Applied Digital Corporation APLD R2KAI

Technology · Information Technology Services · United States

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 Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks. It also engages in the designing, constructing, and managing of data centers to 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 has an lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. Applied Digital Corporation is based in Dallas, Texas.

Market & Price

Market Cap

$13.51B

Current Price

$47.28

High / Low (52W)

$49.65 / $6.83

Beta

5.70

Valuation

Stock P/E

Industry PE

32.74

Forward P/E

PEG Ratio

1.83

Book Value

$5.54

Price to Book

8.53

P/S

42.32

EV/EBITDA

1,121.50

Dividend Yield

Profitability & Returns

ROCE

-10.94%

ROE

-5.56%

ROA

-0.60%

Profit Margin

-59.47%

Op Margin

-20.47%

EPS (Latest Qtr)

$-0.36

EPS (TTM)

$-0.38

Balance Sheet & Liquidity

Debt/Equity

1.10

Quick Ratio

1.72

Current Ratio

2.38

Debt

$2.83B

Total Assets

$1.87B

Current Assets

$430.59M

Working Capital

$-127.55M

Ownership

Promoter Holding

11.08%

Chg in Prom Hold

FII / Inst Holding

71.86%

Chg in FII Hold

0.04%

Financial Snapshot

Enterprise Value

$15.59B

Total Revenue (TTM)

$319.26M

EBITDA

$13.90M

Free Cash Flow

$-1.50B

Operating Cash Flow

$-36.01M

Shares Outstanding

285.77M

Gross Margin

45.41%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

156.45%

Profit 5Y

-294.14%

Revenue (YoY)

139.30%

Earnings (YoY)

PROS

Compounding revenue at 156.5% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -294.1% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	APLD Applied Digital Corporation R2KAI	47.28	-	$13.51B	-	-10.94%	-5.56%	156.45%	-294.14%
2	NVDA NVIDIA Corporation NDXSPXAI	211.14	32.38	$5.11T	0.47%	81.14%	114.29%	100.05%	201.80%
3	AAPL Apple Inc. NDXSPX	312.06	37.73	$4.58T	0.35%	68.72%	141.47%	1.81%	3.92%
4	MSFT Microsoft Corporation NDXSPXAI	450.24	26.82	$3.34T	0.81%	26.37%	34.01%	12.42%	11.87%
5	TSM Taiwan Semiconductor Manufacturing Company Limited AI	418.45	35.86	$2.17T	0.91%	32.04%	36.21%	18.94%	19.57%
6	MU Micron Technology, Inc. NDXSPXAI	971.00	45.87	$1.10T	0.06%	14.20%	39.82%	6.71%	-0.57%
7	AMD Advanced Micro Devices, Inc. NDXSPXAI	516.10	172.61	$841.55B	-	6.33%	8.06%	13.64%	48.64%
8	ORCL Oracle Corporation SPXAI	225.78	40.46	$649.35B	0.89%	13.07%	57.57%	10.59%	22.81%
9	ASML ASML Holding N.V. NDXAI	1,612.76	53.76	$621.59B	0.54%	43.81%	52.24%	15.55%	19.55%

Quarterly Results

Figures in USD.

Metric	Feb 2021	Aug 2021	Nov 2021	Feb 2022	Aug 2022	Nov 2022	Feb 2023	Aug 2023	Nov 2023	Feb 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026
Revenue	0	0	0	1.03M	6.92M	12.34M	14.09M	36.32M	42.20M	43.35M	-	-	52.92M	-33.30M	64.22M	126.59M	126.64M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	49.14M	-61.11M	55.61M	100.55M	72.83M
Gross Profit	0	0	0	-1.05M	831.00K	528.00K	3.56M	-	-	-	-	-	3.78M	27.81M	8.61M	26.04M	53.80M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	22.72M	16.21M	29.15M	56.99M	79.72M
Operating Income	0	-13.04M	-1.35M	-2.42M	-4.18M	-26.70M	-6.99M	-7.37M	-7.91M	-55.46M	-	-	-18.94M	11.60M	-20.54M	-30.96M	-25.92M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-7.76M	29.63M	-18.14M	-6.48M	-5.11M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	2.93M	8.90M	-8.95M	3.95M	11.48M	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-35.44M	20.18M	-26.24M	-26.55M	-70.56M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	117.00K	-16.00K	8.00K	15.00K	-2.00K
Net Income	-77.00K	-14.10M	-171.00K	-6.45M	-4.53M	-26.62M	-7.03M	-11.46M	-10.53M	-62.84M	-	-	-35.55M	-52.54M	-16.93M	-17.51M	-99.30M
Diluted EPS	-0.05	-0.31	0.00	-0.12	-0.05	-0.28	-0.07	-0.11	-0.10	-0.52	-	-	-0.16	-0.24	-0.07	-0.07	-0.36

Profit & Loss (Annual)

Figures in USD.

Metric	May 2021	May 2022	May 2023	May 2024	May 2025
Revenue	-	8.55M	55.39M	136.62M	144.19M
Cost of Revenue	-	9.51M	44.39M	106.65M	101.45M
Gross Profit	-	-957.00K	11.00M	29.96M	42.74M
Operating Expenses	-	19.94M	53.91M	45.02M	83.06M
Operating Income	-	-20.90M	-42.91M	-15.05M	-40.32M
EBITDA	-	-20.71M	-35.39M	22.79M	-45.55M
Interest Expense	-	112.00K	2.01M	17.71M	14.74M
Pretax Income	-	-21.95M	-45.01M	-74.28M	-158.23M
Tax Provision	-	540.00K	-523.00K	96.00K	102.00K
Net Income	-	-23.52M	-44.65M	-149.27M	-231.06M
Diluted EPS	-0.38	-0.41	-0.49	-1.31	-

Compounded Sales Growth

5 Years:	156.45%
1 Year:	139.30%

Compounded Profit Growth

5 Years:	-294.14%
1 Year:	-

Stock Price Performance

1 Year:	+592.24%
6 Months:	+99.16%
3 Months:	+73.38%
1 Month:	+44.65%

Balance Sheet (Annual)

Figures in USD.

Metric	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Assets	-	-	119.98M	263.96M	762.87M	1.87B
Current Assets	-	-	40.36M	45.67M	404.14M	430.59M
Cash & Equivalents	-	-	38.80M	29.00M	3.34M	41.55M
Inventory	-	-	-	-	-	-
Receivables	-	-	227.00K	82.00K	3.85M	3.04M
Total Liabilities	-	-	40.74M	194.28M	638.04M	1.24B
Current Liabilities	-	-	29.00M	115.46M	554.11M	558.14M
Long Term Debt	-	-	5.90M	68.48M	79.47M	677.83M
Total Debt	-	-	13.54M	91.81M	135.73M	702.88M
Total Equity	-2.02M	-	72.26M	59.52M	124.83M	633.73M
Shares Outstanding	-	-	97.87M	100.93M	144.08M	234.20M

Cash Flows (Annual)

Figures in USD.

Metric	May 2021	May 2022	May 2023	May 2024	May 2025
Operating Cash Flow	-	-872.00K	58.73M	13.79M	-115.40M
Investing Cash Flow	-	-45.87M	-132.09M	-172.44M	-667.65M
Financing Cash Flow	-	81.29M	70.63M	146.76M	874.69M
Capital Expenditure	-	-54.97M	-131.28M	-141.81M	-681.60M
Free Cash Flow	-	-55.85M	-72.54M	-128.01M	-797.00M
Net Change in Cash	-	34.55M	-2.73M	-11.89M	91.63M
Share Buybacks	-	-	0	0	31.34M

Ratios (Annual)

Figures in %.

Metric	May 2021	May 2022	May 2023	May 2024	May 2025
Gross Margin %	-	-11.2%	19.9%	21.9%	29.6%
Operating Margin %	-	-244.4%	-77.5%	-11.0%	-28.0%
Net Margin %	-	-275.1%	-80.6%	-109.3%	-160.2%
ROE %	-	-32.5%	-75.0%	-119.6%	-36.5%
ROCE %	-	-23.0%	-28.9%	-7.2%	-3.1%

Shareholding Pattern

Insiders

11.08%

Institutions

71.86%

Public Float

80.81%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Hood River Capital Management LLC	8.07%	23.08M	$1.09B
2	Blackrock Inc.	7.31%	20.90M	$987.97M
3	Vanguard Portfolio Management LLC	5.18%	14.81M	$700.11M
4	Situational Awareness Partners LP	4.72%	13.48M	$637.26M
5	Situational Awareness LP	4.72%	13.48M	$637.26M
6	Vanguard Capital Management LLC	3.77%	10.78M	$509.47M
7	Goldman Sachs Group Inc	2.80%	8.00M	$378.45M
8	Value Aligned Research Advisors, LLC	2.33%	6.67M	$315.28M
9	Geode Capital Management, LLC	2.24%	6.41M	$303.13M
10	Dba Trading, LLC	1.95%	5.58M	$263.64M

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