APLD Chart
About

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. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation has an lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. Applied Digital Corporation is based in Dallas, Texas.

Fundamentals
Scroll to Statements
Sector Technology Industry Information Technology S Market Cap 8.57B
Enterprise Value 9.89B Income -106.84M Sales 263.99M
Book/sh 5.19 Cash/sh 6.84 Dividend Yield
Payout 0.00% Employees 205 IPO
P/E Forward P/E -34.26 PEG
P/S 32.47 P/B 5.90 P/C
EV/EBITDA 461.89 EV/Sales 37.46 Quick Ratio 3.43
Current Ratio 4.82 Debt/Eq 125.91 LT Debt/Eq
EPS (ttm) -0.39 EPS next Y -0.90 EPS Growth
Revenue Growth 250.10% Earnings 2026-04-09 ROA -1.49%
ROE -7.90% ROIC Gross Margin 19.61%
Oper. Margin -24.45% Profit Margin -47.35% Shs Outstand 279.59M
Shs Float 236.03M Short Float 33.68% Short Ratio 2.14
Short Interest 52W High 42.27 52W Low 3.31
Beta 7.18 Avg Volume 30.83M Volume 18.61M
Target Price $45.27 Recom Strong_buy Prev Close $30.00
Price $30.66 Change 2.20%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$45.27
Mean price target
2. Current target
$30.60
Latest analyst target
3. DCF / Fair value
$-103.43
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$30.60
Low
$36.00
High
$58.00
Mean
$45.27

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-09 main B. Riley Securities Buy → Buy $53
2026-01-08 main Roth Capital Buy → Buy $58
2026-01-08 reit Needham Buy → Buy $41
2026-01-07 init Freedom Capital Markets — → Buy $36
2025-12-30 main Northland Capital Markets Outperform → Outperform $40
2025-12-30 reit Lake Street Buy → Buy $45
2025-10-29 reit Needham Buy → Buy $41
2025-10-23 main Craig-Hallum Buy → Buy $39
2025-10-10 main Northland Capital Markets Outperform → Outperform $40
2025-10-10 main Lake Street Buy → Buy $37
2025-10-10 main HC Wainwright & Co. Buy → Buy $40
2025-10-10 main Craig-Hallum Buy → Buy $37
2025-10-10 main Needham Buy → Buy $41
2025-10-09 main JMP Securities Market Outperform → Market Outperform $35
2025-10-01 main Roth Capital Buy → Buy $43
2025-08-25 main HC Wainwright & Co. Buy → Buy $20
2025-08-18 main Craig-Hallum Buy → Buy $23
2025-07-31 main Lake Street Buy → Buy $18
2025-07-31 main Needham Buy → Buy $16
2025-07-31 main HC Wainwright & Co. Buy → Buy $15
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 500000 Stock Award(Grant) at price 0.00 per share. ZHANG JASON GECHEN President 2026-02-06 00:00:00 D
1 250000 Stock Award(Grant) at price 0.00 per share. MOHMAND MOHAMMAD SAIDAL LAVANWAY Chief Financial Officer 2026-02-06 00:00:00 D
2 45987 1773719.0 Sale at price 38.57 per share. HASTINGS CHUCK Director 2026-01-29 00:00:00 D
3 6000 Stock Gift at price 0.00 per share. MILLER DOUGLAS S Director 2026-01-22 00:00:00 D
4 165000 6009300.0 Sale at price 36.42 per share. CUMMINS WESLEY Chief Executive Officer 2026-01-16 00:00:00 D
5 23606 834860.0 Sale at price 35.28 - 35.45 per share. NOTTENBURG RICHARD N Director 2026-01-15 00:00:00 D
6 10000 385400.0 Sale at price 38.54 per share. MILLER DOUGLAS S Director 2026-01-12 00:00:00 D
7 1500000 Stock Award(Grant) at price 0.00 per share. CUMMINS WESLEY Chief Executive Officer 2026-01-06 00:00:00 D
8 8000 215840.0 Sale at price 26.98 per share. MILLER DOUGLAS S Director 2025-11-28 00:00:00 D
9 170000 Stock Award(Grant) at price 0.00 per share. ZHANG JASON GECHEN Officer 2025-11-25 00:00:00 D
Financials
Line Item2025-05-312024-05-312023-05-312022-05-31
TaxEffectOfUnusualItems0.00-5.46M-1.13K-281.82K
TaxRateForCalcs0.000.210.010.21
NormalizedEBITDA-27.82M48.79M-35.30M-19.37M
TotalUnusualItems-17.73M-26.00M-94.00K-1.34M
TotalUnusualItemsExcludingGoodwill-17.73M-26.00M-94.00K-1.34M
NetIncomeFromContinuingOperationNetMinorityInterest-158.34M-73.98M-43.53M-22.48M
ReconciledDepreciation97.94M79.36M7.61M1.12M
ReconciledCostOfRevenue101.45M106.65M44.39M9.51M
EBITDA-45.55M22.79M-35.39M-20.71M
EBIT-143.49M-56.57M-43.01M-21.83M
NetInterestIncome-14.74M-17.71M-2.01M-112.00K
InterestExpense14.74M17.71M2.01M112.00K
NormalizedIncome-140.60M-53.44M-43.44M-21.42M
NetIncomeFromContinuingAndDiscontinuedOperation-231.06M-149.27M-44.65M-23.52M
TotalExpenses184.52M151.67M98.30M29.45M
TotalOperatingIncomeAsReported-16.84M-32.85M-42.91M-20.90M
DilutedAverageShares114.06M93.98M57.12M1.51M
BasicAverageShares114.06M93.98M57.12M1.51M
DilutedEPS-1.31-0.49-0.41-0.38
BasicEPS-1.31-0.49-0.41-0.38
DilutedNIAvailtoComStockholders-233.68M-149.27M-44.65M-23.52M
NetIncomeCommonStockholders-233.68M-149.27M-44.65M-23.52M
PreferredStockDividends2.62M
NetIncome-231.06M-149.27M-44.65M-23.52M
MinorityInterests0.00397.00K960.00K10.00K
NetIncomeIncludingNoncontrollingInterests-231.06M-149.67M-45.61M-23.53M
NetIncomeDiscontinuousOperations-72.73M-75.30M-1.12M-1.04M
NetIncomeContinuousOperations-158.34M-74.38M-44.49M-22.49M
TaxProvision102.00K96.00K-523.00K540.00K
PretaxIncome-158.23M-74.28M-45.01M-21.95M
OtherIncomeExpense-103.17M-41.52M-94.00K-936.00K
OtherNonOperatingIncomeExpenses-85.44M-15.52M406.00K
SpecialIncomeCharges-11.31M-20.30M-94.00K-1.34M
GainOnSaleOfPPE23.48M-15.42M0.00
OtherSpecialCharges34.79M4.89M94.00K1.34M
GainOnSaleOfSecurity-6.42M-5.70M
NetNonOperatingInterestIncomeExpense-14.74M-17.71M-2.01M-112.00K
InterestExpenseNonOperating14.74M17.71M2.01M112.00K
OperatingIncome-40.32M-15.05M-42.91M-20.90M
OperatingExpense83.06M45.02M53.91M19.94M
DepreciationAmortizationDepletionIncomeStatement49.00K0.00
DepreciationAndAmortizationInIncomeStatement49.00K0.00
DepreciationIncomeStatement1.00K
SellingGeneralAndAdministration83.06M45.02M53.91M19.94M
GeneralAndAdministrativeExpense19.89M332.00K
OtherGandA7.55M332.00K
SalariesAndWages12.34M0.00
GrossProfit42.74M29.96M11.00M-957.00K
CostOfRevenue101.45M106.65M44.39M9.51M
TotalRevenue144.19M136.62M55.39M8.55M
OperatingRevenue144.19M136.62M55.39M8.55M
Line Item2025-05-312024-05-312023-05-312022-05-31
TreasurySharesNumber9.29M5.03M5.00M36.30K
OrdinarySharesNumber224.91M139.05M95.93M97.84M
ShareIssued234.20M144.08M100.93M97.87M
NetDebt646.60M122.05M47.43M
TotalDebt702.88M135.73M91.81M13.54M
TangibleBookValue497.69M124.83M59.52M72.26M
InvestedCapital1.19B250.22M135.95M79.49M
WorkingCapital-127.55M-149.97M-69.79M11.36M
NetTangibleAssets633.73M124.83M59.52M72.26M
CapitalLeaseObligations14.72M10.34M15.38M6.31M
CommonStockEquity497.69M124.83M59.52M72.26M
PreferredStockEquity136.04M5.22M
TotalCapitalization1.31B204.30M128.00M78.16M
TotalEquityGrossMinorityInterest633.73M124.83M69.68M79.23M
MinorityInterest0.0010.16M6.98M0.00
StockholdersEquity633.73M124.83M59.52M72.26M
TreasuryStock31.40M62.00K62.00K62.00K
RetainedEarnings-481.06M-249.99M-100.72M-56.07M
AdditionalPaidInCapital1.01B374.74M160.19M128.29M
CapitalStock136.27M144.00K101.00K98.00K
CommonStock230.00K144.00K101.00K98.00K
PreferredStock136.04M0.000.005.22M
TotalLiabilitiesNetMinorityInterest1.24B638.04M194.28M40.74M
TotalNonCurrentLiabilitiesNetMinorityInterest678.22M83.92M78.82M11.75M
PreferredSecuritiesOutsideStockEquity0.0015.13M
DuetoRelatedPartiesNonCurrent0.001.00M0.00
TradeandOtherPayablesNonCurrent0.000.000.00
NonCurrentDeferredLiabilities0.00540.00K0.00
NonCurrentDeferredTaxesLiabilities0.00540.00K0.00
LongTermDebtAndCapitalLeaseObligation678.22M83.92M77.82M11.21M
LongTermCapitalLeaseObligation396.00K4.45M9.34M5.31M
LongTermDebt677.83M79.47M68.48M5.90M
CurrentLiabilities558.14M554.11M115.46M29.00M
OtherCurrentLiabilities235.48M336.52M16.00K
CurrentDeferredLiabilities16.12M23.56M85.06M13.40M
CurrentDeferredRevenue16.12M23.56M85.06M13.40M
CurrentDebtAndCapitalLeaseObligation24.66M51.80M13.99M2.34M
CurrentCapitalLeaseObligation14.32M5.89M6.04M1.00M
CurrentDebt10.33M45.92M7.95M1.33M
OtherCurrentBorrowings10.33M45.92M7.95M1.33M
CurrentNotesPayable0.002.13M
PayablesAndAccruedExpenses281.88M142.23M16.41M13.26M
CurrentAccruedExpenses29.55M24.70M9.96M
Payables252.34M117.53M6.45M13.26M
OtherPayable4.81M13.00M
DividendsPayable0.00116.00K
TotalTaxPayable1.63M0.00
AccountsPayable247.53M104.53M6.45M13.26M
TotalAssets1.87B762.87M263.96M119.98M
TotalNonCurrentAssets1.44B358.72M218.29M79.62M
OtherNonCurrentAssets11.98M11.41M4.54M8.95M
NonCurrentDeferredAssets42.41M6.74M
NonCurrentAccountsReceivable84.42M
InvestmentsAndAdvances6.07M1.20M
LongTermEquityInvestment6.07M1.20M
InvestmentsInOtherVenturesUnderEquityMethod6.07M1.20M
NetPPE1.29B339.37M213.74M70.67M
AccumulatedDepreciation-23.88M-13.66M-4.94M-1.01M
GrossPPE1.32B353.04M218.68M71.68M
Leases444.00K444.00K0.00
ConstructionInProgress1.12B186.87M108.78M18.30M
OtherProperties28.69M20.20M20.25M20.94M
MachineryFurnitureEquipment35.06M33.95M22.86M588.00K
BuildingsAndImprovements109.67M103.99M63.35M30.18M
LandAndImprovements21.47M7.58M3.44M2.25M
Properties0.000.000.000.00
CurrentAssets430.59M404.14M45.67M40.36M
OtherCurrentAssets9.43M1.01M2.01M1.34M
AssetsHeldForSaleCurrent304.20M374.60M0.00
RestrictedCash72.37M21.35M14.57M7.50M
PrepaidAssets1.45M0.00
Receivables3.04M3.85M82.00K227.00K
AccountsReceivable3.04M3.85M82.00K227.00K
CashCashEquivalentsAndShortTermInvestments41.55M3.34M29.00M38.80M
CashAndCashEquivalents41.55M3.34M29.00M38.80M
Line Item2025-05-312024-05-312023-05-312022-05-31
FreeCashFlow-797.00M-128.01M-72.54M-55.85M
RepurchaseOfCapitalStock-31.34M0.000.00
RepaymentOfDebt-418.12M-127.18M-13.38M-221.00K
IssuanceOfDebt1.11B144.55M82.15M7.32M
IssuanceOfCapitalStock389.80M130.85M0.0074.50M
CapitalExpenditure-681.60M-141.81M-131.28M-54.97M
InterestPaidSupplementalData62.71M17.78M1.12M112.00K
IncomeTaxPaidSupplementalData105.00K5.00K0.000.00
EndCashPosition120.92M31.69M43.57M46.30M
OtherCashAdjustmentOutsideChangeinCash-2.40M0.000.00
BeginningCashPosition31.69M43.57M46.30M11.75M
ChangesInCash91.63M-11.89M-2.73M34.55M
FinancingCashFlow874.69M146.76M70.63M81.29M
CashFromDiscontinuedFinancingActivities0.000.000.00
CashFlowFromContinuingFinancingActivities874.69M146.76M70.63M81.29M
NetOtherFinancingCharges-123.37M-1.47M1.86M-311.00K
ProceedsFromStockOptionExercised-51.75M0.000.00
CashDividendsPaid-2.62M0.000.00
PreferredStockDividendPaid-2.62M0.000.00
NetPreferredStockIssuance198.21M0.000.0034.50M
PreferredStockIssuance198.21M0.000.0034.50M
NetCommonStockIssuance160.25M130.85M0.0040.00M
CommonStockPayments-31.34M0.000.00
CommonStockIssuance191.59M130.85M0.0040.00M
NetIssuancePaymentsOfDebt693.97M17.37M68.77M7.10M
NetLongTermDebtIssuance693.97M17.37M68.77M7.10M
LongTermDebtPayments-418.12M-127.18M-13.38M-221.00K
LongTermDebtIssuance1.11B144.55M82.15M7.32M
InvestingCashFlow-667.65M-172.44M-132.09M-45.87M
CashFromDiscontinuedInvestingActivities0.009.10M0.00
CashFlowFromContinuingInvestingActivities-667.65M-172.44M-132.09M-54.97M
NetOtherInvestingChanges18.82M-30.24M
NetInvestmentPurchaseAndSale-4.87M-391.00K-810.00K0.00
SaleOfInvestment0.000.00
PurchaseOfInvestment-4.87M-391.00K-810.00K0.00
NetPPEPurchaseAndSale-681.60M-141.81M-131.28M-54.97M
SaleOfPPE3.28M
PurchaseOfPPE-681.60M-141.81M-131.28M-54.97M
OperatingCashFlow-115.40M13.79M58.73M-872.00K
CashFromDiscontinuedOperatingActivities0.00-10.15M0.00
CashFlowFromContinuingOperatingActivities-115.40M13.79M58.73M9.28M
ChangeInWorkingCapital-149.38M6.07M64.69M16.81M
ChangeInOtherWorkingCapital-43.30M-56.80M44.37M3.88M
ChangeInOtherCurrentAssets2.98M327.00K364.00K-1.45M
ChangeInPayablesAndAccruedExpense-98.58M76.44M-6.26M6.42M
ChangeInAccruedExpense-12.13M21.60M7.49M
ChangeInPayable-86.45M54.84M-13.75M6.42M
ChangeInAccountPayable-78.26M41.84M-13.75M6.42M
ChangeInPrepaidAssets-7.55M-10.13M26.08M8.19M
ChangeInReceivables-2.93M-3.77M145.00K-227.00K
ChangesInAccountReceivables-2.93M-3.77M145.00K-227.00K
OtherNonCashItems50.22M50.77M410.00K18.00K
StockBasedCompensation22.70M17.36M32.07M12.34M
UnrealizedGainLossOnInvestmentSecurities85.44M7.40M0.00
DeferredTax0.000.00-540.00K540.00K
DeferredIncomeTax0.000.00-540.00K540.00K
DepreciationAmortizationDepletion97.94M79.36M7.61M1.12M
DepreciationAndAmortization97.94M79.36M7.61M1.12M
Depreciation1.12M1.00K
OperatingGainsLosses8.74M2.51M94.00K936.00K
GainLossOnInvestmentSecurities6.42M
NetIncomeFromContinuingOperations-231.06M-149.67M-45.61M-22.49M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for APLD
Date User Asset Broker Type Position Size Entry Price Patterns