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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and GRID DYNAMICS HOLDINGS, INC. (GDYN). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($104.1M vs $73.3M, roughly 1.4× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -1.4%, a 41.3% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs 3.7%). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (12.0% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
ARI vs GDYN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $104.1M |
| Net Profit | $29.2M | $-1.5M |
| Gross Margin | — | 34.8% |
| Operating Margin | 39.7% | 61.7% |
| Net Margin | 39.9% | -1.4% |
| Revenue YoY | 4.0% | 3.7% |
| Net Profit YoY | -28.2% | -150.6% |
| EPS (diluted) | $0.19 | $-0.02 |
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.
| Q1 26 | — | $104.1M | ||
| Q4 25 | $73.3M | $106.2M | ||
| Q3 25 | $61.6M | $104.2M | ||
| Q2 25 | $70.9M | $101.1M | ||
| Q1 25 | $65.8M | $100.4M | ||
| Q4 24 | $70.5M | $100.3M | ||
| Q3 24 | $71.6M | $87.4M | ||
| Q2 24 | $81.1M | $83.0M |
| Q1 26 | — | $-1.5M | ||
| Q4 25 | $29.2M | $306.0K | ||
| Q3 25 | $50.8M | $1.2M | ||
| Q2 25 | $20.7M | $5.3M | ||
| Q1 25 | $26.0M | $2.9M | ||
| Q4 24 | $40.7M | $4.5M | ||
| Q3 24 | $-91.5M | $4.3M | ||
| Q2 24 | $35.8M | $-817.0K |
| Q1 26 | — | 34.8% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.1% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 37.4% | ||
| Q2 24 | — | 35.6% |
| Q1 26 | — | 61.7% | ||
| Q4 25 | 39.7% | 0.5% | ||
| Q3 25 | 82.8% | -0.2% | ||
| Q2 25 | 29.4% | -0.1% | ||
| Q1 25 | 39.7% | -2.0% | ||
| Q4 24 | 57.9% | 1.3% | ||
| Q3 24 | -127.8% | 2.4% | ||
| Q2 24 | 44.2% | 0.0% |
| Q1 26 | — | -1.4% | ||
| Q4 25 | 39.9% | 0.3% | ||
| Q3 25 | 82.4% | 1.1% | ||
| Q2 25 | 29.3% | 5.2% | ||
| Q1 25 | 39.5% | 2.9% | ||
| Q4 24 | 57.7% | 4.5% | ||
| Q3 24 | -127.9% | 4.9% | ||
| Q2 24 | 44.1% | -1.0% |
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.19 | $0.01 | ||
| Q3 25 | $0.34 | $0.01 | ||
| Q2 25 | $0.12 | $0.06 | ||
| Q1 25 | $0.16 | $0.03 | ||
| Q4 24 | $0.25 | $0.06 | ||
| Q3 24 | $-0.69 | $0.05 | ||
| Q2 24 | $0.23 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $327.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $530.1M |
| Total Assets | $9.9B | $605.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $327.5M | ||
| Q4 25 | $139.8M | $342.1M | ||
| Q3 25 | $245.9M | $338.6M | ||
| Q2 25 | $177.6M | $336.8M | ||
| Q1 25 | $166.4M | $325.5M | ||
| Q4 24 | $317.4M | $334.7M | ||
| Q3 24 | $194.3M | $231.3M | ||
| Q2 24 | $174.7M | $256.0M |
| Q1 26 | — | $530.1M | ||
| Q4 25 | $1.9B | $542.1M | ||
| Q3 25 | $1.9B | $537.7M | ||
| Q2 25 | $1.8B | $532.2M | ||
| Q1 25 | $1.9B | $517.4M | ||
| Q4 24 | $1.9B | $517.8M | ||
| Q3 24 | $1.9B | $400.2M | ||
| Q2 24 | $2.0B | $388.4M |
| Q1 26 | — | $605.0M | ||
| Q4 25 | $9.9B | $612.9M | ||
| Q3 25 | $9.5B | $613.2M | ||
| Q2 25 | $9.8B | $608.9M | ||
| Q1 25 | $8.8B | $590.9M | ||
| Q4 24 | $8.4B | $592.2M | ||
| Q3 24 | $9.1B | $477.3M | ||
| Q2 24 | $9.3B | $443.6M |
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 | $142.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $142.5M | $9.9M | ||
| Q3 25 | $31.7M | $7.0M | ||
| Q2 25 | $63.2M | $14.4M | ||
| Q1 25 | $39.3M | $9.4M | ||
| Q4 24 | $200.3M | $7.1M | ||
| Q3 24 | $47.2M | $9.2M | ||
| Q2 24 | $50.2M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $6.1M | ||
| Q3 25 | — | $2.9M | ||
| Q2 25 | — | $10.2M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $4.4M | ||
| Q3 24 | — | $5.9M | ||
| Q2 24 | — | $8.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.88× | 32.34× | ||
| Q3 25 | 0.62× | 5.92× | ||
| Q2 25 | 3.05× | 2.73× | ||
| Q1 25 | 1.51× | 3.21× | ||
| Q4 24 | 4.93× | 1.56× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
