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

$24.58-1.84(-0.07%)Pre-market

Market Cap

$8.03B

P/S

13.1x

P/B

4.7x

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.

How this company scores

AverageMetricSide Score: 53/100

Strongest: Growth (18/25); weakest: Cash & Earnings Quality (8/25).

Profitability12/25

Growth18/25

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 · 13.1x5y range 2.9x – 35.7x

Currently above its 15-quarter median.

P/B · 4.7x5y range 2.2x – 14.8x

Currently near its 17-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.

Price & Volume

Market Cap $8.03B

Metrics at a Glance

as of May 2026

Revenue & Profit

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

TTM Revenue: $611.31M
Q. Revenue: $293.87M
TTM EBITDA: $-169.07M
TTM Op. Income: $-236.46M
Q. Op. Income: $-97.55M
TTM Net Income: $-184.34M
Q. Net Income: $-82.41M
EPS: $-0.392
Shares Out.: $285.48M

$611.31M in TTM revenue grew 324.0% YoY, reaching $293.87M last quarter. TTM EBITDA of $-169.07M and TTM operating income of $-236.46M show growth is flowing through to the bottom line. However, net income is negative at $184.34M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 42.9%
EBITDA Margin: -21.7%
Op. Margin: -33.2%
Net Margin: -28.0%

Op. margin of -33.2% is up 0.5% YoY — cost efficiency is improving. Net margin at -28.0% and gross margin of 42.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 2% — 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: 13.1x
P/B Ratio: 4.7x

P/S of 13.1x and P/B of 4.7x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $9.93B
Cash: $1.59B
Long-Term Debt: N/A
Book Value: $1.72B
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: $132.54M
TTM Free Cash Flow: $-2.78B
FCF Margin: -454.1%
FCF / Net Income: 15.1

TTM FCF of $-2.78B on $132.54M in operating cash flow. The FCF / Net Income ratio of 15.1x 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.