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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $100.0M, roughly 1.3× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -11.4%, a 4.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
APLD vs SWIM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $100.0M |
| Net Profit | $-14.4M | $-7.0M |
| Gross Margin | 20.6% | 28.0% |
| Operating Margin | -24.5% | -10.7% |
| Net Margin | -11.4% | -7.0% |
| Revenue YoY | 98.2% | 14.5% |
| Net Profit YoY | 89.6% | 76.0% |
| EPS (diluted) | $-0.07 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $64.2M | $161.9M | ||
| Q2 25 | $-33.3M | $172.6M | ||
| Q1 25 | $52.9M | $111.4M | ||
| Q4 24 | $63.9M | $87.3M | ||
| Q3 24 | $60.7M | $150.5M | ||
| Q2 24 | $43.7M | $160.1M | ||
| Q1 24 | $43.3M | $110.6M |
| Q4 25 | $-14.4M | $-7.0M | ||
| Q3 25 | $-16.9M | $8.1M | ||
| Q2 25 | $-52.5M | $16.0M | ||
| Q1 25 | $-35.6M | $-6.0M | ||
| Q4 24 | $-138.7M | $-29.2M | ||
| Q3 24 | $-4.2M | $5.9M | ||
| Q2 24 | $-64.5M | $13.3M | ||
| Q1 24 | $-62.8M | $-7.9M |
| Q4 25 | 20.6% | 28.0% | ||
| Q3 25 | 13.4% | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | 7.1% | 29.5% | ||
| Q4 24 | 18.0% | 24.6% | ||
| Q3 24 | -0.6% | 32.4% | ||
| Q2 24 | -9.1% | 33.1% | ||
| Q1 24 | -8.6% | 27.7% |
| Q4 25 | -24.5% | -10.7% | ||
| Q3 25 | -34.7% | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | -35.8% | -4.4% | ||
| Q4 24 | -29.1% | -14.9% | ||
| Q3 24 | 15.6% | 8.9% | ||
| Q2 24 | -68.4% | 12.5% | ||
| Q1 24 | -128.8% | -1.9% |
| Q4 25 | -11.4% | -7.0% | ||
| Q3 25 | -26.4% | 5.0% | ||
| Q2 25 | 157.8% | 9.3% | ||
| Q1 25 | -67.2% | -5.4% | ||
| Q4 24 | -217.2% | -33.4% | ||
| Q3 24 | -7.0% | 3.9% | ||
| Q2 24 | -147.5% | 8.3% | ||
| Q1 24 | -145.0% | -7.1% |
| Q4 25 | $-0.07 | $-0.06 | ||
| Q3 25 | $-0.07 | $0.07 | ||
| Q2 25 | $-0.31 | $0.13 | ||
| Q1 25 | $-0.16 | $-0.05 | ||
| Q4 24 | $-0.66 | $-0.24 | ||
| Q3 24 | $-0.03 | $0.05 | ||
| Q2 24 | $-0.57 | $0.11 | ||
| 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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $1.4B | $405.9M |
| Total Assets | $5.2B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.4B | $405.9M | ||
| Q3 25 | $1.0B | $408.4M | ||
| Q2 25 | $497.7M | $398.4M | ||
| Q1 25 | $454.6M | $381.1M | ||
| Q4 24 | $434.6M | $387.2M | ||
| Q3 24 | $241.8M | $416.6M | ||
| Q2 24 | $124.8M | $408.1M | ||
| Q1 24 | $118.5M | $391.8M |
| Q4 25 | $5.2B | $823.2M | ||
| Q3 25 | $2.4B | $844.4M | ||
| Q2 25 | $1.9B | $822.1M | ||
| Q1 25 | $1.7B | $824.6M | ||
| Q4 24 | $1.5B | $794.2M | ||
| Q3 24 | $937.7M | $853.4M | ||
| Q2 24 | $762.9M | $830.0M | ||
| Q1 24 | $643.2M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $14.1M |
| FCF MarginFCF / Revenue | -448.6% | 14.1% |
| Capex IntensityCapex / Revenue | 436.1% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $23.3M | ||
| Q3 25 | $-82.0M | $51.0M | ||
| Q2 25 | $6.9M | $36.0M | ||
| Q1 25 | $5.9M | $-46.9M | ||
| Q4 24 | $-52.3M | $6.2M | ||
| Q3 24 | $-75.9M | $37.2M | ||
| Q2 24 | $-34.1M | $52.4M | ||
| Q1 24 | $38.8M | $-34.5M |
| Q4 25 | $-567.9M | $14.1M | ||
| Q3 25 | $-331.4M | $45.2M | ||
| Q2 25 | $-191.4M | $29.1M | ||
| Q1 25 | $-251.6M | $-50.3M | ||
| Q4 24 | $-223.3M | $-98.0K | ||
| Q3 24 | $-130.7M | $33.2M | ||
| Q2 24 | $-88.9M | $47.9M | ||
| Q1 24 | $-2.3M | $-39.9M |
| Q4 25 | -448.6% | 14.1% | ||
| Q3 25 | -516.1% | 27.9% | ||
| Q2 25 | 574.8% | 16.8% | ||
| Q1 25 | -475.4% | -45.2% | ||
| Q4 24 | -349.6% | -0.1% | ||
| Q3 24 | -215.3% | 22.1% | ||
| Q2 24 | -203.5% | 29.9% | ||
| Q1 24 | -5.4% | -36.0% |
| Q4 25 | 436.1% | 9.2% | ||
| Q3 25 | 388.4% | 3.6% | ||
| Q2 25 | -595.4% | 4.0% | ||
| Q1 25 | 486.6% | 3.1% | ||
| Q4 24 | 267.8% | 7.2% | ||
| Q3 24 | 90.3% | 2.7% | ||
| Q2 24 | 125.4% | 2.8% | ||
| Q1 24 | 95.0% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
