Applied Digital Corporation (APLD) Financial Ratios
24 years of historical data (2002–2025) · Technology · Information Technology Services
EV/EBITDA
↑
1192.26
↑+787% vs avg
5yr avg: 134.38
30Y Low95.7·High95.7
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
14.35
↑+176% vs avg
5yr avg: 5.20
30Y Low2.2·High11.3
ROE
↑
-60.9%
↓+27% vs avg
5yr avg: -83.9%
30Y Low-165%·High-8%
Debt/EBITDA
↑
61.95
↑+49% vs avg
5yr avg: 41.54
30Y Low21.1·High21.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
APLD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Applied Digital Corporation currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.9B | $1.4B | $482M | $787M | $276M | — | — | — | — | — | — |
| Enterprise Value | $13.5B | $2.0B | $615M | $849M | $251M | — | — | — | — | — | — |
| P/E Ratio → | -38.97 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 60.04 | 6.38 | 3.53 | 14.20 | 32.27 | — | — | — | — | — | — |
| P/B Ratio | 14.35 | 2.17 | 3.87 | 11.29 | 3.48 | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 34.98 | 13.39 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
APLD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Applied Digital Corporation's enterprise value stands at 1192.3x EBITDA, 787% above its 5-year average of 134.4x. The Technology sector median is 16.6x, placing the stock at a 7061% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.11 | 4.50 | 15.33 | 29.32 | — | — | — | — | — | — |
| EV / EBITDA | 1192.26 | 173.02 | 95.74 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
APLD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Applied Digital Corporation earns an operating margin of -33.5%. Operating margins have expanded from -79.5% to -33.5% over the past 3 years, signaling improving operational efficiency. A negative ROE of -60.9% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.5% | 10.5% | 21.9% | 19.9% | -156.1% | — | 35.1% | 7.6% | 36.0% | 28.7% | 31.0% |
| Operating Margin | -33.5% | -33.5% | -11.0% | -79.5% | -244.4% | — | -800.2% | -197.5% | -58.3% | -48.6% | -12.5% |
| Net Profit Margin | -107.2% | -107.2% | -109.3% | -80.6% | -275.1% | — | -975.2% | -180.3% | -58.3% | -42.6% | -11.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -60.9% | -60.9% | -153.5% | -60.0% | -61.4% | — | -148.9% | -56.0% | -30.6% | -15.4% | -7.6% |
| ROA | -17.6% | -17.6% | -29.1% | -23.3% | -34.8% | -7.0% | -119.8% | -49.0% | -27.6% | -14.2% | -6.9% |
| ROIC | -7.3% | -7.3% | -5.8% | -35.4% | -75.0% | — | -368.9% | -62.2% | -28.0% | -17.6% | -8.5% |
| ROCE | -9.5% | -9.5% | -8.4% | -36.8% | -40.4% | -5.0% | -122.2% | -61.4% | -30.6% | -17.5% | -8.1% |
APLD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Applied Digital Corporation carries a Debt/EBITDA ratio of 61.9x, which is highly leveraged (2006% above the sector average of 2.9x). Net debt stands at $589M ($703M total debt minus $114M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.11 | 1.11 | 1.09 | 1.32 | 0.17 | — | — | — | — | — | — |
| Debt / EBITDA | 61.95 | 61.95 | 21.14 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.93 | 1.06 | 0.90 | -0.32 | — | -1.11 | -0.67 | -0.02 | -0.30 | -0.22 |
| Net Debt / EBITDA | 51.91 | 51.91 | 20.62 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.05 | -4.05 | -0.81 | -22.25 | -186.59 | -1.41 | — | — | — | — | — |
APLD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.77x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.40x to 0.77x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.73 | 0.40 | 1.39 | 4.70 | 2.36 | 6.39 | 7.99 | 10.35 | 12.95 |
| Quick Ratio | 0.77 | 0.77 | 0.73 | 0.40 | 1.39 | 4.70 | 2.36 | 6.21 | 7.86 | 10.21 | 3.88 |
| Cash Ratio | 0.20 | 0.20 | 0.01 | 0.25 | 1.34 | 4.70 | 2.10 | 5.72 | 7.39 | 9.60 | 2.88 |
| Asset Turnover | — | 0.12 | 0.18 | 0.21 | 0.07 | — | 0.27 | 0.37 | 0.54 | 0.36 | 0.34 |
| Inventory Turnover | 13.23 | — | — | — | — | — | — | 13.23 | 22.93 | 21.84 | 0.36 |
| Days Sales Outstanding | — | 5.15 | 10.28 | 0.54 | 9.69 | — | 69.75 | 24.90 | 12.26 | 45.82 | 73.79 |
APLD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Applied Digital Corporation returns 0.3% to shareholders annually — split between a 0.0% dividend yield and 0.2% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.2% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.2% | 2.3% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.3% | 2.5% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $201M | $114M | $94M | $57M | $9M | $1M | $1M | $1M | $1M | $1M |
Peer Comparison
Compare APLD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 APLDYou | $13B | -39.0 | 1192.3 | — | 10.5% | -33.5% | -60.9% | -7.3% | 61.9 |
 BTBT | $726M | -7.2 | — | — | 21.4% | -49.8% | -12.1% | -5.8% | — |
 CIFR | $11B | -13.1 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
 IREN | $20B | 145.8 | 104.3 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
 CORZ | $9B | -33.0 | — | — | 11.9% | -70.4% | — | — | — |
 HUT | $14B | -56.6 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 RIOT | $11B | -14.7 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 MARA | $6B | -4.0 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 CLSK | $4B | 15.6 | 7.9 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 WULF | $12B | -17.1 | — | — | 50.9% | -101.1% | -343.7% | -4.2% | — |
 BITF | $1B | -16.6 | 37.6 | — | -8.2% | -65.2% | -48.7% | -12.0% | — |
| Technology Median | — | 28.3 | 16.6 | 18.8 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 12 years · Updated daily
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APLD — Frequently Asked Questions
Quick answers to the most common questions about buying APLD stock.
What is Applied Digital Corporation's P/E ratio?
Applied Digital Corporation's current P/E ratio is -39.0x. This places it at the 50th percentile of its historical range.
What is Applied Digital Corporation's EV/EBITDA?
Applied Digital Corporation's current EV/EBITDA is 1192.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 95.7x.
What is Applied Digital Corporation's ROE?
Applied Digital Corporation's return on equity (ROE) is -60.9%. The historical average is -75.9%.
Is APLD stock overvalued?
Based on historical data, Applied Digital Corporation is trading at a P/E of -39.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Applied Digital Corporation's dividend yield?
Applied Digital Corporation's current dividend yield is 0.03%.
What are Applied Digital Corporation's profit margins?
Applied Digital Corporation has 10.5% gross margin and -33.5% operating margin.
How much debt does Applied Digital Corporation have?
Applied Digital Corporation's Debt/EBITDA ratio is 61.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.