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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $126.6M, roughly 1.7× Applied Digital Corp.). Perella Weinberg Partners runs the higher net margin — 6.3% vs -11.4%, a 17.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 46.5%).
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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
APLD vs PWP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $219.2M |
| Net Profit | $-14.4M | $13.8M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 8.5% |
| Net Margin | -11.4% | 6.3% |
| Revenue YoY | 98.2% | -2.9% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $64.2M | $164.6M | ||
| Q2 25 | $-33.3M | $155.3M | ||
| Q1 25 | $52.9M | $211.8M | ||
| Q4 24 | $63.9M | $225.7M | ||
| Q3 24 | $60.7M | $278.2M | ||
| Q2 24 | $43.7M | $272.0M | ||
| Q1 24 | $43.3M | $102.1M |
| Q4 25 | $-14.4M | $13.8M | ||
| Q3 25 | $-16.9M | $6.0M | ||
| Q2 25 | $-52.5M | $2.7M | ||
| Q1 25 | $-35.6M | $17.3M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $16.4M | ||
| Q2 24 | $-64.5M | $-66.0M | ||
| Q1 24 | $-62.8M | $-35.8M |
| 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% | 8.5% | ||
| Q3 25 | -34.7% | 5.4% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | -35.8% | 5.5% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | 12.9% | ||
| Q2 24 | -68.4% | -30.2% | ||
| Q1 24 | -128.8% | -52.4% |
| Q4 25 | -11.4% | 6.3% | ||
| Q3 25 | -26.4% | 3.6% | ||
| Q2 25 | 157.8% | 1.8% | ||
| Q1 25 | -67.2% | 8.2% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | 5.9% | ||
| Q2 24 | -147.5% | -24.3% | ||
| Q1 24 | -145.0% | -35.1% |
| Q4 25 | $-0.07 | $0.11 | ||
| Q3 25 | $-0.07 | $0.08 | ||
| Q2 25 | $-0.31 | $0.04 | ||
| Q1 25 | $-0.16 | $0.24 | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | $0.24 | ||
| Q2 24 | $-0.57 | $-1.21 | ||
| Q1 24 | $-0.52 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $-127.4M |
| Total Assets | $5.2B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $255.9M | ||
| Q3 25 | $73.9M | $185.5M | ||
| Q2 25 | $41.6M | $145.0M | ||
| Q1 25 | $68.7M | $111.2M | ||
| Q4 24 | $286.2M | $407.4M | ||
| Q3 24 | $58.2M | $335.1M | ||
| Q2 24 | $3.3M | $185.3M | ||
| Q1 24 | $4.4M | $156.7M |
| Q4 25 | $1.4B | $-127.4M | ||
| Q3 25 | $1.0B | $-302.4M | ||
| Q2 25 | $497.7M | $-318.4M | ||
| Q1 25 | $454.6M | $-323.1M | ||
| Q4 24 | $434.6M | $-421.4M | ||
| Q3 24 | $241.8M | $-360.8M | ||
| Q2 24 | $124.8M | $-283.0M | ||
| Q1 24 | $118.5M | $161.9M |
| Q4 25 | $5.2B | $797.6M | ||
| Q3 25 | $2.4B | $650.2M | ||
| Q2 25 | $1.9B | $606.7M | ||
| Q1 25 | $1.7B | $570.5M | ||
| Q4 24 | $1.5B | $876.8M | ||
| Q3 24 | $937.7M | $810.9M | ||
| Q2 24 | $762.9M | $645.5M | ||
| Q1 24 | $643.2M | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $30.5M |
| FCF MarginFCF / Revenue | -448.6% | 13.9% |
| Capex IntensityCapex / Revenue | 436.1% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $34.8M | ||
| Q3 25 | $-82.0M | $59.2M | ||
| Q2 25 | $6.9M | $56.1M | ||
| Q1 25 | $5.9M | $-176.5M | ||
| Q4 24 | $-52.3M | $223.4M | ||
| Q3 24 | $-75.9M | $200.3M | ||
| Q2 24 | $-34.1M | $90.0M | ||
| Q1 24 | $38.8M | $-206.3M |
| Q4 25 | $-567.9M | $30.5M | ||
| Q3 25 | $-331.4M | $57.6M | ||
| Q2 25 | $-191.4M | $55.3M | ||
| Q1 25 | $-251.6M | $-177.6M | ||
| Q4 24 | $-223.3M | $207.0M | ||
| Q3 24 | $-130.7M | $199.3M | ||
| Q2 24 | $-88.9M | $83.7M | ||
| Q1 24 | $-2.3M | $-214.8M |
| Q4 25 | -448.6% | 13.9% | ||
| Q3 25 | -516.1% | 35.0% | ||
| Q2 25 | 574.8% | 35.6% | ||
| Q1 25 | -475.4% | -83.8% | ||
| Q4 24 | -349.6% | 91.7% | ||
| Q3 24 | -215.3% | 71.6% | ||
| Q2 24 | -203.5% | 30.8% | ||
| Q1 24 | -5.4% | -210.3% |
| Q4 25 | 436.1% | 2.0% | ||
| Q3 25 | 388.4% | 0.9% | ||
| Q2 25 | -595.4% | 0.5% | ||
| Q1 25 | 486.6% | 0.5% | ||
| Q4 24 | 267.8% | 7.3% | ||
| Q3 24 | 90.3% | 0.4% | ||
| Q2 24 | 125.4% | 2.3% | ||
| Q1 24 | 95.0% | 8.3% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 9.85× | ||
| Q2 25 | — | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
PWP
Segment breakdown not available.
