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EV / sales at other companies

Equinix, Inc. logo
Equinix, Inc.EQIX
12.5×+1.7×
Riot Platforms, Inc. logo
Riot Platforms, Inc.RIOT
8.2×+1.8×
Digital Realty logo
Digital RealtyDLR
8.4×-1.8×
Cipher Digital, Inc.
 logo
Cipher Digital, Inc. CIFR
44.1×+38.5×
TeraWulf logo
TeraWulfWULF
39.9×+31.0×
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
17.8×+9.1×

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 EV / sales?
Applied Digital (APLD) reported EV / sales of 24.6× in Q4 2025.
How has Applied Digital's EV / sales changed year-over-year?
Applied Digital's EV / sales increased by 73.2% year-over-year, from 14.2× to 24.6×.
What is the long-term trend for Applied Digital's EV / sales?
Over 3 years (2022 to 2025), Applied Digital's EV / sales has grown at a -31.5% compound annual growth rate (CAGR), from 52.2× to 16.8×.
What does EV / sales mean?
What the whole business costs relative to its annual sales.
How do you interpret EV / sales?
A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?
Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.