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Applied Digital Corp.（APLD）与null（SWIM）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null的1.3倍（$126.6M vs $100.0M），null净利率更高（-7.0% vs -11.4%，领先4.4%），Applied Digital Corp.同比增速更快（98.2% vs 14.5%），null自由现金流更多（$14.1M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs -4.9%）
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。
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
APLD vs SWIM — 直观对比
营收规模更大
APLD
是对方的1.3倍
$100.0M
营收增速更快
APLD
高出83.7%
14.5%
净利率更高
SWIM
高出4.4%
-11.4%
自由现金流更多
SWIM
多$582.0M
$-567.9M
两年增速更快
APLD
近两年复合增速
-4.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $100.0M |
| 净利润 | $-14.4M | $-7.0M |
| 毛利率 | 20.6% | 28.0% |
| 营业利润率 | -24.5% | -10.7% |
| 净利率 | -11.4% | -7.0% |
| 营收同比 | 98.2% | 14.5% |
| 净利润同比 | 89.6% | 76.0% |
| 每股收益（稀释后） | $-0.07 | $-0.06 |
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APLDSWIM
| Q4 25 | $126.6M | $100.0M | ||
| Q3 25 | $64.2M | $161.9M | ||
| Q2 25 | $-33.3M | $172.6M | ||
| Q1 25 | $52.9M | $111.4M | ||
| Q4 24 | $63.9M | $87.3M | ||
| Q3 24 | $60.7M | $150.5M | ||
| Q2 24 | $43.7M | $160.1M | ||
| Q1 24 | $43.3M | $110.6M |
净利润APLDSWIM
| Q4 25 | $-14.4M | $-7.0M | ||
| Q3 25 | $-16.9M | $8.1M | ||
| Q2 25 | $-52.5M | $16.0M | ||
| Q1 25 | $-35.6M | $-6.0M | ||
| Q4 24 | $-138.7M | $-29.2M | ||
| Q3 24 | $-4.2M | $5.9M | ||
| Q2 24 | $-64.5M | $13.3M | ||
| Q1 24 | $-62.8M | $-7.9M |
毛利率APLDSWIM
| Q4 25 | 20.6% | 28.0% | ||
| Q3 25 | 13.4% | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | 7.1% | 29.5% | ||
| Q4 24 | 18.0% | 24.6% | ||
| Q3 24 | -0.6% | 32.4% | ||
| Q2 24 | -9.1% | 33.1% | ||
| Q1 24 | -8.6% | 27.7% |
营业利润率APLDSWIM
| Q4 25 | -24.5% | -10.7% | ||
| Q3 25 | -34.7% | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | -35.8% | -4.4% | ||
| Q4 24 | -29.1% | -14.9% | ||
| Q3 24 | 15.6% | 8.9% | ||
| Q2 24 | -68.4% | 12.5% | ||
| Q1 24 | -128.8% | -1.9% |
净利率APLDSWIM
| Q4 25 | -11.4% | -7.0% | ||
| Q3 25 | -26.4% | 5.0% | ||
| Q2 25 | 157.8% | 9.3% | ||
| Q1 25 | -67.2% | -5.4% | ||
| Q4 24 | -217.2% | -33.4% | ||
| Q3 24 | -7.0% | 3.9% | ||
| Q2 24 | -147.5% | 8.3% | ||
| Q1 24 | -145.0% | -7.1% |
每股收益（稀释后）APLDSWIM
| Q4 25 | $-0.07 | $-0.06 | ||
| Q3 25 | $-0.07 | $0.07 | ||
| Q2 25 | $-0.31 | $0.13 | ||
| Q1 25 | $-0.16 | $-0.05 | ||
| Q4 24 | $-0.66 | $-0.24 | ||
| Q3 24 | $-0.03 | $0.05 | ||
| Q2 24 | $-0.57 | $0.11 | ||
| Q1 24 | $-0.52 | $-0.07 |
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 | — |
| 总债务越低越好 | — | $279.8M |
| 股东权益账面价值 | $1.4B | $405.9M |
| 总资产 | $5.2B | $823.2M |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资APLDSWIM
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
总债务APLDSWIM
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
股东权益APLDSWIM
| Q4 25 | $1.4B | $405.9M | ||
| Q3 25 | $1.0B | $408.4M | ||
| Q2 25 | $497.7M | $398.4M | ||
| Q1 25 | $454.6M | $381.1M | ||
| Q4 24 | $434.6M | $387.2M | ||
| Q3 24 | $241.8M | $416.6M | ||
| Q2 24 | $124.8M | $408.1M | ||
| Q1 24 | $118.5M | $391.8M |
总资产APLDSWIM
| Q4 25 | $5.2B | $823.2M | ||
| Q3 25 | $2.4B | $844.4M | ||
| Q2 25 | $1.9B | $822.1M | ||
| Q1 25 | $1.7B | $824.6M | ||
| Q4 24 | $1.5B | $794.2M | ||
| Q3 24 | $937.7M | $853.4M | ||
| Q2 24 | $762.9M | $830.0M | ||
| Q1 24 | $643.2M | $808.6M |
负债/权益比APLDSWIM
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $14.1M |
| 自由现金流率自由现金流/营收 | -448.6% | 14.1% |
| 资本支出强度资本支出/营收 | 436.1% | 9.2% |
| 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 | $38.0M |
8季度趋势，按日历期对齐
经营现金流APLDSWIM
| Q4 25 | $-15.8M | $23.3M | ||
| Q3 25 | $-82.0M | $51.0M | ||
| Q2 25 | $6.9M | $36.0M | ||
| Q1 25 | $5.9M | $-46.9M | ||
| Q4 24 | $-52.3M | $6.2M | ||
| Q3 24 | $-75.9M | $37.2M | ||
| Q2 24 | $-34.1M | $52.4M | ||
| Q1 24 | $38.8M | $-34.5M |
自由现金流APLDSWIM
| Q4 25 | $-567.9M | $14.1M | ||
| Q3 25 | $-331.4M | $45.2M | ||
| Q2 25 | $-191.4M | $29.1M | ||
| Q1 25 | $-251.6M | $-50.3M | ||
| Q4 24 | $-223.3M | $-98.0K | ||
| Q3 24 | $-130.7M | $33.2M | ||
| Q2 24 | $-88.9M | $47.9M | ||
| Q1 24 | $-2.3M | $-39.9M |
自由现金流率APLDSWIM
| Q4 25 | -448.6% | 14.1% | ||
| Q3 25 | -516.1% | 27.9% | ||
| Q2 25 | 574.8% | 16.8% | ||
| Q1 25 | -475.4% | -45.2% | ||
| Q4 24 | -349.6% | -0.1% | ||
| Q3 24 | -215.3% | 22.1% | ||
| Q2 24 | -203.5% | 29.9% | ||
| Q1 24 | -5.4% | -36.0% |
资本支出强度APLDSWIM
| Q4 25 | 436.1% | 9.2% | ||
| Q3 25 | 388.4% | 3.6% | ||
| Q2 25 | -595.4% | 4.0% | ||
| Q1 25 | 486.6% | 3.1% | ||
| Q4 24 | 267.8% | 7.2% | ||
| Q3 24 | 90.3% | 2.7% | ||
| Q2 24 | 125.4% | 2.8% | ||
| Q1 24 | 95.0% | 4.8% |
现金转化率APLDSWIM
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
