APLD
Applied Digital Corp.
Next earnings Jul 28, 2026 (after close) · consensus $-0.22 EPS, $96.9M rev
$33.06
▼ -12.47%$33.06▲ +218.50%
over 1Y
L $9.18H $49.65
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-12.5%
1W-19.3%
1M-30.9%
3M+34.6%
YTD+17.6%
1Y+218.5%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 18 analysts
Buy
A pre-revenue AI-datacenter bet priced at 84.5x sales with a control weakness — the story may be real, the stock isn't investable.
Revenue $144M · FY2025
Applied Digital is a speculative AI/HPC data-center developer whose stock price has run far ahead of its financials. FY2025 revenue was just $144M (up 5.5%) yet the market cap is $12.2B — an extraordinary 84.5x sales — while the company lost $231M (net margin -160.2%), burned $115M of operating cash, and spent $682M of capex (+380.6%) building out facilities. ROE is -46.4% and retained earnings sit at -$481M. The 10-K itself states plainly that 'an investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment,' and discloses a material weakness in internal control over financial reporting.
There is a genuine forward story: in May 2025 APLD signed data-center leases with CoreWeave to deliver an aggregate 250 MW at Polaris Forge 1, and a Macquarie-affiliated investor (MAM) agreed to fund the HPC business via a Unit Purchase Agreement contingent on a hyperscaler lease. If Polaris Forge 1 comes online and the CoreWeave leases convert to revenue as anticipated in calendar 2025, the revenue base could inflect dramatically. But that outcome is contingent on construction execution, power supply, closing conditions, and a single-customer concentration the company flags as a key risk.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:45 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $0.00 | $8.55M | $55.4M | $137M | $144M |
| Gross profit | $0.00 | -$957K | $11.0M | — | — |
| Operating income | -$332K | -$20.9M | -$42.9M | -$32.9M | -$16.8M |
| Net income | -$568K | -$23.5M | -$45.6M | -$150M | -$231M |
| Diluted EPS | -$0.38 | -$0.41 | -$0.47 | -$1.31 | -$1.16 |
| Net margin | — | -275.2% | -82.3% | -109.6% | -160.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$9.41B
EV / EBITDA21200.9
EV / Sales65.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-2.4%
FCF yield-8.4%
Quality & risk
ROIC (est.)-2.6%
Free cash flow-$797M
Total debt$7.19M
Net cash$34.4M
Altman Z-Score4.19 safe
Piotroski F-Score4/8
Capital returns
Buyback yield0.3%
Dividend yield (est.)—
Shareholder yield0.3%
Shares Δ YoY+66.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗SCHEDULE 13D/AFiling2026-06-26open ↗8-KPeriod ending 2026-06-262026-06-26open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗8-K/APeriod ending 2026-03-102026-06-17open ↗8-KPeriod ending 2026-06-162026-06-16open ↗8-KPeriod ending 2026-06-082026-06-09open ↗8-KPeriod ending 2026-06-092026-06-09open ↗8-KPeriod ending 2026-06-082026-06-09open ↗3Period ending 2026-05-052026-05-15open ↗SCHEDULE 13DFiling2026-05-12open ↗
Frequently asked
- Is Applied Digital Corp. (APLD) a buy?
- APLD currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. A pre-revenue AI-datacenter bet priced at 84.5x sales with a control weakness — the story may be real, the stock isn't investable.
- What is Applied Digital Corp.'s quality score?
- APLD scores 35.40850168384862/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001144879, latest 10-Q filed 2026-04-08) · EODHD · Proprietary analysis · as of 6/21/2026, 8:45:56 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.