APLD

Applied Digital Corporation

$19.25

+6.65% 2026-10-19

Technology

1M 3M 6M 1Y 2Y

APLDSPY

-17.2%

-31.5%

-30.9%

-40.2%

YTD

-21.5%

-43.8%

Grades vs sector

Momentum

no data

–

Percentile within its GICS sector across the S&P 1500.

Growth

no data

–

Percentile within its GICS sector across the S&P 1500.

Value

no data

–

Percentile within its GICS sector across the S&P 1500.

Profitability

no data

–

Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 3 live models right now.

Momentum Top 15

not ranked (outside this model's universe or screens)

Quality Growth

not ranked (outside this model's universe or screens)

Momentum Blend

not in the current book

Key stats

Market cap$5.8B

P/E (trailing)–

P/E (forward)-24.5

52-week range17.65 – 50.73

Revenue growth (YoY, latest qtr)+322.4%

Dividend yield0.00%

Analyst consensusStrong Buy (15)

Mean price target$64.27 (+234%)

Valuation & fundamentals

Bottom line

Leans undervalued

Model read-out from the numbers below, not advice. Score +2 (DCF counts double).

▲DCF (base case)above the price by 75%

•Piotroski F-score4/9

▼Altman Z0.6 (distress)

▲Analyst target+234% (15 analysts)

Discounted cash flow

Bear

$20

+5%

growth 18% · disc. 10.2% · term. 2.0%

Base

$34

+75%

growth 30% · disc. 9.2% · term. 2.5%

Bull

$56

+189%

growth 38% · disc. 8.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 10% a year for 10 years.

Implied

+10%/yr

FCF, last 3 yrs

+15%/yr

FCF, last 5 yrs

n/a

Revenue, last 3 yrs

+123%/yr

Revenue, last 5 yrs

n/a

Same inputs as the DCF above: trailing free cash flow 0.1B, 9.2% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-08-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 6.00 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs sector

Forward EPS $-0.78 vs trailing $-1.62. Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$48.7M

as of 2023-05-31

vs a year ago

+1149%

YoY

× TTM revenue

0.06×

coverage

22-02

22-05

22-08

22-11

23-02

23-05

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

1.3%

Operating margin

-33.1%

FCF margin

12.5%

Net margin

-31.0%

Return on equity

-16.9%

Return on invested capital

–

Net debt / EBITDA

–

Current ratio

2.6×

Interest cover

-2.9×

Cash conversion (OCF/NI)

–

Piotroski F-score 4/9 · last two fiscal years

✗ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✗ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 0.6 (distress zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$64

+234%

Analysts

Strong Buy

Range

$22–$93

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2026	$611.3M	–	$89.7M
2025	$228.6M	–	$-115.4M
2024	$165.6M	$-149.3M	$13.8M
2023	$55.4M	$-44.6M	$58.7M
2022	$8.5M	$-23.5M	$-59.1M
2021	$0	$-568.0K	$-103.0K

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +122.6%.

Earnings

Next report: 2027-01-06 · during market · EPS est -0.17

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-10-07	-0.30	-0.01	+96.7%
2026-07-27	-0.19	0.04	+121.0%
2026-04-08	-0.21	0.09	+142.9%
2025-10-09	-0.15	-0.03	+80.7%
2025-07-30	-0.21	-0.03	+85.9%
2025-04-14	-0.10	-0.08	+21.9%
2025-01-14	-0.14	-0.06	+55.9%
2024-10-09	-0.26	-0.15	+42.3%

Quarterly revenue

Quarter	Revenue	YoY
2026-05-31	$258.7M	-877.0%
2026-02-28	$126.6M	–
2025-11-30	$126.6M	–
2025-08-31	$64.2M	–
2025-05-31	$-33.3M	–

Analyst actions

Morgan Stanley

2026-10-12 · main

Equal-Weight → Equal-Weight
PT $41

Wells Fargo

2026-10-08 · main

Overweight → Overweight
PT $55

Freedom Capital Markets

2026-10-08 · main

Buy → Buy
PT $48

Needham

2026-10-08 · main

Buy → Buy
PT $70

UBS

2026-09-23 · init

→ Buy
PT $38

Rothschild & Co

2026-09-21 · init

→ Neutral
PT $22

Insider trades

Zhang Jason Gechen

President · 2026-10-16

BUY
$5.7M

Cummins Wes

Director, CEO; Chairman · 2026-10-16

BUY
$1.0M

Nottenburg Richard N

Director · 2026-10-13

SELL
$682.5K

Nottenburg Richard N

Director · 2026-08-04

SELL
$2.3M

None

None · None

SELL
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SELL
–

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SELL
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SELL
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SELL
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SELL
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SELL
–

News

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24/7 Wall St. · 20h ago

Stats refreshed 2026-10-19 17:46:44 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Coteau Systematic StrategiesSystematic equity research and model portfolios.
Coteau Systematic Strategies publishes research, model portfolios and tools. It does not manage money or offer investment advice. Model results are hypothetical. Data: Yahoo Finance (delayed), SEC EDGAR.

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