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Applied Digital APLD Debt-to-assets

Debt-to-assets at other companies

Equinix, Inc. logo
Equinix, Inc.EQIX
0.6×0.0×
Riot Platforms, Inc. logo
Riot Platforms, Inc.RIOT
0.3×+0.1×
Digital Realty logo
Digital RealtyDLR
0.0×
Cipher Digital, Inc.
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Cipher Digital, Inc. CIFR
0.7×+0.7×
TeraWulf logo
TeraWulfWULF
0.5×+0.1×
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
0.0×

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×
Current ratio2.4×+1.7×

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 debt-to-assets?
Applied Digital (APLD) reported debt-to-assets of 0.4× in Q4 2025.
How has Applied Digital's debt-to-assets changed year-over-year?
Applied Digital's debt-to-assets increased by 70.9% year-over-year, from 0.3× to 0.4×.
What is the long-term trend for Applied Digital's debt-to-assets?
Over 3 years (2022 to 2025), Applied Digital's debt-to-assets has grown at a 60.5% compound annual growth rate (CAGR), from 0.1× to 0.4×.
What does debt-to-assets mean?
What fraction of everything the company owns is funded by debt.
How do you interpret debt-to-assets?
A lower ratio indicates a more conservatively financed balance sheet. Rising debt-to-assets over time signals increasing financial risk.
How does debt-to-assets compare across companies?
Comparable within an industry; bounded between 0 and 1 for most non-financials, which makes cross-company reads cleaner than debt-to-equity.