Symbols / APLD Stock $39.52 +7.92% Applied Digital Corporation

Technology • Information Technology Services • United States • NMS
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Technology
Industry Information Technology Services
CEO Mr. Wesley Cummins
Exch · Country NMS · United States
Market Cap 11.29B
Enterprise Value 13.38B
Income -119.76M
Sales 319.26M
FCF (ttm) -1.50B
Book/sh 5.54
Cash/sh 6.05
Employees 205
Insider 10d —
IPO Apr 13, 2022
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -56.46
PEG 1.83
P/S 35.37
P/B 7.13
P/C —
EV/EBITDA 962.02
EV/Sales 41.90
Quick Ratio 1.72
Current Ratio 2.38
Debt/Eq 110.13
LT Debt/Eq —
EPS (ttm) -0.38
EPS next Y -0.70
EPS Growth —
Revenue Growth 139.30%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-07-29
Earnings (prior) 2026-04-08
ROA -0.60%
ROE -5.56%
ROIC —
Gross Margin 45.41%
Oper. Margin -20.47%
Profit Margin -59.47%
Shs Outstand 285.77M
Shs Float 226.91M
Insider Own 11.08%
Instit Own 71.77%
Short Float 30.41%
Short Ratio 3.10
Short Interest 80.05M
52W High 47.79
vs 52W High -17.30%
52W Low 6.67
vs 52W Low 492.06%
Beta 5.70
Impl. Vol. 0.20%
Rel Volume 1.17
Avg Volume 21.05M
Volume 24.65M
Target (mean) $55.10
Tgt Median $52.00
Tgt Low $40.00
Tgt High $97.00
# Analysts 10
Recom Strong_buy
Prev Close $36.62
Price $39.52
Change 7.92%
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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$55.10
Mean price target
2. Current target
$39.52
Latest analyst target
3. DCF / Fair value
$-94.29
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$39.52
Low
$40.00
High
$97.00
Mean
$55.10

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-15 main Needham Buy → Buy $51
2026-04-28 reit Needham Buy → Buy $48
2026-04-24 main Needham Buy → Buy $48
2026-04-23 main Needham Buy → Buy $48
2026-04-09 reit Citizens Market Outperform → Market Outperform $40
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
News
RSS: Latest APLD news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-30 NOTTENBURG RICHARD N Director — 25,000 $32.00 $832,375
2026-04-27 MILLER DOUGLAS S Director — 10,000 $34.98 $349,800
2026-04-10 CUMMINS WESLEY Chief Executive Officer — 100,000 — —
2026-04-02 CUMMINS WESLEY Chief Executive Officer — 100,000 — —
2026-04-02 MOHMAND MOHAMMAD SAIDAL LAVANWAY Chief Financial Officer — 94,167 — —
2026-02-06 MOHMAND MOHAMMAD SAIDAL LAVANWAY Chief Financial Officer — 250,000 $0.00 $0
2026-02-06 ZHANG JASON GECHEN President — 500,000 $0.00 $0
2026-01-29 HASTINGS CHUCK Director — 45,987 $38.57 $1,773,719
2026-01-22 MILLER DOUGLAS S Director — 6,000 $0.00 $0
2026-01-16 CUMMINS WESLEY Chief Executive Officer — 165,000 $36.42 $6,009,300
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-05-31 2024-05-31 2023-05-31 2022-05-31
Total Revenue
144.19
+5.54%
136.62
+146.64%
55.39
+547.94%
8.55
Operating Revenue
144.19
+5.54%
136.62
+146.64%
55.39
+547.94%
8.55
Cost Of Revenue
101.45
-4.88%
106.65
+140.27%
44.39
+366.95%
9.51
Reconciled Cost Of Revenue
101.45
-4.88%
106.65
+140.27%
44.39
+366.95%
9.51
Gross Profit
42.74
+42.64%
29.96
+172.31%
11.00
+1249.84%
-0.96
Operating Expense
83.06
+84.51%
45.02
-16.50%
53.91
+170.37%
19.94
Selling General And Administration
83.06
+84.51%
45.02
-16.50%
53.91
+170.37%
19.94
General And Administrative Expense
—
—
—
19.89
Salaries And Wages
—
—
—
12.34
Other Gand A
—
—
—
7.55
Total Expenses
184.52
+21.65%
151.67
+54.29%
98.30
+233.83%
29.45
Operating Income
-40.32
-167.84%
-15.05
+64.92%
-42.91
-105.34%
-20.90
Total Operating Income As Reported
-16.84
+48.72%
-32.85
+23.44%
-42.91
-105.34%
-20.90
EBITDA
-45.55
-299.88%
22.79
+164.39%
-35.39
-70.86%
-20.71
Normalized EBITDA
-27.82
-157.02%
48.79
+238.22%
-35.30
-82.21%
-19.37
Reconciled Depreciation
97.94
+23.42%
79.36
+942.29%
7.61
+579.82%
1.12
EBIT
-143.49
-153.65%
-56.57
-31.55%
-43.01
-96.96%
-21.83
Total Unusual Items
-17.73
+31.80%
-26.00
-27559.57%
-0.09
+93.00%
-1.34
Total Unusual Items Excluding Goodwill
-17.73
+31.80%
-26.00
-27559.57%
-0.09
+93.00%
-1.34
Special Income Charges
-11.31
+44.29%
-20.30
-21500.00%
-0.09
+93.00%
-1.34
Other Special Charges
34.79
+611.87%
4.89
+5098.94%
0.09
-93.00%
1.34
Net Income
-231.06
-54.79%
-149.27
-234.35%
-44.65
-89.82%
-23.52
Pretax Income
-158.23
-113.02%
-74.28
-65.03%
-45.01
-105.10%
-21.95
Net Non Operating Interest Income Expense
-14.74
+16.77%
-17.71
-782.75%
-2.01
-1691.07%
-0.11
Interest Expense Non Operating
14.74
-16.77%
17.71
+782.75%
2.01
+1691.07%
0.11
Net Interest Income
-14.74
+16.77%
-17.71
-782.75%
-2.01
-1691.07%
-0.11
Interest Expense
14.74
-16.77%
17.71
+782.75%
2.01
+1691.07%
0.11
Other Income Expense
-103.17
-148.50%
-41.52
-44067.02%
-0.09
+89.96%
-0.94
Other Non Operating Income Expenses
-85.44
-450.62%
-15.52
—
0.41
Gain On Sale Of Security
-6.42
—
—
—
Tax Provision
0.10
+6.25%
0.10
+118.36%
-0.52
-196.85%
0.54
Tax Rate For Calcs
0.00
-100.00%
0.00
+1650.00%
0.00
-94.29%
0.00
Tax Effect Of Unusual Items
-3.72
+31.80%
-5.46
-483942.55%
-0.00
+99.60%
-0.28
Net Income Including Noncontrolling Interests
-231.06
-54.38%
-149.67
-228.18%
-45.61
-93.82%
-23.53
Net Income From Continuing Operation Net Minority Interest
-158.34
-114.03%
-73.98
-69.96%
-43.53
-93.66%
-22.48
Net Income From Continuing And Discontinued Operation
-231.06
-54.79%
-149.27
-234.35%
-44.65
-89.82%
-23.52
Net Income Continuous Operations
-158.34
-112.88%
-74.38
-67.18%
-44.49
-97.85%
-22.49
Net Income Discontinuous Operations
-72.73
+3.41%
-75.30
-6634.79%
-1.12
-7.09%
-1.04
Minority Interests
0.00
-100.00%
0.40
-58.65%
0.96
+9500.00%
0.01
Normalized Income
-140.60
-163.11%
-53.44
-23.03%
-43.44
-102.82%
-21.42
Net Income Common Stockholders
-233.68
-56.54%
-149.27
-234.35%
-44.65
-89.82%
-23.52
Diluted EPS
—
-1.31
-167.35%
-0.49
-19.51%
-0.41
Basic EPS
—
-1.31
-167.35%
-0.49
-19.51%
-0.41
Basic Average Shares
—
114.06
+21.37%
93.98
+64.52%
57.12
Diluted Average Shares
—
114.06
+21.37%
93.98
+64.52%
57.12
Diluted NI Availto Com Stockholders
-233.68
-56.54%
-149.27
-234.35%
-44.65
-89.82%
-23.52
Depreciation Amortization Depletion Income Statement
—
—
—
0.05
Depreciation And Amortization In Income Statement
—
—
—
0.05
Depreciation Income Statement
—
—
—
—
Gain On Sale Of PPE
23.48
+252.29%
-15.42
0.00
—
Preferred Stock Dividends
2.62
—
—
—
Line Item Trend 2025-05-31 2024-05-31 2023-05-31 2022-05-31
Total Assets
1,870.09
+145.14%
762.87
+189.01%
263.96
+120.00%
119.98
Current Assets
430.59
+6.54%
404.14
+784.96%
45.67
+13.15%
40.36
Cash Cash Equivalents And Short Term Investments
41.55
+1144.44%
3.34
-88.49%
29.00
-25.26%
38.80
Cash And Cash Equivalents
41.55
+1144.44%
3.34
-88.49%
29.00
-25.26%
38.80
Receivables
3.04
-20.90%
3.85
+4591.46%
0.08
-63.88%
0.23
Accounts Receivable
3.04
-20.90%
3.85
+4591.46%
0.08
-63.88%
0.23
Prepaid Assets
—
—
—
1.45
Restricted Cash
72.37
+238.98%
21.35
+46.48%
14.57
+94.31%
7.50
Assets Held For Sale Current
304.20
-18.79%
374.60
0.00
—
Other Current Assets
9.43
+833.66%
1.01
-49.80%
2.01
+50.49%
1.34
Total Non Current Assets
1,439.50
+301.28%
358.72
+64.33%
218.29
+174.17%
79.62
Net PPE
1,294.62
+281.47%
339.37
+58.78%
213.74
+202.46%
70.67
Gross PPE
1,318.50
+273.47%
353.04
+61.44%
218.68
+205.10%
71.68
Accumulated Depreciation
-23.88
-74.77%
-13.66
-176.58%
-4.94
-389.59%
-1.01
Properties
0.00
0.00
0.00
0.00
Land And Improvements
21.47
+183.06%
7.58
+120.17%
3.44
+52.84%
2.25
Buildings And Improvements
109.67
+5.46%
103.99
+64.15%
63.35
+109.94%
30.18
Machinery Furniture Equipment
35.06
+3.30%
33.95
+48.51%
22.86
+3787.24%
0.59
Construction In Progress
1,123.16
+501.04%
186.87
+71.78%
108.78
+494.29%
18.30
Other Properties
28.69
+42.02%
20.20
-0.22%
20.25
-3.31%
20.94
Leases
0.44
+0.00%
0.44
0.00
—
Investments And Advances
6.07
+406.08%
1.20
—
—
Long Term Equity Investment
6.07
—
—
—
Non Current Accounts Receivable
84.42
—
—
—
Non Current Deferred Assets
42.41
—
—
—
Other Non Current Assets
11.98
+4.95%
11.41
+151.07%
4.54
-49.22%
8.95
Total Liabilities Net Minority Interest
1,236.37
+93.78%
638.04
+228.41%
194.28
+376.81%
40.74
Current Liabilities
558.14
+0.73%
554.11
+379.92%
115.46
+298.17%
29.00
Payables And Accrued Expenses
281.88
+98.19%
142.23
+766.95%
16.41
+23.73%
13.26
Payables
252.34
+114.70%
117.53
+1723.30%
6.45
-51.39%
13.26
Accounts Payable
247.53
+136.81%
104.53
+1521.59%
6.45
-51.39%
13.26
Other Payable
4.81
-63.03%
13.00
—
—
Dividends Payable
—
—
—
0.00
Current Accrued Expenses
29.55
+19.62%
24.70
+148.01%
9.96
—
Total Tax Payable
—
—
1.63
0.00
Current Debt And Capital Lease Obligation
24.66
-52.41%
51.80
+270.25%
13.99
+498.72%
2.34
Current Debt
10.33
-77.50%
45.92
+477.58%
7.95
+496.40%
1.33
Other Current Borrowings
10.33
-77.50%
45.92
+477.58%
7.95
+496.40%
1.33
Current Capital Lease Obligation
14.32
+143.33%
5.89
-2.57%
6.04
+501.79%
1.00
Current Deferred Liabilities
16.12
-31.55%
23.56
-72.31%
85.06
+534.74%
13.40
Current Deferred Revenue
16.12
-31.55%
23.56
-72.31%
85.06
+534.74%
13.40
Other Current Liabilities
235.48
-30.03%
336.52
—
0.02
Total Non Current Liabilities Net Minority Interest
678.22
+708.13%
83.92
+6.48%
78.82
+570.96%
11.75
Long Term Debt And Capital Lease Obligation
678.22
+708.13%
83.92
+7.85%
77.82
+594.37%
11.21
Long Term Debt
677.83
+752.91%
79.47
+16.05%
68.48
+1061.25%
5.90
Long Term Capital Lease Obligation
0.40
-91.11%
4.45
-52.32%
9.34
+75.88%
5.31
Tradeand Other Payables Non Current
—
0.00
0.00
0.00
Non Current Deferred Liabilities
—
—
0.00
-100.00%
0.54
Non Current Deferred Taxes Liabilities
—
—
0.00
-100.00%
0.54
Preferred Securities Outside Stock Equity
—
—
—
0.00
Stockholders Equity
633.73
+407.67%
124.83
+109.74%
59.52
-17.63%
72.26
Common Stock Equity
497.69
+298.69%
124.83
+109.74%
59.52
-17.63%
72.26
Capital Stock
136.27
+94529.86%
0.14
+42.57%
0.10
+3.06%
0.10
Common Stock
0.23
+59.72%
0.14
+42.57%
0.10
+3.06%
0.10
Preferred Stock
136.04
—
—
0.00
Share Issued
234.20
+62.54%
144.08
+42.76%
100.93
+3.12%
97.87
Ordinary Shares Number
224.91
+61.75%
139.05
+44.96%
95.93
-1.95%
97.84
Treasury Shares Number
9.29
+84.61%
5.03
+0.62%
5.00
+13678.87%
0.04
Additional Paid In Capital
1,009.91
+169.50%
374.74
+133.93%
160.19
+24.87%
128.29
Retained Earnings
-481.06
-92.43%
-249.99
-148.21%
-100.72
-79.63%
-56.07
Treasury Stock
31.40
+50545.16%
0.06
+0.00%
0.06
+0.00%
0.06
Minority Interest
—
0.00
-100.00%
10.16
+45.67%
6.98
Total Equity Gross Minority Interest
633.73
+407.67%
124.83
+79.15%
69.68
-12.06%
79.23
Total Capitalization
1,311.55
+541.97%
204.30
+59.62%
128.00
+63.77%
78.16
Working Capital
-127.55
+14.95%
-149.97
-114.88%
-69.79
-714.15%
11.36
Invested Capital
1,185.84
+373.92%
250.22
+84.06%
135.95
+71.02%
79.49
Total Debt
702.88
+417.85%
135.73
+47.84%
91.81
+577.86%
13.54
Net Debt
646.60
+429.78%
122.05
+157.33%
47.43
—
Capital Lease Obligations
14.72
+42.37%
10.34
-32.77%
15.38
+143.60%
6.31
Net Tangible Assets
633.73
+407.67%
124.83
+109.74%
59.52
-17.63%
72.26
Tangible Book Value
497.69
+298.69%
124.83
+109.74%
59.52
-17.63%
72.26
Current Notes Payable
—
—
—
0.00
Dueto Related Parties Non Current
—
0.00
-100.00%
1.00
0.00
Investments In Other Ventures Under Equity Method
6.07
—
—
—
Preferred Stock Equity
136.04
—
—
—
Line Item Trend 2025-05-31 2024-05-31 2023-05-31 2022-05-31
Operating Cash Flow
-115.40
-936.61%
13.79
-76.51%
58.73
+6835.67%
-0.87
Cash Flow From Continuing Operating Activities
-115.40
-936.61%
13.79
-76.51%
58.73
+533.26%
9.28
Cash From Discontinued Operating Activities
—
—
0.00
+100.00%
-10.15
Net Income From Continuing Operations
-231.06
-54.38%
-149.67
-228.18%
-45.61
-102.82%
-22.49
Depreciation Amortization Depletion
97.94
+23.42%
79.36
+942.29%
7.61
+579.82%
1.12
Depreciation
—
—
—
1.12
Depreciation And Amortization
97.94
+23.42%
79.36
+942.29%
7.61
+579.82%
1.12
Other Non Cash Items
50.22
-1.08%
50.77
+12282.20%
0.41
+2177.78%
0.02
Stock Based Compensation
22.70
+30.77%
17.36
-45.87%
32.07
+159.97%
12.34
Deferred Tax
0.00
0.00
+100.00%
-0.54
-200.00%
0.54
Deferred Income Tax
0.00
0.00
+100.00%
-0.54
-200.00%
0.54
Operating Gains Losses
8.74
+248.46%
2.51
+2567.02%
0.09
-89.96%
0.94
Gain Loss On Investment Securities
6.42
—
—
—
Unrealized Gain Loss On Investment Securities
85.44
+1054.43%
7.40
0.00
—
Change In Working Capital
-149.38
-2561.78%
6.07
-90.62%
64.69
+284.84%
16.81
Change In Receivables
-2.93
+22.07%
-3.77
-2696.55%
0.14
+163.88%
-0.23
Changes In Account Receivables
-2.93
+22.07%
-3.77
-2696.55%
0.14
+163.88%
-0.23
Change In Prepaid Assets
-7.55
+25.46%
-10.13
-138.85%
26.08
+218.31%
8.19
Change In Payables And Accrued Expense
-98.58
-228.96%
76.44
+1320.16%
-6.26
-197.63%
6.42
Change In Accrued Expense
-12.13
-156.14%
21.60
+188.59%
7.49
—
Change In Payable
-86.45
-257.64%
54.84
+498.85%
-13.75
-314.27%
6.42
Change In Account Payable
-78.26
-287.04%
41.84
+404.29%
-13.75
-314.27%
6.42
Change In Other Working Capital
-43.30
+23.78%
-56.80
-228.03%
44.37
+1044.39%
3.88
Change In Other Current Assets
2.98
+811.01%
0.33
-10.16%
0.36
+125.10%
-1.45
Investing Cash Flow
-667.65
-287.19%
-172.44
-30.55%
-132.09
-187.96%
-45.87
Cash Flow From Continuing Investing Activities
-667.65
-287.19%
-172.44
-30.55%
-132.09
-140.27%
-54.97
Cash From Discontinued Investing Activities
—
—
0.00
-100.00%
9.10
Net PPE Purchase And Sale
-681.60
-380.65%
-141.81
-8.02%
-131.28
-138.80%
-54.97
Purchase Of PPE
-681.60
-380.65%
-141.81
-8.02%
-131.28
-138.80%
-54.97
Sale Of PPE
—
—
—
3.28
Capital Expenditure
-681.60
-380.65%
-141.81
-8.02%
-131.28
-138.80%
-54.97
Net Investment Purchase And Sale
-4.87
-1146.29%
-0.39
+51.73%
-0.81
0.00
Purchase Of Investment
-4.87
-1146.29%
-0.39
+51.73%
-0.81
0.00
Sale Of Investment
—
0.00
0.00
—
Net Other Investing Changes
18.82
+162.25%
-30.24
—
—
Financing Cash Flow
874.69
+496.01%
146.76
+107.79%
70.63
-13.12%
81.29
Cash Flow From Continuing Financing Activities
874.69
+496.01%
146.76
+107.79%
70.63
-13.12%
81.29
Net Issuance Payments Of Debt
693.97
+3894.50%
17.37
-74.74%
68.77
+868.11%
7.10
Issuance Of Debt
1,112.08
+669.32%
144.55
+75.96%
82.15
+1021.65%
7.32
Repayment Of Debt
-418.12
-228.76%
-127.18
-850.18%
-13.38
-5956.56%
-0.22
Long Term Debt Issuance
1,112.08
+669.32%
144.55
+75.96%
82.15
+1021.65%
7.32
Long Term Debt Payments
-418.12
-228.76%
-127.18
-850.18%
-13.38
-5956.56%
-0.22
Net Long Term Debt Issuance
693.97
+3894.50%
17.37
-74.74%
68.77
+868.11%
7.10
Net Common Stock Issuance
160.25
+22.47%
130.85
0.00
-100.00%
40.00
Common Stock Payments
-31.34
—
0.00
—
Cash Dividends Paid
-2.62
—
—
—
Repurchase Of Capital Stock
-31.34
0.00
0.00
—
Proceeds From Stock Option Exercised
-51.75
—
—
—
Net Other Financing Charges
-123.37
-8320.96%
-1.47
-178.64%
1.86
+699.04%
-0.31
Changes In Cash
91.63
+870.91%
-11.89
-336.18%
-2.73
-107.89%
34.55
Beginning Cash Position
31.69
-27.28%
43.57
-5.89%
46.30
+294.03%
11.75
End Cash Position
120.92
+281.60%
31.69
-27.28%
43.57
-5.89%
46.30
Free Cash Flow
-797.00
-522.59%
-128.01
-76.47%
-72.54
-29.90%
-55.85
Interest Paid Supplemental Data
62.71
+252.67%
17.78
+1490.52%
1.12
+898.21%
0.11
Income Tax Paid Supplemental Data
0.10
+2000.00%
0.01
0.00
0.00
Common Stock Issuance
191.59
+46.42%
130.85
0.00
-100.00%
40.00
Issuance Of Capital Stock
389.80
+197.90%
130.85
0.00
-100.00%
74.50
Net Preferred Stock Issuance
198.21
0.00
0.00
-100.00%
34.50
Other Cash Adjustment Outside Changein Cash
-2.40
0.00
0.00
—
Preferred Stock Dividend Paid
-2.62
0.00
0.00
—
Preferred Stock Issuance
198.21
0.00
0.00
-100.00%
34.50
Cash From Discontinued Financing Activities
—
—
0.00
0.00
SEC Filings

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

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