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Applied Digital Corp.（APLD）与PATHWARD FINANCIAL, INC.（CASH）财务数据对比。点击上方公司名可切换其他公司
PATHWARD FINANCIAL, INC.的季度营收约是Applied Digital Corp.的2.2倍（$276.3M vs $126.6M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs -11.4%，领先37.8%），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 21.0%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
APLD vs CASH — 直观对比
营收规模更大
CASH
是对方的2.2倍
$126.6M
净利率更高
CASH
高出37.8%
-11.4%
两年增速更快
APLD
近两年复合增速
21.0%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $276.3M |
| 净利润 | $-14.4M | $72.9M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | — |
| 净利率 | -11.4% | 26.4% |
| 营收同比 | 98.2% | — |
| 净利润同比 | 89.6% | — |
| 每股收益（稀释后） | $-0.07 | $3.35 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APLDCASH
| Q1 26 | — | $276.3M | ||
| Q4 25 | $126.6M | $173.1M | ||
| Q3 25 | $64.2M | $186.7M | ||
| Q2 25 | $-33.3M | $195.8M | ||
| Q1 25 | $52.9M | $274.8M | ||
| Q4 24 | $63.9M | $182.6M | ||
| Q3 24 | $60.7M | $179.5M | ||
| Q2 24 | $43.7M | $188.6M |
净利润APLDCASH
| Q1 26 | — | $72.9M | ||
| Q4 25 | $-14.4M | $35.2M | ||
| Q3 25 | $-16.9M | $38.8M | ||
| Q2 25 | $-52.5M | $42.1M | ||
| Q1 25 | $-35.6M | $75.0M | ||
| Q4 24 | $-138.7M | $30.0M | ||
| Q3 24 | $-4.2M | $33.5M | ||
| Q2 24 | $-64.5M | $44.9M |
毛利率APLDCASH
| Q1 26 | — | — | ||
| 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% | — |
营业利润率APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | -24.5% | 24.6% | ||
| Q3 25 | -34.7% | 25.9% | ||
| Q2 25 | — | 24.1% | ||
| Q1 25 | -35.8% | 33.2% | ||
| Q4 24 | -29.1% | 19.8% | ||
| Q3 24 | 15.6% | 20.9% | ||
| Q2 24 | -68.4% | 27.1% |
净利率APLDCASH
| Q1 26 | — | 26.4% | ||
| Q4 25 | -11.4% | 20.3% | ||
| Q3 25 | -26.4% | 20.8% | ||
| Q2 25 | 157.8% | 21.5% | ||
| Q1 25 | -67.2% | 27.3% | ||
| Q4 24 | -217.2% | 16.4% | ||
| Q3 24 | -7.0% | 18.7% | ||
| Q2 24 | -147.5% | 23.8% |
每股收益（稀释后）APLDCASH
| Q1 26 | — | $3.35 | ||
| Q4 25 | $-0.07 | $1.57 | ||
| Q3 25 | $-0.07 | $1.69 | ||
| Q2 25 | $-0.31 | $1.81 | ||
| Q1 25 | $-0.16 | $3.14 | ||
| Q4 24 | $-0.66 | $1.23 | ||
| Q3 24 | $-0.03 | $1.34 | ||
| Q2 24 | $-0.57 | $1.78 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.9B | $157.6M |
| 总债务越低越好 | — | $59.5M |
| 股东权益账面价值 | $1.4B | $850.7M |
| 总资产 | $5.2B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资APLDCASH
| Q1 26 | — | $157.6M | ||
| Q4 25 | $1.9B | $331.2M | ||
| Q3 25 | $73.9M | $120.6M | ||
| Q2 25 | $41.6M | $258.3M | ||
| Q1 25 | $68.7M | $254.2M | ||
| Q4 24 | $286.2M | $597.4M | ||
| Q3 24 | $58.2M | $158.3M | ||
| Q2 24 | $3.3M | $298.9M |
总债务APLDCASH
| Q1 26 | — | $59.5M | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $33.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.4M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $33.4M | ||
| Q2 24 | — | $33.3M |
股东权益APLDCASH
| Q1 26 | — | $850.7M | ||
| Q4 25 | $1.4B | $854.5M | ||
| Q3 25 | $1.0B | $858.0M | ||
| Q2 25 | $497.7M | $819.0M | ||
| Q1 25 | $454.6M | $814.7M | ||
| Q4 24 | $434.6M | $758.3M | ||
| Q3 24 | $241.8M | $822.5M | ||
| Q2 24 | $124.8M | $748.4M |
总资产APLDCASH
| Q1 26 | — | $7.1B | ||
| Q4 25 | $5.2B | $7.6B | ||
| Q3 25 | $2.4B | $7.2B | ||
| Q2 25 | $1.9B | $7.2B | ||
| Q1 25 | $1.7B | $7.0B | ||
| Q4 24 | $1.5B | $7.6B | ||
| Q3 24 | $937.7M | $7.5B | ||
| Q2 24 | $762.9M | $7.5B |
负债/权益比APLDCASH
| Q1 26 | — | 0.07× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-15.8M | — |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | — |
| 自由现金流率自由现金流/营收 | -448.6% | — |
| 资本支出强度资本支出/营收 | 436.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.3B | — |
8季度趋势，按日历期对齐
经营现金流APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $108.3M | ||
| Q3 25 | $-82.0M | $303.7M | ||
| Q2 25 | $6.9M | $30.4M | ||
| Q1 25 | $5.9M | $188.3M | ||
| Q4 24 | $-52.3M | $-71.7M | ||
| Q3 24 | $-75.9M | $143.1M | ||
| Q2 24 | $-34.1M | $113.2M |
自由现金流APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $104.1M | ||
| Q3 25 | $-331.4M | $300.3M | ||
| Q2 25 | $-191.4M | $27.7M | ||
| Q1 25 | $-251.6M | $184.7M | ||
| Q4 24 | $-223.3M | $-73.8M | ||
| Q3 24 | $-130.7M | $138.8M | ||
| Q2 24 | $-88.9M | $111.0M |
自由现金流率APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | 60.1% | ||
| Q3 25 | -516.1% | 160.9% | ||
| Q2 25 | 574.8% | 14.1% | ||
| Q1 25 | -475.4% | 67.2% | ||
| Q4 24 | -349.6% | -40.4% | ||
| Q3 24 | -215.3% | 77.3% | ||
| Q2 24 | -203.5% | 58.8% |
资本支出强度APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 2.4% | ||
| Q3 25 | 388.4% | 1.8% | ||
| Q2 25 | -595.4% | 1.4% | ||
| Q1 25 | 486.6% | 1.3% | ||
| Q4 24 | 267.8% | 1.1% | ||
| Q3 24 | 90.3% | 2.4% | ||
| Q2 24 | 125.4% | 1.2% |
现金转化率APLDCASH
| Q1 26 | — | — | ||
| Q4 25 | — | 3.08× | ||
| Q3 25 | — | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | — | -2.39× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 2.52× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
