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Side-by-side financial comparison of Applied Digital Corp. (APLD) and VIEMED HEALTHCARE, INC. (VMD). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $76.2M, roughly 1.7× VIEMED HEALTHCARE, INC.). VIEMED HEALTHCARE, INC. runs the higher net margin — 7.4% vs -11.4%, a 18.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 25.5%). VIEMED HEALTHCARE, INC. produced more free cash flow last quarter ($9.7M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 22.7%).
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.
Viemed Healthcare, Inc. is a medical technology firm specializing in respiratory care solutions. It develops, manufactures and distributes portable ventilators, respiratory therapy devices and related support services, catering to acute care, post-acute care and home care segments across North America, Europe and key Asia-Pacific markets for patients with respiratory conditions.
APLD vs VMD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $76.2M |
| Net Profit | $-14.4M | $5.6M |
| Gross Margin | 20.6% | 57.9% |
| Operating Margin | -24.5% | 11.0% |
| Net Margin | -11.4% | 7.4% |
| Revenue YoY | 98.2% | 25.5% |
| Net Profit YoY | 89.6% | 30.7% |
| EPS (diluted) | $-0.07 | $0.14 |
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 | $76.2M | ||
| Q3 25 | $64.2M | $71.9M | ||
| Q2 25 | $-33.3M | $63.1M | ||
| Q1 25 | $52.9M | $59.1M | ||
| Q4 24 | $63.9M | $60.7M | ||
| Q3 24 | $60.7M | $58.0M | ||
| Q2 24 | $43.7M | $55.0M | ||
| Q1 24 | $43.3M | $50.6M |
| Q4 25 | $-14.4M | $5.6M | ||
| Q3 25 | $-16.9M | $3.5M | ||
| Q2 25 | $-52.5M | $3.2M | ||
| Q1 25 | $-35.6M | $2.6M | ||
| Q4 24 | $-138.7M | $4.3M | ||
| Q3 24 | $-4.2M | $3.9M | ||
| Q2 24 | $-64.5M | $1.5M | ||
| Q1 24 | $-62.8M | $1.6M |
| Q4 25 | 20.6% | 57.9% | ||
| Q3 25 | 13.4% | 57.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | 7.1% | 56.3% | ||
| Q4 24 | 18.0% | 59.5% | ||
| Q3 24 | -0.6% | 59.3% | ||
| Q2 24 | -9.1% | 59.8% | ||
| Q1 24 | -8.6% | 58.9% |
| Q4 25 | -24.5% | 11.0% | ||
| Q3 25 | -34.7% | 7.8% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | -35.8% | 6.5% | ||
| Q4 24 | -29.1% | 10.6% | ||
| Q3 24 | 15.6% | 9.7% | ||
| Q2 24 | -68.4% | 6.6% | ||
| Q1 24 | -128.8% | 4.4% |
| Q4 25 | -11.4% | 7.4% | ||
| Q3 25 | -26.4% | 4.9% | ||
| Q2 25 | 157.8% | 5.0% | ||
| Q1 25 | -67.2% | 4.4% | ||
| Q4 24 | -217.2% | 7.1% | ||
| Q3 24 | -7.0% | 6.7% | ||
| Q2 24 | -147.5% | 2.7% | ||
| Q1 24 | -145.0% | 3.2% |
| Q4 25 | $-0.07 | $0.14 | ||
| Q3 25 | $-0.07 | $0.09 | ||
| Q2 25 | $-0.31 | $0.08 | ||
| Q1 25 | $-0.16 | $0.06 | ||
| Q4 24 | $-0.66 | $0.10 | ||
| Q3 24 | $-0.03 | $0.10 | ||
| Q2 24 | $-0.57 | $0.04 | ||
| Q1 24 | $-0.52 | $0.04 |
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 | $13.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $141.5M |
| Total Assets | $5.2B | $199.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $13.5M | ||
| Q3 25 | $73.9M | $11.1M | ||
| Q2 25 | $41.6M | $20.0M | ||
| Q1 25 | $68.7M | $10.2M | ||
| Q4 24 | $286.2M | $17.5M | ||
| Q3 24 | $58.2M | $11.3M | ||
| Q2 24 | $3.3M | $8.8M | ||
| Q1 24 | $4.4M | $7.3M |
| Q4 25 | $1.4B | $141.5M | ||
| Q3 25 | $1.0B | $133.6M | ||
| Q2 25 | $497.7M | $139.7M | ||
| Q1 25 | $454.6M | $134.8M | ||
| Q4 24 | $434.6M | $131.4M | ||
| Q3 24 | $241.8M | $125.0M | ||
| Q2 24 | $124.8M | $119.4M | ||
| Q1 24 | $118.5M | $116.3M |
| Q4 25 | $5.2B | $199.2M | ||
| Q3 25 | $2.4B | $202.4M | ||
| Q2 25 | $1.9B | $184.6M | ||
| Q1 25 | $1.7B | $178.1M | ||
| Q4 24 | $1.5B | $177.1M | ||
| Q3 24 | $937.7M | $169.5M | ||
| Q2 24 | $762.9M | $163.9M | ||
| Q1 24 | $643.2M | $154.9M |
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 | $18.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $9.7M |
| FCF MarginFCF / Revenue | -448.6% | 12.7% |
| Capex IntensityCapex / Revenue | 436.1% | 11.5% |
| Cash ConversionOCF / Net Profit | — | 3.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $11.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $18.4M | ||
| Q3 25 | $-82.0M | $18.4M | ||
| Q2 25 | $6.9M | $12.3M | ||
| Q1 25 | $5.9M | $2.9M | ||
| Q4 24 | $-52.3M | $15.0M | ||
| Q3 24 | $-75.9M | $12.7M | ||
| Q2 24 | $-34.1M | $10.2M | ||
| Q1 24 | $38.8M | $1.2M |
| Q4 25 | $-567.9M | $9.7M | ||
| Q3 25 | $-331.4M | $10.7M | ||
| Q2 25 | $-191.4M | $4.1M | ||
| Q1 25 | $-251.6M | $-12.6M | ||
| Q4 24 | $-223.3M | $3.2M | ||
| Q3 24 | $-130.7M | $1.7M | ||
| Q2 24 | $-88.9M | $1.2M | ||
| Q1 24 | $-2.3M | $-4.8M |
| Q4 25 | -448.6% | 12.7% | ||
| Q3 25 | -516.1% | 14.9% | ||
| Q2 25 | 574.8% | 6.5% | ||
| Q1 25 | -475.4% | -21.4% | ||
| Q4 24 | -349.6% | 5.2% | ||
| Q3 24 | -215.3% | 3.0% | ||
| Q2 24 | -203.5% | 2.3% | ||
| Q1 24 | -5.4% | -9.5% |
| Q4 25 | 436.1% | 11.5% | ||
| Q3 25 | 388.4% | 10.6% | ||
| Q2 25 | -595.4% | 12.9% | ||
| Q1 25 | 486.6% | 26.2% | ||
| Q4 24 | 267.8% | 19.5% | ||
| Q3 24 | 90.3% | 19.0% | ||
| Q2 24 | 125.4% | 16.3% | ||
| Q1 24 | 95.0% | 11.9% |
| Q4 25 | — | 3.27× | ||
| Q3 25 | — | 5.23× | ||
| Q2 25 | — | 3.88× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | — | 3.47× | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 6.94× | ||
| Q1 24 | — | 0.73× |
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% |
VMD
Segment breakdown not available.
