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Applied Digital APLD Debt-to-equity

Debt-to-equity at other companies

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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
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-equity?
Applied Digital (APLD) reported debt-to-equity of 1.8× in Q4 2025.
How has Applied Digital's debt-to-equity changed year-over-year?
Applied Digital's debt-to-equity increased by 79.8% year-over-year, from 1× to 1.8×.
What is the long-term trend for Applied Digital's debt-to-equity?
Over 3 years (2022 to 2025), Applied Digital's debt-to-equity has grown at a 110.8% compound annual growth rate (CAGR), from 0.2× to 1.7×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.