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Side-by-side financial comparison of Applied Digital Corp. (APLD) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $126.6M, roughly 1.9× Applied Digital Corp.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -11.4%, a 16.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 7.1%).
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 OSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $242.1M |
| Net Profit | $-14.4M | $12.1M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 6.8% |
| Net Margin | -11.4% | 5.0% |
| Revenue YoY | 98.2% | 11.5% |
| Net Profit YoY | 89.6% | -16.2% |
| 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 | $242.1M | ||
| Q3 25 | $64.2M | $258.5M | ||
| Q2 25 | $-33.3M | $240.7M | ||
| Q1 25 | $52.9M | $219.6M | ||
| Q4 24 | $63.9M | $217.2M | ||
| Q3 24 | $60.7M | $241.7M | ||
| Q2 24 | $43.7M | $224.9M | ||
| Q1 24 | $43.3M | $211.2M |
| Q4 25 | $-14.4M | $12.1M | ||
| Q3 25 | $-16.9M | $24.3M | ||
| Q2 25 | $-52.5M | $19.9M | ||
| Q1 25 | $-35.6M | $15.3M | ||
| Q4 24 | $-138.7M | $14.4M | ||
| Q3 24 | $-4.2M | $21.6M | ||
| Q2 24 | $-64.5M | $15.8M | ||
| Q1 24 | $-62.8M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | -34.7% | 10.2% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | -35.8% | 7.7% | ||
| Q4 24 | -29.1% | 7.9% | ||
| Q3 24 | 15.6% | 10.3% | ||
| Q2 24 | -68.4% | 8.4% | ||
| Q1 24 | -128.8% | 8.0% |
| Q4 25 | -11.4% | 5.0% | ||
| Q3 25 | -26.4% | 9.4% | ||
| Q2 25 | 157.8% | 8.3% | ||
| Q1 25 | -67.2% | 7.0% | ||
| Q4 24 | -217.2% | 6.6% | ||
| Q3 24 | -7.0% | 8.9% | ||
| Q2 24 | -147.5% | 7.0% | ||
| Q1 24 | -145.0% | 10.0% |
| Q4 25 | $-0.07 | $0.12 | ||
| Q3 25 | $-0.07 | $0.23 | ||
| Q2 25 | $-0.31 | $0.19 | ||
| Q1 25 | $-0.16 | $0.15 | ||
| Q4 24 | $-0.66 | $0.13 | ||
| Q3 24 | $-0.03 | $0.20 | ||
| Q2 24 | $-0.57 | $0.15 | ||
| Q1 24 | $-0.52 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $1.4B | $542.6M |
| Total Assets | $5.2B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $16.3M | ||
| Q3 25 | $73.9M | $29.6M | ||
| Q2 25 | $41.6M | $35.0M | ||
| Q1 25 | $68.7M | $22.6M | ||
| Q4 24 | $286.2M | $57.4M | ||
| Q3 24 | $58.2M | $48.8M | ||
| Q2 24 | $3.3M | $62.5M | ||
| Q1 24 | $4.4M | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $1.4B | $542.6M | ||
| Q3 25 | $1.0B | $552.8M | ||
| Q2 25 | $497.7M | $548.3M | ||
| Q1 25 | $454.6M | $530.6M | ||
| Q4 24 | $434.6M | $554.5M | ||
| Q3 24 | $241.8M | $540.1M | ||
| Q2 24 | $124.8M | $532.7M | ||
| Q1 24 | $118.5M | $515.5M |
| Q4 25 | $5.2B | $707.1M | ||
| Q3 25 | $2.4B | $732.6M | ||
| Q2 25 | $1.9B | $731.8M | ||
| Q1 25 | $1.7B | $708.7M | ||
| Q4 24 | $1.5B | $746.4M | ||
| Q3 24 | $937.7M | $734.0M | ||
| Q2 24 | $762.9M | $756.8M | ||
| Q1 24 | $643.2M | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $14.9M |
| FCF MarginFCF / Revenue | -448.6% | 6.2% |
| Capex IntensityCapex / Revenue | 436.1% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $20.0M | ||
| Q3 25 | $-82.0M | $33.2M | ||
| Q2 25 | $6.9M | $20.3M | ||
| Q1 25 | $5.9M | $10.1M | ||
| Q4 24 | $-52.3M | $16.6M | ||
| Q3 24 | $-75.9M | $28.6M | ||
| Q2 24 | $-34.1M | $18.7M | ||
| Q1 24 | $38.8M | $15.0M |
| Q4 25 | $-567.9M | $14.9M | ||
| Q3 25 | $-331.4M | $27.6M | ||
| Q2 25 | $-191.4M | $17.6M | ||
| Q1 25 | $-251.6M | $8.4M | ||
| Q4 24 | $-223.3M | $13.2M | ||
| Q3 24 | $-130.7M | $27.5M | ||
| Q2 24 | $-88.9M | $17.6M | ||
| Q1 24 | $-2.3M | $13.7M |
| Q4 25 | -448.6% | 6.2% | ||
| Q3 25 | -516.1% | 10.7% | ||
| Q2 25 | 574.8% | 7.3% | ||
| Q1 25 | -475.4% | 3.8% | ||
| Q4 24 | -349.6% | 6.1% | ||
| Q3 24 | -215.3% | 11.4% | ||
| Q2 24 | -203.5% | 7.8% | ||
| Q1 24 | -5.4% | 6.5% |
| Q4 25 | 436.1% | 2.1% | ||
| Q3 25 | 388.4% | 2.2% | ||
| Q2 25 | -595.4% | 1.1% | ||
| Q1 25 | 486.6% | 0.8% | ||
| Q4 24 | 267.8% | 1.5% | ||
| Q3 24 | 90.3% | 0.5% | ||
| Q2 24 | 125.4% | 0.5% | ||
| Q1 24 | 95.0% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
