Saturday 17 October 2026
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Applied Digital Corporation
APLD Technology Information Technology Services
In the quarter to August 2026, revenue grew 432.4%, EPS fell 801.9%, free cash flow fell 506.7% and total debt rose 828.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
18.05
2.34
−11.48%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to May
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 2027e | 2028e | 2029e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 0.01 | 0.02 | 0.03 | 0.04 | 0.17 | 0.85 | 1.61 | 2.36 | 3.31 | 17.65 |
Analyst estimates 2027–2029 Powerpack |
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| High | 0.11 | 0.30 | 0.15 | 0.30 | 34.20 | 27.12 | 11.62 | 11.25 | 40.20 | 50.73 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | 47 | 55 | 121 | 150 | 205 | 256 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.16 | 0.46 | 1.10 | 1.11 | 2.39 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 9 | 55 | 166 | 229 | 611 | ||||
| Gross margin, % | — | — | — | — | 0.00 | (11.19) | 19.87 | 10.41 | 5.17 | 25.79 | |||||
| EBT | — | — | — | 0 | (1) | (22) | (45) | (150) | (231) | (182) | |||||
| EBT margin, % | — | — | — | 0.00 | 0.00 | (256.71) | (81.26) | (90.34) | (101.05) | (29.70) | |||||
| Net income | 0 | — | — | 0 | (1) | (22) | (46) | (150) | (231) | (184) | |||||
| Depreciation | — | — | — | — | 0 | 1 | 8 | 85 | 108 | 74 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 0.00 | 0.15 | 0.59 | 1.45 | 1.14 | 2.22 | ||||
| Earnings | — | — | — | (0.17) | (0.38) | (0.41) | (0.49) | (1.31) | (1.16) | (0.91) | |||||
| Cash flow | — | — | — | 0.00 | (0.05) | (0.02) | 0.63 | 0.12 | (0.57) | 0.33 | |||||
| Capex | — | — | — | 0.00 | (0.01) | (0.96) | (1.40) | (1.07) | (3.26) | (10.41) | |||||
| Free cash flow | — | — | — | 0.00 | (0.07) | (0.98) | (0.77) | (0.95) | (3.84) | (10.09) | |||||
| Book value | — | — | — | (1.33) | (1.71) | 1.39 | 0.74 | 1.09 | 2.47 | 6.27 | |||||
| Shares, m | — | — | — | 2 | 2 | 57 | 94 | 114 | 201 | 275 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | — | 26.06 | 14.20 | 2.91 | 8.93 | 21.58 | |||||
| P/B | — | — | — | — | — | 3.48 | 11.29 | 3.87 | 4.10 | 7.65 | |||||
| EV/Sales | — | — | — | — | — | 23.49 | 14.94 | 3.54 | 11.43 | 23.24 | |||||
| EV/FCF | — | — | — | — | — | (4.45) | (11.41) | (5.42) | (3.38) | (5.12) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (1) | 59 | 14 | (115) | 90 | ||||
| Capex | — | — | — | — | 0 | (55) | (131) | (122) | (657) | (2,866) | |||||
| Free cash flow | — | — | — | — | 0 | (56) | (73) | (108) | (772) | (2,776) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | (2) | 9 | 11 | (70) | (150) | (367) | 3,500 | ||||
| Total debt | — | — | — | 2 | 2 | 12 | 85 | 129 | 688 | 4,987 | |||||
| Net debt | — | — | — | 2 | (10) | (27) | 41 | 104 | 572 | 1,014 | |||||
| Shareholders’ equity | — | — | — | (2) | (3) | 79 | 70 | 125 | 498 | 1,725 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (7.55) | (34.84) | (23.26) | (29.07) | (17.75) | (4.24) | ||||
| ROIC | — | — | — | 0.00 | 0.00 | (25.10) | (24.19) | (26.85) | (4.22) | (5.40) | |||||
| ROE | — | — | — | 0.00 | 7.56 | (65.85) | (59.96) | (153.49) | (75.08) | (22.52) | |||||
Negative figures in brackets.
Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 13 Oct 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| EPAM EPAM Systems, Inc. | $6.3B | 16.5× | 11.8× | +4.53% (above 0%: growing) | +26.28% (above 0%: growing) | −140.67% (below 0%: shrinking) | 30.36% | 10.76% | Compare |
| G Genpact Limited | $6.3B | 11.0× | 9.2× | +7.10% (above 0%: growing) | +13.16% (above 0%: growing) | −64.88% (below 0%: shrinking) | 36.50% | 14.36% | Compare |
| INGM Ingram Micro Holding Corporation | $6.2B | 14.5× | 14.0× | +13.58% (above 0%: growing) | +200.00% (above 0%: growing) | −69.92% (below 0%: shrinking) | 6.60% | 1.62% | Compare |
| APLD Applied Digital Corporation | $6.2B | — (loss-making) | — (loss-making) | +432.38% (above 0%: growing) | n/m | −506.67% (below 0%: shrinking) | 15.30% | (18.25%) | |
| EXLS ExlService Holdings, Inc. | $5.9B | 24.9× | 17.5× | +15.61% (above 0%: growing) | +2.44% (above 0%: growing) | −22.73% (below 0%: shrinking) | 37.99% | 14.68% | Compare |
| SAIC Science Applications International Corporation | $5.6B | 15.4× | 14.6× | +6.27% (above 0%: growing) | −11.40% (below 0%: shrinking) | +13.91% (above 0%: growing) | 12.71% | 8.09% | Compare |
| GDS GDS Holdings | $4.9B | 8.5× | 26.4× | +12.41% (above 0%: growing) | n/m | +142.21% (above 0%: growing) | 21.51% | 14.22% | Compare |
| PSN Parsons Corporation | $4.7B | 30.0× | 25.4× | −0.53% (below 0%: shrinking) | n/m | −72.44% (below 0%: shrinking) | 18.73% | 0.08% | Compare |
| CIFR Cipher Digital Inc. | $4.2B | — (loss-making) | — (loss-making) | −42.99% (below 0%: shrinking) | n/m | −255.68% (below 0%: shrinking) | 39.42% | (316.21%) | Compare |
| Median of peers | $5.8B | 15.4× | 14.6× | +6.68% | +13.16% | −67.40% | 25.93% | 9.43% |
Applied Digital Corporation (APLD) key facts
- Applied Digital Corporation (APLD) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
- As of October 16, 2026, APLD traded at $18.05, a market capitalization of $6.2 billion.
- Return on equity was −22.5% and debt-to-equity 3.97.
- Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.26 (distress zone) for fiscal 2026.