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Applied Digital Corp. (APLD) stock

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NASDAQ: APLD Nasdaq Internet Services & Infrastructure Next results ~January 6, 2027

Applied Digital Corp. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Applied Digital Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 5 selling2 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds327 adding, 225 cuttingOf 62 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Applied Digital files

Where Applied Digital stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $854m, up 286.2% on a year earlier, faster than 238.8% a quarter earlier. Free-cash-flow margin fell to -521.8% from -451.3% a year earlier. Operating margin widened to -35.6% from -38.7%. The diluted share count is up 24.7% on a year earlier, which dilutes existing holders. It passes 1 of our 3 financial-health checks.

Our model value for Applied Digital is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 6, 2027 (estimated)

Applied Digital Corp.'s trailing-twelve-month revenue grew 286.2% year on year, with a free-cash-flow margin of -521.8%.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 346.5% while net income fell 67.3%: a 279pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 286.2% over the last 12 months.
  • Growth speeding up. The growth rate is 47.4 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.1 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -35.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -521.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 31.8% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 24.7% in a year.
  • High debt. Long-term debt exceeds cash by $3.3bn, more than 1.5 times annual revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 103% and a beta of 4.6 against the S&P 500.

Latest results: FY2027 Q1

Filed October 7, 2026
Earnings per share
-$0.01 against an average estimate of -$0.30: beat by 96.7%
Revenue
$342m, up 322.4% on a year earlier
Share reaction
-5.9% in the first session after the results on October 7, 2026, against -0.7% for the S&P 500
Next report
January 6, 2027; average EPS estimate -$0.17

Applied Digital's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.0%
  • 1 week-9.0%
  • 1 month-36.1%
  • This year-33.8%
  • 1 year-53.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$854M
Operating margin
-35.6%
Net margin
-48.1%
EPS (TTM, diluted)
$-1.45

Growth

Revenue growth
+286.2%
Change in growth rate
+47.4 pts
Share count change
+24.7%

Cash

Free cash flow (TTM)
-$4.5B
FCF margin
-521.8%
Stock pay % of revenue
31.8%

Earnings

Last results
October 7, 2026
Next results (est.)
January 5, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Results
  4. Announcement
  5. Announcement
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Applied Digital Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$4.83$8.37$4.23$6.83$47.28$16.22
Market value$276m$787m$482m$1.4bn$13.0bn$4.6bn
+ Net debt (− = net cash)−$30m−$2m$7m$644m$3.4bn$3.4bn
Enterprise value$246m$784m$489m$2.0bn$16.4bn$8.0bn
Multiples
Price / sales 32.3x14.2x2.9x6.0x21.3x5.4x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ———32.3x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

8 /100

Weak moat

How hard Applied Digital's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -10.2% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median 16.4%, moving by 11.3 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -40.0%; its worst year was -78.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -451.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 6, 2027, after the close. Analysts expect revenue of $158m and EPS of −$0.17 (range −$0.19 to −$0.15) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.06 −1067% $978m +60%
Next −$0.78 +26% $2.0bn +101%

Next year's EPS estimate has moved −719.3% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +47.7% on 90 days ago. In the last 30 days, 1 analyst raised Applied Digital Corp.'s forecast and 0 cut it.

Consensus EPS forecast Applied Digital Corp., last 90 days
−$1.50 −$1.00 −$0.50 $0.00 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.72 Current fiscal year, 60 days ago: −$0.95 Current fiscal year, 30 days ago: −$1.09 Current fiscal year, 7 days ago: −$1.06 Current fiscal year, Now: −$1.06 −$1.06 Next fiscal year, 90 days ago: $0.13 Next fiscal year, 60 days ago: −$0.25 Next fiscal year, 30 days ago: −$0.48 Next fiscal year, 7 days ago: −$0.78 Next fiscal year, Now: −$0.78 −$0.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.72$0.13
60 days ago −$0.95−$0.25
30 days ago −$1.09−$0.48
7 days ago −$1.06−$0.78
Now −$1.06−$0.78

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 −$0.30 −$0.01 +96.7%
May 2026 −$0.19 $0.04 +121.0%
Feb 2026 −$0.21 $0.09 +142.9%
Nov 2025 −$0.21 $0.00 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 7, 2026

No numeric guidance in Applied Digital Corp.'s latest earnings release (filed October 7, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

16 analysts, Oct 2026
Buy1488%
Hold213%
Sell00%

Monthly trend

  1. Oct 2026212216
  2. Sep 2026211215
  3. Aug 202628111
  4. Jul 202628111

Counts of recommendations published by analysts covering Applied Digital Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.9%
of tradable shares
Days to cover
2.86
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
7.7%
of shares
Employees
256
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −53.2%

$34.66 on October 31, 2025 to $16.22

ThenNowEffect
Revenue (last 12 months) $221m $854m +286.2%
P/S multiple 35.7x 5.4x −84.9%
Share count 228m 284m −19.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 2023202420252026 to date
Return
APLD+266%+13%+221%−34%
Industry peers (median)+44%−17%−12%−30%
S&P 500+26%+25%+18%+11%
Months that ended higher
APLD58%42%58%27%
S&P 50067%75%75%46%
Largest fall from a high during the year
APLD−62%−72%−68%−67%
S&P 500−10%−8%−19%−9%

Worst fall since April 13, 2022: 82% from June 1, 2022 to July 13, 2022. Getting back needed a 452% gain, reached on May 16, 2023, 307 days after the low.

Price behaviour

52-week range
$16.22 – $49.65
From 52-week high
−67.3%
vs 50-day average
−32.0%
vs 200-day average
−48.1%
Volatility (1 year)
103%
Beta vs S&P 500
4.57

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±13.8%
After a week
8 up, 4 down
typical move ±19.8%
After a month
8 up, 3 down
typical move ±29.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 7, 2026 −5.9% −0.7% −19.8% —
July 27, 2026 −2.1% +0.3% +8.5% +6.1%
April 8, 2026 +1.5% +3.1% +22.4% +64.9%
January 7, 2026 +5.6% −0.3% +19.3% +15.5%
October 9, 2025 +21.7% −3.0% +31.1% +10.9%
July 30, 2025 +29.8% −0.5% +46.1% +64.0%
April 14, 2025 −35.0% +0.7% −23.8% +13.0%
January 14, 2025 +7.8% +2.0% +24.1% +1.9%
October 9, 2024 −12.2% +0.5% +2.5% −0.8%
August 28, 2024 −19.2% −0.6% +13.5% +73.2%
July 19, 2024 −6.5% +0.4% −21.8% −27.6%
July 9, 2024 −17.9% +1.1% −4.6% −45.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Applied Digital Corp.
$0 $500M $1B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $114.7M Revenue (TTM), FY24 Q3: $143.9M Revenue (TTM), FY24 Q4: $165.6M Revenue (TTM), FY25 Q1: $164.1M Revenue (TTM), FY25 Q2: $158.1M Revenue (TTM), FY25 Q3: $167.6M Revenue (TTM), FY25 Q4: $175M Revenue (TTM), FY26 Q1: $221.1M Revenue (TTM), FY26 Q2: $311.5M Revenue (TTM), FY26 Q3: $385.2M Revenue (TTM), FY26 Q4: $592.9M Revenue (TTM), FY27 Q1: $853.9M $853.9M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $114.7M
FY24 Q3 $143.9M
FY24 Q4 $165.6M
FY25 Q1 $164.1M
FY25 Q2 $158.1M
FY25 Q3 $167.6M
FY25 Q4 $175M
FY26 Q1 $221.1M
FY26 Q2 $311.5M
FY26 Q3 $385.2M
FY26 Q4 $592.9M
FY27 Q1 $853.9M
Revenue growth, TTM YoY Applied Digital Corp.
0% 100% 200% 300% 400% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 312.2% Revenue growth, TTM YoY, FY24 Q3: 252.1% Revenue growth, TTM YoY, FY24 Q4: 198.9% Revenue growth, TTM YoY, FY25 Q1: 93.5% Revenue growth, TTM YoY, FY25 Q2: 37.9% Revenue growth, TTM YoY, FY25 Q3: 16.5% Revenue growth, TTM YoY, FY25 Q4: 5.7% Revenue growth, TTM YoY, FY26 Q1: 34.7% Revenue growth, TTM YoY, FY26 Q2: 97.1% Revenue growth, TTM YoY, FY26 Q3: 129.8% Revenue growth, TTM YoY, FY26 Q4: 238.8% Revenue growth, TTM YoY, FY27 Q1: 286.2% 286.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 312.2%
FY24 Q3 252.1%
FY24 Q4 198.9%
FY25 Q1 93.5%
FY25 Q2 37.9%
FY25 Q3 16.5%
FY25 Q4 5.7%
FY26 Q1 34.7%
FY26 Q2 97.1%
FY26 Q3 129.8%
FY26 Q4 238.8%
FY27 Q1 286.2%
Operating margin (TTM) Applied Digital Corp.
-60% -40% -20% 0% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: -23.8% Operating margin (TTM), FY24 Q3: -52.7% Operating margin (TTM), FY24 Q4: -59.4% Operating margin (TTM), FY25 Q1: -40.0% Operating margin (TTM), FY25 Q2: -44.6% Operating margin (TTM), FY25 Q3: -20.3% Operating margin (TTM), FY25 Q4: -28.9% Operating margin (TTM), FY26 Q1: -38.7% Operating margin (TTM), FY26 Q2: -33.3% Operating margin (TTM), FY26 Q3: -44.3% Operating margin (TTM), FY26 Q4: -42.4% Operating margin (TTM), FY27 Q1: -35.6% -35.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 -23.8%
FY24 Q3 -52.7%
FY24 Q4 -59.4%
FY25 Q1 -40.0%
FY25 Q2 -44.6%
FY25 Q3 -20.3%
FY25 Q4 -28.9%
FY26 Q1 -38.7%
FY26 Q2 -33.3%
FY26 Q3 -44.3%
FY26 Q4 -42.4%
FY27 Q1 -35.6%
FCF margin (TTM) Applied Digital Corp.
-600% -400% -200% 0% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: -58.4% FCF margin (TTM), FY24 Q3: -48.3% FCF margin (TTM), FY24 Q4: -77.3% FCF margin (TTM), FY25 Q1: -114.3% FCF margin (TTM), FY25 Q2: -281.7% FCF margin (TTM), FY25 Q3: -414.3% FCF margin (TTM), FY25 Q4: -455.4% FCF margin (TTM), FY26 Q1: -451.3% FCF margin (TTM), FY26 Q2: -430.9% FCF margin (TTM), FY26 Q3: -470.1% FCF margin (TTM), FY26 Q4: -468.2% FCF margin (TTM), FY27 Q1: -521.8% -521.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 -58.4%
FY24 Q3 -48.3%
FY24 Q4 -77.3%
FY25 Q1 -114.3%
FY25 Q2 -281.7%
FY25 Q3 -414.3%
FY25 Q4 -455.4%
FY26 Q1 -451.3%
FY26 Q2 -430.9%
FY26 Q3 -470.1%
FY26 Q4 -468.2%
FY27 Q1 -521.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 0 9 55 166 229 611 854
Gross profit 0 −1 11 17 12 214 273
EBITDA −0 −20 −36 −19 63 −169 −199
Operating income −0 −21 −43 −98 −72 −236 −304
Net income −1 −24 −45 −149 −234 −250 −411
Diluted EPS −$0.38 −$0.41 −$0.47 −$1.31 −$1.16 −$0.91 −$1.45
Growth (year on year)
Revenue — — +547.9% +198.9% +38.0% +167.5% +286.2%
EBITDA — — — — — −370.4% —
Margins
Gross margin — −11.2% 19.9% 10.4% 5.2% 35.1% 32.0%
EBITDA margin — −231.3% −64.6% −11.5% 27.4% −27.7% −23.3%
Operating margin — −244.4% −77.5% −59.4% −31.6% −38.7% −35.6%
Net margin — −275.1% −80.6% −90.2% −102.2% −40.9% −48.1%
Free-cash-flow margin — −691.6% −131.0% −77.3% −348.7% −454.1% −521.8%
Cash flow
Cash from operations −0 −1 59 14 −115 90 235
Capital spending 0 58 131 142 682 2,866 4,691
Free cash flow −0 −59 −73 −128 −797 −2,776 −4,455
Stock-based pay 0 12 32 17 23 220 271
Free cash flow after stock pay −0 −71 −105 −145 −820 −2,996 −4,727
Balance sheet
Cash 12 39 29 3 44 1,592 2,950
Total debt 0 9 27 10 688 4,976 6,377
Net debt (negative = net cash) −12 −30 −2 7 644 3,384 3,427
Diluted shares 2m 57m 94m 114m 201m 275m 284m
Returned to shareholders
Buybacks — — 0 0 31 0 —
Total returned — — 0 0 31 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · August 31, 2026
What it owns · $11.7bn
Short-term assets $4.1bnLonger-term assets $7.6bn
What it owes, and who funded it · $9.5bn
Short-term liabilities $1.6bnLonger-term liabilities $6.3bnShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $4.1bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.1bn short-term assets against $6.3bn of longer-dated liabilities.
  • More cash than debt $2.9bn of cash against $6.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 391% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $235m of operating cash flow against $6.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$304m against $97m of interest.

From Applied Digital Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$31.3M
Diluted share count
+24.7%
year over year
Sales & admin spending
48.8%
of revenue
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated APLD MARA LZ GLBE DOCN FSLY Median
Revenue, last 12 months $854m $804m $792m $962m $1.0bn $687m $318m
Revenue growth, last 12 months 286.2% 0.7% 12.3% 27.8% 21.4% 20.4% 10.1%
Revenue growth, 3-year average 115.9% 66.6% 7.6% — 15.9% 13.6% 8.2%
Revenue growth, latest quarter 322.4% −26.7% 6.6% — 28.6% 23.3% 5.7%
Gross margin 32.0% −24.3% 66.7% 45.3% 57.2% 61.5% 48.6%
Operating margin −35.6% −366.3% 4.1% 7.4% 14.8% −12.0% −49.3%
Operating margin, 3-year average −38.1% −95.0% 4.2% — 13.8% −24.9% −30.2%
Net margin −48.1% −429.7% 2.1% 7.1% 23.3% −11.8% −48.1%
Cash from operations / revenue 27.5% −111.3% 22.1% 29.5% 30.7% 17.4% −6.3%
Free-cash-flow margin −521.8% −154.0% 18.9% 29.2% 17.3% 7.4% −29.5%
Free-cash-flow margin, 3-year average −362.5% −126.9% 16.2% — 15.0% 3.4% −30.5%
Stock pay / revenue 31.8% 18.1% 12.4% 4.1% 9.4% 19.7% 12.2%
Change in share count 24.7% 52.5% 1.8% 5.2% 14.2% 7.1% 6.1%

Median of all 35 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to May 31, 2026
Segments
Line of business Revenue YoY
HPC Hosting Business $271M —
Data Center Hosting Business $154M ▲ 7.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Applied Digital Corp.'s 10-K filed July 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.9B
Institutions reporting
565
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
167 / 61

Top buyers and sellers, Q2 2026: 327 institutions bought and 225 sold ; the biggest buyer was Two Sigma Investments, LP (+8.7M shares) and the biggest seller Blackrock, Inc (−7.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Hood River Capital Management LLC $840M 22.5M 10.7% ▼ 2.4%
Vanguard Portfolio Management LLC $512M 13.7M 6.5% ▼ 7.3%
Blackrock, Inc. $499M 13.4M 6.3% ▼ 36.0%
Situational Awareness LP $469M 15.4M 6.0% ▲ 14.1%
Vanguard Capital Management LLC $431M 11.6M 5.5% ▲ 7.2%
Two Sigma Investments, LP $384M 10.3M 4.9% ▲ 546.7%
Equitec Proprietary Markets, LLC $312M 8.4M 4.0% New
Goldman Sachs Group Inc $260M 7.0M 3.3% ▼ 12.8%
Geode Capital Management, LLC $222M 4.9M 2.8% ▼ 23.9%
Value Aligned Research Advisors, LLC $207M 5.5M 2.6% ▼ 16.8%
Oasis Management Co Ltd. $187M 5.0M 2.4% ▲ 384.8%
State Street Corp $167M 4.5M 2.1% ▼ 19.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Applied Digital Corp.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $6.7M 2 trades by 2 insiders, last 12 months Insider sales History → $13.6M 12 trades by 5 insiders · 2% under pre-set plans
Net ▼ $7M net selling
Insider Date Trade Shares Price Value
Zhang Jason Gechen President October 16, 2026 Buy 300,000 $18.86 $5.7M
Cummins Wes CEO; Chairman October 16, 2026 Buy 55,803 $18.04 $1M
Nottenburg Richard N Director October 13, 2026 Sell 31,250 $21.84 $682,500
Nottenburg Richard N Director August 4, 2026 Sell 75,000 $31.15 $2.3M
Nottenburg Richard N Director April 30, 2026 Sell 12,500 $34.59 $432,375
Nottenburg Richard N Director April 28, 2026 Sell 12,500 $32.00 $400,000
Miller Douglas S Director April 27, 2026 Sell 10,000 $34.98 $349,800
Hastings Chuck Director January 29, 2026 Sell 45,987 $38.57 $1.8M
Cummins Wes CEO; Chairman January 16, 2026 Sell 165,000 $36.42 $6M
Nottenburg Richard N Director January 15, 2026 Sell 12,000 $35.45 $425,400
Nottenburg Richard N Director January 14, 2026 Sell 11,606 $35.28 $409,460
Miller Douglas S Director January 12, 2026 Sell 10,000 $38.54 $385,400

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 5, 2027 estimated from the company's past filing pattern, not announced

  • October 7, 2026
  • July 27, 2026
  • April 8, 2026
  • January 7, 2026
  • October 9, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Applied Digital Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Applied Digital Corp. in brief

What does Applied Digital Corp. do?
Applied Digital Corp. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in May.
What is Applied Digital Corp.'s stock ticker?
Applied Digital Corp. trades under the ticker APLD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Applied Digital Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Applied Digital Corp. reported revenue of $854M, 286.2% higher than a year earlier, according to its SEC filings.
What is Applied Digital Corp.'s free cash flow?
Applied Digital Corp.'s free-cash-flow margin is -521.8% of revenue over the trailing twelve months.
Who are Applied Digital Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Hood River Capital Management LLC, Vanguard Portfolio Management LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Applied Digital Corp.'s market cap?
On November 2, 2026, Applied Digital Corp.'s market capitalisation was about $4.6B and net debt of $3.4B. Market figures come from third-party market data and may be delayed.
How much debt does Applied Digital Corp. have?
Applied Digital Corp.'s debt-to-equity ratio is 390.9%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Applied Digital Corp.'s competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Applied Digital Corp. are Mara Holdings, Inc., Legalzoom.com, Inc., Global-e Online Ltd., Digitalocean Holdings, Inc. and Fastly, Inc. The side-by-side comparison below sets their revenue, margins and growth against Applied Digital Corp.'s.
Are insiders buying or selling Applied Digital Corp. stock?
Over the last 12 months, Applied Digital Corp.'s directors and officers reported 2 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Applied Digital Corp.'s next earnings date?
Around January 6, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Applied Digital Corp. announces its own schedule.