APLD Applied Digital Corporation - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 29, 2026
$25.38
· of 52w range
· above low
· to high
$19.0152w low
$50.7352w high
Market Cap (MRQ)
$7.31B
P/E (TTM)
-27.9
EPS (TTM)
$-0.91
Revenue (TTM)
$611M
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52W Range
$19–$51
Analyst Rating
BUY
Price Target
$66
P/E
-27.9
ROE
-16.6%
Net Profit Margin
-30.2%
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APLD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$25.38
Market Cap (MRQ)
$7.31B
P/E (TTM)
-27.9
EPS (TTM)
$-0.91
Revenue (TTM)
$611M
ROE (TTM)
-16.6%
Debt/Equity
0.0
52W Range
$19–$51
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| April 13, 2022 | 1-for-6 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$611M2021-05-31 → 2026-05-31
EPS$-0.912021-05-31 → 2026-05-31
Free Cash Flow$-2.78B2024-05-31 → 2026-05-31
Net margin-30.2%2024-05-31 → 2026-05-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | APLD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -27.95Y avg ≈-18.1 | ≈-18.1 | · | · | |
| P/S (TTM) | 12.05Y avg ≈12.4 | ≈12.4 | 14.6 | Overvalued | |
| P/B (MRQ) | 4.35Y avg ≈5.2 | ≈5.2 | 7.9 | Fair value | |
| EV / EBITDA | -33.95Y avg ≈1096.0 | ≈1096.0 | · | · | |
| Price / FCF (TTM) | -2.65Y avg ≈-3.8 | ≈-3.8 | · | · | |
| Price / Cash Flow (TTM) | 81.55Y avg ≈60.4 | ≈60.4 | 15.3 | Overvalued | |
| EV / Revenue | 9.45Y avg ≈11.5 | ≈11.5 | · | · | |
| EV / FCF | -2.15Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Tangible Book | 4.45Y avg ≈7.2 | ≈7.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | APLD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -38.7%5Y avg ≈-36.7% | ≈-36.7% | -7.9% | Weak | |
| EBITDA Margin (TTM) | -27.7%5Y avg ≈-13.1% | ≈-13.1% | -7.9% | Weak | |
| Pretax Margin (TTM) | -29.7%5Y avg ≈-76.6% | ≈-76.6% | -8.4% | Weak | |
| Net Profit Margin (TTM) | -30.2%5Y avg ≈-93.5% | ≈-93.5% | -8.5% | Weak | |
| ROA (TTM) | -3.1%5Y avg ≈-16.6% | ≈-16.6% | -3.1% | In line | |
| ROE (TTM) | -16.6%5Y avg ≈-74.0% | ≈-74.0% | -13.0% | In line | |
| ROIC | -13.8%5Y avg ≈-30.2% | ≈-30.2% | -5.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | APLD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.05Y avg ≈0.0 | ≈0.0 | 0.3 | Low debt | |
| Current Ratio (MRQ) | 4.05Y avg ≈1.6 | ≈1.6 | 1.3 | Strong liquidity | |
| Quick Ratio | 1.45Y avg ≈0.5 | ≈0.5 | 1.1 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | APLD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 167.5%5Y avg ≈238.1% | ≈238.1% | · | · | |
| Revenue CAGR 3Y | 122.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | APLD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.2 | ≈0.2 | 0.4 | Weak | |
| Receivables Turnover | 19.45Y avg ≈48.5 | ≈48.5 | 11.0 | Top tier | |
| Revenue / Employee | ≈$2.4M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-53.1%
Next Report
Oct 14, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.39 | $-0.22 | -77.3% | |
| March 31, 2026 | $-0.40 | $-0.13 | -209.6% | |
| Dec. 31, 2025 | $-0.13 | $-0.12 | -6.2% | |
| Sept. 30, 2025 | $-0.07 | $-0.14 | 48.2% | |
| June 30, 2025 | $-0.24 | $-0.15 | -59.5% | |
| March 31, 2025 | $-0.13 | $-0.11 | -14.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue | $611M | $229M | $166M | $55M | $9M | $0 | |
| Cost of Revenue | $397M | $217M | $148M | $44M | $10M | $0 | |
| Gross Profit | · | · | · | $11M | $-957.0K | $0 | |
| SG&A Expense | $332M | $108M | $98M | $54M | $20M | $332.0K | |
| Operating Expenses | $848M | $301M | $264M | $98M | $20M | $332.0K | |
| Operating Income | $-236M | $-72M | $-98M | $-43M | $-21M | $-332.0K | |
| Interest Expense | · | · | $27M | $2M | $112.0K | $236.0K | |
| Other Non-op | · | · | · | $-2M | $-1M | $-236.0K | |
| Pretax Income | $-182M | $-231M | $-150M | $-45M | $-22M | $-568.0K | |
| Income Tax | $2M | $102.0K | $96.0K | $-523.0K | $540.0K | $0 | |
| Net Income | $-184M | $-231M | $-150M | $-46M | $-24M | $-568.0K | |
| EPS (Basic) | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 | |
| EPS (Diluted) | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 | |
| Shares (Basic) | 275,194,755 | 201,194,451 | 114,061,414 | 93,976,233 | 57,121,096 | 1,511,061 | |
| Shares (Diluted) | 275,194,755 | 201,194,451 | 114,061,414 | 93,976,233 | 57,121,096 | 1,511,061 | |
| EBITDA | $-169M | $444.0K | $-20M | · | · | · |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.59B | $44M | $3M | $29M | $39M | $12M | |
| Receivables | $56M | $7M | $4M | $82.0K | $227.0K | $0 | |
| Prepaid Expense | $614M | $10M | $1M | $2M | $1M | $5.0K | |
| Other Current Assets | $21M | $1M | · | · | · | · | |
| Current Assets | $4.66B | $133M | $404M | $46M | $40M | $12M | |
| PP&E (Net) | $4.24B | $1.25B | $329M | $198M | $64M | $20.0K | |
| PP&E (Gross) | $4.31B | $1.28B | $343M | $203M | $65M | $21.0K | |
| Accum. Depreciation | $78M | $27M | $14M | $5M | $1M | $1.0K | |
| Goodwill | $55M | $0 | · | · | · | · | |
| Total Assets | $9.93B | $1.87B | $763M | $264M | $120M | $15M | |
| Accounts Payable | $395M | $251M | $105M | $6M | $13M | $249.0K | |
| Accrued Liabilities | $548M | $30M | $25M | $10M | · | · | |
| Short-term Debt | $16M | $10M | $10M | $8M | $1M | $0 | |
| Current Liabilities | $1.16B | $500M | $554M | $115M | $29M | $2M | |
| Capital Leases | $47M | $59M | $1M | $1M | $936.0K | · | |
| Deferred Tax | · | · | · | $0 | $540.0K | $0 | |
| Other Non-current Liabilities | $5M | $0 | $0 | $1M | $0 | · | |
| Total Liabilities | $6.19B | $1.24B | $638M | $194M | $41M | $2M | |
| Long-term Debt | · | · | · | · | $7M | · | |
| Total Debt | $16M | $10M | $10M | · | · | · | |
| Common Stock | $296.0K | $230.0K | $144.0K | $101.0K | $98.0K | $2.0K | |
| Paid-in Capital | $2.43B | $1.01B | $375M | $160M | $128M | $14M | |
| Retained Earnings | $-662M | $-481M | $-250M | $-101M | $-56M | $-22M | |
| Treasury Stock | $53M | $31M | $62.0K | $62.0K | $62.0K | $62.0K | |
| Stockholders' Equity | $1.72B | $498M | $125M | $60M | $72M | $-3M | |
| Liabilities + Equity | $9.93B | $1.87B | $763M | $264M | $120M | $15M | |
| Shares Outstanding | 287,883,603 | 224,909,669 | 144,083,944 | 100,927,358 | 97,837,703 | 1,511,061 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| D&A | $67M | $135M | $79M | $7M | $1M | $1.0K | |
| Stock-based Comp | $220M | $23M | $17M | $32M | $12M | $0 | |
| Deferred Tax | $0 | $0 | $0 | $-540.0K | $540.0K | $0 | |
| Other Non-cash | $-14M | $76M | $66M | · | · | · | |
| Operating Cash Flow | $90M | $-115M | $14M | $59M | $-872.0K | $-83.0K | |
| CapEx | $2.87B | $682M | $142M | $131M | $55M | $20.0K | |
| Investing Cash Flow | $-2.94B | $-668M | $-172M | $-132M | $-46M | $-3M | |
| Stock Issued | $196M | $192M | $131M | $0 | · | · | |
| Stock Repurchased | $0 | $31M | $0 | $0 | · | · | |
| Net Stock Activity | $196M | $160M | $131M | · | · | · | |
| Financing Cash Flow | $6.88B | $875M | $147M | $71M | $81M | $15M | |
| Net Change in Cash | $4.03B | $92M | $-12M | $-3M | $35M | $12M | |
| Taxes Paid | $241.0K | $0 | $0 | · | · | · | |
| Free Cash Flow | $-2.78B | $-797M | $-128M | · | · | · | |
| Levered FCF | · | · | $-155M | · | · | · |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -38.7% | -11.7% | -59.8% | · | · | · | |
| Net Margin | -30.1% | -160.2% | -90.1% | · | · | · | |
| Pretax Margin | -29.7% | -109.7% | -90.3% | · | · | · | |
| EBITDA Margin | -27.7% | 0.31% | -11.9% | · | · | · | |
| ROA | -3.1% | -17.5% | -29.1% | · | · | · | |
| ROE | -11.6% | -48.5% | -161.9% | · | · | · | |
| ROIC | -13.8% | -3.3% | -73.5% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | 0.8 | 0.1 | · | · | · | |
| Quick Ratio | 1.4 | 0.1 | 0.0 | · | · | · | |
| Debt / Equity | 0.0 | 0.0 | 0.1 | · | · | · | |
| Interest Coverage | · | · | -3.7 | · | · | · |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.3 | · | · | · | |
| Receivables Turnover | 19.4 | 41.9 | 84.3 | · | · | · |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $5.97 | $2.21 | $0.90 | · | · | · | |
| Revenue / Share | $2.22 | $0.72 | $1.45 | · | · | · | |
| Cash Flow / Share | $0.33 | $-0.57 | $0.12 | · | · | · | |
| Cash / Share | $5.53 | $0.18 | $0.02 | · | · | · | |
| EPS (TTM) | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 | · |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 167.5% | 38.0% | 198.9% | 547.9% | · | · | |
| Revenue CAGR 3Y | 122.6% | 199.0% | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $611M | $144M | $137M | $55M | $9M | · | |
| Net Income TTM | $-184M | $-231M | $-150M | $-46M | $-24M | · | |
| Market Cap | $13.61B | $1.54B | $588M | · | · | · | |
| Enterprise Value | $12.04B | $1.50B | $595M | · | · | · | |
| P/E | -52.0 | -5.9 | -3.2 | -17.8 | -11.8 | · | |
| P/S | 22.3 | 10.7 | 4.3 | · | · | · | |
| P/B | 7.9 | 3.1 | 4.7 | · | · | · | |
| P / Tangible Book | 8.2 | 3.1 | 4.7 | 13.5 | 6.5 | · | |
| P / Cash Flow | 151.8 | -13.3 | 42.6 | · | · | · | |
| P / FCF | -4.9 | -1.9 | -4.6 | · | · | · | |
| EV / EBITDA | -71.2 | 3389.4 | -30.3 | · | · | · | |
| EV / FCF | -4.3 | -1.9 | -4.6 | · | · | · | |
| EV / Revenue | 19.7 | 10.4 | 4.4 | · | · | · | |
| Earnings Yield | -1.9% | -17.0% | -31.0% | -5.6% | -8.5% | · |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $294M | $127M | $127M | $64M | $105M | $53M | $36M | $35M | $44M | $43M | $42M | $36M | $22M | $14M | $12M | $7M | |
| Cost of Revenue | $168M | $73M | $101M | $56M | $122M | $49M | $23M | $23M | $46M | $47M | $30M | $25M | $16M | $11M | $12M | $6M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | $528.0K | $831.0K | |
| SG&A Expense | $166M | $80M | $57M | $29M | $48M | $23M | $26M | $11M | $31M | $30M | $20M | $16M | $11M | $11M | $27M | $5M | |
| Operating Expenses | $391M | $212M | $158M | $87M | $170M | $72M | $49M | $10M | $71M | $99M | $50M | $44M | $27M | $21M | $39M | $11M | |
| Operating Income | $-98M | $-86M | $-31M | $-22M | $-66M | $-19M | $-13M | $25M | $-28M | $-55M | $-8M | $-7M | $-5M | $-7M | $-27M | $-4M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | $2M | $2M | · | $352.0K | $364.0K | $356.0K | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | · | · | $-384.0K | $-385.0K | $-450.0K | |
| Pretax Income | $-58M | $-71M | $-27M | $-26M | $-83M | $-35M | $-128M | $16M | $-64M | $-63M | $-11M | $-12M | $-6M | $-7M | $-27M | $-5M | |
| Income Tax | $2M | $-2.0K | $15.0K | $8.0K | $-16.0K | $117.0K | $1.0K | $0 | $96.0K | $0 | $0 | $0 | $-243.0K | $0 | $-312.0K | $32.0K | |
| Net Income | $-82M | $-71M | $-14M | $-17M | $-53M | $-36M | $-139M | $-4M | $-64M | $-63M | $-11M | $-12M | $-7M | $-7M | $-27M | $-5M | |
| EPS (Basic) | $-0.41 | $-0.36 | $-0.07 | $-0.07 | $-0.31 | $-0.16 | $-0.66 | $-0.03 | $-0.58 | $-0.52 | $-0.10 | $-0.11 | $-0.07 | $-0.07 | $-0.28 | $-0.05 | |
| EPS (Diluted) | $-0.41 | $-0.36 | $-0.07 | $-0.07 | $-0.31 | $-0.16 | $-0.66 | $-0.03 | $-0.58 | $-0.52 | $-0.10 | $-0.11 | $-0.07 | $-0.07 | $-0.28 | $-0.05 | |
| Shares (Basic) | · | 281,982,553 | 277,423,733 | 255,892,902 | · | 222,454,578 | 209,560,339 | 149,099,336 | · | 121,426,622 | 109,663,030 | 100,521,673 | · | 94,119,944 | 93,422,427 | 93,105,835 | |
| Shares (Diluted) | · | 281,982,553 | 277,423,733 | 255,892,902 | · | 222,454,578 | 209,560,339 | 149,099,336 | · | 121,426,622 | 109,663,030 | 100,521,673 | · | 94,119,944 | 93,422,427 | 93,105,835 | |
| EBITDA | · | $-65M | $-22M | $-18M | · | $-165.0K | $8M | $44M | · | $-30M | $5M | $3M | · | $-7M | $-27M | $-3M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.59B | $1.73B | $1.91B | $74M | $44M | $69M | $286M | $58M | $3M | $4M | $9M | $6M | · | $8M | $11M | $33M | |
| Receivables | $56M | $21M | $13M | $29M | $7M | $15M | $12M | $2M | $4M | $225.0K | $307.0K | $27.0K | · | $82.0K | $276.0K | $50.0K | |
| Prepaid Expense | $614M | $479M | $272M | $188M | $10M | $5M | $8M | $2M | $1M | $6M | $2M | $2M | · | $1M | $2M | $2M | |
| Other Current Assets | $21M | $77M | $6M | $4M | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $4.66B | $2.43B | $2.72B | $642M | $133M | $274M | $328M | $84M | $404M | $106M | $36M | $34M | · | $24M | $21M | $42M | |
| PP&E (Net) | $4.24B | $3.01B | $2.00B | $1.46B | $1.25B | $1.00B | $773M | $478M | $329M | $211M | $259M | $223M | · | $167M | $133M | $95M | |
| PP&E (Gross) | $4.31B | $3.07B | $2.04B | $1.49B | $1.28B | $1.03B | $793M | $496M | $343M | $223M | $268M | $230M | · | $171M | $136M | $97M | |
| Accum. Depreciation | $78M | $57M | $34M | $27M | $27M | $23M | $20M | $17M | $14M | $12M | $10M | $7M | · | $4M | $3M | $2M | |
| Goodwill | $55M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $938M | $763M | $643M | $481M | $349M | · | $208M | $167M | $146M | |
| Accounts Payable | $395M | $377M | $93M | $173M | $251M | $171M | $192M | $140M | $105M | $94M | $38M | $16M | · | $14M | $7M | $13M | |
| Accrued Liabilities | $548M | $377M | $207M | $183M | $30M | $19M | $32M | $27M | $25M | $28M | $11M | $13M | · | · | · | · | |
| Short-term Debt | $16M | $98M | $13M | $382M | $10M | $10M | $7M | $7M | $10M | $19M | $9M | $9M | · | $5M | $4M | $3M | |
| Current Liabilities | $1.16B | $1.02B | $563M | $985M | $500M | $394M | $424M | $387M | $554M | $349M | $202M | $152M | · | $109M | $70M | $49M | |
| Capital Leases | $47M | $45M | $105.0K | $220.0K | $59M | $105M | $98M | $104M | $1M | $69M | $52M | $10M | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | $260.0K | $260.0K | $572.0K | |
| Other Non-current Liabilities | $5M | · | · | · | $0 | · | · | · | · | $0 | $0 | $0 | · | · | · | · | |
| Total Liabilities | $6.19B | $3.68B | $3.16B | $1.29B | $1.24B | $1.21B | $1.05B | $641M | $638M | $525M | $325M | $221M | · | $136M | $95M | $69M | |
| Total Debt | · | $98M | $13M | $382M | · | $10M | $7M | $7M | · | $19M | $9M | $9M | · | $5M | $4M | $3M | |
| Common Stock | $296.0K | $293.0K | $287.0K | $274.0K | $230.0K | $230.0K | $222.0K | $162.0K | $144.0K | $127.0K | $123.0K | $110.0K | · | $100.0K | $94.0K | $93.0K | |
| Paid-in Capital | $2.43B | $2.22B | $2.01B | $1.57B | $1.01B | $914M | $859M | $496M | $375M | $304M | $278M | $240M | · | $155M | $151M | $129M | |
| Retained Earnings | $-662M | $-583M | $-512M | $-498M | $-481M | $-429M | $-393M | $-254M | $-250M | $-186M | $-123M | $-112M | · | $-94M | $-87M | $-61M | |
| Treasury Stock | $53M | $53M | $53M | $31M | $31M | $31M | $31M | $62.0K | $62.0K | $62.0K | $62.0K | $62.0K | · | $62.0K | $62.0K | $62.0K | |
| Stockholders' Equity | $1.72B | $1.58B | $1.45B | $1.04B | $498M | $455M | $435M | $242M | $125M | $118M | $156M | $128M | · | $61M | $64M | $68M | |
| Liabilities + Equity | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $938M | $763M | $643M | $481M | $349M | · | $208M | $167M | $146M | |
| Shares Outstanding | 287,883,603 | 285,384,115 | 279,083,210 | 269,292,902 | 224,909,669 | 224,391,160 | 216,555,069 | 157,438,246 | 139,051,142 | 122,417,839 | 117,732,332 | 105,849,157 | 100,927,358 | 94,469,399 | 93,946,353 | 92,835,974 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34M | $21M | $9M | $4M | $107M | $19M | $5M | $4M | $32M | $26M | $13M | $8M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $125M | $50M | $29M | $15M | $12M | $10M | $3M | $-3M | $4M | $3M | $5M | $6M | $5M | $4M | $22M | $579.0K | |
| Deferred Tax | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-260.0K | $0 | $-312.0K | $32.0K | |
| Other Non-cash | · | · | · | $-85M | · | · | · | $-103M | · | · | · | $2M | · | · | · | $20M | |
| Operating Cash Flow | $133M | $55M | $-16M | $-82M | $7M | $6M | $-52M | $-76M | $-32M | $36M | $5M | $5M | $5M | $26M | $11M | $17M | |
| CapEx | $1.29B | $775M | $552M | $249M | $198M | $257M | $171M | $55M | $57M | $39M | $-30M | $33M | $35M | $26M | $39M | $33M | |
| Investing Cash Flow | $-1.34B | $-775M | $-569M | $-249M | $-202M | $-258M | $-175M | $-33M | $-52M | $-54M | $-25M | $-41M | $-36M | $-26M | $-39M | $-32M | |
| Stock Issued | $0 | $0 | $0 | $196M | $0 | $0 | $160M | $32M | $10M | $23M | $34M | $64M | $0 | $0 | $0 | $0 | |
| Stock Repurchased | $0 | $0 | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | $196M | · | · | · | $32M | · | · | · | $64M | · | · | · | · | |
| Financing Cash Flow | $3.26B | $532M | $2.77B | $322M | $57M | $199M | $455M | $163M | $75M | $24M | $24M | $24M | $52M | $5M | $5M | $9M | |
| Net Change in Cash | $2.05B | $-188M | $2.18B | $-9M | $-138M | $-53M | $228M | $55M | $-9M | $6M | $3M | $-12M | $21M | $5M | $-23M | $-5M | |
| Free Cash Flow | · | · | · | $-331M | · | · | · | $-131M | · | · | · | $-71M | · | · | · | $-14M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $-73M | · | · | · | $-15M |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | 25.2% | 4.3% | 12.0% | |
| Operating Margin | · | -67.7% | -24.4% | -34.7% | · | -35.8% | -29.1% | 15.6% | · | -128.8% | -19.4% | -14.1% | · | -49.4% | -216.2% | -60.3% | |
| Net Margin | · | -55.7% | -11.4% | -26.4% | · | -67.2% | -217.2% | -7.0% | · | -145.0% | -24.9% | -31.5% | · | -49.9% | -215.7% | -65.4% | |
| Pretax Margin | · | -55.7% | -21.0% | -40.9% | · | -67.0% | -217.2% | -7.0% | · | -145.0% | -24.9% | -32.6% | · | -52.1% | -219.3% | -66.8% | |
| EBITDA Margin | · | -51.2% | -17.7% | -28.2% | · | -0.31% | 12.3% | 72.2% | · | -68.3% | 12.4% | 7.5% | · | -49.4% | -216.2% | -43.9% | |
| ROA | · | -1.8% | -0.43% | -1.0% | · | -3.0% | -13.7% | -0.66% | · | -14.8% | -3.2% | -4.6% | · | -5.2% | -31.8% | -6.2% | |
| ROE | · | -6.9% | -1.5% | -2.6% | · | -12.4% | -47.0% | -2.3% | · | -70.1% | -9.6% | -11.7% | · | -26.9% | -83.8% | -13.3% | |
| ROIC | · | -5.1% | -2.1% | -1.6% | · | -4.1% | -4.2% | 3.8% | · | -40.5% | -5.0% | -3.7% | · | -10.6% | -39.0% | -5.9% |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 2.4 | 4.8 | 0.7 | · | 0.7 | 0.8 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.9 | |
| Quick Ratio | · | 1.7 | 3.4 | 0.1 | · | 0.2 | 0.7 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.2 | 0.7 | |
| Debt / Equity | · | 0.1 | 0.0 | 0.4 | · | 0.0 | 0.0 | 0.0 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -12.7 | -3.5 | -2.5 | · | -18.1 | -69.3 | -11.7 |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | 7.2 | 9.9 | 4.1 | · | 7.1 | 10.1 | 52.2 | · | 282.4 | 144.8 | 943.5 | · | 25.2 | 89.4 | 277.0 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $5.54 | $5.19 | $3.88 | · | $2.03 | $2.01 | $1.54 | · | $0.97 | $1.32 | $1.21 | · | $0.64 | $0.68 | $0.74 | |
| Revenue / Share | · | $0.45 | $0.46 | $0.25 | · | $0.24 | $0.30 | $0.41 | · | $0.36 | $0.38 | $0.36 | · | $0.15 | $0.13 | $0.07 | |
| Cash Flow / Share | · | · | · | $-0.32 | · | · | · | $-0.51 | · | · | · | $0.04 | · | · | · | $0.19 | |
| Cash / Share | · | $6.06 | $6.86 | $0.27 | · | $0.31 | $1.32 | $0.37 | · | $0.04 | $0.08 | $0.06 | · | $0.09 | $0.11 | $0.36 | |
| EPS (TTM) | · | $-0.81 | $-0.61 | $-1.20 | · | $-1.43 | $-1.79 | $-1.23 | · | $-0.80 | $-0.35 | $-0.53 | · | $-0.38 | $-0.43 | $-0.15 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $422M | $348M | $258M | · | $168M | $158M | $164M | · | $144M | $115M | $85M | · | $41M | $28M | $15M | |
| Net Income TTM | · | $-154M | $-119M | $-244M | · | $-243M | $-270M | $-142M | · | $-93M | $-37M | $-53M | · | $-41M | $-40M | $-14M | |
| Market Cap | · | $7.78B | $7.56B | $4.30B | · | $1.80B | $2.19B | $575M | · | $508M | $550M | $639M | · | $250M | $183M | $220M | |
| Enterprise Value | · | $6.15B | $5.66B | $4.61B | · | $1.74B | $1.91B | $523M | · | $523M | $550M | $643M | · | $247M | $177M | $189M | |
| P/E | · | -33.7 | -44.4 | -13.3 | · | -5.6 | -5.6 | -3.0 | · | -5.2 | -13.3 | -11.4 | · | -7.0 | -4.5 | -15.8 | |
| P/S | · | 18.4 | 21.7 | 16.7 | · | 10.7 | 13.8 | 3.5 | · | 3.5 | 4.8 | 7.5 | · | 6.1 | 6.6 | 14.2 | |
| P/B | · | 4.9 | 5.2 | 4.1 | · | 3.9 | 5.0 | 2.4 | · | 4.3 | 3.5 | 5.0 | · | 4.1 | 2.9 | 3.2 | |
| P / Tangible Book | · | 4.9 | 5.2 | 4.1 | · | 3.9 | 5.0 | 2.4 | · | 4.3 | 3.5 | 5.0 | · | 4.1 | 2.9 | 3.2 | |
| P / Cash Flow | · | · | · | -52.5 | · | · | · | -7.6 | · | · | · | 141.5 | · | · | · | 12.7 | |
| EV / Revenue | · | 14.6 | 16.3 | 17.9 | · | 10.4 | 12.1 | 3.2 | · | 3.6 | 4.8 | 7.6 | · | 6.0 | 6.4 | 12.2 | |
| Earnings Yield | · | -3.0% | -2.2% | -7.5% | · | -17.9% | -17.7% | -33.7% | · | -19.3% | -7.5% | -8.8% | · | -14.3% | -22.1% | -6.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 |
|---|---|---|---|---|---|
| Revenue | $611M | $229M | $166M | $55M | $9M |
| Operating Margin % | -38.7% | -11.7% | -59.8% | · | · |
| Net Income | $-184M | $-231M | $-150M | $-46M | $-24M |
| Diluted EPS | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 |
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.1 | · | · |
| Current Ratio | 4.0 | 0.8 | 0.1 | · | · |
| Quick Ratio | 1.4 | 0.1 | 0.0 | · | · |
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.78B | $-797M | $-128M | · | · |
Institutional owners (13F) 647 filers · $11.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
647
Value held
$11.0B
New positions
188
Exited positions
58
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 188 (+72 vs prior Q) | 58 (-13 vs prior Q) | 182 (+6 vs prior Q) | 176 (+29 vs prior Q) | +12.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Hood River Capital Management LLC | $839,954,485 | 22,518,887 | 7.60% | Shares |
| VANGUARD GROUP INC | $592,601,371 | 24,168,082 | 5.36% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $512,084,688 | 13,728,812 | 4.63% | Shares |
| BlackRock, Inc. | $498,890,104 | 13,375,070 | 4.52% | Shares |
| Situational Awareness LP | $469,022,807 | 15,384,616 | 4.25% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $431,032,049 | 11,555,819 | 3.90% | Shares |
| TWO SIGMA INVESTMENTS, LP | $384,157,064 | 10,299,117 | 3.48% | Shares |
| JANE STREET GROUP, LLC | $364,148,710 | 9,762,700 | 3.30% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $337,326,280 | 9,043,600 | 3.05% | Call option |
| Situational Awareness Partners LP | $319,978,118 | 13,478,438 | 2.90% | Shares |
| EQUITEC PROPRIETARY MARKETS, LLC | $312,348,857 | 8,373,964 | 2.83% | Shares |
| NOMURA HOLDINGS INC | $279,750,000 | 7,500,000 | 2.53% | Call option |
| PEAK6 LLC | $279,556,040 | 7,494,800 | 2.53% | Call option |
| GOLDMAN SACHS GROUP INC | $260,389,771 | 6,980,959 | 2.36% | Shares |
| CITADEL ADVISORS LLC | $244,467,930 | 6,554,100 | 2.21% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $221,671,268 | 4,877,618 | 2.01% | Shares |
| JANE STREET GROUP, LLC | $209,734,170 | 5,622,900 | 1.90% | Put option |
| Value Aligned Research Advisors, LLC | $206,866,919 | 5,546,030 | 1.87% | Shares |
| Oasis Management Co Ltd. | $186,772,924 | 5,007,317 | 1.69% | Shares |
| STATE STREET CORP | $167,196,689 | 4,482,378 | 1.51% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $134,302,380 | 3,600,600 | 1.22% | Put option |
| DBA TRADING, LLC | $132,379,819 | 5,576,235 | 1.20% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $131,152,246 | 3,516,146 | 1.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $122,302,000 | 3,278,874 | 1.11% | Shares |
| NORGES BANK | $115,207,652 | 3,088,677 | 1.04% | Shares |
| D. E. Shaw & Co., Inc. | $113,161,523 | 3,033,821 | 1.02% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $113,141,344 | 3,033,280 | 1.02% | Shares |
| MORGAN STANLEY | $109,932,675 | 2,947,256 | 0.99% | Shares |
| UBS Group AG | $107,589,239 | 2,884,430 | 0.97% | Shares |
| BANK OF AMERICA CORP /DE/ | $97,571,765 | 2,615,865 | 0.88% | Shares |
| CITADEL ADVISORS LLC | $88,236,880 | 2,365,600 | 0.80% | Put option |
| AMERIPRISE FINANCIAL INC | $76,778,879 | 2,058,415 | 0.69% | Shares |
| BARCLAYS PLC | $68,706,674 | 1,842,002 | 0.62% | Shares |
| Squarepoint Ops LLC | $66,986,175 | 1,795,876 | 0.61% | Shares |
| UBS Group AG | $65,312,300 | 1,751,000 | 0.59% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $62,787,053 | 1,683,299 | 0.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $60,175,195 | 1,613,276 | 0.54% | Shares |
| Walleye Trading LLC | $55,815,720 | 1,496,400 | 0.51% | Call option |
| VAN ECK ASSOCIATES CORP | $53,072,976 | 1,422,868 | 0.48% | Shares |
| NORTHERN TRUST CORP | $51,541,700 | 1,381,815 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $51,201,001 | 1,372,681 | 0.46% | Shares |
| Balyasny Asset Management L.P. | $49,847,496 | 1,336,394 | 0.45% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $47,129,296 | 1,263,520 | 0.43% | Shares |
| JANE STREET GROUP, LLC | $46,327,645 | 1,242,028 | 0.42% | Shares |
| SEI INVESTMENTS CO | $46,212,196 | 1,238,933 | 0.42% | Shares |
| B. Riley Asset Management, LLC | $40,003,228 | 1,631,453 | 0.36% | Shares |
| MILLENNIUM MANAGEMENT LLC | $39,756,914 | 1,065,869 | 0.36% | Shares |
| Value Aligned Research Advisors, LLC | $39,068,020 | 1,047,400 | 0.35% | Call option |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $38,778,609 | 1,039,641 | 0.35% | Shares |
| D. E. Shaw & Co., Inc. | $38,627,880 | 1,035,600 | 0.35% | Put option |
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Wesley Cummins ×8 filings | July 8, 2026 | 7.60% | Amendment | · | SEC |
| Applied Digital Corporation ×2 filings | June 26, 2026 | 96.10% | Amendment | Passive investment | SEC |
| Jason Zhang ×2 filings | Oct. 11, 2024 | · | Initial filing | · | SEC |
| Oasis Management Company Ltd., Oasis Investments II Master Fund Ltd., Seth Fischer ×2 filings | July 16, 2024 | · | Initial filing | · | SEC |
| Cummins Family Limited Partnership, Cummins Family Holdings, LLC, Wesley Cummins, Lance Cummins, Cummins Family Limited Partnership Cummins Family Holdings, LLC Wesley Cummins Lance Cummins Sole Voting Power 28,571,428 (3) 28,571,428 (3) 278,900 (1) 21,700 Shared Voting Power 0 0 28,701,928 (2)(3) 28,701,928 (2)(3) Sole Dispositive Power 28,571,428 ( | Jan. 26, 2009 | · | Initial filing | Passive investment | SEC |
| ANDREW COHEN (2) | May 14, 2004 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 27 insiders · 9 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Wesley Cummins | CEO; Chairman | Aug. 4, 2026 J | 12,798 | 0 | 1 | $-6,009,300 |
| Samuel A Kovnat | Chief Executive Officer | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Mohammad Saidal Lavanway Mohmand | Chief Financial Officer | Aug. 4, 2026 J | 888,431 | 0 | 2 | $-4,775,734 |
| David D Cryer | Chief Financial Officer | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Jason Zhang | President | Sept. 12, 2026 F | 2,539,227 | 0 | 0 | $0 |
| William B Cotton | President | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Frank L Rees | Executive Vice-President | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Laura Laltrello | Chief Operating Officer | July 31, 2026 F | 813,156 | 0 | 0 | $0 |
| David Rench | Chief Administrative Officer | Dec. 1, 2024 M | 385,288 | 0 | 0 | $0 |
| Richard N Nottenburg | Director | Aug. 4, 2026 S | 133,378 | 0 | 8 | $-5,656,422 |
| Douglas S Miller | Director | April 27, 2026 S | 184,859 | 0 | 3 | $-951,040 |
| Chuck Hastings | Director | Jan. 29, 2026 S | 388,372 | 0 | 3 | $-4,414,969 |
| Ella G. Benson | Director | Nov. 24, 2025 S | 68,422 | 0 | 2 | $-1,701,937 |
| Rachel H. Lee | Director | Nov. 9, 2025 A | 67,147 | 0 | 1 | $-803,872 |
| Kate Reed | Director | Nov. 20, 2024 D | 341,510 | 0 | 0 | $0 |
| Kelli Mcdonald | Director | Feb. 22, 2024 D | 194,821 | 0 | 0 | $0 |
| Virginia Moore | Director | Feb. 22, 2024 D | 76,191 | 0 | 0 | $0 |
| Jackson Kemper JR | Director | Jan. 25, 2007 A | 98,667 | 0 | 0 | $0 |
| Larry L Pressler | Director | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Joseph J Luca | Director | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Stephen P Tocco | Director | Dec. 14, 2005 A | · | 0 | 0 | $0 |
| Michael Maniscalco | · | Jan. 31, 2025 M | 152,026 | 0 | 0 | $0 |
| Regina Ingel | · | Aug. 5, 2023 M | 110,870 | 0 | 0 | $0 |
| Richard S Rosenfeld | · | Jan. 14, 2009 P | · | 0 | 0 | $0 |
| James A Schwartz | · | Jan. 14, 2009 P | · | 0 | 0 | $0 |
| Kenneth S Wood | · | Jan. 14, 2009 P | · | 0 | 0 | $0 |
| Bryant R. Riley | · | Oct. 31, 2005 S | 3,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 51 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DECO · SSGA Active Trust | 4.44% | 33,248 NS | July 31, 2026 | N-PORT |
| HECO · SSGA Active Trust | 4.43% | 132,563 NS | July 31, 2026 | N-PORT |
| TEKX · SSGA Active Trust | 4.42% | 25,734 NS | July 31, 2026 | N-PORT |
| CEPI · ETF Opportunities Trust | 4.30% | 172,806 NS | July 31, 2026 | N-PORT |
| IBLC · iShares Trust | 3.64% | 120,790 SH | Sept. 11, 2026 | Daily |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.99% | 50,251 SH | Oct. 1, 2026 | Daily |
| SATO · Invesco Exchange-Traded Fund Trust … | 0.73% | 2,546 SH | Oct. 1, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.58% | 123,038 NS | July 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.28% | 138,072 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.26% | 3,407,315 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.22% | 116,285 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.21% | 78,039 SH | Sept. 11, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.18% | 36,940 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.17% | 40,891 NS | July 31, 2026 | N-PORT |
| GTOS · Invesco Actively Managed Exchange-T… | 0.17% | 183,000 | Oct. 1, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 107,417 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.13% | 12,016 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.13% | 3,634,000 | Oct. 1, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.11% | 2,918,390 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.11% | 5,899,130 SH | Aug. 19, 2026 | Daily |
| TEXN · iShares Trust | 0.11% | 792 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.10% | 111,430 SH | Sept. 11, 2026 | Daily |
| SMMD · iShares Trust | 0.09% | 136,337 SH | Sept. 11, 2026 | Daily |
| ESSC · Strategy Shares | 0.09% | 1,182 NS | July 31, 2026 | N-PORT |
| JIII · Janus Detroit Street Trust | 0.09% | 5,927 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.08% | 3,795,699 SH | Aug. 19, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.07% | 497,229 NS | July 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.07% | 383,834 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.06% | 16,316 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 19,579 SH | Oct. 1, 2026 | Daily |
| IWR · iShares Trust | 0.05% | 1,044,890 SH | Sept. 11, 2026 | Daily |
| IYW · iShares Trust | 0.03% | 315,321 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 153,647 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 0.03% | 119,542 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 57,647 SH | Aug. 19, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 565,237 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 9,779 NS | July 31, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.01% | 534,000 SH | Sept. 9, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 11,760 SH | Oct. 1, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 8,167,031 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 211,737 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 41,939 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 21,437 SH | Aug. 19, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 175,809 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 332,354 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 69,978 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 33,916 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 53,186 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | -2.38% | -13,325 NS | July 31, 2026 | N-PORT |
| ISCB · iShares Trust | · | 11,053 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 56,402 SH | Sept. 11, 2026 | Daily |
APLD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 20 analysts
BUY
Median target
$70.00
+175.8%
4 20.0%
Strong Buy
14 70.0%
Buy
2 10.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
15 analysts · 2026-09-27Mean target $66.43 +161.8%
Now
Current price $25.38
Low$22.00
Mean$66.43
High$109.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| APLD | $13.61B | -52.0 | 167.5% | -30.1% | -11.6% | · |
| VRSN | $22.33B | 117.4 | 6.4% | 49.8% | -39.8% | · |
| DOCN | $4.42B | 19.1 | 15.5% | 28.8% | -254.3% | 59.9% |
| AKAM | $12.63B | 28.4 | 5.4% | 10.7% | 9.6% | · |
| GDDY | $16.72B | 19.9 | 8.3% | 17.7% | 282.5% | · |
| FSLY | $1.54B | -12.3 | 14.8% | -19.5% | -13.0% | 57.1% |
| SHAZ | · | · | 257.4% | -2529.2% | -401.0% | 6.4% |
| SHAZ | · | · | 257.4% | -2529.2% | -401.0% | 6.4% |
| RXT | $238M | -1.0 | -1.9% | -8.4% | 19.3% | 18.9% |
| NET | · | -679.8 | 29.8% | · | · | · |
Latest News Recent headlines mentioning this company
AI infrastructure stocks surge after strong earnings from CoreWeave, Supermicro
Yahoo Finance · 1 month, 3 weeks ago
Applied Digital Corp (APLD)’s 400% Revenue Surge — Breakout AI Infrastructure Play or Risky Bet?
Yahoo Finance · 1 month, 4 weeks ago
As Revenue Surges 400%, Is Applied Digital Stock a Buy?
Nasdaq · 2 months ago
Oversold Conditions For Applied Digital (APLD)
Nasdaq · 2 months, 3 weeks ago
Applied Digital (APLD): One of the Top Hot Stocks with the Highest Upside Potential
Yahoo Finance · 3 months ago
Applied Digital (APLD) Is One Of The AI Stocks That Can Still Skyrocket On The Neo Cloud Boom
Yahoo Finance · 3 months, 2 weeks ago
Dear Applied Digital Stock Fans, Mark Your Calendars for June 16
Yahoo Finance · 3 months, 2 weeks ago
5 AI Infrastructure Stocks You'll Wish You Bought Sooner
Nasdaq · 3 months, 2 weeks ago
Applied Digital Corp (APLD)’s Blue-Chip Customer Returns for More
Yahoo Finance · 3 months, 3 weeks ago
Here’s What Needham Thinks About Applied Digital (APLD)
Yahoo Finance · 3 months, 3 weeks ago
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Source: SEC 10-K filed Jul 29, 2026