| Q4 24 | $434.6M | $1.1B | ||
| Q3 24 | $241.8M | $986.9M | ||
| Q2 24 | $124.8M | $1.2B | ||
| Q1 24 | $118.5M | $1.3B |
| Q4 25 | $5.2B | $5.1B | ||
| Q3 25 | $2.4B | $5.1B | ||
| Q2 25 | $1.9B | $5.2B | ||
| Q1 25 | $1.7B | $5.3B | ||
| Q4 24 | $1.5B | $5.4B | ||
| Q3 24 | $937.7M | $5.4B | ||
| Q2 24 | $762.9M | $5.3B | ||
| Q1 24 | $643.2M | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $299.8M |
| FCF MarginFCF / Revenue | -448.6% | 160.3% |
| Capex IntensityCapex / Revenue | 436.1% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $338.5M | ||
| Q3 25 | $-82.0M | $100.2M | ||
| Q2 25 | $6.9M | $79.9M | ||
| Q1 25 | $5.9M | $85.6M | ||
| Q4 24 | $-52.3M | $363.1M | ||
| Q3 24 | $-75.9M | $105.7M | ||
| Q2 24 | $-34.1M | $83.2M | ||
| Q1 24 | $38.8M | $94.0M |
| Q4 25 | $-567.9M | $299.8M | ||
| Q3 25 | $-331.4M | $88.0M | ||
| Q2 25 | $-191.4M | $73.8M | ||
| Q1 25 | $-251.6M | $79.9M | ||
| Q4 24 | $-223.3M | $344.4M | ||
| Q3 24 | $-130.7M | $101.8M | ||
| Q2 24 | $-88.9M | $79.5M | ||
| Q1 24 | $-2.3M | $88.6M |
| Q4 25 | -448.6% | 160.3% | ||
| Q3 25 | -516.1% | 46.6% | ||
| Q2 25 | 574.8% | 39.1% | ||
| Q1 25 | -475.4% | 42.4% | ||
| Q4 24 | -349.6% | 181.2% | ||
| Q3 24 | -215.3% | 52.6% | ||
| Q2 24 | -203.5% | 41.7% | ||
| Q1 24 | -5.4% | 45.2% |
| Q4 25 | 436.1% | 20.7% | ||
| Q3 25 | 388.4% | 6.5% | ||
| Q2 25 | -595.4% | 3.2% | ||
| Q1 25 | 486.6% | 3.0% | ||
| Q4 24 | 267.8% | 9.8% | ||
| Q3 24 | 90.3% | 2.0% | ||
| Q2 24 | 125.4% | 1.9% | ||
| Q1 24 | 95.0% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
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% |
NSA
Segment breakdown not available.
