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Applied Digital Corp.（APLD）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
六旗的季度营收约是Applied Digital Corp.的1.8倍（$225.6M vs $126.6M），Applied Digital Corp.净利率更高（-11.4% vs -119.0%，领先107.6%），Applied Digital Corp.同比增速更快（98.2% vs 11.7%）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
APLD vs FUN — 直观对比
营收规模更大
FUN
是对方的1.8倍
$126.6M
营收增速更快
APLD
高出86.5%
11.7%
净利率更高
APLD
高出107.6%
-119.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $225.6M |
| 净利润 | $-14.4M | $-268.6M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | — |
| 净利率 | -11.4% | -119.0% |
| 营收同比 | 98.2% | 11.7% |
| 净利润同比 | 89.6% | -22.2% |
| 每股收益（稀释后） | $-0.07 | — |
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APLDFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $126.6M | $650.1M | ||
| Q3 25 | $64.2M | $1.3B | ||
| Q2 25 | $-33.3M | $930.4M | ||
| Q1 25 | $52.9M | $202.1M | ||
| Q4 24 | $63.9M | — | ||
| Q3 24 | $60.7M | $1.3B | ||
| Q2 24 | $43.7M | $571.6M |
净利润APLDFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $-14.4M | $-92.4M | ||
| Q3 25 | $-16.9M | $-1.2B | ||
| Q2 25 | $-52.5M | $-99.6M | ||
| Q1 25 | $-35.6M | $-219.7M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $111.0M | ||
| Q2 24 | $-64.5M | $55.6M |
毛利率APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 91.4% | ||
| Q3 25 | 13.4% | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | 7.1% | 89.3% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | 91.9% | ||
| Q2 24 | -9.1% | 90.7% |
营业利润率APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | -24.5% | -3.8% | ||
| Q3 25 | -34.7% | -83.7% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | -35.8% | -158.9% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | 19.5% | ||
| Q2 24 | -68.4% | 21.6% |
净利率APLDFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | -11.4% | -14.2% | ||
| Q3 25 | -26.4% | -90.1% | ||
| Q2 25 | 157.8% | -10.7% | ||
| Q1 25 | -67.2% | -108.7% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | 8.2% | ||
| Q2 24 | -147.5% | 9.7% |
每股收益（稀释后）APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | $-0.07 | $-0.93 | ||
| Q3 25 | $-0.07 | $-11.77 | ||
| Q2 25 | $-0.31 | $-0.99 | ||
| Q1 25 | $-0.16 | $-2.20 | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | $1.10 | ||
| Q2 24 | $-0.57 | — |
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 | $116.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $279.2M |
| 总资产 | $5.2B | $7.7B |
| 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APLDFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $1.9B | $91.1M | ||
| Q3 25 | $73.9M | $70.7M | ||
| Q2 25 | $41.6M | $107.4M | ||
| Q1 25 | $68.7M | $61.5M | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | $89.7M | ||
| Q2 24 | $3.3M | $52.9M |
总债务APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益APLDFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $1.4B | $549.8M | ||
| Q3 25 | $1.0B | $614.3M | ||
| Q2 25 | $497.7M | $1.8B | ||
| Q1 25 | $454.6M | $1.8B | ||
| Q4 24 | $434.6M | — | ||
| Q3 24 | $241.8M | $2.3B | ||
| Q2 24 | $124.8M | — |
总资产APLDFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $5.2B | $7.8B | ||
| Q3 25 | $2.4B | $7.9B | ||
| Q2 25 | $1.9B | $9.5B | ||
| Q1 25 | $1.7B | $9.2B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $937.7M | $9.4B | ||
| Q2 24 | $762.9M | $2.3B |
负债/权益比APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | — |
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APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $-37.7M | ||
| Q3 25 | $-82.0M | $356.2M | ||
| Q2 25 | $6.9M | $187.0M | ||
| Q1 25 | $5.9M | $-178.0M | ||
| Q4 24 | $-52.3M | — | ||
| Q3 24 | $-75.9M | $337.4M | ||
| Q2 24 | $-34.1M | — |
自由现金流APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $-109.3M | ||
| Q3 25 | $-331.4M | $256.2M | ||
| Q2 25 | $-191.4M | $18.8M | ||
| Q1 25 | $-251.6M | $-318.0M | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | $227.7M | ||
| Q2 24 | $-88.9M | — |
自由现金流率APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | -16.8% | ||
| Q3 25 | -516.1% | 19.4% | ||
| Q2 25 | 574.8% | 2.0% | ||
| Q1 25 | -475.4% | -157.4% | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | 16.9% | ||
| Q2 24 | -203.5% | — |
资本支出强度APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 11.0% | ||
| Q3 25 | 388.4% | 7.6% | ||
| Q2 25 | -595.4% | 18.1% | ||
| Q1 25 | 486.6% | 69.3% | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | 8.1% | ||
| Q2 24 | 125.4% | — |
现金转化率APLDFUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.04× | ||
| 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% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
