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Friday 6 November 2026
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Applied Digital Corporation
APLD Technology Information Technology Services
- Revenue
- +322.4%
- EPS
- −1,071.4%
- Free cash flow
- −506.7%
- Total debt
- +828.1%
Quarter to August 2026, against a year earlier
15.52
1.35
+9.53%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to May
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Aug ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 9 | 55 | 166 | 229 | 611 | 872 | +190.8% | 978 | 1,966 | 3,033 | +70.6% | |
| Gross margin, % | — | — | — | — | 0.00 | (11.19) | 19.87 | 10.41 | 5.17 | 25.79 | 21.56 | +25.8 pt | ||||||
| EBT | — | — | — | 0 | (1) | (22) | (45) | (150) | (231) | (182) | (331) | +197.3% | ||||||
| EBT margin, % | — | — | — | 0.00 | 0.00 | (256.71) | (81.26) | (90.34) | (101.05) | (29.70) | (37.92) | (29.7) pt | ||||||
| Net income | 0 | — | — | 0 | (1) | (22) | (46) | (150) | (231) | (184) | (351) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 0.00 | 0.15 | 0.59 | 1.45 | 1.14 | 2.22 | 2.99 | n/m | |||||
| Earnings | — | — | — | (0.17) | (0.38) | (0.41) | (0.49) | (1.31) | (1.16) | (0.91) | (1.64) | +31.7% | ||||||
| Cash flow | — | — | — | 0.00 | (0.05) | (0.02) | 0.63 | 0.12 | (0.57) | 0.33 | 0.81 | n/m | ||||||
| Capex | — | — | — | 0.00 | (0.01) | (0.96) | (1.40) | (1.07) | (3.26) | (10.41) | (16.09) | n/m | ||||||
| Free cash flow | — | — | — | 0.00 | (0.07) | (0.98) | (0.77) | (0.95) | (3.84) | (10.09) | (15.28) | n/m | ||||||
| Book value | — | — | — | (1.33) | (1.71) | 1.39 | 0.74 | 1.09 | 2.47 | 6.27 | 5.52 | n/m | ||||||
| Shares, m | — | — | — | 2 | 2 | 57 | 94 | 114 | 201 | 275 | 282 | +138.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 26.06 | 14.20 | 2.91 | 8.93 | 21.58 | 5.19 | 14.7 | ||||||
| P/B | — | — | — | — | — | 3.48 | 11.29 | 3.87 | 4.10 | 7.65 | 2.81 | 6.1 | ||||||
| EV/Sales | — | — | — | — | — | 23.49 | 14.94 | 3.54 | 11.43 | 23.24 | 8.76 | 15.3 | ||||||
| EV/FCF | — | — | — | — | — | (4.45) | (11.41) | (5.42) | (3.38) | (5.12) | (1.71) | (6.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (1) | 59 | 14 | (115) | 90 | 235 | n/m | |||||
| Capex | — | — | — | — | 0 | (55) | (131) | (122) | (657) | (2,866) | (4,691) | +974.6% | ||||||
| Free cash flow | — | — | — | — | 0 | (56) | (73) | (108) | (772) | (2,776) | (4,455) | +669.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (2) | 9 | 11 | (70) | (150) | (367) | 3,500 | 2,489 | n/m | |||||
| Net debt | — | — | — | 2 | (10) | (27) | 41 | 104 | 572 | 1,014 | 3,116 | +184.8% | ||||||
| Shareholders’ equity | — | — | — | (2) | (3) | 79 | 70 | 125 | 498 | 1,725 | 1,608 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (7.55) | (34.84) | (23.26) | (29.07) | (17.75) | (4.24) | (6.65) | (4.2) pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | (25.10) | (24.19) | (26.85) | (4.22) | (5.40) | (3.82) | (5.4) pt | ||||||
| ROE | — | — | — | 0.00 | 7.56 | (65.85) | (59.96) | (153.49) | (75.08) | (22.52) | (35.35) | (22.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 47 | 55 | 121 | 150 | 205 | 256 | — | +40.4% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.16 | 0.46 | 1.10 | 1.11 | 2.39 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026
Business profile
Applied Digital Corporation vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| G Genpact Limited | $6.9B | 12.3× | 11.2× | +7.29% (above 0%: growing) | +7.14% (above 0%: growing) | −70.83% (below 0%: shrinking) | 38.02% | 15.23% | Compare |
| EXLS ExlService Holdings, Inc. | $6.6B | 25.7× | 23.9× | +19.71% (above 0%: growing) | +25.86% (above 0%: growing) | −3.65% (below 0%: shrinking) | 38.04% | 14.02% | Compare |
| SAIC Science Applications International Corporation | $6.2B | 16.9× | 18.0× | +6.27% (above 0%: growing) | −11.40% (below 0%: shrinking) | +13.91% (above 0%: growing) | 12.71% | 8.09% | Compare |
| INGM Ingram Micro Holding Corporation | $5.6B | 12.8× | 12.9× | +20.76% (above 0%: growing) | +35.71% (above 0%: growing) | +220.66% (above 0%: growing) | 6.55% | 1.93% | Compare |
| PSN Parsons Corporation | $5.3B | 32.3× | 30.6× | +1.78% (above 0%: growing) | +6.03% (above 0%: growing) | +67.52% (above 0%: growing) | 23.15% | 6.29% | Compare |
| MAAS Maase Inc. - Sponsored ADR | $4.6B | — (loss-making) | — (loss-making) | −60.12% (below 0%: shrinking) | +62.50% (above 0%: growing) | +82.86% (above 0%: growing) | 0.00% | 0.00% | Compare |
| APLD Applied Digital Corporation | $4.3B | — (loss-making) | — (loss-making) | +322.41% (above 0%: growing) | n/m | −506.67% (below 0%: shrinking) | 15.30% | (18.25%) | |
| GDS GDS Holdings | $4.3B | 8.2× | 7.4× | +12.41% (above 0%: growing) | n/m | +142.21% (above 0%: growing) | 21.51% | 14.22% | Compare |
| KD Kyndryl Holdings, Inc. | $3.5B | 46.7× | 9.3× | −1.88% (below 0%: shrinking) | −6.69% (below 0%: shrinking) | −243.48% (below 0%: shrinking) | 23.47% | 4.03% | Compare |
| Median of peers | $5.5B | 16.9× | 12.9× | +6.78% | +7.14% | +40.72% | 22.33% | 7.19% |
From the latest earnings call
- CEO Wesley Cummins said Applied Digital is focused on bringing contracted capacity online while pursuing campus expansions at higher prices than prior leases.
- CFO Saidal Mohmand said Applied Digital is seeking financing for its next campuses and wants terms that allow refinancing after construction with minimal penalties.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
72.38%
Held by the ten largest
41.31%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 27.35m | 9.38% | −342.04k |
| Hood River Capital Management LLC | 22.52m | 7.73% | −556.72k |
| Situational Awareness LP | 15.38m | 5.28% | +1.91m |
| BlackRock | 13.38m | 4.59% | −7.52m |
| Two Sigma | 10.30m | 3.53% | +8.71m |
| EQUITEC PROPRIETARY MARKETS, LLC | 8.37m | 2.87% | +8.37m |
| Goldman Sachs | 6.98m | 2.40% | −1.02m |
| DBA TRADING, LLC | 5.58m | 1.91% | 0.00 |
| Value Aligned Research Advisors, LLC | 5.55m | 1.90% | −1.12m |
| Oasis Management Co Ltd. | 5.01m | 1.72% | +3.97m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 25 September 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 189.22m | 458.79m | 979.00 |
| 2025 | 27.71m | 29.65m | 141.00 |
| 2024 | 1.24m | (2.86m) | 88.00 |
| 2023 | 5.95m | 19.47m | 173.00 |
Ownership
Directors and executive officers, together
9.50%
Wes Cummins
7.80%
Hood River Capital Management LLC
7.40%
Jane Street Group, LLC
7.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Applied Digital Corporation (APLD) Latest News
6 Nov
5 Nov
4 Nov
2 Nov
30 Oct
28 Oct
27 Oct
26 Oct
23 Oct
22 Oct
21 Oct
APLD metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Applied Digital designs, develops, owns and operates U.S. data centers for high-performance computing, including artificial intelligence and machine learning. Its customers include large cloud and technology companies that need facilities for computing equipment. Applied Digital calls its purpose-built facilities AI factories.
The company provides the physical infrastructure—such as powered space, cooling and connectivity—under long-term leases and hosting arrangements. Its standardized design supports both air-cooled and liquid-cooled equipment. High-density computing can require liquid cooling and electrical systems capable of handling substantial power loads.