Applied Digital Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Applied Digital Corporation's SEC filings, named by the month they end. Fiscal years: Applied Digital Corporation's annual reports to the SEC.

How it makes money

The company loses $40.9 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: May 2024 (net −147.5%, operating −64.7%), Aug 2024 (net −12.2%, operating 72.6%), Nov 2024 (net −383.6%, operating −35.4%). Net margin is usually about 10 points below operating margin; in May 2024 and Nov 2024 something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself; in Aug 2024 net income includes the results of a business sold or spun off (discontinued operations), which operating income leaves out.

Each margin is that line of the income statement divided by revenue. Fiscal year: Applied Digital Corporation's annual reports to the SEC; quarters: SEC filings.

Who pays for the build-out?

In the four quarters to Aug 2026, Applied Digital spent $4.7B on capital projects (data centers and equipment), 19.9× the $235M its operations brought in. Over the same four quarters its debt went from $305M to $6.3B. Interest was $77M in the latest quarter, 22.6% of revenue.

From Applied Digital Corporation's SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.

Customers and suppliers

Its 1 largest tenants named in the 10-K.

Their suppliers

Modine Manufacturing Company MODto Caterpillar

Show 1

Suppliers

ABB ABBNY

Caterpillar CAT

BASX

 

APLDApplied Digital

Customers

Unnamed customer 25%

Unnamed customer 12%

Applied Digital's 10-Q for the quarter to Aug 2026 gives three customers' shares of its revenue: Customer A (56%), Customer B (21%) and Customer C (11%).

From Applied Digital Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

MMIP HPC Holdingsinvested in Applied Digital · Invests in HPC hosting subsidiary$1.8 billion funded; 13.5% of TopCo 2 fully diluted common equity, May 31, 2026

CCorintisApplied Digital invested in it · Holds convertible preferred equity investment$10.0 million investment; approximately 4% equity, quarter ended May 31, 2026

SSTB Applied Holdingsinvested in Applied Digital · Purchases common stock through warrants800,000 warrants exercised for $6.3 million as of May 31, 2026

BBase ElectronApplied Digital invested in it · Develops power generation supporting AI infrastructureApproximately 10% equity interest

BWE BWApplied Digital invested in it · Holds common stock warrantsWarrants for 2,630,000 common shares received March 18, 2026

PPEAK6 Capital Managementinvested in Applied Digital · Holds warrants to acquire common stock

Wells Fargo WFCinvested in Applied Digital · Holds assigned common stock warrants

MMIP VI REIT AIVinvested in Applied Digital · Holds common stock warrants

MMIP VI DC REIT AIVinvested in Applied Digital · Holds common stock warrants

Changes since the previous annual report (10-K filed Jul 30, 2025)

ABB ABBNYNamed for the first time, as a supplier

BASXNamed for the first time, as a supplier

Caterpillar CATNamed for the first time, as a supplier

MMIP HPC HoldingsNamed for the first time, as a partner$1.8 billion funded; 13.5% of TopCo 2 fully diluted common equity, May 31, 2026

BBase ElectronNamed for the first time, as a partnerApproximately 10% equity interest

CCorintisNamed for the first time, as a partner$10.0 million investment; approximately 4% equity, quarter ended May 31, 2026

BWE BWNamed for the first time, as a partnerWarrants for 2,630,000 common shares received March 18, 2026

MMIP VI DC REIT AIVNamed for the first time, as a partner

MMIP VI REIT AIVNamed for the first time, as a partner

UUlteig EngineersNo longer named (was a supplier)

CCIM APLD Lender HoldingsNo longer named (was a partner)

NVIDIA NVDANo longer named (was a partner)

Largest unnamed customerCustomer, share of revenue93% → 25%

Only the companies Applied Digital names in its 10-K filed Jul 29, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

EV/revenue of 12.4x, below the peer median of 21.5x.

EV/revenue below the peer median of 21.5x: cheaper than its peers.

Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Information Technology Services list is another business.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $59.94, 254% above the current price; 88% of 16 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 14 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $33.67 to $56.36 (+67%), while APLD went from $23.06 to $16.95 (−26%). In the past three months targets were raised twice and cut 3 times. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +5.6% (Nov 2025, beat); +1.5% (Feb 2026, beat); −2.1% (May 2026, beat); −5.9% (Aug 2026, beat).

For the quarter ending Nov 2026 (Applied Digital reports on Jan 6, 2027), analysts expect an adjusted loss of $0.17 a share, and revenue of $158M, up 25% on a year earlier. For the fiscal year ending May 2027, they expect revenue of $978M.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $4.7B exceeds operating cash flow of $200M, leaving free cash flow of −$4.5B. The gap has to be covered with cash on hand or borrowing.

Applied Digital had 292M diluted shares in the quarter ended Aug 2026, 13.9% more than a year earlier, and 33.0% more each year on average since Aug 2022.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 4.0, no pressure to repay short-term debt; shareholder equity is only 17% of assets, so debt-to-equity (2.9) says little; net debt is 14.4 years of operating cash flow, which is heavy.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves APLD out (on the exchange, not in the app yet): Tiger Global Management, Polen Capital Management, Third Point, Norges Bank, Swiss National Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held APLD at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 1 cut, 3 bought new and 2 sold all. The largest of them is Situational Awareness, 15.38M shares worth $469M at Jun 30, 2026, 14.1% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of APLD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $6.7M and sold $13.6M of APLD on the open market in the 12 months to Nov 10, 2026. 1% of the sales were made under 10b5-1 plans, set up in advance. The largest was Wes Cummins (CEO; Chairman; director), who sold $6.0M in 1 sale.

From the Form 4s filed with the SEC about Applied Digital Corporation (38 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 45 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).