Latest Ratios: P/E Ratio -28.9x · EV/EBITDA 895.7x · ROE -60.9%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.6B | $1.4B | $482M | $787M | $276M | — | — | — | — | — | — |
| Enterprise Value | $10.2B | $2.0B | $615M | $849M | $251M | — | — | — | — | — | — |
| P/E Ratio → | -28.88 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 44.42 | 6.38 | 3.53 | 14.20 | 32.27 | — | — | — | — | — | — |
| P/B Ratio | 10.64 | 2.17 | 3.87 | 11.29 | 3.48 | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 34.98 | 13.39 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.11 | 4.50 | 15.33 | 29.32 | — | — | — | — | — | — |
| EV / EBITDA | 895.67 | 173.02 | 95.74 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.5% | 10.5% | 21.9% | 19.9% | -156.1% | — | 35.1% | 7.6% | 36.0% | 28.7% | 31.0% |
| Operating Margin | -33.5% | -33.5% | -11.0% | -79.5% | -244.4% | — | -800.2% | -197.5% | -58.3% | -48.6% | -12.5% |
| Net Profit Margin | -107.2% | -107.2% | -109.3% | -80.6% | -275.1% | — | -975.2% | -180.3% | -58.3% | -42.6% | -11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -60.9% | -60.9% | -153.5% | -60.0% | -61.4% | — | -148.9% | -56.0% | -30.6% | -15.4% | -7.6% |
| ROA | -17.6% | -17.6% | -29.1% | -23.3% | -34.8% | -3.8% | -119.8% | -49.0% | -27.6% | -14.2% | -6.9% |
| ROIC | -7.3% | -7.3% | -5.8% | -35.4% | -75.0% | — | -368.9% | -62.2% | -28.0% | -17.6% | -8.5% |
| ROCE | -9.5% | -9.5% | -8.4% | -36.8% | -40.4% | -2.6% | -122.2% | -61.4% | -30.6% | -17.5% | -8.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.11 | 1.11 | 1.09 | 1.32 | 0.17 | — | — | — | — | — | — |
| Debt / EBITDA | 61.95 | 61.95 | 21.14 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.93 | 1.06 | 0.90 | -0.32 | — | -1.11 | -0.67 | -0.02 | -0.30 | -0.22 |
| Net Debt / EBITDA | 51.91 | 51.91 | 20.62 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -9.82 | -9.82 | -2.99 | -22.30 | -194.95 | -1.41 | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.73 | 0.40 | 1.39 | 4.70 | 2.36 | 6.39 | 7.99 | 10.35 | 12.95 |
| Quick Ratio | 0.77 | 0.77 | 0.73 | 0.40 | 1.39 | 4.70 | 2.36 | 6.21 | 7.86 | 10.21 | 3.88 |
| Cash Ratio | 0.20 | 0.20 | 0.01 | 0.25 | 1.34 | 4.70 | 2.10 | 5.72 | 7.39 | 9.60 | 2.88 |
| Asset Turnover | — | 0.12 | 0.18 | 0.21 | 0.07 | — | 0.27 | 0.37 | 0.54 | 0.36 | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | 13.23 | 22.93 | 21.84 | 0.36 |
| Days Sales Outstanding | — | 5.15 | 10.28 | 0.54 | 9.69 | — | 69.75 | 24.90 | 12.26 | 45.82 | 73.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.2% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 2.3% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.4% | 2.5% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $201M | $114M | $94M | $57M | $9M | $1M | $1M | $1M | $1M | $1M |
High capital intensity
According to current market data, APLD trades at a price-to-sales multiple of 51.93, a valuation that appears to price in aggressive long-term infrastructure scaling rather than current earnings, which remain deeply negative as the company pivots toward high-performance computing and AI-driven cloud service revenue streams.
The elevated P/S ratio suggests that investors are valuing the company as a high-beta infrastructure play rather than a traditional service provider. This valuation warrants caution, as it implies a significant future expansion in margins that has yet to be validated by consistent operational profitability.
Based on reported financial statements, APLD's ROIC has remained consistently negative, reaching -0.5% in 2026Q3, which indicates that the massive capital expenditures directed toward data center and GPU infrastructure are currently failing to generate returns that exceed the company's cost of capital.
The persistent inability to achieve positive returns on invested capital highlights the structural challenge of scaling high-density power infrastructure. Investors should monitor whether the transition to AI-compute workloads can eventually drive ROIC into positive territory as facility utilization rates improve over the coming quarters.
As reported in recent filings, APLD's asset turnover ratio remains extremely low at 0.02 in 2026Q3, reflecting the heavy concentration of capital in non-productive, under-construction infrastructure assets that have yet to reach full operational capacity or contribute meaningfully to the company's top-line revenue generation.
This low turnover is characteristic of a firm in a heavy build-out phase, but it underscores the risk of prolonged idle time for expensive hardware. The efficiency of the company's capital deployment will depend on its ability to rapidly energize and monetize these assets to improve throughput.
Based on the quarterly data, APLD maintains a current ratio of 2.38 as of 2026Q3, providing a temporary liquidity cushion that appears robust on the surface but may be rapidly depleted by the company's ongoing, high-intensity capital expenditure requirements for new data center hardware.
While the current ratio suggests short-term solvency, the underlying cash burn rate remains a significant concern for long-term stability. The company's reliance on external financing to maintain this liquidity position warrants close investigation by analysts assessing the risk of future equity dilution.
As evidenced by the company's unique business model, the P/E ratio is a fundamentally flawed metric for APLD, as it obscures the massive non-cash depreciation charges and aggressive capital spending that currently render the company's net income an unreliable indicator of its true operational health.
Analysts should instead focus on metrics like EV/EBITDA or cash-flow-based valuations to better understand the company's underlying earning power. Relying on P/E in this context risks misinterpreting the company's transition from a crypto-mining legacy to an AI-infrastructure provider.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying APLD stock.
Applied Digital Corporation's current P/E ratio is -28.9x. This places it at the 50th percentile of its historical range.
Applied Digital Corporation's current EV/EBITDA is 895.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 95.7x.
Applied Digital Corporation's return on equity (ROE) is -60.9%. The historical average is -75.9%.
Based on historical data, Applied Digital Corporation is trading at a P/E of -28.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Applied Digital Corporation's current dividend yield is 0.04%.
Applied Digital Corporation has 10.5% gross margin and -33.5% operating margin.
Applied Digital Corporation's Debt/EBITDA ratio is 61.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.