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Applied Digital Corp.

APLD

$27.37 ▼ -1.17 (-4.10%) at close

6 Visible periods

30 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

Applied Digital Corp. faces fundamental challenges with weakness in Profit Margin (%) and Operating Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $7.5B

Dividend Yield —

Revenue Growth 167.5% ↗

Op. Margin -38.7% ↘

ROIC -13.9% ↗

FCF / Share $0.33 ↗

Trailing P/E —

Price / Book 4.6x

FCF Yield 1.2%

Debt / Equity —

info Valuation on last close. End-of-day price, Sep 23, 2026.

6-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$611.31M

↑ +167.5% —

Net Income Profit after all expenses

$-184.34M

↑ +20.2% —

Operating Margin Operating profit as % of sales

-38.7%

↓ -22.5% 1th

FCF / Share Free cash flow per share

$0.33

↑ +156.8% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↑

Financial Health ↑

Cash Quality

Financial view

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📈 Is growth accelerating? 5 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Revenue Growth YoY (%)	167.5% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1295%)	38.0% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+217%)	198.9% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1558%)	547.9% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+4466%)	—	—
EPS Growth YoY (%)	21.6% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	11.5% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	-172.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-17.1% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-7.9% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—
Net Income Growth YoY (%)	20.2% Good ↑ Good Improving Year-over-year change in net income	-54.8% Weak ↑ Weak Improving Year-over-year change in net income	-234.4% Weak ↑ Weak Improving Year-over-year change in net income	-89.8% Weak Weak Year-over-year change in net income	-4040.8% Weak Weak Year-over-year change in net income	—
FCF Growth YoY (%)	N/M	N/M	-80.7% Weak Weak Year-over-year change in free cash flow	N/M	-1418.5% Weak Weak Year-over-year change in free cash flow	—
Revenue CAGR 3Y (%)	122.6% Excellent Excellent Compound annual revenue growth over 3 years	199.0% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Operating Margin (%) (%)	-38.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-293%)	-31.6% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-258%)	-59.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-399%)	-79.5% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-498%)	-244.4% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1322%)	—
Effective Tax Rate (%) (%)	-1.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	1.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-2.5% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%
Profit Margin (%) (%)	-30.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-301%)	-101.1% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-774%)	-90.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-701%)	-80.6% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-637%)	-275.1% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1934%)	—
FCF Margin (%) (%)	14.7% Fair ↓ Fair Declining Free cash flow as a percentage of revenue Optimal: > 10%	-50.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	8.3% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	106.0% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—	—
FCF / Net Income (x)	-0.49x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.50x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.09x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-1.32x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	2.51x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	0.18x Weak Weak Free cash flow relative to reported net income Optimal: > 1x

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Return on Invested Capital (%)	-13.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-14.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-79.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-73.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-27.0% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	12.9% Good Good Return earned on debt + equity capital invested Optimal: > 10%
Return on Capital (%) (%)	-2.4% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-3.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-13.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-16.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-17.4% Weak Weak Operating profit relative to total assets Optimal: > 10%	-2.2% Weak Weak Operating profit relative to total assets Optimal: > 10%
Return on Common Equity (%) (%)	-10.7% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-158%)	-46.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-351%)	-119.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-746%)	-75.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-505%)	-32.5% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-276%)	22.0% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+19%)

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Debt to Equity (x)	—	—	—	—	0.10x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-78%)	—
Interest Coverage (x)	-0.90x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-1.15x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-3.69x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-22.25x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-186.59x Weak Weak Operating income divided by interest expense Optimal: > 5x	-1.41x Weak Weak Operating income divided by interest expense Optimal: > 5x
Net Debt (USD)	$-1.59B	$-43.95M	$-3.34M	$-29.00M	$-31.61M	$-11.75M
Debt / EBITDA (x)	—	—	—	—	-0.36x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—

📊 What does each share earn? 6 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Revenue per Share (USD)	$2.22	$1.14	$1.45	$0.59	$0.15	$0.00
Basic EPS, GAAP (USD)	$-0.91	$-1.16	$-1.31	$-0.48	$-0.41	$-0.38
Free Cash Flow per Share (USD)	$0.33	$-0.57	$0.12	$0.62	$-1.04	$-0.07
Book Value per Share (USD)	$5.97	$2.21	$0.90	$0.62	$0.74	$-1.71
Tangible Book Value per Share (USD)	$5.78	$2.21	$0.90	$0.62	$0.74	$-1.71
Basic Weighted Avg Shares (shares)	275.19M	201.19M	114.06M	93.98M	57.12M	1.51M

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Working Capital (USD)	$3.50B	$-366.93M	$-355.27M	$-69.79M	$20.31M	$9.26M
LT Debt (USD)	—	—	—	—	$7.19M	—
Total Equity (USD)	$1.72B	$497.69M	$124.83M	$59.52M	$72.26M	$-2.58M

📋 What is driving earnings? 4 metrics

Metric	FY 2026 May 31, 2026 10-K ↗	FY 2025 May 31, 2025 10-K ↗	FY 2024 May 31, 2024 10-K ↗	FY 2023 May 31, 2023 10-K ↗	FY 2022 May 31, 2022 10-K ↗	FY 2021 May 31, 2021 10-K ↗
Sales/Revenue/Turnover (USD)	$611.31M	$228.57M	$165.57M	$55.39M	$8.55M	$0.00
Depreciation Expense (USD)	$67.39M	$134.71M	$79.36M	$7.27M	$1.01M	$1.00K
Net Income, GAAP (USD)	$-184.34M	$-231.06M	$-149.27M	$-44.65M	$-23.52M	$-568.00K
Operating Cash Flow (USD)	$89.69M	$-115.40M	$13.79M	$58.73M	$-872.00K	$-83.00K

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bar_chart Data from SEC EDGAR XBRL filings

Synced yesterday 6 years · 24 quarters

Applied Digital Corp.

Analytical Summary

6-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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