vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $126.6M, roughly 1.7× Applied Digital Corp.). Vital Farms, Inc. runs the higher net margin — 7.6% vs -11.4%, a 19.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 28.7%). Vital Farms, Inc. produced more free cash flow last quarter ($-32.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 20.2%).
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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
APLD vs VITL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $213.6M |
| Net Profit | $-14.4M | $16.3M |
| Gross Margin | 20.6% | 35.8% |
| Operating Margin | -24.5% | 10.0% |
| Net Margin | -11.4% | 7.6% |
| Revenue YoY | 98.2% | 28.7% |
| Net Profit YoY | 89.6% | 54.3% |
| EPS (diluted) | $-0.07 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $64.2M | $198.9M | ||
| Q2 25 | $-33.3M | $184.8M | ||
| Q1 25 | $52.9M | $162.2M | ||
| Q4 24 | $63.9M | $166.0M | ||
| Q3 24 | $60.7M | $145.0M | ||
| Q2 24 | $43.7M | $147.4M | ||
| Q1 24 | $43.3M | $147.9M |
| Q4 25 | $-14.4M | $16.3M | ||
| Q3 25 | $-16.9M | $16.4M | ||
| Q2 25 | $-52.5M | $16.6M | ||
| Q1 25 | $-35.6M | $16.9M | ||
| Q4 24 | $-138.7M | $10.6M | ||
| Q3 24 | $-4.2M | $7.4M | ||
| Q2 24 | $-64.5M | $16.3M | ||
| Q1 24 | $-62.8M | $19.0M |
| Q4 25 | 20.6% | 35.8% | ||
| Q3 25 | 13.4% | 37.7% | ||
| Q2 25 | — | 38.9% | ||
| Q1 25 | 7.1% | 38.5% | ||
| Q4 24 | 18.0% | 36.1% | ||
| Q3 24 | -0.6% | 36.9% | ||
| Q2 24 | -9.1% | 39.1% | ||
| Q1 24 | -8.6% | 39.8% |
| Q4 25 | -24.5% | 10.0% | ||
| Q3 25 | -34.7% | 10.8% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | -35.8% | 13.4% | ||
| Q4 24 | -29.1% | 7.8% | ||
| Q3 24 | 15.6% | 6.4% | ||
| Q2 24 | -68.4% | 11.6% | ||
| Q1 24 | -128.8% | 16.3% |
| Q4 25 | -11.4% | 7.6% | ||
| Q3 25 | -26.4% | 8.3% | ||
| Q2 25 | 157.8% | 9.0% | ||
| Q1 25 | -67.2% | 10.4% | ||
| Q4 24 | -217.2% | 6.4% | ||
| Q3 24 | -7.0% | 5.1% | ||
| Q2 24 | -147.5% | 11.1% | ||
| Q1 24 | -145.0% | 12.9% |
| Q4 25 | $-0.07 | $0.35 | ||
| Q3 25 | $-0.07 | $0.36 | ||
| Q2 25 | $-0.31 | $0.36 | ||
| Q1 25 | $-0.16 | $0.37 | ||
| Q4 24 | $-0.66 | $0.23 | ||
| Q3 24 | $-0.03 | $0.16 | ||
| Q2 24 | $-0.57 | $0.36 | ||
| Q1 24 | $-0.52 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $351.3M |
| Total Assets | $5.2B | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $48.8M | ||
| Q3 25 | $73.9M | $93.8M | ||
| Q2 25 | $41.6M | $108.2M | ||
| Q1 25 | $68.7M | $156.3M | ||
| Q4 24 | $286.2M | $150.6M | ||
| Q3 24 | $58.2M | $149.5M | ||
| Q2 24 | $3.3M | $133.2M | ||
| Q1 24 | $4.4M | $113.8M |
| Q4 25 | $1.4B | $351.3M | ||
| Q3 25 | $1.0B | $331.2M | ||
| Q2 25 | $497.7M | $309.8M | ||
| Q1 25 | $454.6M | $288.9M | ||
| Q4 24 | $434.6M | $269.3M | ||
| Q3 24 | $241.8M | $253.4M | ||
| Q2 24 | $124.8M | $238.4M | ||
| Q1 24 | $118.5M | $213.3M |
| Q4 25 | $5.2B | $518.7M | ||
| Q3 25 | $2.4B | $481.5M | ||
| Q2 25 | $1.9B | $430.8M | ||
| Q1 25 | $1.7B | $376.9M | ||
| Q4 24 | $1.5B | $359.3M | ||
| Q3 24 | $937.7M | $344.7M | ||
| Q2 24 | $762.9M | $320.5M | ||
| Q1 24 | $643.2M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $-32.1M |
| FCF MarginFCF / Revenue | -448.6% | -15.1% |
| Capex IntensityCapex / Revenue | 436.1% | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $5.8M | ||
| Q3 25 | $-82.0M | $23.4M | ||
| Q2 25 | $6.9M | $-761.0K | ||
| Q1 25 | $5.9M | $5.3M | ||
| Q4 24 | $-52.3M | $14.8M | ||
| Q3 24 | $-75.9M | $10.0M | ||
| Q2 24 | $-34.1M | $16.1M | ||
| Q1 24 | $38.8M | $23.9M |
| Q4 25 | $-567.9M | $-32.1M | ||
| Q3 25 | $-331.4M | $-10.6M | ||
| Q2 25 | $-191.4M | $-7.6M | ||
| Q1 25 | $-251.6M | $2.1M | ||
| Q4 24 | $-223.3M | $-3.4M | ||
| Q3 24 | $-130.7M | $6.4M | ||
| Q2 24 | $-88.9M | $10.5M | ||
| Q1 24 | $-2.3M | $22.6M |
| Q4 25 | -448.6% | -15.1% | ||
| Q3 25 | -516.1% | -5.3% | ||
| Q2 25 | 574.8% | -4.1% | ||
| Q1 25 | -475.4% | 1.3% | ||
| Q4 24 | -349.6% | -2.0% | ||
| Q3 24 | -215.3% | 4.4% | ||
| Q2 24 | -203.5% | 7.2% | ||
| Q1 24 | -5.4% | 15.3% |
| Q4 25 | 436.1% | 17.8% | ||
| Q3 25 | 388.4% | 17.1% | ||
| Q2 25 | -595.4% | 3.7% | ||
| Q1 25 | 486.6% | 1.9% | ||
| Q4 24 | 267.8% | 10.9% | ||
| Q3 24 | 90.3% | 2.5% | ||
| Q2 24 | 125.4% | 3.8% | ||
| Q1 24 | 95.0% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
