Applied Digital CorpApplied Digital Corp
Applied Digital Corp

Applied Digital Corp

APLD
Financials·Capital Markets

Applied Digital Corp. is a technology company, which engages in the provision of development and operation of data centers which provide computing power. It operates through the Data Center Hosting Business and HPC Hosting Business segments. The Data Center Hosting Business segment provides energized infrastructure services to crypto mining customers. The HPC Hosting Business segment focuses on the designing, constructing, and operating data centers tailored to support high power density applications like HPC and AI. The company was founded by Wesley Carl Cummins and Jason Zhang in May 2001 and is headquartered in Dallas, TX.

Texas; U.S.A
Market cap
No dataNo data
Revenue
$611.3M+324.0% YoY
Net income
$-184.3M+20.2% YoY
Free cash flow
$-2.8B−248.3% YoY

Market

Listed stock
Tokenized stocks
APLDPriceNasdaq
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Financial performance

Revenue
$611.3M+324.0% YoY
Operating income
$-236.5M−1303.8% YoY
Net income
$-184.3M+20.2% YoY
Free cash flow
$-2.8B−248.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $8.5M, 2023 $55.4M, 2024 $165.6M, 2025 $144.2M, 2026 $611.3M. Operating income: 2022 $-20.9M, 2023 $-44.1M, 2024 $-99M, 2025 $-16.8M, 2026 $-236.5M. Net income: 2022 $-23.5M, 2023 $-44.6M, 2024 $-149.3M, 2025 $-231.1M, 2026 $-184.3M. Free cash flow: 2022 $-59.1M, 2023 $-70M, 2024 $-128M, 2025 $-797M, 2026 $-2.8B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
324.0%+33687 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-05-31 $-20.9M, 2023-05-31 $-44.1M, 2024-05-31 $-99M, 2025-05-31 $-16.8M, 2026-05-31 $-236.5M. Net income: 2022-05-31 $-23.5M, 2023-05-31 $-44.6M, 2024-05-31 $-149.3M, 2025-05-31 $-231.1M, 2026-05-31 $-184.3M. Free cash flow: 2022-05-31 $-59.1M, 2023-05-31 $-70M, 2024-05-31 $-128M, 2025-05-31 $-797M, 2026-05-31 $-2.8B

Growth heatmap

2023202420252026CAGR
Revenue
+547.9%
+198.9%
-12.9%
+324.0%
+190.8%
Gross profit
+1249.8%
+56.6%
+148.0%
+401.7%
No data
Operating income
-110.8%
-124.8%
+83.0%
-1303.8%
No data
Free cash flow
-18.4%
-82.9%
-522.6%
-248.3%
No data

Earnings quality

Operating cash flow
$89.7M+177.7% YoY
Net income
$-184.3M+20.2% YoY
Free cash flow
$-2.8B−248.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-05-31 -49%, 2025-05-31 50%, 2024-05-31 -9%, 2023-05-31 -132%, 2022-05-31 4%. Free cash flow: 2026-05-31 1506%, 2025-05-31 345%, 2024-05-31 86%, 2023-05-31 157%, 2022-05-31 251%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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