Applied Digital Corp. (APLD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1629.9%

-$248.15

vs $16.22 price

Levered DCF

-$206.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-52.68×	-5.89×	-3.23×	-17.44×	-11.78×	-80.83×	-28.53×
P/B	7.41×	2.17×	3.87×	13.22×	3.82×	-16.71×	0×
P/S	21.58×	6.01×	3.53×	14.2×	32.27×	0×	0×
EV / EBITDA	-197.34×	-20.08×	25.92×	-23.03×	-12.1×	-101.35×	0×
Gross margin	25.8%	5.2%	21.9%	19.9%	-156.1%	0.0%	0.0%
Operating margin	-38.7%	-31.6%	-11.0%	-79.5%	-244.4%	0.0%	0.0%
Net margin	-39.9%	-101.1%	-109.3%	-80.6%	-275.1%	0.0%	0.0%
Current ratio	4.01×	0.77×	0.73×	0.4×	1.39×	4.7×	0×
Debt / equity	2.86×	1.11×	1.09×	1.54×	0.19×	-0.83×	0×
Interest coverage	-8.01×	-2.05×	-0.81×	-22.25×	-186.59×	-1.41×	0×
Dividend yield	0.0%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-2.6%	-1.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-13.7%	-36.5%	-119.6%	-75.0%	-32.5%	22.0%	0.0%
Return on invested capital	-2.7%	-5.4%	-5.8%	-26.8%	-22.4%	-2.3%	0.0%
Return on assets	-2.5%	-12.4%	-19.6%	-16.9%	-19.6%	-3.8%	0.0%
Free cash flow yield	-21.0%	-58.0%	-26.5%	-9.2%	-20.2%	-7.8%	0.0%
Earnings yield	-1.8%	-16.8%	-30.9%	-5.7%	-8.5%	-1.3%	-3.6%
Enterprise value	$16.7B	$2B	$614.9M	$849.4M	$250.6M	$33.5M	$0
Net debt / EBITDA	-41.45×	-6.02×	5.58×	-1.7×	1.22×	29.05×	0×
Cash conversion cycle (days)	-285	-412	-347	-52	-211	-90,885	0