vs
Applied Digital Corp.（APLD）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
Applied Digital Corp.的季度营收约是弗雷斯特研究公司的1.3倍（$126.6M vs $101.1M），Applied Digital Corp.净利率更高（-11.4% vs -33.5%，领先22.1%），Applied Digital Corp.同比增速更快（98.2% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 0.5%）
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。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
APLD vs FORR — 直观对比
营收规模更大
APLD
是对方的1.3倍
$101.1M
营收增速更快
APLD
高出104.7%
-6.5%
净利率更高
APLD
高出22.1%
-33.5%
自由现金流更多
FORR
多$563.6M
$-567.9M
两年增速更快
APLD
近两年复合增速
0.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $101.1M |
| 净利润 | $-14.4M | $-33.9M |
| 毛利率 | 20.6% | 56.7% |
| 营业利润率 | -24.5% | -36.6% |
| 净利率 | -11.4% | -33.5% |
| 营收同比 | 98.2% | -6.5% |
| 净利润同比 | 89.6% | -7941.4% |
| 每股收益（稀释后） | $-0.07 | $-1.75 |
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APLDFORR
| Q4 25 | $126.6M | $101.1M | ||
| Q3 25 | $64.2M | $94.3M | ||
| Q2 25 | $-33.3M | $111.7M | ||
| Q1 25 | $52.9M | $89.9M | ||
| Q4 24 | $63.9M | $108.0M | ||
| Q3 24 | $60.7M | $102.5M | ||
| Q2 24 | $43.7M | $121.8M | ||
| Q1 24 | $43.3M | $100.1M |
净利润APLDFORR
| Q4 25 | $-14.4M | $-33.9M | ||
| Q3 25 | $-16.9M | $-2.1M | ||
| Q2 25 | $-52.5M | $3.9M | ||
| Q1 25 | $-35.6M | $-87.3M | ||
| Q4 24 | $-138.7M | $432.0K | ||
| Q3 24 | $-4.2M | $-5.8M | ||
| Q2 24 | $-64.5M | $6.3M | ||
| Q1 24 | $-62.8M | $-6.7M |
毛利率APLDFORR
| Q4 25 | 20.6% | 56.7% | ||
| Q3 25 | 13.4% | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | 7.1% | 55.9% | ||
| Q4 24 | 18.0% | 58.8% | ||
| Q3 24 | -0.6% | 60.5% | ||
| Q2 24 | -9.1% | 57.3% | ||
| Q1 24 | -8.6% | 54.9% |
营业利润率APLDFORR
| Q4 25 | -24.5% | -36.6% | ||
| Q3 25 | -34.7% | 4.7% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | -35.8% | -97.5% | ||
| Q4 24 | -29.1% | -0.5% | ||
| Q3 24 | 15.6% | -0.7% | ||
| Q2 24 | -68.4% | 9.3% | ||
| Q1 24 | -128.8% | -9.3% |
净利率APLDFORR
| Q4 25 | -11.4% | -33.5% | ||
| Q3 25 | -26.4% | -2.3% | ||
| Q2 25 | 157.8% | 3.5% | ||
| Q1 25 | -67.2% | -97.1% | ||
| Q4 24 | -217.2% | 0.4% | ||
| Q3 24 | -7.0% | -5.7% | ||
| Q2 24 | -147.5% | 5.2% | ||
| Q1 24 | -145.0% | -6.7% |
每股收益（稀释后）APLDFORR
| Q4 25 | $-0.07 | $-1.75 | ||
| Q3 25 | $-0.07 | $-0.11 | ||
| Q2 25 | $-0.31 | $0.20 | ||
| Q1 25 | $-0.16 | $-4.62 | ||
| Q4 24 | $-0.66 | $0.02 | ||
| Q3 24 | $-0.03 | $-0.30 | ||
| Q2 24 | $-0.57 | $0.33 | ||
| Q1 24 | $-0.52 | $-0.35 |
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 | $63.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $126.5M |
| 总资产 | $5.2B | $404.0M |
| 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APLDFORR
| Q4 25 | $1.9B | $63.3M | ||
| Q3 25 | $73.9M | $65.1M | ||
| Q2 25 | $41.6M | $67.8M | ||
| Q1 25 | $68.7M | $75.6M | ||
| Q4 24 | $286.2M | $56.1M | ||
| Q3 24 | $58.2M | $62.8M | ||
| Q2 24 | $3.3M | $58.9M | ||
| Q1 24 | $4.4M | $61.4M |
股东权益APLDFORR
| Q4 25 | $1.4B | $126.5M | ||
| Q3 25 | $1.0B | $157.7M | ||
| Q2 25 | $497.7M | $159.5M | ||
| Q1 25 | $454.6M | $147.4M | ||
| Q4 24 | $434.6M | $229.5M | ||
| Q3 24 | $241.8M | $234.3M | ||
| Q2 24 | $124.8M | $237.1M | ||
| Q1 24 | $118.5M | $230.9M |
总资产APLDFORR
| Q4 25 | $5.2B | $404.0M | ||
| Q3 25 | $2.4B | $414.2M | ||
| Q2 25 | $1.9B | $436.0M | ||
| Q1 25 | $1.7B | $439.8M | ||
| Q4 24 | $1.5B | $503.9M | ||
| Q3 24 | $937.7M | $505.3M | ||
| Q2 24 | $762.9M | $524.2M | ||
| Q1 24 | $643.2M | $555.7M |
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 | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $-4.3M |
| 自由现金流率自由现金流/营收 | -448.6% | -4.2% |
| 资本支出强度资本支出/营收 | 436.1% | 1.1% |
| 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 | $18.1M |
8季度趋势，按日历期对齐
经营现金流APLDFORR
| Q4 25 | $-15.8M | $-3.2M | ||
| Q3 25 | $-82.0M | $1.2M | ||
| Q2 25 | $6.9M | $-3.6M | ||
| Q1 25 | $5.9M | $26.7M | ||
| Q4 24 | $-52.3M | $-1.8M | ||
| Q3 24 | $-75.9M | $264.0K | ||
| Q2 24 | $-34.1M | $-2.9M | ||
| Q1 24 | $38.8M | $611.0K |
自由现金流APLDFORR
| Q4 25 | $-567.9M | $-4.3M | ||
| Q3 25 | $-331.4M | $524.0K | ||
| Q2 25 | $-191.4M | $-4.2M | ||
| Q1 25 | $-251.6M | $26.1M | ||
| Q4 24 | $-223.3M | $-2.5M | ||
| Q3 24 | $-130.7M | $-223.0K | ||
| Q2 24 | $-88.9M | $-3.7M | ||
| Q1 24 | $-2.3M | $-815.0K |
自由现金流率APLDFORR
| Q4 25 | -448.6% | -4.2% | ||
| Q3 25 | -516.1% | 0.6% | ||
| Q2 25 | 574.8% | -3.8% | ||
| Q1 25 | -475.4% | 29.0% | ||
| Q4 24 | -349.6% | -2.3% | ||
| Q3 24 | -215.3% | -0.2% | ||
| Q2 24 | -203.5% | -3.1% | ||
| Q1 24 | -5.4% | -0.8% |
资本支出强度APLDFORR
| Q4 25 | 436.1% | 1.1% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 0.5% | ||
| Q1 25 | 486.6% | 0.7% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.5% | ||
| Q2 24 | 125.4% | 0.7% | ||
| Q1 24 | 95.0% | 1.4% |
现金转化率APLDFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
