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Side-by-side financial comparison of Applied Digital Corp. (APLD) and P10, Inc. (PX). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $81.0M, roughly 1.6× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -11.4%, a 23.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
APLD vs PX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $81.0M |
| Net Profit | $-14.4M | $9.5M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 31.9% |
| Net Margin | -11.4% | 11.7% |
| Revenue YoY | 98.2% | -4.7% |
| Net Profit YoY | 89.6% | 79.0% |
| EPS (diluted) | $-0.07 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $64.2M | $75.9M | ||
| Q2 25 | $-33.3M | $72.7M | ||
| Q1 25 | $52.9M | $67.7M | ||
| Q4 24 | $63.9M | $85.0M | ||
| Q3 24 | $60.7M | $74.2M | ||
| Q2 24 | $43.7M | $71.1M | ||
| Q1 24 | $43.3M | $66.1M |
| Q4 25 | $-14.4M | $9.5M | ||
| Q3 25 | $-16.9M | $2.1M | ||
| Q2 25 | $-52.5M | $3.4M | ||
| Q1 25 | $-35.6M | $4.5M | ||
| Q4 24 | $-138.7M | $5.3M | ||
| Q3 24 | $-4.2M | $1.4M | ||
| Q2 24 | $-64.5M | $7.0M | ||
| Q1 24 | $-62.8M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | -34.7% | 14.1% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | -35.8% | 16.6% | ||
| Q4 24 | -29.1% | 26.9% | ||
| Q3 24 | 15.6% | 11.9% | ||
| Q2 24 | -68.4% | 23.7% | ||
| Q1 24 | -128.8% | 18.3% |
| Q4 25 | -11.4% | 11.7% | ||
| Q3 25 | -26.4% | 2.8% | ||
| Q2 25 | 157.8% | 4.7% | ||
| Q1 25 | -67.2% | 6.7% | ||
| Q4 24 | -217.2% | 6.2% | ||
| Q3 24 | -7.0% | 1.9% | ||
| Q2 24 | -147.5% | 9.8% | ||
| Q1 24 | -145.0% | 7.6% |
| Q4 25 | $-0.07 | $0.08 | ||
| Q3 25 | $-0.07 | $0.02 | ||
| Q2 25 | $-0.31 | $0.03 | ||
| Q1 25 | $-0.16 | $0.04 | ||
| Q4 24 | $-0.66 | $0.05 | ||
| Q3 24 | $-0.03 | $0.01 | ||
| Q2 24 | $-0.57 | $0.06 | ||
| Q1 24 | $-0.52 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $1.4B | $403.5M |
| Total Assets | $5.2B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $28.2M | ||
| Q3 25 | $73.9M | $40.0M | ||
| Q2 25 | $41.6M | $33.4M | ||
| Q1 25 | $68.7M | $74.4M | ||
| Q4 24 | $286.2M | $67.5M | ||
| Q3 24 | $58.2M | $61.5M | ||
| Q2 24 | $3.3M | $31.2M | ||
| Q1 24 | $4.4M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $1.4B | $403.5M | ||
| Q3 25 | $1.0B | $396.8M | ||
| Q2 25 | $497.7M | $388.9M | ||
| Q1 25 | $454.6M | $374.3M | ||
| Q4 24 | $434.6M | $386.9M | ||
| Q3 24 | $241.8M | $394.1M | ||
| Q2 24 | $124.8M | $396.9M | ||
| Q1 24 | $118.5M | $400.1M |
| Q4 25 | $5.2B | $928.3M | ||
| Q3 25 | $2.4B | $936.0M | ||
| Q2 25 | $1.9B | $932.2M | ||
| Q1 25 | $1.7B | $877.4M | ||
| Q4 24 | $1.5B | $869.3M | ||
| Q3 24 | $937.7M | $857.0M | ||
| Q2 24 | $762.9M | $823.2M | ||
| Q1 24 | $643.2M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $18.1M |
| FCF MarginFCF / Revenue | -448.6% | 22.3% |
| Capex IntensityCapex / Revenue | 436.1% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $23.0M | ||
| Q3 25 | $-82.0M | $-8.6M | ||
| Q2 25 | $6.9M | $13.4M | ||
| Q1 25 | $5.9M | $-4.7M | ||
| Q4 24 | $-52.3M | $101.0M | ||
| Q3 24 | $-75.9M | $27.5M | ||
| Q2 24 | $-34.1M | $34.8M | ||
| Q1 24 | $38.8M | $11.0M |
| Q4 25 | $-567.9M | $18.1M | ||
| Q3 25 | $-331.4M | $-9.5M | ||
| Q2 25 | $-191.4M | $11.6M | ||
| Q1 25 | $-251.6M | $-6.0M | ||
| Q4 24 | $-223.3M | $96.6M | ||
| Q3 24 | $-130.7M | $25.2M | ||
| Q2 24 | $-88.9M | $33.9M | ||
| Q1 24 | $-2.3M | $10.7M |
| Q4 25 | -448.6% | 22.3% | ||
| Q3 25 | -516.1% | -12.6% | ||
| Q2 25 | 574.8% | 15.9% | ||
| Q1 25 | -475.4% | -8.9% | ||
| Q4 24 | -349.6% | 113.6% | ||
| Q3 24 | -215.3% | 34.0% | ||
| Q2 24 | -203.5% | 47.7% | ||
| Q1 24 | -5.4% | 16.2% |
| Q4 25 | 436.1% | 6.0% | ||
| Q3 25 | 388.4% | 1.2% | ||
| Q2 25 | -595.4% | 2.5% | ||
| Q1 25 | 486.6% | 1.9% | ||
| Q4 24 | 267.8% | 5.2% | ||
| Q3 24 | 90.3% | 3.0% | ||
| Q2 24 | 125.4% | 1.3% | ||
| Q1 24 | 95.0% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
