Applied Digital vs Global-e Online
Global-e Online is the larger business, with $962m of revenue in fiscal 2025 against $611m for Applied Digital (1.6 times as much). Applied Digital grew faster (167.5% against 27.8%). Global-e Online kept more of each dollar of sales as profit: a net margin of 7.1% against -40.9%. Global-e Online carries less debt relative to equity (0.0% against 289.7%).
| Latest fiscal year | Applied DigitalAPLD, 2026 | Global-e OnlineGLBE, 2025 |
|---|---|---|
| Revenue | $611m | $962m |
| Revenue growth | 167.5% | 27.8% |
| Net income | −$250m | $68.3m |
| Operating margin | -38.7% | 7.4% |
| Net margin | -40.9% | 7.1% |
| Return on equity | -22.6% | 7.5% |
| Free cash flow | −$2.78bn | $281m |
| Cash | $1.59bn | $246m |
| Total debt | $4.98bn | $0 |
| Debt to equity | 289.7% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | $72.2m |
| Employees | 256 | — |
| Market value | $5.30bn | $7.01bn |
| Price vs our value range | — | Within our value range |
| Moat score | 8 (Weak) | — |
| Insider trades, 12 months | 2 buys, 12 sales | 0 buys, 93 sales |