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Applied Digital APLD Price / sales

Price / sales at other companies

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Equinix, Inc.EQIX
10.2×+1.2×
Riot Platforms, Inc. logo
Riot Platforms, Inc.RIOT
7.2×+1.7×
Digital Realty logo
Digital RealtyDLR
8.7×-1.9×
Cipher Digital, Inc.
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Cipher Digital, Inc. CIFR
24.8×+19.4×
TeraWulf logo
TeraWulfWULF
36.4×+28.5×
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
18.3×+9.2×

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%

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 price / sales?
Applied Digital (APLD) reported price / sales of 22.6× in Q4 2025.
How has Applied Digital's price / sales changed year-over-year?
Applied Digital's price / sales increased by 75.6% year-over-year, from 12.9× to 22.6×.
What is the long-term trend for Applied Digital's price / sales?
Over 3 years (2022 to 2025), Applied Digital's price / sales has grown at a -40.5% compound annual growth rate (CAGR), from 56× to 11.8×.
What does price / sales mean?
How many dollars investors pay for each dollar of the company's annual sales.
How do you interpret price / sales?
Useful when earnings are negative or volatile (e.g. early-stage or cyclical firms). Only comparable across companies with similar margins — a sales dollar is worth more at a high-margin business.
How does price / sales compare across companies?
Best compared within a margin cohort; a software P/S and a retailer P/S are not directly comparable.