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Applied Digital Corp.（APLD）与FTAI Infrastructure Inc.（FIP）财务数据对比。点击上方公司名可切换其他公司
FTAI Infrastructure Inc.的季度营收约是Applied Digital Corp.的1.5倍（$188.4M vs $126.6M），Applied Digital Corp.净利率更高（-11.4% vs -79.7%，领先68.3%），Applied Digital Corp.同比增速更快（98.2% vs 95.9%），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 49.0%）
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。
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
APLD vs FIP — 直观对比
营收规模更大
FIP
是对方的1.5倍
$126.6M
营收增速更快
APLD
高出2.3%
95.9%
净利率更高
APLD
高出68.3%
-79.7%
两年增速更快
APLD
近两年复合增速
49.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $188.4M |
| 净利润 | $-14.4M | $-150.2M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | — |
| 净利率 | -11.4% | -79.7% |
| 营收同比 | 98.2% | 95.9% |
| 净利润同比 | 89.6% | -387.6% |
| 每股收益（稀释后） | $-0.07 | $-1.32 |
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APLDFIP
| Q1 26 | — | $188.4M | ||
| Q4 25 | $126.6M | $143.5M | ||
| Q3 25 | $64.2M | $140.6M | ||
| Q2 25 | $-33.3M | $122.3M | ||
| Q1 25 | $52.9M | $96.2M | ||
| Q4 24 | $63.9M | $80.8M | ||
| Q3 24 | $60.7M | $83.3M | ||
| Q2 24 | $43.7M | $84.9M |
净利润APLDFIP
| Q1 26 | — | $-150.2M | ||
| Q4 25 | $-14.4M | $-97.7M | ||
| Q3 25 | $-16.9M | $-104.5M | ||
| Q2 25 | $-52.5M | $-70.0M | ||
| Q1 25 | $-35.6M | $120.2M | ||
| Q4 24 | $-138.7M | $-124.7M | ||
| Q3 24 | $-4.2M | $-43.0M | ||
| Q2 24 | $-64.5M | $-48.1M |
毛利率APLDFIP
| 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APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | -24.5% | -45.7% | ||
| Q3 25 | -34.7% | -70.8% | ||
| Q2 25 | — | -56.4% | ||
| Q1 25 | -35.8% | 81.8% | ||
| Q4 24 | -29.1% | -152.7% | ||
| Q3 24 | 15.6% | -51.7% | ||
| Q2 24 | -68.4% | -56.4% |
净利率APLDFIP
| Q1 26 | — | -79.7% | ||
| Q4 25 | -11.4% | -68.1% | ||
| Q3 25 | -26.4% | -74.4% | ||
| Q2 25 | 157.8% | -57.2% | ||
| Q1 25 | -67.2% | 125.0% | ||
| Q4 24 | -217.2% | -154.4% | ||
| Q3 24 | -7.0% | -51.6% | ||
| Q2 24 | -147.5% | -56.7% |
每股收益（稀释后）APLDFIP
| Q1 26 | — | $-1.32 | ||
| Q4 25 | $-0.07 | $-1.04 | ||
| Q3 25 | $-0.07 | $-1.38 | ||
| Q2 25 | $-0.31 | $-0.73 | ||
| Q1 25 | $-0.16 | $0.89 | ||
| Q4 24 | $-0.66 | $-1.21 | ||
| Q3 24 | $-0.03 | $-0.45 | ||
| Q2 24 | $-0.57 | $-0.52 |
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 | $37.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $-122.5K |
| 总资产 | $5.2B | $5.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLDFIP
| Q1 26 | — | $37.9M | ||
| Q4 25 | $1.9B | $57.4M | ||
| Q3 25 | $73.9M | $34.7M | ||
| Q2 25 | $41.6M | $33.6M | ||
| Q1 25 | $68.7M | $26.3M | ||
| Q4 24 | $286.2M | $27.8M | ||
| Q3 24 | $58.2M | $20.3M | ||
| Q2 24 | $3.3M | $33.1M |
总债务APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B |
股东权益APLDFIP
| Q1 26 | — | $-122.5K | ||
| Q4 25 | $1.4B | $21.3M | ||
| Q3 25 | $1.0B | $181.1M | ||
| Q2 25 | $497.7M | $375.5M | ||
| Q1 25 | $454.6M | $476.2M | ||
| Q4 24 | $434.6M | $202.7M | ||
| Q3 24 | $241.8M | $370.8M | ||
| Q2 24 | $124.8M | $394.8M |
总资产APLDFIP
| Q1 26 | — | $5.7B | ||
| Q4 25 | $5.2B | $5.7B | ||
| Q3 25 | $2.4B | $5.5B | ||
| Q2 25 | $1.9B | $4.4B | ||
| Q1 25 | $1.7B | $4.1B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $937.7M | $2.4B | ||
| Q2 24 | $762.9M | $2.5B |
负债/权益比APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× |
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 | $-69.4M |
| 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APLDFIP
| Q1 26 | — | $-69.4M | ||
| Q4 25 | $-15.8M | $-2.8M | ||
| Q3 25 | $-82.0M | $-24.4M | ||
| Q2 25 | $6.9M | $-5.2M | ||
| Q1 25 | $5.9M | $-85.7M | ||
| Q4 24 | $-52.3M | $-8.1M | ||
| Q3 24 | $-75.9M | $14.2M | ||
| Q2 24 | $-34.1M | $-17.6M |
自由现金流APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $-68.6M | ||
| Q3 25 | $-331.4M | $-90.7M | ||
| Q2 25 | $-191.4M | $-87.5M | ||
| Q1 25 | $-251.6M | $-151.7M | ||
| Q4 24 | $-223.3M | $-34.3M | ||
| Q3 24 | $-130.7M | $-11.7M | ||
| Q2 24 | $-88.9M | $-32.1M |
自由现金流率APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | -47.8% | ||
| Q3 25 | -516.1% | -64.5% | ||
| Q2 25 | 574.8% | -71.6% | ||
| Q1 25 | -475.4% | -157.7% | ||
| Q4 24 | -349.6% | -42.4% | ||
| Q3 24 | -215.3% | -14.0% | ||
| Q2 24 | -203.5% | -37.9% |
资本支出强度APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 45.9% | ||
| Q3 25 | 388.4% | 47.2% | ||
| Q2 25 | -595.4% | 67.3% | ||
| Q1 25 | 486.6% | 68.6% | ||
| Q4 24 | 267.8% | 32.5% | ||
| Q3 24 | 90.3% | 31.1% | ||
| Q2 24 | 125.4% | 17.2% |
现金转化率APLDFIP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
FIP
暂无分部数据
