What is Applied Digital's debt, fair value adjustment?

Applied Digital (APLD) reported debt, fair value adjustment of $0 in Q4 2025.

What does debt, fair value adjustment mean?

The change in the value of debt due to market conditions rather than principal payments.

How do you interpret debt, fair value adjustment?

A loss indicates that the market value of the debt has increased, potentially due to favorable interest rate shifts or credit improvements.

How does debt, fair value adjustment compare across companies?

Relevant for companies with complex debt structures or those utilizing fair-value accounting for financial instruments.

Applied Digital APLD Debt, Fair Value Adjustment

Debt, Fair Value Adjustment at other companies

CubeSmartCUBE

-$210K-1,650%

Morgan StanleyMS

$1.23B+264%

PPLPPL

$8M-33.3%

eBayEBAY

-$4M—

Kinder MorganKMI

——

NRZ

New Residential Investment Corp.NRZ

——

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

Reported directly by Applied Digital in its filing.

Tagged under the XBRL concept apld:DebtFairValueAdjustment.

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 debt, fair value adjustment?: Applied Digital (APLD) reported debt, fair value adjustment of $0 in Q4 2025.
What does debt, fair value adjustment mean?: The change in the value of debt due to market conditions rather than principal payments.
How do you interpret debt, fair value adjustment?: A loss indicates that the market value of the debt has increased, potentially due to favorable interest rate shifts or credit improvements.
How does debt, fair value adjustment compare across companies?: Relevant for companies with complex debt structures or those utilizing fair-value accounting for financial instruments.