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Applied Digital APLD Return on equity

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Cipher Digital, Inc.
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Hut 8 Mining Corp.HUT
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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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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 return on equity?
Applied Digital (APLD) reported return on equity of -15.2% in Q4 2025.
How has Applied Digital's return on equity changed year-over-year?
Applied Digital's return on equity increased by 82.1% year-over-year, from -84.8% to -15.2%.
What is the long-term trend for Applied Digital's return on equity?
Over 2 years (2023 to 2025), Applied Digital's return on equity has grown at a 4.7% compound annual growth rate (CAGR), from -67.8% to -74.2%.
What does return on equity mean?
How much profit the company earns on the money shareholders have invested.
How do you interpret return on equity?
Higher is better, but very high ROE can be manufactured by leverage — a thin equity base inflates the ratio. Read it next to debt-to-equity and ROIC to tell genuine returns from balance-sheet engineering.
How does return on equity compare across companies?
Comparable across peers, with the leverage caveat. Negative or near-zero equity makes ROE meaningless, so it is suppressed there.