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Applied Digital

APLD on Nasdaq. Applied Digital rents data center space and computing power to other companies. Market value $7.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to May 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to May 2026
-37.6%low

For every $100 of what the whole company costs, it produced $-37.59 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to May 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to May 2026
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$25.34 a share, 33% above its 1-year low

Over the past year the price has ranged from $19.00 to $50.72.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.8
-2.8
20222023202420252026
Revenue
$9m$55m$166m$229m$611m
Operating margin
-244.4%-77.5%-59.4%-31.6%-38.7%
Debt to equity
0.17n/an/an/an/a
Shares outstanding
0.09bn0.12bn0.22bn0.29bn0.29bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 190.8% a year
  • Buying back its own sharesNo, 207% more shares since 2022

The quarter to May 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $112 million, compared with a loss of $54 million a year ago.
  • It loses 39 cents on each $1 of sales, compared with 32 cents a year earlier.
  • Over the past 12 months it spent $2.8 billion more cash than it brought in, compared with $797 million a year earlier.
Sales by quarter
Sales by quarter
Quarter toAmount
August 2024$35m
November 2024$36m
February 2025$53m
May 2025Not reported
August 2025$64m
November 2025$127m
February 2026$127m
May 2026Not reported
Profit by quarter
Profit by quarter
Quarter toAmount
August 2024-$4m
November 2024-$139m
February 2025-$36m
May 2025-$54m
August 2025-$17m
November 2025-$14m
February 2026-$101m
May 2026-$112m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
29 July 2026
Next quarterly (estimated, 10-Q)
8 July 2026

Who owns it

4 long-term investors we follow own it, up from 1 last quarter. 565 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $24m, $199,251 of it under preset trading plans.

  • Nottenburg Richard N
    Director
    Sold
    Date
    4 August 2026
    Shares
    75,000
    Price
    $31.15
    Value
    $2m
  • Nottenburg Richard N
    Director
    Sold
    Date
    30 April 2026
    Shares
    12,500
    Price
    $34.59
    Value
    $432,375
  • Nottenburg Richard N
    Director
    Sold
    Date
    28 April 2026
    Shares
    12,500
    Price
    $32.00
    Value
    $400,000
  • MILLER DOUGLAS S
    Director
    Sold
    Date
    27 April 2026
    Shares
    10,000
    Price
    $34.98
    Value
    $349,800
  • HASTINGS CHUCK
    Director
    Sold
    Date
    29 January 2026
    Shares
    45,987
    Price
    $38.57
    Value
    $2m
  • Cummins Wes
    CEO; Chairman, Director
    Sold
    Date
    16 January 2026
    Shares
    165,000
    Price
    $36.42
    Value
    $6m
  • Nottenburg Richard N
    Director
    Sold
    Date
    15 January 2026
    Shares
    12,000
    Price
    $35.45
    Value
    $425,400
  • Nottenburg Richard N
    Director
    Sold
    Date
    14 January 2026
    Shares
    11,606
    Price
    $35.28
    Value
    $409,460
  • MILLER DOUGLAS S
    Director
    Sold
    Date
    12 January 2026
    Shares
    10,000
    Price
    $38.54
    Value
    $385,400
  • MILLER DOUGLAS S
    Director
    Sold
    Date
    28 November 2025
    Shares
    8,000
    Price
    $26.98
    Value
    $215,840

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Jul 2026, and no later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 59% last year. Losing that customer would hurt.

    “During fiscal year 2026, this business segment was comprised of one customer accounting for 59% of our total revenue from continuing operations.”

    From the 10-K filed 29 July 2026, Item 1A. Risk Factors. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.