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Net margin at other companies

Equinix, Inc. logo
Equinix, Inc.EQIX
15.1%+4.4pp
Riot Platforms, Inc. logo
Riot Platforms, Inc.RIOT
-132.8%+148pp
Digital Realty logo
Digital RealtyDLR
21.4%+10.6pp
Cipher Digital, Inc.
 logo
Cipher Digital, Inc. CIFR
-427.8%
TeraWulf logo
TeraWulfWULF
-611.5%-747pp
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
-109.8%-256pp

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%
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 net margin?
Applied Digital (APLD) reported net margin of -45.7% in Q4 2025.
How has Applied Digital's net margin changed year-over-year?
Applied Digital's net margin increased by 73.9% year-over-year, from -175.2% to -45.7%.
What is the long-term trend for Applied Digital's net margin?
Over 3 years (2022 to 2025), Applied Digital's net margin has grown at a -16.5% compound annual growth rate (CAGR), from -275.1% to -160.2%.
What does net margin mean?
The share of every sales dollar that becomes bottom-line profit.
How do you interpret net margin?
Higher is better, but net margin mixes operating performance with financing and tax effects and one-off items — read it alongside operating margin to separate the operating story from the rest.
How does net margin compare across companies?
Comparable across peers but sensitive to leverage and tax structure; two operationally identical firms can show different net margins purely from financing.