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Gross margin at other companies

Equinix, Inc. logo
Equinix, Inc.EQIX
51.1%+1.6pp
Cipher Digital, Inc.
 logo
Cipher Digital, Inc. CIFR
60%+1.0pp
TeraWulf logo
TeraWulfWULF
64%+19.1pp
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
59.7%+17.9pp
Advanced Energy Industries logo
Advanced Energy IndustriesAEIS
38.2%+1.8pp
Advanced Micro Devices logo
Advanced Micro DevicesAMD
50.3%+0.2pp

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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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 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 gross margin?
Applied Digital (APLD) reported gross margin of 34.4% in Q4 2025.
How has Applied Digital's gross margin changed year-over-year?
Applied Digital's gross margin increased by 20.8% year-over-year, from 28.5% to 34.4%.
What is the long-term trend for Applied Digital's gross margin?
Over 3 years (2022 to 2025), Applied Digital's gross margin has grown at a 48.0% compound annual growth rate (CAGR), from -12.2% to 39.7%.
What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.