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Side-by-side financial comparison of Applied Digital Corp. (APLD) and STRATASYS LTD. (SSYS). Click either name above to swap in a different company.
STRATASYS LTD. is the larger business by last-quarter revenue ($137.0M vs $126.6M, roughly 1.1× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -40.6%, a 29.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -2.2%). STRATASYS LTD. produced more free cash flow last quarter ($2.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -7.4%).
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.
Stratasys, Ltd. is an American-Israeli manufacturer of 3D printers, software, and materials for polymer additive manufacturing as well as 3D-printed parts on-demand. The company is incorporated in Israel. Engineers use Stratasys systems to model complex geometries in a wide range of polymer materials, including: ABS, polyphenylsulfone (PPSF), polycarbonate (PC), polyetherimide and Nylon 12.
APLD vs SSYS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $137.0M |
| Net Profit | $-14.4M | $-55.6M |
| Gross Margin | 20.6% | 41.0% |
| Operating Margin | -24.5% | -16.6% |
| Net Margin | -11.4% | -40.6% |
| Revenue YoY | 98.2% | -2.2% |
| Net Profit YoY | 89.6% | -109.0% |
| EPS (diluted) | $-0.07 | — |
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 | — | ||
| Q3 25 | $64.2M | $137.0M | ||
| Q2 25 | $-33.3M | $138.1M | ||
| Q1 25 | $52.9M | $136.0M | ||
| Q4 24 | $63.9M | — | ||
| Q3 24 | $60.7M | $140.0M | ||
| Q2 24 | $43.7M | $138.0M | ||
| Q1 24 | $43.3M | $144.1M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-55.6M | ||
| Q2 25 | $-52.5M | $-16.7M | ||
| Q1 25 | $-35.6M | $-13.1M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-26.6M | ||
| Q2 24 | $-64.5M | $-25.7M | ||
| Q1 24 | $-62.8M | $-26.0M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | 41.0% | ||
| Q2 25 | — | 43.1% | ||
| Q1 25 | 7.1% | 44.3% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | 44.8% | ||
| Q2 24 | -9.1% | 43.8% | ||
| Q1 24 | -8.6% | 44.4% |
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | -16.6% | ||
| Q2 25 | — | -12.0% | ||
| Q1 25 | -35.8% | -9.1% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | -18.2% | ||
| Q2 24 | -68.4% | -18.9% | ||
| Q1 24 | -128.8% | -17.0% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -40.6% | ||
| Q2 25 | 157.8% | -12.1% | ||
| Q1 25 | -67.2% | -9.6% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -19.0% | ||
| Q2 24 | -147.5% | -18.6% | ||
| Q1 24 | -145.0% | -18.0% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-0.52 | — |
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 | $71.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $852.5M |
| Total Assets | $5.2B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | $71.5M | ||
| Q2 25 | $41.6M | $71.1M | ||
| Q1 25 | $68.7M | $70.1M | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | $64.0M | ||
| Q2 24 | $3.3M | $70.9M | ||
| Q1 24 | $4.4M | $91.1M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.0B | $852.5M | ||
| Q2 25 | $497.7M | $902.4M | ||
| Q1 25 | $454.6M | $784.8M | ||
| Q4 24 | $434.6M | — | ||
| Q3 24 | $241.8M | $831.8M | ||
| Q2 24 | $124.8M | $850.5M | ||
| Q1 24 | $118.5M | $866.1M |
| Q4 25 | $5.2B | — | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $937.7M | $1.1B | ||
| Q2 24 | $762.9M | $1.1B | ||
| Q1 24 | $643.2M | $1.1B |
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 | $6.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $2.5M |
| FCF MarginFCF / Revenue | -448.6% | 1.8% |
| Capex IntensityCapex / Revenue | 436.1% | 3.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-11.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | — | ||
| Q3 25 | $-82.0M | $6.9M | ||
| Q2 25 | $6.9M | $-1.1M | ||
| Q1 25 | $5.9M | $4.5M | ||
| Q4 24 | $-52.3M | — | ||
| Q3 24 | $-75.9M | $-4.5M | ||
| Q2 24 | $-34.1M | $-2.4M | ||
| Q1 24 | $38.8M | $7.3M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | $2.5M | ||
| Q2 25 | $-191.4M | $-8.4M | ||
| Q1 25 | $-251.6M | $789.0K | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | $-6.3M | ||
| Q2 24 | $-88.9M | $-4.9M | ||
| Q1 24 | $-2.3M | $5.0M |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | 1.8% | ||
| Q2 25 | 574.8% | -6.1% | ||
| Q1 25 | -475.4% | 0.6% | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | -4.5% | ||
| Q2 24 | -203.5% | -3.6% | ||
| Q1 24 | -5.4% | 3.5% |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | 3.2% | ||
| Q2 25 | -595.4% | 5.3% | ||
| Q1 25 | 486.6% | 2.8% | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | 1.3% | ||
| Q2 24 | 125.4% | 1.8% | ||
| Q1 24 | 95.0% | 1.6% |
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% |
SSYS
Segment breakdown not available.
