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Applied Digital APLD Enterprise value

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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%
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.

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 enterprise value?
Applied Digital (APLD) reported enterprise value of $8.3B in Q4 2025.
How has Applied Digital's enterprise value changed year-over-year?
Applied Digital's enterprise value increased by 321.9% year-over-year, from $1.97B to $8.3B.
What is the long-term trend for Applied Digital's enterprise value?
Over 3 years (2022 to 2025), Applied Digital's enterprise value has grown at a 75.8% compound annual growth rate (CAGR), from $445.88M to $2.42B.
What does enterprise value mean?
What it would cost to buy the entire business, debt included and cash netted out.
How do you interpret enterprise value?
The capital-structure-neutral valuation base — used in EV/EBITDA and EV/Sales to compare companies with different leverage on a like-for-like footing.
How does enterprise value compare across companies?
Comparable across non-financial companies via the EV multiples it feeds; not used for banks and insurers.