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Applied Digital APLD Free cash flow margin

Free cash flow margin at other companies

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-10.6%-14.6pp
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-140.4%+36.0pp
Cipher Digital, Inc.
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-482%-3,491pp
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-1,003.6%-1,433pp
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
-108.6%-32.4pp
Advanced Energy Industries logo
Advanced Energy IndustriesAEIS
3.6%-2.7pp

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

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 trailing twelve months.

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 free cash flow margin?
Applied Digital (APLD) reported free cash flow margin of -536.3% in Q4 2025.
How has Applied Digital's free cash flow margin changed year-over-year?
Applied Digital's free cash flow margin decreased by 7.1% year-over-year, from -500.8% to -536.3%.
What is the long-term trend for Applied Digital's free cash flow margin?
Over 3 years (2022 to 2025), Applied Digital's free cash flow margin has grown at a -7.2% compound annual growth rate (CAGR), from -691.6% to -552.7%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.