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Total debt at other companies

Riot Platforms, Inc. logo
Riot Platforms, Inc.RIOT
$877.16M+41.8%
Cipher Digital, Inc.
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Cipher Digital, Inc. CIFR
$4.75B+8,030%
TeraWulf logo
TeraWulfWULF
$3.67B+959%
Hut 8 Mining Corp. logo
Hut 8 Mining Corp.HUT
$18.16M-65.3%
Equinix, Inc. logo
Equinix, Inc.EQIX
Digital Realty logo
Digital RealtyDLR

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 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

Calculated from Applied Digital’s reported figures.

Plus components not separately reported this period.

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 total debt?
Applied Digital (APLD) reported total debt of $2.78B in Q4 2025.
How has Applied Digital's total debt changed year-over-year?
Applied Digital's total debt increased by 525.3% year-over-year, from $444.68M to $2.78B.
What is the long-term trend for Applied Digital's total debt?
Over 3 years (2022 to 2025), Applied Digital's total debt has grown at a 301.0% compound annual growth rate (CAGR), from $13.02M to $839.59M.
What does total debt mean?
The total amount of money the company owes to banks, bondholders, and lessors.
How do you interpret total debt?
An increase in total debt suggests higher financial leverage and increased interest expense, which may indicate aggressive expansion or liquidity pressure. A decrease suggests deleveraging and improved balance sheet health, though it may also reflect limited access to capital markets.
How does total debt compare across companies?
Peer companies in the high-performance computing and datacenter infrastructure space typically maintain varying debt levels based on their capital expenditure cycles and stage of facility development.