APPS vs HASI
Digital Turbine, Inc. and HA Sustainable Infrastructure Capital, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | APPS | HASI |
|---|---|---|
| Revenue | $565.3M | $400.5M |
| Net income | $-37.7M | $184.5M |
| Gross margin | 56.9% | · |
| Net margin | −6.7% | 47.0% |
| Return on equity | −21.8% | 7.3% |
| Diluted EPS | −$0.33 | $1.41 |
| Dividend / share | · | · |
| Payout ratio | · | 113.7% |
| Free cash flow | $11.2M | · |
| Equity | $192.2M | · |
| Net debt / equity | 1.68× | · |
| Current ratio | 1.16× | · |
| Revenue CAGR 5y | 12.5% | 16.5% |
| Profit CAGR 5y | · | 17.5% |
APPS bills 1.4× the revenue of HASI, and APPS closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | APPS | HASI |
|---|---|---|
| FY2025 | $565.3M | $400.5M |
| FY2024 | $490.5M | $383.6M |
| FY2023 | $544.5M | $319.9M |
| FY2022 | $665.9M | $239.7M |
| FY2021 | $747.6M | $213.2M |
| FY2020 | $313.6M | $186.9M |
| FY2019 | $138.7M | $141.6M |
| FY2018 | $103.6M | $139.4M |
| FY2017 | $74.8M | $106.0M |
| FY2016 | $40.2M | $81.2M |
Bottom line
| Fiscal year | APPS | HASI |
|---|---|---|
| FY2025 | $-37.7M | $184.5M |
| FY2024 | $-92.1M | $200.0M |
| FY2023 | $-420.2M | $148.8M |
| FY2022 | $16.7M | $41.5M |
| FY2021 | $35.5M | $126.6M |
| FY2020 | $54.9M | $82.4M |
| FY2019 | $13.9M | $81.6M |
| FY2018 | $-6.0M | $41.6M |
| FY2017 | $-52.9M | $30.9M |
| FY2016 | $-24.3M | $14.7M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$164,749,000 | APPS |
| FY2024 | +$106,911,000 | APPS |
| FY2023 | +$224,611,000 | APPS |
| FY2022 | +$426,183,000 | APPS |
| FY2021 | +$534,430,000 | APPS |
| FY2020 | +$126,672,000 | APPS |
| FY2019 | −$2,866,000 | HASI |
| FY2018 | −$35,827,000 | HASI |
| FY2017 | −$31,236,000 | HASI |
| FY2016 | −$40,991,000 | HASI |
| FY2015 | −$36,428,000 | HASI |
| FY2014 | −$17,023,000 | HASI |
| FY2013 | −$41,000 | HASI |
| FY2012 | −$13,433,000 | HASI |
| FY2011 | +$31,000 | APPS |
The higher-revenue side has changed between APPS and HASI over this period. The gap has widened since the earliest year compared.
15 of 16 comparable fiscal years — a year missing data on either side is not counted.
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −53.7 pp | HASI |
| FY2024 | −71.9 pp | HASI |
| FY2023 | −124.4 pp | HASI |
| FY2022 | −14.9 pp | HASI |
| FY2021 | −55.0 pp | HASI |
| FY2020 | −26.8 pp | HASI |
| FY2019 | −47.8 pp | HASI |
| FY2018 | −35.8 pp | HASI |
| FY2017 | −100.0 pp | HASI |
| FY2016 | −78.5 pp | HASI |
| FY2015 | −139.7 pp | HASI |
| FY2014 | −108.8 pp | HASI |
| FY2013 | −25.0 pp | HASI |
| FY2012 | −389.3 pp | HASI |
| FY2011 | −355.1 pp | HASI |
HASI has kept the higher net margin in every one of these 15 fiscal years.
15 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
APPS's net margin has been more volatile than HASI's over the 15 comparable fiscal years — 129.0 percentage points of standard deviation against 36.0.
15 of 16 comparable fiscal years — a year missing data on either side is not counted.
Year by year
HASI led in net margin in every one of the 15 comparable fiscal years — a structural lead, not a recent swing.
15 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
APPS's return on equity has been more volatile than HASI's over the 13 comparable fiscal years — 49.7 percentage points of standard deviation against 5.7.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between APPS and HASI over these 13 fiscal years — APPS led in 4 and HASI in 9.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.