Applied Digital Corp. (APLD)

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.

Ticker: APLD
Exchange: Nasdaq
Sector: Technology
Industry: Information Technology Services
Market cap: $4.62B
52-week range: $13.11 - $50.72

Valuation

Share price: $15.55 (close of Nov 6, 2026)
P/E (TTM): -9.48x
Price to book: 2.87x
Price to free cash flow: -1.04x
Enterprise value: $8.15B
Book value per share: $5.41

Price performance

Period	Change
1 day	+9.74%
5 days	-12.74%
1 month	-38.63%
3 months	-46.12%
6 months	-64.85%
Year to date	-36.58%
1 year	-49.97%
3 years	+190.11%
All time	+220.62%

Short interest

As of: Oct 15, 2026
Short % of float: 23.90%
Shares short: 65.47M
Days to cover: 2.23
Change since prior report: +15.60%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -10.69%
Return on invested capital: -3.46%
Return on assets: -1.86%
Return on capital employed: -2.70%
Gross margin: 35.08%
Net margin: -30.15%
EBITDA margin: -27.66%
Revenue growth: 167.45%

Cash flow and balance sheet

Free cash flow yield (TTM): -96.45%
Current ratio: 2.56x
Net debt to EBITDA: -37.77x

Latest reported year

Period end: May 31, 2026
Fiscal year: 2026
Revenue: $611.31M
Cost of revenue: $396.86M
Gross profit: $214.45M
EBITDA: -$169.07M
Net income: -$184.34M
Earnings per share: $-0.91
Interest expense: $29.52M
Shares outstanding: 275.19M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2026-05-31	$611.31M	$214.45M	-$184.34M	-$0.91
2025-05-31	$228.57M	$11.81M	-$231.06M	-$1.16
2024-05-31	$136.62M	-$11.72M	-$149.27M	-$1.31
2023-05-31	$55.39M	$11.00M	-$44.65M	-$0.47
2022-05-31	$8.55M	-$957.00K	-$23.52M	-$0.41
2021-05-31	-	-	-$568.00K	-$0.38

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2026-05-31	35.08%	-30.15%	-10.69%	-3.46%
2025-05-31	5.17%	-101.09%	-46.43%	-5.12%
2024-05-31	-8.58%	-109.26%	-119.58%	-37.74%
2023-05-31	19.87%	-80.60%	-64.07%	-26.25%
2022-05-31	-11.19%	-275.12%	-29.68%	-22.53%

Cash and debt by year

Period end	Cash	Debt
2026-05-31	$1.59B	-
2025-05-31	$43.95M	-
2024-05-31	$3.34M	-
2023-05-31	$29.00M	-
2022-05-31	$38.80M	$7.19M
2021-05-31	$11.75M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2026-05-31	-$2.78B	$220.13M
2025-05-31	-$797.00M	$22.70M
2024-05-31	-$128.01M	$17.36M
2023-05-31	-$72.54M	$32.07M
2022-05-31	-$59.12M	$12.34M
2021-05-31	-$103.00K	-

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-07	Aug 2026	-$0.26
2026-07-27	May 2026	-$0.18
2026-04-08	Feb 2026	-$0.10
2026-01-07	Nov 2025	-$0.09
2025-10-09	Aug 2025	-$0.11
2025-07-30	May 2025	-$0.12
2025-04-14	Feb 2025	-$0.11
2025-01-14	Nov 2024	-$0.14

Filings and sources

Company website: applieddigital.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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