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Side-by-side financial comparison of Applied Digital Corp. (APLD) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $126.6M, roughly 1.6× Applied Digital Corp.). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -11.4%, a 8.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 56.1%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
APLD vs STKS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $207.0M |
| Net Profit | $-14.4M | $-6.4M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 2.2% |
| Net Margin | -11.4% | -3.1% |
| Revenue YoY | 98.2% | -6.7% |
| Net Profit YoY | 89.6% | -531.8% |
| EPS (diluted) | $-0.07 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $64.2M | $180.2M | ||
| Q2 25 | $-33.3M | $207.4M | ||
| Q1 25 | $52.9M | $211.1M | ||
| Q4 24 | $63.9M | $221.9M | ||
| Q3 24 | $60.7M | $194.0M | ||
| Q2 24 | $43.7M | $172.5M | ||
| Q1 24 | $43.3M | $85.0M |
| Q4 25 | $-14.4M | $-6.4M | ||
| Q3 25 | $-16.9M | $-76.7M | ||
| Q2 25 | $-52.5M | $-10.1M | ||
| Q1 25 | $-35.6M | $975.0K | ||
| Q4 24 | $-138.7M | $1.5M | ||
| Q3 24 | $-4.2M | $-9.3M | ||
| Q2 24 | $-64.5M | $-7.3M | ||
| Q1 24 | $-62.8M | $-2.1M |
| 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% | 2.2% | ||
| Q3 25 | -34.7% | -4.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | -35.8% | 5.1% | ||
| Q4 24 | -29.1% | 5.5% | ||
| Q3 24 | 15.6% | -1.9% | ||
| Q2 24 | -68.4% | 0.6% | ||
| Q1 24 | -128.8% | -0.7% |
| Q4 25 | -11.4% | -3.1% | ||
| Q3 25 | -26.4% | -42.6% | ||
| Q2 25 | 157.8% | -4.9% | ||
| Q1 25 | -67.2% | 0.5% | ||
| Q4 24 | -217.2% | 0.7% | ||
| Q3 24 | -7.0% | -4.8% | ||
| Q2 24 | -147.5% | -4.3% | ||
| Q1 24 | -145.0% | -2.4% |
| Q4 25 | $-0.07 | $-0.50 | ||
| Q3 25 | $-0.07 | $-2.75 | ||
| Q2 25 | $-0.31 | $-0.59 | ||
| Q1 25 | $-0.16 | $-0.21 | ||
| Q4 24 | $-0.66 | $-0.18 | ||
| Q3 24 | $-0.03 | $-0.53 | ||
| Q2 24 | $-0.57 | $-0.38 | ||
| Q1 24 | $-0.52 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $1.4B | $-75.8M |
| Total Assets | $5.2B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $4.2M | ||
| Q3 25 | $73.9M | $5.5M | ||
| Q2 25 | $41.6M | $4.7M | ||
| Q1 25 | $68.7M | $21.4M | ||
| Q4 24 | $286.2M | $27.6M | ||
| Q3 24 | $58.2M | $28.2M | ||
| Q2 24 | $3.3M | $32.2M | ||
| Q1 24 | $4.4M | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $348.3M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $1.4B | $-75.8M | ||
| Q3 25 | $1.0B | $-61.5M | ||
| Q2 25 | $497.7M | $23.0M | ||
| Q1 25 | $454.6M | $40.5M | ||
| Q4 24 | $434.6M | $45.9M | ||
| Q3 24 | $241.8M | $51.4M | ||
| Q2 24 | $124.8M | $68.1M | ||
| Q1 24 | $118.5M | $68.3M |
| Q4 25 | $5.2B | $884.2M | ||
| Q3 25 | $2.4B | $879.5M | ||
| Q2 25 | $1.9B | $935.7M | ||
| Q1 25 | $1.7B | $956.0M | ||
| Q4 24 | $1.5B | $960.1M | ||
| Q3 24 | $937.7M | $953.5M | ||
| Q2 24 | $762.9M | $945.9M | ||
| Q1 24 | $643.2M | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-567.9M | $-329.0K |
| FCF MarginFCF / Revenue | -448.6% | -0.2% |
| Capex IntensityCapex / Revenue | 436.1% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $13.1M | ||
| Q3 25 | $-82.0M | $5.9M | ||
| Q2 25 | $6.9M | $2.8M | ||
| Q1 25 | $5.9M | $8.5M | ||
| Q4 24 | $-52.3M | $18.5M | ||
| Q3 24 | $-75.9M | $19.1M | ||
| Q2 24 | $-34.1M | $-3.8M | ||
| Q1 24 | $38.8M | $10.4M |
| Q4 25 | $-567.9M | $-329.0K | ||
| Q3 25 | $-331.4M | $-6.1M | ||
| Q2 25 | $-191.4M | $-15.0M | ||
| Q1 25 | $-251.6M | $-5.8M | ||
| Q4 24 | $-223.3M | $733.0K | ||
| Q3 24 | $-130.7M | $287.0K | ||
| Q2 24 | $-88.9M | $-23.0M | ||
| Q1 24 | $-2.3M | $-5.4M |
| Q4 25 | -448.6% | -0.2% | ||
| Q3 25 | -516.1% | -3.4% | ||
| Q2 25 | 574.8% | -7.2% | ||
| Q1 25 | -475.4% | -2.7% | ||
| Q4 24 | -349.6% | 0.3% | ||
| Q3 24 | -215.3% | 0.1% | ||
| Q2 24 | -203.5% | -13.3% | ||
| Q1 24 | -5.4% | -6.4% |
| Q4 25 | 436.1% | 6.5% | ||
| Q3 25 | 388.4% | 6.7% | ||
| Q2 25 | -595.4% | 8.6% | ||
| Q1 25 | 486.6% | 6.8% | ||
| Q4 24 | 267.8% | 8.0% | ||
| Q3 24 | 90.3% | 9.7% | ||
| Q2 24 | 125.4% | 11.1% | ||
| Q1 24 | 95.0% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| Q3 24 | — | — | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
