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Builder and operator of data centers for bitcoin mining and, increasingly, AI cloud/HPC computing.
Builder and operator of data centers for bitcoin mining and, increasingly, AI cloud/HPC computing.
Moving from hosting bitcoin miners to leasing purpose-built data-center space for AI computing, with long-term leases to CoreWeave on its North Dakota campus, which pay contracted rent. Revenue therefore shifts from hosting fees to lease income as new buildings are completed.
Moat: none (installed base, scale). Building power-dense data-center capacity fast, but competes in a capital-intensive, low-differentiation market.
Headquarters: Dallas, Texas, US · Founded: 2001 · Employees: 256
Size Applied Digital (APLD) is a United States Information Technology company (Data Processing Services) with a market value of $4.70B, the 1225th largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.55 on 6 Nov 2026.
Performance Over six months the shares fell 62.3%, against -6.7% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue grew 289.9% over the last twelve months (peer median +6.8%); the operating margin is -23.6% (peer median 1.8%).
Valuation It trades at 11.8× enterprise value to sales against a peer median of 6.1× (8th most expensive of 21).
Capital Return on invested capital runs 13.2 points below its cost of capital (11.5% WACC).
Credit Applied Digital has 3 bonds outstanding ($6.00B), rated BB- by the agencies.
Short interest Short interest is 21.6% of the free float (15 Oct 2026).
Next results Next results expected around 12 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $854M | $611M | $229M | $137M | $55.4M |
| Revenue growth | — | +167% | +67% | +147% | — |
| Gross profit | $173M | $158M | $11.8M | $30.0M | $11.0M |
| EBITDA | -$92.0M | -$67.9M | $21.5M | $6.42M | -$36.8M |
| Net income | -$462M | -$244M | -$231M | -$149M | -$44.6M |
| Free cash flow | -$4.46B | -$2.78B | -$797M | -$128M | -$72.5M |
| Capital expenditure | $4.69B | $2.87B | $682M | $142M | $131M |
| Total debt | $6.48B | $5.10B | $911M | $136M | $92.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Applied Digital APLD | $4.70B | -62% | +290% | -24% | 11.8× | n/a |
| Hut 8 HUT | $6.49B | -47% | +71% | -89% | 26.1× | n/a |
| TeraWulf WULF | $5.67B | -51% | +15% | -227% | 49.3× | n/a |
| Cipher Digital CIFR | $2.99B | -68% | -29% | -172% | 42.6× | n/a |
| CoreWeave CRWV | $25.6B | -59% | +115% | -3% | 9.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APLD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.8% | -4.7% | 2nd lowest of 21 |
| 6-month return | -62.3% | -6.7% | 2nd lowest of 19 |
| Distance from 52-week high | -69.3% | -35.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | +289.9% | +6.8% | highest of 21 |
| Operating margin | -23.6% | 1.8% | 6th lowest of 21 |
| EV / Sales | 11.8× | 6.1× | 8th most expensive of 21 |
| ROIC minus cost of capital | -13.2 pp | -6.6 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | 20.9× | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 5.0× | 11.0% | +5.9% |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | 49.3× | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 6.8× | 27.3% | -3.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | 26.1× | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 2.9× | 9.4% | +16.8% |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | 110.6× | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | 1.8× | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 11.2× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | 7.9× | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 0.4× | 3.2% | -6.5% |
Applied Digital has 3 bonds outstanding with $6.00B face value. The agencies rate it BB-.