COMPOSITE RISK SCORE
60
MODERATE
VAL:23/25 · FIN:0/25 · GRO:15/25 · TECH:22/25
📈 P/E RATIO
-31.5x
Trailing
📖 P/B RATIO
5.8x
Price to Book
📊 ROE
-5.6%
Return on Equity
Overview
Technical
Financials
Analysis
Verdict
🏢 Company Analysis · Applied Digital Corporation
💼 BUSINESS MODEL
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.. Operates in Information Technology Services within the Technology sector. Workforce of 205 employees.
🏰 MOAT & COMPETITION
Mid-cap ($9.2B) — growing company in a competitive landscape.
🚀 CATALYSTS
Applied Digital Corp. (APLD) Continues to Attract High Investment-Grade Hyperscalers (Insider Monkey) Revenue growing at 139% — strong top-line momentum.
⚖️ ASYMMETRY CHECK
Analyst target range: $40 — $97 (mean $54, 11 analysts). Favorable asymmetry — upside potential of +203% vs downside floor of +25% (8.1x reward-to-risk).
🔭 FUTURE OUTLOOK
Analyst consensus: Strong Buy (11 analysts).
P/E at -32x
P/B at 5.8x
Analyst target: $53.91 (+68.4%)
1Y return: +614.7%
ROE: -5.6%
Profit margin: -59.5%
Revenue growth: 139.3%
Debt/Equity: 110%
Revenue growth: 139.3%
Earnings growth: 0.0%
Beta: 7.27
Sector: Technology
RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals
📈 Price Movement
1D 1W 1M
6M 1Y 3Y 5Y
🕯 Candlestick Chart
1D 1W 1M
6M 1Y 3Y 5Y
🎯 Price Prediction · Analyst Target Cone
📉 Valuation Trends (at current CMP)
P/E P/B MCap/Sales EPS
P/E data unavailable
176.8
135.7
94.5
53.4
12.3
2022
2023
2024
2025
2022: 126.6 2023: 153.7 2024: 73.3 2025: 14.4 14.4
1230.9
936.7
642.4
348.2
53.9
2022
2023
2024
2025
2022: 1070.3 2023: 165.2 2024: 67.0 2025: 63.5 63.5
Insufficient EPS data
💎 Valuation & Financial Metrics
P/E RATIO
-31.5x
Trailing twelve months
P/B RATIO
5.8x
Price to Book value
PROFIT MARGIN
-59.5%
Net profit margin
OPM
-20.5%
Operating profit margin
ANALYST TARGET
$53.91
Range: $40.00 - $97.00
PEG RATIO
1.83
Price/Earnings to Growth
EV/EBITDA
809.7x
Enterprise value ratio
CURRENT RATIO
2.38
Liquidity measure
DIVIDEND YIELD
N/A
Annual yield
GROSS MARGIN
45.4%
Gross profit margin
SECTOR BENCHMARKS — INFORMATION TECHNOLOGY SERVICES
P/E (fair) 35.0x (sector mid)
P/B (fair) 8.0x (sector mid)
ROE (good) 25% (sector target)
OPM (good) 25% (sector target)
D/E comfort <20 (sector)
📋 Quarterly Performance Trend
Quarter Revenue QoQ % Net Profit QoQ % Op. Cash Flow EBITDA Margin
Q3 '24
N/A —
N/A —
N/A
N/A
Q4 '24
N/A —
N/A —
N/A
N/A
Q1 '25
$52.9M —
$-35.6M —
$5.9M
-14.7%
Q2 '25
$-33.3M -162.9%
$-52.5M -47.8%
$6.9M
N/A
Q3 '25
$64.2M +292.8%
$-16.9M +67.8%
$-82.0M
-28.2%
Q4 '25
$126.6M +97.1%
$-17.5M -3.5%
$-15.8M
-5.1%
Q1 '26
$126.6M +0.0%
$-99.3M -467.1%
$55.0M
-4.0%
📊 Year-on-Year Trend
FY Revenue YoY % Net Profit YoY % Op. Cash Flow YoY %
2021
N/A —
N/A —
N/A —
2022
$8.5M —
$-23.5M —
$-872.0K —
2023
$55.4M +547.9%
$-44.6M -89.8%
$58.7M +6835.7%
2024
$136.6M +146.6%
$-149.3M -234.4%
$13.8M -76.5%
2025
$144.2M +5.5%
$-231.1M -54.8%
$-115.4M -936.6%
📈 Revenue vs Earnings
Quarterly
Annual
💰 How Applied Digital Corporation Makes Its Money
Quarterly
Annual
Revenue
$127M
Cost of Revenue
$73M
Gross Profit
$54M
SG&A
$80M
Operating Inc.
-$26M
Other
$47M
Net Income
-$99M
(-78.4% margin)
Feb 2026 · All values in $ Millions
Revenue
$127M
Cost of Revenue
$101M
Gross Profit
$26M
SG&A
$57M
Operating Inc.
-$31M
Interest
$11M
Other
$16M
Net Income
-$18M
(-13.8% margin)
Nov 2025 · All values in $ Millions
Revenue
$64M
Cost of Revenue
$56M
Gross Profit
$9M
SG&A
$29M
Operating Inc.
-$21M
Interest
$4M
Other
$2M
Net Income
-$17M
(-26.4% margin)
Aug 2025 · All values in $ Millions
Revenue
$144M
Cost of Revenue
$101M
Gross Profit
$43M
SG&A
$83M
Operating Inc.
-$40M
Interest
$15M
Other
$103M
Net Income
-$231M
(-160.2% margin)
May 2025 · All values in $ Millions
Revenue
$137M
Cost of Revenue
$107M
Gross Profit
$30M
SG&A
$45M
Operating Inc.
-$15M
Interest
$18M
Other
$42M
Net Income
-$149M
(-109.3% margin)
May 2024 · All values in $ Millions
Revenue
$55M
Cost of Revenue
$44M
Gross Profit
$11M
SG&A
$54M
Operating Inc.
-$43M
Interest
$2M
Net Income
-$45M
(-80.6% margin)
May 2023 · All values in $ Millions
Revenue
$9M
Cost of Revenue
$10M
Gross Profit
-$1.0M
SG&A
$20M
Operating Inc.
-$21M
Tax
$0.5M
Interest
$0.1M
Other
$0.9M
Net Income
-$24M
(-275.1% margin)
May 2022 · All values in $ Millions
Feb 2026
Nov 2025
Aug 2025
🏦 Snapshot of Applied Digital Corporation's Balance Sheet
Quarterly
Annual
Total Assets
$6.2B
Cash & Equiv.: $1.7B (27.7%)
Receivables: $21M (0.3%)
Other Current: $677M (10.8%)
PP&E: $3.3B (52.3%)
Other Non-Curr.: $553M (8.9%)
Liab. + Equity
$6.2B
Current Liab.: $1.0B (16.3%)
Long-Term Debt: $2.6B (41.5%)
Other Liab.: $1.1B (16.8%)
Equity: $1.6B (25.3%)
As of Feb 2026 · All values in $ Millions
Total Assets
$5.2B
Cash & Equiv.: $1.9B (36.6%)
Receivables: $13M (0.3%)
Other Current: $791M (15.1%)
PP&E: $2.0B (38.6%)
Other Non-Curr.: $495M (9.5%)
Liab. + Equity
$5.2B
Current Liab.: $563M (10.8%)
Long-Term Debt: $2.6B (49.6%)
Other Liab.: $105M (2.0%)
Equity: $2.0B (37.6%)
As of Nov 2025 · All values in $ Millions
Total Assets
$2.4B
Cash & Equiv.: $74M (3.1%)
Receivables: $29M (1.2%)
Other Current: $539M (22.5%)
PP&E: $1.5B (62.8%)
Other Non-Curr.: $251M (10.5%)
Liab. + Equity
$2.4B
Current Liab.: $985M (41.1%)
Long-Term Debt: $305M (12.7%)
Other Liab.: $64M (2.7%)
Equity: $1.0B (43.5%)
As of Aug 2025 · All values in $ Millions
Total Assets
$1.9B
Cash & Equiv.: $42M (2.2%)
Receivables: $3M (0.2%)
Other Current: $386M (20.6%)
PP&E: $1.3B (69.2%)
Other Non-Curr.: $145M (7.7%)
Liab. + Equity
$1.9B
Current Liab.: $558M (29.8%)
Long-Term Debt: $678M (36.2%)
Equity: $634M (33.9%)
As of May 2025 · All values in $ Millions
Total Assets
$1.9B
Cash & Equiv.: $42M (2.2%)
Receivables: $3M (0.2%)
Other Current: $386M (20.6%)
PP&E: $1.3B (69.2%)
Other Non-Curr.: $145M (7.7%)
Liab. + Equity
$1.9B
Current Liab.: $558M (29.8%)
Long-Term Debt: $678M (36.2%)
Equity: $634M (33.9%)
As of May 2025 · All values in $ Millions
Total Assets
$763M
Cash & Equiv.: $3M (0.4%)
Receivables: $4M (0.5%)
Other Current: $397M (52.0%)
PP&E: $339M (44.5%)
Other Non-Curr.: $19M (2.5%)
Liab. + Equity
$763M
Current Liab.: $554M (72.6%)
Long-Term Debt: $79M (10.4%)
Equity: $125M (16.4%)
As of May 2024 · All values in $ Millions
Total Assets
$264M
Cash & Equiv.: $29M (11.0%)
Receivables: $0.1M (0.0%)
Other Current: $17M (6.3%)
PP&E: $214M (81.0%)
Liab. + Equity
$264M
Current Liab.: $115M (43.7%)
Long-Term Debt: $68M (25.9%)
Other Liab.: $10M (3.9%)
Equity: $70M (26.4%)
As of May 2023 · All values in $ Millions
Total Assets
$120M
Cash & Equiv.: $39M (32.3%)
Receivables: $0.2M (0.2%)
Other Current: $1M (1.1%)
PP&E: $71M (58.9%)
Other Non-Curr.: $9M (7.5%)
Liab. + Equity
$120M
Current Liab.: $29M (24.2%)
Long-Term Debt: $6M (4.9%)
Other Liab.: $6M (4.9%)
Equity: $79M (66.0%)
As of May 2022 · All values in $ Millions
Feb 2026
Nov 2025
Aug 2025
May 2025
💸 Looking into Applied Digital Corporation's Cash Flow
Quarterly
Annual
Operating CF
$55M
Capital Exp.
$775M
FY2026 · All values in $ Millions
Operating CF
$7M
Capital Exp.
$198M
FY2025 · All values in $ Millions
Operating CF
$14M
Capital Exp.
$142M
FY2024 · All values in $ Millions
Operating CF
$59M
Capital Exp.
$131M
FY2023 · All values in $ Millions
FY2026
FY2025
🎯 EPS: Estimate vs Actual
Estimates
Quarterly
Annual
📅 Quarterly Results
Item Feb '26 Nov '25 Aug '25 May '25 Feb '25 Nov '24 Aug '24 Total Revenue $126.6M $126.6M $64.2M $-33.3M $52.9M — — Cost of Revenue $72.8M $100.6M $55.6M $-61.1M $49.1M — — Gross Profit $53.8M $26.0M $8.6M $27.8M $3.8M — — Operating Expense $79.7M $57.0M $29.2M $16.2M $22.7M — — Operating Income $-25.9M $-31.0M $-20.5M $11.6M $-18.9M — — Interest Expense — $11.5M $3.9M $-8.9M $8.9M $2.9M — Pretax Income $-70.6M $-26.5M $-26.2M $20.2M $-35.4M — — Tax Provision $-2.0K $15.0K $8.0K $-16.0K $117.0K — — Net Income $-99.3M $-17.5M $-16.9M $-52.5M $-35.6M — — EBITDA $-5.1M $-6.5M $-18.1M $29.6M $-7.8M — — EPS (Basic) $-0.36 $-0.07 $-0.07 — $-0.16 $-0.66 — EPS (Diluted) $-0.36 $-0.07 $-0.07 $-0.24 $-0.16 — — Shares Outstanding 282.0M 277.4M 255.9M 224.3M 222.5M — —
📊 Profit & Loss Statement
Item May '25 May '24 May '23 May '22 May '21 Total Revenue $144.2M $136.6M $55.4M $8.5M — Cost of Revenue $101.5M $106.7M $44.4M $9.5M — Gross Profit $42.7M $30.0M $11.0M $-957.0K — Operating Expense $83.1M $45.0M $53.9M $19.9M — Operating Income $-40.3M $-15.1M $-42.9M $-20.9M — Interest Expense $14.7M $17.7M $2.0M $112.0K — Pretax Income $-158.2M $-74.3M $-45.0M $-21.9M — Tax Provision $102.0K $96.0K $-523.0K $540.0K — Net Income $-231.1M $-149.3M $-44.6M $-23.5M — EBITDA $-45.5M $22.8M $-35.4M $-20.7M — EPS (Basic) — $-1.31 $-0.49 $-0.41 $-0.38 EPS (Diluted) — $-1.31 $-0.49 $-0.41 $-0.38 Shares Outstanding — 114.1M 94.0M 57.1M 1.5M
🏦 Balance Sheet
Item May '25 May '24 May '23 May '22 May '21 Total Assets $1.87B $762.9M $264.0M $120.0M — Current Assets $430.6M $404.1M $45.7M $40.4M — Cash & Equivalents $41.6M $3.3M $29.0M $38.8M — Accounts Receivable $3.0M $3.8M $82.0K $227.0K — Non-Current Assets $1.44B $358.7M $218.3M $79.6M — Property Plant & Equip $1.29B $339.4M $213.7M $70.7M — Total Liabilities $1.24B $638.0M $194.3M $40.7M — Current Liabilities $558.1M $554.1M $115.5M $29.0M — Accounts Payable $247.5M $104.5M $6.4M $13.3M — Short-Term Debt $10.3M $45.9M $8.0M $1.3M — Long-Term Debt $677.8M $79.5M $68.5M $5.9M — Total Equity $633.7M $124.8M $69.7M $79.2M — Retained Earnings $-481.1M $-250.0M $-100.7M $-56.1M — Book Value/Share 497.7M 124.8M 59.5M 72.3M —
💰 Cash Flow Statement
Item May '25 May '24 May '23 May '22 May '21 Operating Cash Flow $-115.4M $13.8M $58.7M $-872.0K — Depreciation & Amort. $97.9M $79.4M $7.6M $1.1M — Change in Working Cap $-149.4M $6.1M $64.7M $16.8M — Capital Expenditure $-681.6M $-141.8M $-131.3M $-55.0M — Free Cash Flow $-797.0M $-128.0M $-72.5M $-55.8M — Investing Cash Flow $-667.7M $-172.4M $-132.1M $-45.9M — Financing Cash Flow $874.7M $146.8M $70.6M $81.3M — Debt Issued $1.11B $144.6M $82.2M $7.3M — Debt Repaid $-418.1M $-127.2M $-13.4M $-221.0K — Dividends Paid $-2.6M — — — — Share Buyback $-31.3M $0 $0 — — Net Change in Cash $91.6M $-11.9M $-2.7M $34.5M —
📈 Key Financial Ratios
Ratio FY2025 FY2024 FY2023 FY2022 FY2021 Gross Margin % 29.6% 21.9% 19.9% -11.2% — Operating Margin % -28.0% -11.0% -77.5% -244.4% — Net Margin % -160.2% -109.3% -80.6% -275.1% — EBITDA Margin % -31.6% 16.7% -63.9% -242.3% — ROE % -36.5% -119.6% -64.1% -29.7% — ROA % -12.4% -19.6% -16.9% -19.6% — Debt/Equity % 110.9% 108.7% 131.8% 17.1% — Current Ratio 0.77 0.73 0.40 1.39 — FCF Margin % -552.7% -93.7% -131.0% -653.2% — Asset Turnover 0.08 0.18 0.21 0.07 —
🚀 Compounded Growth Rates
Revenue
1-Year +5.5% 3-Year CAGR +61.3%
🏭 Industry Peers — Information Technology Services
Ticker Company Price P/E P/B MCap ROE Margin Rev Growth AAPL Apple Inc. $269.07 34.1 44.9 $3,950.3B 152.0% 27.0% 15.7% MSFT Microsoft Corporation $424.36 26.6 8.1 $3,154.0B 34.4% 39.0% 16.7% GOOGL Alphabet Inc. $350.63 32.4 10.2 $4,241.7B 35.7% 32.8% 18.0% META Meta Platforms, Inc. $672.10 28.6 7.8 $1,706.2B 30.2% 30.1% 23.8% NVDA NVIDIA Corporation $210.55 43.0 32.5 $5,117.4B 101.5% 55.6% 73.2% ORCL Oracle Corporation $162.87 29.2 14.0 $468.4B 57.6% 25.3% 21.7% CRM Salesforce, Inc. $180.25 23.1 2.8 $147.5B 12.4% 18.0% 12.1% ADBE Adobe Inc. $241.51 14.1 8.6 $97.6B 58.8% 29.5% 12.0%
Peers selected from Technology sector · Data from Yahoo Finance
🏛 Shareholding Pattern
TOP HOLDERS
Holder Type Shares % Held Vanguard Group Inc Inst 24,168,082 8.46% Hood River Capital Management LLC Inst 22,037,431 7.71% Blackrock Inc. Inst 20,840,202 7.29% Situational Awareness LP Inst 11,339,060 3.97% Shaw D.E. & Co., Inc. Inst 8,206,550 2.87% Manager Directed Portfolios-Hood Ri MF 11,854,278 4.15% VANGUARD INDEX FUNDS-Vanguard Total MF 7,921,186 2.77% iShares Trust-iShares Russell 2000 MF 5,783,474 2.02%
🟢 CATALYSTS
🏆 Revenue Growth 139%: Above sector norm of 30% — strong top-line momentum.
💹 Analyst Upside (68%): Mean target of $53.91 above current price.
🔀 Sector Opportunity: Technology / Information Technology Services — positioned in growth sector.
🔴 RISKS
📜 High Debt/Equity (110%): Above sector threshold of 60% — leverage risk.
💰 High Beta (7.27): More volatile than market — higher swing risk.
🔓 Loss-Making: Negative profit margin — path to profitability unclear.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +55.9%, 6M -7.0%, RSI 55, MACD bullish, Above 200DMA Sentiment 9/10: Analyst upside +68.4%, Rec: strong buy Value 4/10: P/B 5.8, PEG 1.83, EV/EBITDA 809.7 Quality 2/10: ROE -5.6%, Margin -59.5%, D/E 110, CR 2.38 Low Volatility 0/10: Beta 7.27, Ann. vol 119% Momentum
8
Sentiment
9
Value
4
Quality
2
Low Vol
0
Momentum 8/10 1M +55.9%, 6M -7.0%, RSI 55, MACD bullish, Above 200DMA
Sentiment 9/10 Analyst upside +68.4%, Rec: strong buy
Value 4/10 P/B 5.8, PEG 1.83, EV/EBITDA 809.7
Quality 2/10 ROE -5.6%, Margin -59.5%, D/E 110, CR 2.38
Low Volatility 0/10 Beta 7.27, Ann. vol 119%
🎯 Decision Matrix — Game Theory
Action If Stock Rises If Stock Falls
BUY Capture 68.4% analyst upside Fundamentals provide base support HOLD Retain existing position; wait for better entry Miss further upside if momentum continues; 1M return of +55.9% shows momentum SELL Lock in +614.7% 1Y return Avoid further drawdown
REASONS TO BUY
Analyst upside of 68.4% with mean target of $53.91
Revenue growing at 139.3% YoY (sector norm: 12%)
REASONS TO SELL / AVOID
1Y return of +614.7% — profit booking opportunity
Debt/Equity at 110% exceeds sector comfort zone
Applied Digital Corporation trades at $32.02 with a composite risk score of 60/100.
The stock scores 23/25 on valuation, 0/25 on financial health, 15/25 on growth, and 22/25 on technicals.
The company is currently loss-making with negative return on equity.
Bottom Line: Positive for Technology but monitor closely. The current recommendation is SPECULATIVE BUY .
STRONG GROWTH
UPSIDE POTENTIAL
VOLATILE
HIGH DEBT
LOSS-MAKING