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Applied Digital (APLD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Applied Digital
NasdaqGS•Technology•Information Technology Services
$17.81+1.59(0.10%)Pre-market
Market Cap
$5.13B
P/S
6.3x
P/B
3.2x

Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting, and HPC Hosting Business. The company provides energized infrastructure services to crypto mining customers; and cloud services to customers, such as AI and machine learning developers. It also engages in the designing, constructing, and operating of data centers to provide computing power and support HPC applications. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation is based in Dallas, Texas.

C

How this company scores

AverageMetricSide Score: 45/100

Strongest: Growth (15/25); weakest: Profitability (7/25).

Profitability7/25
Growth15/25
Balance Sheet & Red Flags15/25
Cash & Earnings Quality8/25
Strengths
Growing revenueInterest easily coveredCash-backed earningsNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 6.3x5y range 2.9x – 35.7x
P/S 6.3x · near its 16-quarter median

Currently near its 16-quarter median.

P/B · 3.2x5y range 2.2x – 14.8x
P/B 3.2x · near its 18-quarter median

Currently near its 18-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 39.1% — significant dilution, likely from stock compensation or capital raises.

Price & Volume
Market Cap $5.13B

Metrics at a Glance

as of August 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$809.85M
5Q
Q. Revenue
$262.75M
309%
TTM EBITDA
$-171.40M
6Q
TTM Op. Income
$-276.55M
5Q
Q. Op. Income
$-62.38M
180%
TTM Net Income
$-351.47M
3Q
Q. Net Income
$-184.06M
3Q
EPS
$-0.82
3Q
Shares Out.
$291.56M
5Q
$809.85M in TTM revenue grew 448.3% YoY, reaching $262.75M last quarter. TTM EBITDA of $-171.40M and TTM operating income of $-276.55M show growth is flowing through to the bottom line. However, net income is negative at $351.47M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
6.5%
52%
EBITDA Margin
-7.8%
2Q
Op. Margin
-23.7%
2Q
Net Margin
-70.0%
166%
Op. margin of -23.7% is up 11.0% YoY — cost efficiency is improving. Net margin at -70.0% and gross margin of 6.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
6.3x
3Q
P/B Ratio
3.2x
18%
P/S of 6.3x and P/B of 3.2x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$11.71B
7Q
Cash
$2.95B
3891%
Long-Term Debt
N/A
Book Value
$1.60B
53%
D/E Ratio
N/A
Debt/EBITDA
N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$63.92M
178%
TTM Free Cash Flow
$-4.46B
7Q
FCF Margin
-550.2%
19%
FCF / Net Income
12.7
210%
TTM FCF of $-4.46B on $63.92M in operating cash flow. The FCF / Net Income ratio of 12.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.

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