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Applied Digital Corp.（APLD）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是Applied Digital Corp.的12.9倍（$1.6B vs $126.6M）。Toast, Inc.净利率更高（6.2% vs -11.4%，领先17.6%）。Applied Digital Corp.同比增速更快（98.2% vs 22.0%）。Toast, Inc.自由现金流更多（$178.0M vs $-567.9M）。过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 23.3%）
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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
APLD vs TOST — 直观对比
营收规模更大
TOST
是对方的12.9倍
$126.6M
营收增速更快
APLD
高出76.2%
22.0%
净利率更高
TOST
高出17.6%
-11.4%
自由现金流更多
TOST
多$745.9M
$-567.9M
两年增速更快
APLD
近两年复合增速
23.3%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $1.6B |
| 净利润 | $-14.4M | $101.0M |
| 毛利率 | 20.6% | 25.9% |
| 营业利润率 | -24.5% | 5.2% |
| 净利率 | -11.4% | 6.2% |
| 营收同比 | 98.2% | 22.0% |
| 净利润同比 | 89.6% | 215.6% |
| 每股收益（稀释后） | $-0.07 | $0.18 |
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APLDTOST
| Q4 25 | $126.6M | $1.6B | ||
| Q3 25 | $64.2M | $1.6B | ||
| Q2 25 | $-33.3M | $1.6B | ||
| Q1 25 | $52.9M | $1.3B | ||
| Q4 24 | $63.9M | $1.3B | ||
| Q3 24 | $60.7M | $1.3B | ||
| Q2 24 | $43.7M | $1.2B | ||
| Q1 24 | $43.3M | $1.1B |
净利润APLDTOST
| Q4 25 | $-14.4M | $101.0M | ||
| Q3 25 | $-16.9M | $105.0M | ||
| Q2 25 | $-52.5M | $80.0M | ||
| Q1 25 | $-35.6M | $56.0M | ||
| Q4 24 | $-138.7M | $32.0M | ||
| Q3 24 | $-4.2M | $56.0M | ||
| Q2 24 | $-64.5M | $14.0M | ||
| Q1 24 | $-62.8M | $-83.0M |
毛利率APLDTOST
| Q4 25 | 20.6% | 25.9% | ||
| Q3 25 | 13.4% | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | 7.1% | 25.9% | ||
| Q4 24 | 18.0% | 24.9% | ||
| Q3 24 | -0.6% | 24.7% | ||
| Q2 24 | -9.1% | 23.0% | ||
| Q1 24 | -8.6% | 23.2% |
营业利润率APLDTOST
| Q4 25 | -24.5% | 5.2% | ||
| Q3 25 | -34.7% | 5.1% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | -35.8% | 3.2% | ||
| Q4 24 | -29.1% | 2.5% | ||
| Q3 24 | 15.6% | 2.6% | ||
| Q2 24 | -68.4% | 0.4% | ||
| Q1 24 | -128.8% | -5.2% |
净利率APLDTOST
| Q4 25 | -11.4% | 6.2% | ||
| Q3 25 | -26.4% | 6.4% | ||
| Q2 25 | 157.8% | 5.2% | ||
| Q1 25 | -67.2% | 4.2% | ||
| Q4 24 | -217.2% | 2.4% | ||
| Q3 24 | -7.0% | 4.3% | ||
| Q2 24 | -147.5% | 1.1% | ||
| Q1 24 | -145.0% | -7.7% |
每股收益（稀释后）APLDTOST
| Q4 25 | $-0.07 | $0.18 | ||
| Q3 25 | $-0.07 | $0.16 | ||
| Q2 25 | $-0.31 | $0.13 | ||
| Q1 25 | $-0.16 | $0.09 | ||
| Q4 24 | $-0.66 | $0.09 | ||
| Q3 24 | $-0.03 | $0.07 | ||
| Q2 24 | $-0.57 | $0.02 | ||
| Q1 24 | $-0.52 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $2.1B |
| 总资产 | $5.2B | $3.1B |
| 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APLDTOST
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $73.9M | $1.4B | ||
| Q2 25 | $41.6M | $1.2B | ||
| Q1 25 | $68.7M | $1.0B | ||
| Q4 24 | $286.2M | $903.0M | ||
| Q3 24 | $58.2M | $761.0M | ||
| Q2 24 | $3.3M | $691.0M | ||
| Q1 24 | $4.4M | $578.0M |
股东权益APLDTOST
| Q4 25 | $1.4B | $2.1B | ||
| Q3 25 | $1.0B | $2.0B | ||
| Q2 25 | $497.7M | $1.8B | ||
| Q1 25 | $454.6M | $1.7B | ||
| Q4 24 | $434.6M | $1.5B | ||
| Q3 24 | $241.8M | $1.4B | ||
| Q2 24 | $124.8M | $1.3B | ||
| Q1 24 | $118.5M | $1.2B |
总资产APLDTOST
| Q4 25 | $5.2B | $3.1B | ||
| Q3 25 | $2.4B | $3.0B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $937.7M | $2.2B | ||
| Q2 24 | $762.9M | $2.2B | ||
| Q1 24 | $643.2M | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $178.0M |
| 自由现金流率自由现金流/营收 | -448.6% | 10.9% |
| 资本支出强度资本支出/营收 | 436.1% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $-1.3B | $608.0M |
8季度趋势，按日历期对齐
经营现金流APLDTOST
| Q4 25 | $-15.8M | $194.0M | ||
| Q3 25 | $-82.0M | $165.0M | ||
| Q2 25 | $6.9M | $223.0M | ||
| Q1 25 | $5.9M | $79.0M | ||
| Q4 24 | $-52.3M | $147.0M | ||
| Q3 24 | $-75.9M | $109.0M | ||
| Q2 24 | $-34.1M | $124.0M | ||
| Q1 24 | $38.8M | $-20.0M |
自由现金流APLDTOST
| Q4 25 | $-567.9M | $178.0M | ||
| Q3 25 | $-331.4M | $153.0M | ||
| Q2 25 | $-191.4M | $208.0M | ||
| Q1 25 | $-251.6M | $69.0M | ||
| Q4 24 | $-223.3M | $134.0M | ||
| Q3 24 | $-130.7M | $97.0M | ||
| Q2 24 | $-88.9M | $108.0M | ||
| Q1 24 | $-2.3M | $-33.0M |
自由现金流率APLDTOST
| Q4 25 | -448.6% | 10.9% | ||
| Q3 25 | -516.1% | 9.4% | ||
| Q2 25 | 574.8% | 13.4% | ||
| Q1 25 | -475.4% | 5.2% | ||
| Q4 24 | -349.6% | 10.0% | ||
| Q3 24 | -215.3% | 7.4% | ||
| Q2 24 | -203.5% | 8.7% | ||
| Q1 24 | -5.4% | -3.1% |
资本支出强度APLDTOST
| Q4 25 | 436.1% | 1.0% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 1.0% | ||
| Q1 25 | 486.6% | 0.7% | ||
| Q4 24 | 267.8% | 1.0% | ||
| Q3 24 | 90.3% | 0.9% | ||
| Q2 24 | 125.4% | 1.3% | ||
| Q1 24 | 95.0% | 1.2% |
现金转化率APLDTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
