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Applied Digital Corp.（APLD）与Repay Holdings Corp（RPAY）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Repay Holdings Corp的1.6倍（$126.6M vs $78.6M），Applied Digital Corp.净利率更高（-11.4% vs -178.3%，领先166.9%），Applied Digital Corp.同比增速更快（98.2% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
APLD vs RPAY — 直观对比
营收规模更大
APLD
是对方的1.6倍
$78.6M
营收增速更快
APLD
高出97.8%
0.4%
净利率更高
APLD
高出166.9%
-178.3%
自由现金流更多
RPAY
多$591.1M
$-567.9M
两年增速更快
APLD
近两年复合增速
-1.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $78.6M |
| 净利润 | $-14.4M | $-140.1M |
| 毛利率 | 20.6% | 74.2% |
| 营业利润率 | -24.5% | -182.2% |
| 净利率 | -11.4% | -178.3% |
| 营收同比 | 98.2% | 0.4% |
| 净利润同比 | 89.6% | -3304.1% |
| 每股收益（稀释后） | $-0.07 | $-1.68 |
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APLDRPAY
| Q4 25 | $126.6M | $78.6M | ||
| Q3 25 | $64.2M | $77.7M | ||
| Q2 25 | $-33.3M | $75.6M | ||
| Q1 25 | $52.9M | $77.3M | ||
| Q4 24 | $63.9M | $78.3M | ||
| Q3 24 | $60.7M | $79.1M | ||
| Q2 24 | $43.7M | $74.9M | ||
| Q1 24 | $43.3M | $80.7M |
净利润APLDRPAY
| Q4 25 | $-14.4M | $-140.1M | ||
| Q3 25 | $-16.9M | $-6.4M | ||
| Q2 25 | $-52.5M | $-102.3M | ||
| Q1 25 | $-35.6M | $-7.9M | ||
| Q4 24 | $-138.7M | $-4.1M | ||
| Q3 24 | $-4.2M | $3.2M | ||
| Q2 24 | $-64.5M | $-4.1M | ||
| Q1 24 | $-62.8M | $-5.2M |
毛利率APLDRPAY
| Q4 25 | 20.6% | 74.2% | ||
| Q3 25 | 13.4% | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | 7.1% | 75.9% | ||
| Q4 24 | 18.0% | 76.3% | ||
| Q3 24 | -0.6% | 77.8% | ||
| Q2 24 | -9.1% | 78.2% | ||
| Q1 24 | -8.6% | 76.2% |
营业利润率APLDRPAY
| Q4 25 | -24.5% | -182.2% | ||
| Q3 25 | -34.7% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -35.8% | -4.7% | ||
| Q4 24 | -29.1% | -1.5% | ||
| Q3 24 | 15.6% | -0.9% | ||
| Q2 24 | -68.4% | -4.6% | ||
| Q1 24 | -128.8% | -3.1% |
净利率APLDRPAY
| Q4 25 | -11.4% | -178.3% | ||
| Q3 25 | -26.4% | -8.3% | ||
| Q2 25 | 157.8% | -135.2% | ||
| Q1 25 | -67.2% | -10.3% | ||
| Q4 24 | -217.2% | -5.3% | ||
| Q3 24 | -7.0% | 4.1% | ||
| Q2 24 | -147.5% | -5.4% | ||
| Q1 24 | -145.0% | -6.5% |
每股收益（稀释后）APLDRPAY
| Q4 25 | $-0.07 | $-1.68 | ||
| Q3 25 | $-0.07 | $-0.08 | ||
| Q2 25 | $-0.31 | $-1.15 | ||
| Q1 25 | $-0.16 | $-0.09 | ||
| Q4 24 | $-0.66 | $-0.04 | ||
| Q3 24 | $-0.03 | $0.03 | ||
| Q2 24 | $-0.57 | $-0.04 | ||
| Q1 24 | $-0.52 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $1.4B | $484.4M |
| 总资产 | $5.2B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资APLDRPAY
| Q4 25 | $1.9B | $115.7M | ||
| Q3 25 | $73.9M | $95.7M | ||
| Q2 25 | $41.6M | $162.6M | ||
| Q1 25 | $68.7M | $165.5M | ||
| Q4 24 | $286.2M | $189.5M | ||
| Q3 24 | $58.2M | $168.7M | ||
| Q2 24 | $3.3M | $147.1M | ||
| Q1 24 | $4.4M | $128.3M |
总债务APLDRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益APLDRPAY
| Q4 25 | $1.4B | $484.4M | ||
| Q3 25 | $1.0B | $616.9M | ||
| Q2 25 | $497.7M | $633.7M | ||
| Q1 25 | $454.6M | $755.7M | ||
| Q4 24 | $434.6M | $761.3M | ||
| Q3 24 | $241.8M | $754.7M | ||
| Q2 24 | $124.8M | $815.4M | ||
| Q1 24 | $118.5M | $813.8M |
总资产APLDRPAY
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $937.7M | $1.6B | ||
| Q2 24 | $762.9M | $1.5B | ||
| Q1 24 | $643.2M | $1.5B |
负债/权益比APLDRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $23.2M |
| 自由现金流率自由现金流/营收 | -448.6% | 29.6% |
| 资本支出强度资本支出/营收 | 436.1% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流APLDRPAY
| Q4 25 | $-15.8M | $23.3M | ||
| Q3 25 | $-82.0M | $32.2M | ||
| Q2 25 | $6.9M | $33.1M | ||
| Q1 25 | $5.9M | $2.5M | ||
| Q4 24 | $-52.3M | $34.3M | ||
| Q3 24 | $-75.9M | $60.1M | ||
| Q2 24 | $-34.1M | $31.0M | ||
| Q1 24 | $38.8M | $24.8M |
自由现金流APLDRPAY
| Q4 25 | $-567.9M | $23.2M | ||
| Q3 25 | $-331.4M | $32.1M | ||
| Q2 25 | $-191.4M | $33.0M | ||
| Q1 25 | $-251.6M | $2.4M | ||
| Q4 24 | $-223.3M | $34.0M | ||
| Q3 24 | $-130.7M | $59.8M | ||
| Q2 24 | $-88.9M | $30.5M | ||
| Q1 24 | $-2.3M | $24.7M |
自由现金流率APLDRPAY
| Q4 25 | -448.6% | 29.6% | ||
| Q3 25 | -516.1% | 41.3% | ||
| Q2 25 | 574.8% | 43.6% | ||
| Q1 25 | -475.4% | 3.0% | ||
| Q4 24 | -349.6% | 43.5% | ||
| Q3 24 | -215.3% | 75.6% | ||
| Q2 24 | -203.5% | 40.7% | ||
| Q1 24 | -5.4% | 30.6% |
资本支出强度APLDRPAY
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.2% | ||
| Q2 25 | -595.4% | 0.1% | ||
| Q1 25 | 486.6% | 0.2% | ||
| Q4 24 | 267.8% | 0.3% | ||
| Q3 24 | 90.3% | 0.3% | ||
| Q2 24 | 125.4% | 0.6% | ||
| Q1 24 | 95.0% | 0.1% |
现金转化率APLDRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
