vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $124.7M, roughly 1.0× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -11.4%, a 13.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
APLD vs SWBI — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $124.7M |
| Net Profit | $-14.4M | $1.9M |
| Gross Margin | 20.6% | 24.3% |
| Operating Margin | -24.5% | 3.3% |
| Net Margin | -11.4% | 1.5% |
| Revenue YoY | 98.2% | -3.9% |
| Net Profit YoY | 89.6% | -53.6% |
| EPS (diluted) | $-0.07 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $64.2M | $85.1M | ||
| Q2 25 | $-33.3M | $140.8M | ||
| Q1 25 | $52.9M | $115.9M | ||
| Q4 24 | $63.9M | $129.7M | ||
| Q3 24 | $60.7M | $88.3M | ||
| Q2 24 | $43.7M | $159.1M | ||
| Q1 24 | $43.3M | $137.5M |
| Q4 25 | $-14.4M | $1.9M | ||
| Q3 25 | $-16.9M | $-3.4M | ||
| Q2 25 | $-52.5M | $8.6M | ||
| Q1 25 | $-35.6M | $2.1M | ||
| Q4 24 | $-138.7M | $4.5M | ||
| Q3 24 | $-4.2M | $-1.9M | ||
| Q2 24 | $-64.5M | $27.9M | ||
| Q1 24 | $-62.8M | $7.9M |
| Q4 25 | 20.6% | 24.3% | ||
| Q3 25 | 13.4% | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | 7.1% | 24.1% | ||
| Q4 24 | 18.0% | 26.6% | ||
| Q3 24 | -0.6% | 27.4% | ||
| Q2 24 | -9.1% | 35.5% | ||
| Q1 24 | -8.6% | 28.7% |
| Q4 25 | -24.5% | 3.3% | ||
| Q3 25 | -34.7% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | -35.8% | 4.1% | ||
| Q4 24 | -29.1% | 5.8% | ||
| Q3 24 | 15.6% | -1.7% | ||
| Q2 24 | -68.4% | 17.4% | ||
| Q1 24 | -128.8% | 8.2% |
| Q4 25 | -11.4% | 1.5% | ||
| Q3 25 | -26.4% | -4.0% | ||
| Q2 25 | 157.8% | 6.1% | ||
| Q1 25 | -67.2% | 1.8% | ||
| Q4 24 | -217.2% | 3.5% | ||
| Q3 24 | -7.0% | -2.1% | ||
| Q2 24 | -147.5% | 17.5% | ||
| Q1 24 | -145.0% | 5.7% |
| Q4 25 | $-0.07 | $0.04 | ||
| Q3 25 | $-0.07 | $-0.08 | ||
| Q2 25 | $-0.31 | $0.19 | ||
| Q1 25 | $-0.16 | $0.05 | ||
| Q4 24 | $-0.66 | $0.10 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $-0.57 | $0.60 | ||
| Q1 24 | $-0.52 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $363.2M |
| Total Assets | $5.2B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $22.4M | ||
| Q3 25 | $73.9M | $18.0M | ||
| Q2 25 | $41.6M | $25.2M | ||
| Q1 25 | $68.7M | $26.7M | ||
| Q4 24 | $286.2M | $39.1M | ||
| Q3 24 | $58.2M | $35.5M | ||
| Q2 24 | $3.3M | $60.8M | ||
| Q1 24 | $4.4M | $47.4M |
| Q4 25 | $1.4B | $363.2M | ||
| Q3 25 | $1.0B | $364.4M | ||
| Q2 25 | $497.7M | $372.5M | ||
| Q1 25 | $454.6M | $366.9M | ||
| Q4 24 | $434.6M | $371.5M | ||
| Q3 24 | $241.8M | $380.0M | ||
| Q2 24 | $124.8M | $399.9M | ||
| Q1 24 | $118.5M | $376.4M |
| Q4 25 | $5.2B | $548.6M | ||
| Q3 25 | $2.4B | $554.6M | ||
| Q2 25 | $1.9B | $559.6M | ||
| Q1 25 | $1.7B | $578.9M | ||
| Q4 24 | $1.5B | $587.4M | ||
| Q3 24 | $937.7M | $571.3M | ||
| Q2 24 | $762.9M | $577.4M | ||
| Q1 24 | $643.2M | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $16.3M |
| FCF MarginFCF / Revenue | -448.6% | 13.1% |
| Capex IntensityCapex / Revenue | 436.1% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $27.3M | ||
| Q3 25 | $-82.0M | $-8.1M | ||
| Q2 25 | $6.9M | $40.8M | ||
| Q1 25 | $5.9M | $-9.8M | ||
| Q4 24 | $-52.3M | $-7.4M | ||
| Q3 24 | $-75.9M | $-30.8M | ||
| Q2 24 | $-34.1M | $43.7M | ||
| Q1 24 | $38.8M | $25.2M |
| Q4 25 | $-567.9M | $16.3M | ||
| Q3 25 | $-331.4M | $-12.4M | ||
| Q2 25 | $-191.4M | $33.5M | ||
| Q1 25 | $-251.6M | $-16.1M | ||
| Q4 24 | $-223.3M | $-10.7M | ||
| Q3 24 | $-130.7M | $-35.5M | ||
| Q2 24 | $-88.9M | $38.2M | ||
| Q1 24 | $-2.3M | $7.0M |
| Q4 25 | -448.6% | 13.1% | ||
| Q3 25 | -516.1% | -14.6% | ||
| Q2 25 | 574.8% | 23.8% | ||
| Q1 25 | -475.4% | -13.9% | ||
| Q4 24 | -349.6% | -8.3% | ||
| Q3 24 | -215.3% | -40.2% | ||
| Q2 24 | -203.5% | 24.0% | ||
| Q1 24 | -5.4% | 5.1% |
| Q4 25 | 436.1% | 8.8% | ||
| Q3 25 | 388.4% | 5.0% | ||
| Q2 25 | -595.4% | 5.2% | ||
| Q1 25 | 486.6% | 5.4% | ||
| Q4 24 | 267.8% | 2.5% | ||
| Q3 24 | 90.3% | 5.3% | ||
| Q2 24 | 125.4% | 3.5% | ||
| Q1 24 | 95.0% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 3.20× |
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% |
SWBI
Segment breakdown not available.
