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Side-by-side financial comparison of Applied Digital Corp. (APLD) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $126.6M, roughly 1.6× Applied Digital Corp.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs -11.4%, a 27.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -10.9%). VIRTUS INVESTMENT PARTNERS, INC. produced more free cash flow last quarter ($-74.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
APLD vs VRTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $208.0M |
| Net Profit | $-14.4M | $33.9M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 19.1% |
| Net Margin | -11.4% | 16.3% |
| Revenue YoY | 98.2% | -10.9% |
| Net Profit YoY | 89.6% | -14.2% |
| EPS (diluted) | $-0.07 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $64.2M | $216.4M | ||
| Q2 25 | $-33.3M | $210.5M | ||
| Q1 25 | $52.9M | $217.9M | ||
| Q4 24 | $63.9M | $233.5M | ||
| Q3 24 | $60.7M | $227.0M | ||
| Q2 24 | $43.7M | $224.4M | ||
| Q1 24 | $43.3M | $222.0M |
| Q4 25 | $-14.4M | $33.9M | ||
| Q3 25 | $-16.9M | $31.3M | ||
| Q2 25 | $-52.5M | $42.7M | ||
| Q1 25 | $-35.6M | $28.1M | ||
| Q4 24 | $-138.7M | $39.5M | ||
| Q3 24 | $-4.2M | $49.1M | ||
| Q2 24 | $-64.5M | $26.0M | ||
| Q1 24 | $-62.8M | $37.9M |
| 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% | 19.1% | ||
| Q3 25 | -34.7% | 21.7% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | -35.8% | 16.8% | ||
| Q4 24 | -29.1% | 21.7% | ||
| Q3 24 | 15.6% | 24.3% | ||
| Q2 24 | -68.4% | 19.7% | ||
| Q1 24 | -128.8% | 14.5% |
| Q4 25 | -11.4% | 16.3% | ||
| Q3 25 | -26.4% | 14.5% | ||
| Q2 25 | 157.8% | 20.3% | ||
| Q1 25 | -67.2% | 12.9% | ||
| Q4 24 | -217.2% | 16.9% | ||
| Q3 24 | -7.0% | 21.6% | ||
| Q2 24 | -147.5% | 11.6% | ||
| Q1 24 | -145.0% | 17.1% |
| Q4 25 | $-0.07 | $5.15 | ||
| Q3 25 | $-0.07 | $4.65 | ||
| Q2 25 | $-0.31 | $6.12 | ||
| Q1 25 | $-0.16 | $4.05 | ||
| Q4 24 | $-0.66 | $4.65 | ||
| Q3 24 | $-0.03 | $5.71 | ||
| Q2 24 | $-0.57 | $2.43 | ||
| Q1 24 | $-0.52 | $4.10 |
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 | — | $390.0M |
| Stockholders' EquityBook value | $1.4B | $934.0M |
| Total Assets | $5.2B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
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 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
| Q4 25 | $1.4B | $934.0M | ||
| Q3 25 | $1.0B | $918.7M | ||
| Q2 25 | $497.7M | $896.4M | ||
| Q1 25 | $454.6M | $893.7M | ||
| Q4 24 | $434.6M | $897.5M | ||
| Q3 24 | $241.8M | $889.0M | ||
| Q2 24 | $124.8M | $868.7M | ||
| Q1 24 | $118.5M | $871.7M |
| Q4 25 | $5.2B | $4.3B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.5B | $4.0B | ||
| Q3 24 | $937.7M | $3.6B | ||
| Q2 24 | $762.9M | $3.6B | ||
| Q1 24 | $643.2M | $3.5B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $-567.9M | $-74.1M |
| FCF MarginFCF / Revenue | -448.6% | -35.6% |
| Capex IntensityCapex / Revenue | 436.1% | 3.3% |
| Cash ConversionOCF / Net Profit | — | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-67.2M | ||
| Q3 25 | $-82.0M | $108.3M | ||
| Q2 25 | $6.9M | $75.8M | ||
| Q1 25 | $5.9M | $-3.8M | ||
| Q4 24 | $-52.3M | $1.8M | ||
| Q3 24 | $-75.9M | $69.1M | ||
| Q2 24 | $-34.1M | $70.0M | ||
| Q1 24 | $38.8M | $-34.5M |
| Q4 25 | $-567.9M | $-74.1M | ||
| Q3 25 | $-331.4M | $106.9M | ||
| Q2 25 | $-191.4M | $74.2M | ||
| Q1 25 | $-251.6M | $-6.8M | ||
| Q4 24 | $-223.3M | $-3.8M | ||
| Q3 24 | $-130.7M | $68.7M | ||
| Q2 24 | $-88.9M | $68.6M | ||
| Q1 24 | $-2.3M | $-36.5M |
| Q4 25 | -448.6% | -35.6% | ||
| Q3 25 | -516.1% | 49.4% | ||
| Q2 25 | 574.8% | 35.2% | ||
| Q1 25 | -475.4% | -3.1% | ||
| Q4 24 | -349.6% | -1.6% | ||
| Q3 24 | -215.3% | 30.3% | ||
| Q2 24 | -203.5% | 30.6% | ||
| Q1 24 | -5.4% | -16.4% |
| Q4 25 | 436.1% | 3.3% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 0.7% | ||
| Q1 25 | 486.6% | 1.4% | ||
| Q4 24 | 267.8% | 2.4% | ||
| Q3 24 | 90.3% | 0.2% | ||
| Q2 24 | 125.4% | 0.6% | ||
| Q1 24 | 95.0% | 0.9% |
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× | ||
| Q1 24 | — | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
