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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and CS Disco, Inc. (LAW). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $41.2M, roughly 1.8× CS Disco, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -20.7%, a 60.5% gap on every dollar of revenue. On growth, CS Disco, Inc. posted the faster year-over-year revenue change (11.3% vs 4.0%). Over the past eight quarters, CS Disco, Inc.'s revenue compounded faster (7.6% 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.
CS Disco, Inc. is a leading legal technology provider that develops cloud-based software solutions for legal practitioners. Its core offerings include e-discovery, document review, case management, and legal workflow automation tools, serving law firms, corporate legal teams, and government legal departments primarily in North America.
ARI vs LAW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $41.2M |
| Net Profit | $29.2M | $-8.5M |
| Gross Margin | — | 75.1% |
| Operating Margin | 39.7% | -22.4% |
| Net Margin | 39.9% | -20.7% |
| Revenue YoY | 4.0% | 11.3% |
| Net Profit YoY | -28.2% | 66.3% |
| EPS (diluted) | $0.19 | $-0.13 |
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 | $73.3M | $41.2M | ||
| Q3 25 | $61.6M | $40.9M | ||
| Q2 25 | $70.9M | $38.1M | ||
| Q1 25 | $65.8M | $36.7M | ||
| Q4 24 | $70.5M | $37.0M | ||
| Q3 24 | $71.6M | $36.3M | ||
| Q2 24 | $81.1M | $36.0M | ||
| Q1 24 | $80.5M | $35.6M |
| Q4 25 | $29.2M | $-8.5M | ||
| Q3 25 | $50.8M | $-13.7M | ||
| Q2 25 | $20.7M | $-10.8M | ||
| Q1 25 | $26.0M | $-11.4M | ||
| Q4 24 | $40.7M | $-25.2M | ||
| Q3 24 | $-91.5M | $-9.2M | ||
| Q2 24 | $35.8M | $-10.8M | ||
| Q1 24 | $-104.5M | $-10.6M |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 75.5% | ||
| Q2 25 | — | 74.6% | ||
| Q1 25 | — | 74.1% | ||
| Q4 24 | — | 74.2% | ||
| Q3 24 | — | 73.1% | ||
| Q2 24 | — | 74.2% | ||
| Q1 24 | — | 75.1% |
| Q4 25 | 39.7% | -22.4% | ||
| Q3 25 | 82.8% | -35.3% | ||
| Q2 25 | 29.4% | -31.0% | ||
| Q1 25 | 39.7% | -34.4% | ||
| Q4 24 | 57.9% | -70.6% | ||
| Q3 24 | -127.8% | -30.0% | ||
| Q2 24 | 44.2% | -34.4% | ||
| Q1 24 | -129.6% | -34.7% |
| Q4 25 | 39.9% | -20.7% | ||
| Q3 25 | 82.4% | -33.4% | ||
| Q2 25 | 29.3% | -28.4% | ||
| Q1 25 | 39.5% | -31.1% | ||
| Q4 24 | 57.7% | -68.1% | ||
| Q3 24 | -127.9% | -25.3% | ||
| Q2 24 | 44.1% | -30.1% | ||
| Q1 24 | -129.8% | -29.7% |
| Q4 25 | $0.19 | $-0.13 | ||
| Q3 25 | $0.34 | $-0.22 | ||
| Q2 25 | $0.12 | $-0.18 | ||
| Q1 25 | $0.16 | $-0.19 | ||
| Q4 24 | $0.25 | $-0.43 | ||
| Q3 24 | $-0.69 | $-0.15 | ||
| Q2 24 | $0.23 | $-0.18 | ||
| Q1 24 | $-0.76 | $-0.17 |
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 | $114.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $128.1M |
| Total Assets | $9.9B | $173.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $114.6M | ||
| Q3 25 | $245.9M | $113.5M | ||
| Q2 25 | $177.6M | $114.5M | ||
| Q1 25 | $166.4M | $118.8M | ||
| Q4 24 | $317.4M | $129.1M | ||
| Q3 24 | $194.3M | $126.8M | ||
| Q2 24 | $174.7M | $130.0M | ||
| Q1 24 | $161.2M | $148.7M |
| Q4 25 | $1.9B | $128.1M | ||
| Q3 25 | $1.9B | $130.6M | ||
| Q2 25 | $1.8B | $137.9M | ||
| Q1 25 | $1.9B | $142.2M | ||
| Q4 24 | $1.9B | $147.5M | ||
| Q3 24 | $1.9B | $167.3M | ||
| Q2 24 | $2.0B | $170.9M | ||
| Q1 24 | $2.0B | $193.2M |
| Q4 25 | $9.9B | $173.6M | ||
| Q3 25 | $9.5B | $174.8M | ||
| Q2 25 | $9.8B | $164.9M | ||
| Q1 25 | $8.8B | $168.0M | ||
| Q4 24 | $8.4B | $180.3M | ||
| Q3 24 | $9.1B | $194.4M | ||
| Q2 24 | $9.3B | $198.0M | ||
| Q1 24 | $9.2B | $217.3M |
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 | $762.0K |
| Free Cash FlowOCF − Capex | — | $255.0K |
| FCF MarginFCF / Revenue | — | 0.6% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-18.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $762.0K | ||
| Q3 25 | $31.7M | $-979.0K | ||
| Q2 25 | $63.2M | $-4.2M | ||
| Q1 25 | $39.3M | $-10.5M | ||
| Q4 24 | $200.3M | $2.1M | ||
| Q3 24 | $47.2M | $-2.9M | ||
| Q2 24 | $50.2M | $-650.0K | ||
| Q1 24 | $52.8M | $-7.3M |
| Q4 25 | — | $255.0K | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | — | $-5.2M | ||
| Q1 25 | — | $-11.0M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $-3.7M | ||
| Q2 24 | — | $-1.3M | ||
| Q1 24 | — | $-8.0M |
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -13.6% | ||
| Q1 25 | — | -30.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | -10.3% | ||
| Q2 24 | — | -3.6% | ||
| Q1 24 | — | -22.5% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
