APLD Nasdaq Services-Computer Processing & Data Preparation Financials FY2021βFY2026
Applied Digital Corp. had $611M of revenue in fiscal 2026, up 167.5% on the year before.
Last close Β· Oct 23, 2026
$18.25
4.4%Hi! I read Applied Digital Corp.βs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+167.5%
Yes. Sales grew 167.5% last year.
Does it make a profit?
β30.2%
No. It lost money last year.
Does profit turn into cash?
β454.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Applied Digital Corp. had $611M of revenue in fiscal 2026, up 167.5% on the year before. Its operating margin was β38.7%, down 7.1Β pts: of every 100 in sales, about β39 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Applied Digital Corp. lost $184M in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$2.8B in fiscal 2026, β454.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Applied Digital Corp. returned $0.0M to shareholders in fiscal 2026. The diluted share count rose 36.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $6.7M and sold $19.6M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$6.7M
2 insiders
Sold, 12 months
$19.6M
6 insiders
Of sales under plans
1%
$0.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Wes CumminsCEO; Chairman, Director | Bought | 55,803 | $18.04 | $1.0M | Form 4 |
| Oct 16, 2026 | Jason Gechen ZhangPresident | Bought | 300,000 | $18.86 | $5.7M | Form 4 |
| Oct 13, 2026 | Richard N NottenburgDirector | Sold | 31,250 | $21.84 | $0.7M | Form 4 |
| Aug 4, 2026 | Richard N NottenburgDirector | Sold | 75,000 | $31.15 | $2.3M | Form 4 |
| Apr 30, 2026 | Richard N NottenburgDirector | Sold | 12,500 | $34.59 | $0.4M | Form 4 |
| Apr 28, 2026 | Richard N NottenburgDirector | Sold | 12,500 | $32.00 | $0.4M | Form 4 |
| Apr 27, 2026 | Douglas S MillerDirector | Sold | 10,000 | $34.98 | $0.3M | Form 4 |
| Jan 29, 2026 | Chuck HastingsDirector | Sold | 45,987 | $38.57 | $1.8M | Form 4 |
| Jan 16, 2026 | Wes CumminsCEO; Chairman, Director | Sold | 165,000 | $36.42 | $6.0M | Form 4 |
| Jan 15, 2026 | Richard N NottenburgDirector | Sold | 12,000 | $35.45 | $0.4M | Form 4 |
| Jan 14, 2026 | Richard N NottenburgDirector | Sold | 11,606 | $35.28 | $0.4M | Form 4 |
| Jan 12, 2026 | Douglas S MillerDirector | Sold | 10,000 | $38.54 | $0.4M | Form 4 |
| Nov 28, 2025 | Douglas S MillerDirector | Sold | 8,000 | $26.98 | $0.2M | Form 4 |
| Nov 24, 2025 | Ella G. BensonDirector | Sold plan | 8,581 | $23.22 | $0.2M | Form 4 |
| Oct 31, 2025 | Chuck HastingsDirector | Sold | 25,000 | $34.27 | $0.9M | Form 4 |
| Oct 31, 2025 | Richard N NottenburgDirector | Sold | 9,375 | $35.91 | $0.3M | Form 4 |
| Oct 30, 2025 | Richard N NottenburgDirector | Sold | 5,000 | $34.80 | $0.2M | Form 4 |
| Oct 29, 2025 | Ella G. BensonDirector | Sold | 42,569 | $35.30 | $1.5M | Form 4 |
| Oct 29, 2025 | Chuck HastingsDirector | Sold | 50,000 | $35.69 | $1.8M | Form 4 |
| Oct 28, 2025 | Mohammad Saidal LaVanway MohmandChief Financial Officer | Sold | 37,503 | $36.47 | $1.4M | Form 4 |
| Oct 24, 2025 | Richard N NottenburgDirector | Sold | 34,375 | $33.23 | $1.1M | Form 4 |
| Oct 24, 2025 | Rachel H. LeeDirector | Sold | 24,213 | $33.20 | $0.8M | Form 4 |
| Oct 24, 2025 | Mohammad Saidal LaVanway MohmandChief Financial Officer | Sold | 100,000 | $34.08 | $3.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Applied Digital Corp. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $38.8M | $29.0M | $3.3M | $44.0M | $1.6B |
| Debt incl. finance leases | $12.4M | β | β | β | β |
| Debt / equity | 0.1x | β | β | β | β |
| Interest coverage | β186.6x | β21.7x | β3.7x | β2.2x | β8.0x |
| Current ratio | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Quick ratio | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Total assets | $120M | $264M | $763M | $1.9B | $9.9B |
| Total liabilities | $40.7M | $194M | $638M | $1.2B | $6.2B |
| Shareholders' equity | $72.3M | $59.5M | $125M | $498M | $1.7B |
| Net debt (β = net cash) | β$26.4M | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Applied Digital Corp. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 5 / 8 | 4 / 8 | 2 / 8 | 5 / 8 |
| Accruals ratio | β3.2% | β33.5% | β53.9% | β31.8% | β8.8% | β4.6% |
| Altman Z'' | β1.88 | β0.21 | β3.75 | β3.02 | β1.96 | 2.23 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $0.0M | $8.5M | $55.4M | $166M | $229M | $611M |
| Gross profit | $0.0M | β$1.0M | $11.0M | $17.2M | $11.8M | $214M |
| Operating income | β$0.3M | β$20.9M | β$42.9M | β$98.3M | β$72.2M | β$236M |
| Interest expense | $0.2M | $0.1M | $2.0M | $26.8M | $32.1M | $29.5M |
| Pretax income | β$0.6M | β$21.9M | β$45.0M | β$150M | β$231M | β$182M |
| Income tax | $0.0M | $0.5M | β$0.5M | $0.1M | $0.1M | $1.8M |
| Net income | β$0.6M | β$23.5M | β$44.6M | β$149M | β$231M | β$184M |
| Net income to common | β | β | β$44.6M | β$149M | β$234M | β$250M |
| Diluted EPS | β$0.38 | β$0.41 | β$0.47 | β$1.31 | β$1.16 | β$0.91 |
| Diluted shares | 0.00B | 0.06B | 0.09B | 0.11B | 0.20B | 0.28B |
| Cash flow | ||||||
| Cash from operations | β$0.1M | β$0.9M | $58.7M | $13.8M | β$115M | $89.7M |
| Capital expenditure | $0.0M | $58.3M | $131M | $142M | $682M | $2.9B |
| Free cash flow | β$0.1M | β$59.1M | β$72.5M | β$128M | β$797M | β$2.8B |
| Depreciation and amortization | $0.0M | $1.1M | $7.1M | $79.4M | $135M | $67.4M |
| Stock-based compensation | $0.0M | $12.3M | $32.1M | $17.4M | $22.7M | $220M |
| Share buybacks | β | β | $0.0M | $0.0M | $31.3M | $0.0M |
| Dividends and buybacks | β | β | $0.0M | $0.0M | $31.3M | $0.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $11.8M | $38.8M | $29.0M | $3.3M | $44.0M | $1.6B |
| Total debt | β | $7.2M | β | β | β | β |
| Finance lease liabilities | β | $5.2M | β | $171M | $13.6M | $58.3M |
| Current assets | $11.8M | $40.4M | $45.7M | $404M | $133M | $4.7B |
| Current liabilities | $2.5M | $29.0M | $115M | $554M | $500M | $1.2B |
| Property and equipment, net | $0.0M | $64.3M | $198M | $329M | $1.3B | $4.2B |
| Goodwill | β | β | β | β | $0.0M | $54.5M |
| Total assets | $15.1M | $120M | $264M | $763M | $1.9B | $9.9B |
| Total liabilities | $2.5M | $40.7M | $194M | $638M | $1.2B | $6.2B |
| Shareholders' equity | β$2.6M | $72.3M | $59.5M | $125M | $498M | $1.7B |
| Margins | ||||||
| Gross margin | β | β11.2% | 19.9% | 10.4% | 5.2% | 35.1% |
| Operating margin | β | β244.4% | β77.5% | β59.4% | β31.6% | β38.7% |
| EBITDA margin | β | β231.3% | β64.6% | β11.5% | 27.4% | β27.7% |
| Net margin | β | β275.1% | β80.6% | β90.2% | β101.1% | β30.2% |
| FCF margin | β | β691.6% | β131.0% | β77.3% | β348.7% | β454.1% |
| Returns | ||||||
| Return on capital | β | β40.6% | β | β | β | β |
| Return on capital employed | β2.6% | β23.0% | β28.9% | β47.1% | β5.3% | β2.7% |
| Return on equity | β | β67.5% | β67.8% | β161.9% | β74.2% | β16.6% |
| Return on assets | β3.8% | β34.8% | β23.3% | β29.1% | β17.6% | β3.1% |
| Return on tangible equity | β | β32.5% | β75.0% | β119.6% | β47.0% | β15.0% |
| Growth | ||||||
| Revenue growth | β | β | 547.9% | 198.9% | 38.0% | 167.5% |
| Share count change | β | 3,680.1% | 64.5% | 21.4% | 76.4% | 36.8% |
| Financial health | ||||||
| Debt / equity | β | 0.1x | β | β | β | β |
| Interest coverage | β1.4x | β186.6x | β21.7x | β3.7x | β2.2x | β8.0x |
| Current ratio | 4.7x | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Quick ratio | 4.7x | 1.4x | 0.4x | 0.7x | 0.3x | 4.0x |
| Capital allocation | ||||||
| Capex / revenue | β | 681.4% | 237.0% | 85.6% | 298.2% | 468.8% |
| Stock comp / revenue | β | 144.3% | 57.9% | 10.5% | 9.9% | 36.0% |
| Quality scores | ||||||
| Piotroski F-score | β | 2.0 | 5.0 | 4.0 | 2.0 | 5.0 |
| Altman Z'' | β1.9 | β0.2 | β3.7 | β3.0 | β2.0 | 2.2 |
| Accruals ratio | β3.2% | β33.5% | β53.9% | β31.8% | β8.8% | β4.6% |
Source: SEC EDGAR XBRL filings (CIK 0001144879). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
