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Applied Digital APLD Current ratio

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Other financials

Income statement

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Revenue$126.6M+139%
Gross profit$53.8M+1,323%
Operating income-$85.7M-352%
Net income-$70.6M-98.4%
EPS (diluted)-$0.36-125%

Balance sheet

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Cash & equivalents$2.1B+707%
Total debt$2.8B+525%
Total equity$1.6B+248%
Total assets$6.2B+266%

Cash flow

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Operating cash flow-$15.8M+69.7%
CapEx$775.2M+201%
Free cash flow-$720.2M-186%

Valuation

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Market cap$13.31B+328%
Enterprise value$13.99B+322%
P/S39.4×+17.0×

Profitability

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Gross margin34.4%+5.9pp
Operating margin-44.2%
Net margin-45.7%-19.4pp
FCF margin-536.3%+40.8pp

Returns & leverage

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Return on equity-15.2%-6.8pp
Debt / equity1.8×+0.8×

Where this comes from

Calculated from Applied Digital’s reported figures.

Based on the most recent quarter.

The official record: Applied Digital’s 10-Q, filed April 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Applied Digital's current ratio?
Applied Digital (APLD) reported current ratio of 2.4× in Q4 2025.
How has Applied Digital's current ratio changed year-over-year?
Applied Digital's current ratio increased by 241.9% year-over-year, from 0.7× to 2.4×.
What is the long-term trend for Applied Digital's current ratio?
Over 4 years (2021 to 2025), Applied Digital's current ratio has grown at a -51.2% compound annual growth rate (CAGR), from 4.7× to 0.3×.
What does current ratio mean?
Whether the company has enough short-term assets to cover its short-term bills.
How do you interpret current ratio?
Above 1.0 means short-term assets cover short-term liabilities. Very high values can signal idle cash or bloated inventory/receivables rather than strength — there's a healthy middle, not 'more is better'.
How does current ratio compare across companies?
Comparable within an industry. Working-capital-light businesses can operate safely below 1.0 by collecting before they pay.