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Applied Digital Corp.（APLD）与MARCUS CORP（MCS）财务数据对比。点击上方公司名可切换其他公司
MARCUS CORP的季度营收约是Applied Digital Corp.的1.5倍（$193.5M vs $126.6M），Applied Digital Corp.同比增速更快（98.2% vs 2.8%），MARCUS CORP自由现金流更多（$26.4M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 18.2%）
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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
APLD vs MCS — 直观对比
营收规模更大
MCS
是对方的1.5倍
$126.6M
营收增速更快
APLD
高出95.5%
2.8%
自由现金流更多
MCS
多$594.3M
$-567.9M
两年增速更快
APLD
近两年复合增速
18.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $193.5M |
| 净利润 | $-14.4M | — |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | 0.9% |
| 净利率 | -11.4% | — |
| 营收同比 | 98.2% | 2.8% |
| 净利润同比 | 89.6% | — |
| 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APLDMCS
| Q4 25 | $126.6M | $193.5M | ||
| Q3 25 | $64.2M | $210.2M | ||
| Q2 25 | $-33.3M | $206.0M | ||
| Q1 25 | $52.9M | $148.8M | ||
| Q4 24 | $63.9M | $188.3M | ||
| Q3 24 | $60.7M | $232.7M | ||
| Q2 24 | $43.7M | $176.0M | ||
| Q1 24 | $43.3M | $138.5M |
净利润APLDMCS
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $16.2M | ||
| Q2 25 | $-52.5M | $7.3M | ||
| Q1 25 | $-35.6M | $-16.8M | ||
| Q4 24 | $-138.7M | $986.0K | ||
| Q3 24 | $-4.2M | $23.3M | ||
| Q2 24 | $-64.5M | $-20.2M | ||
| Q1 24 | $-62.8M | $-11.9M |
毛利率APLDMCS
| 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% | — | ||
| Q1 24 | -8.6% | — |
营业利润率APLDMCS
| Q4 25 | -24.5% | 0.9% | ||
| Q3 25 | -34.7% | 10.8% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | -35.8% | -13.7% | ||
| Q4 24 | -29.1% | -1.2% | ||
| Q3 24 | 15.6% | 14.1% | ||
| Q2 24 | -68.4% | 1.3% | ||
| Q1 24 | -128.8% | -12.0% |
净利率APLDMCS
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | 7.7% | ||
| Q2 25 | 157.8% | 3.6% | ||
| Q1 25 | -67.2% | -11.3% | ||
| Q4 24 | -217.2% | 0.5% | ||
| Q3 24 | -7.0% | 10.0% | ||
| Q2 24 | -147.5% | -11.5% | ||
| Q1 24 | -145.0% | -8.6% |
每股收益（稀释后）APLDMCS
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-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 | $23.4M |
| 总债务越低越好 | — | $159.0M |
| 股东权益账面价值 | $1.4B | $457.4M |
| 总资产 | $5.2B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资APLDMCS
| Q4 25 | $1.9B | $23.4M | ||
| Q3 25 | $73.9M | $7.4M | ||
| Q2 25 | $41.6M | $14.9M | ||
| Q1 25 | $68.7M | $11.9M | ||
| Q4 24 | $286.2M | $40.8M | ||
| Q3 24 | $58.2M | $28.4M | ||
| Q2 24 | $3.3M | $32.8M | ||
| Q1 24 | $4.4M | $17.3M |
总债务APLDMCS
| Q4 25 | — | $159.0M | ||
| Q3 25 | — | $162.0M | ||
| Q2 25 | — | $179.9M | ||
| Q1 25 | — | $198.9M | ||
| Q4 24 | — | $159.1M | ||
| Q3 24 | — | $173.1M | ||
| Q2 24 | — | $175.7M | ||
| Q1 24 | — | $169.8M |
股东权益APLDMCS
| Q4 25 | $1.4B | $457.4M | ||
| Q3 25 | $1.0B | $454.3M | ||
| Q2 25 | $497.7M | $448.4M | ||
| Q1 25 | $454.6M | $441.8M | ||
| Q4 24 | $434.6M | $464.9M | ||
| Q3 24 | $241.8M | $462.3M | ||
| Q2 24 | $124.8M | $449.4M | ||
| Q1 24 | $118.5M | $459.3M |
总资产APLDMCS
| Q4 25 | $5.2B | $1.0B | ||
| Q3 25 | $2.4B | $1.0B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $937.7M | $1.0B | ||
| Q2 24 | $762.9M | $1.1B | ||
| Q1 24 | $643.2M | $1.0B |
负债/权益比APLDMCS
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.37× |
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 | $48.8M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $26.4M |
| 自由现金流率自由现金流/营收 | -448.6% | 13.6% |
| 资本支出强度资本支出/营收 | 436.1% | 11.6% |
| 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 | $989.0K |
8季度趋势，按日历期对齐
经营现金流APLDMCS
| Q4 25 | $-15.8M | $48.8M | ||
| Q3 25 | $-82.0M | $39.1M | ||
| Q2 25 | $6.9M | $31.6M | ||
| Q1 25 | $5.9M | $-35.3M | ||
| Q4 24 | $-52.3M | $52.6M | ||
| Q3 24 | $-75.9M | $30.5M | ||
| Q2 24 | $-34.1M | $36.0M | ||
| Q1 24 | $38.8M | $-15.1M |
自由现金流APLDMCS
| Q4 25 | $-567.9M | $26.4M | ||
| Q3 25 | $-331.4M | $18.2M | ||
| Q2 25 | $-191.4M | $14.7M | ||
| Q1 25 | $-251.6M | $-58.3M | ||
| Q4 24 | $-223.3M | $27.1M | ||
| Q3 24 | $-130.7M | $12.0M | ||
| Q2 24 | $-88.9M | $16.1M | ||
| Q1 24 | $-2.3M | $-30.5M |
自由现金流率APLDMCS
| Q4 25 | -448.6% | 13.6% | ||
| Q3 25 | -516.1% | 8.7% | ||
| Q2 25 | 574.8% | 7.1% | ||
| Q1 25 | -475.4% | -39.2% | ||
| Q4 24 | -349.6% | 14.4% | ||
| Q3 24 | -215.3% | 5.2% | ||
| Q2 24 | -203.5% | 9.2% | ||
| Q1 24 | -5.4% | -22.0% |
资本支出强度APLDMCS
| Q4 25 | 436.1% | 11.6% | ||
| Q3 25 | 388.4% | 9.9% | ||
| Q2 25 | -595.4% | 8.2% | ||
| Q1 25 | 486.6% | 15.5% | ||
| Q4 24 | 267.8% | 13.5% | ||
| Q3 24 | 90.3% | 7.9% | ||
| Q2 24 | 125.4% | 11.3% | ||
| Q1 24 | 95.0% | 11.1% |
现金转化率APLDMCS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.41× | ||
| Q2 25 | — | 4.32× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 53.31× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | — | ||
| 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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
