How profitable is Applied Digital Corporation (APLD)?

In FY 2025 (10-K), APLD converted $611.3M of revenue into a 35.1% gross margin, 0% operating margin, and $62.2M in free cash flow (10.2% FCF margin).

Stock Ratings / Technology / APLD / financials

WAY (63) PSN (58) BILI (53) PEGA (71) ⌘ Pro Terminal →

Applied Digital Corporation (APLD) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$16.22 -8.95% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $15.93

Applied Digital Corporation (APLD) carries a Roarable Rating of D- (Sell) with 37/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D- • RED ALERT Cap $5.39B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is APLD stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Applied Digital Corporation (NASDAQ: APLD) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 37/100 at a spot price of $16.22 (-8.95% 1D, market cap $5.39B). Pillar breakdown: Fundamental Cash Engine 9/20, Institutional 13F & Options Flow 6/20, SEC Balance-Sheet Forensics 7/20, FRED Macro Regime Fit 5/20, and Executive Insider Alignment 10/20. Across 715 tracked Technology issuers, APLD ranks #494 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does APLD compare to WAY and PSN in the Technology sector?

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Within the Technology sector (EDP Services), APLD carries a Roarable D- (37/100 RQD), trailing P/E of N/A, gross margin of 35.1%, and ROIC of -21.7%. By comparison, WAY (Waystar Holding Corp.) holds a C grade (63/100 RQD, P/E 48.3x, ROIC 3.7%, cap $5.37B) and PSN (Parsons Corporation) posts a D+ grade (58/100 RQD, P/E 21.6x, ROIC 9.7%, cap $5.35B). Among the 5-stock peer group, PEGA leads on earnings multiple (14.2x) while PEGA leads on capital efficiency (22.4% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for APLD?

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Per APLD's SEC EDGAR XBRL 10-K filing (FY2025, filed 2026-05-31, CIK 0001144879), Applied Digital Corporation generated $611.3M in revenue (+324.0% YoY), -$250.3M in net income, and $62.2M in free cash flow against $5.23B in total assets and $1.42B in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $15.93 (-1.80%)🧬 Disciplined Float (+0.52% YoY Shares)⚙️ Cash Engine: 9/20 (D) • 10.2% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (37/100 · D-) historically underperformed SPY in 71% of rolling 90-day windows (-8.1% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERRED ALERT • D-

3-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D- · Rk E

Each axis scored 0–20

12M PRICE TARGET CONE-9.4% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for APLD)Realized 20D OHLCV Swing Band: ±12.5%

Deterministic 5-Pillar Attribution (37/100 Composite)

🔍 WHY APLD SCORES 37/100 (D-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Insider Conviction & Share Dilution+10/20 pts (27% of score)

SEC Form 4 / 13F Thermometer: 50% Net Buy • Disciplined Float (+0.52% YoY Shares)

▲ #2 Bullish Driver: Cash Engine Quality+9/20 pts (24% of score)

SEC XBRL FY 2025 (10-K): 10.2% FCF Margin ($62.2M FCF) & 35.1% Gross Margin

▼ #1 Drag / Risk Factor: Macro Regime Fit5/20 pts (-15 pt drag)

Macro rate sensitivity & RSI-14 (38.5) create a -15 pt regime headwind

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade D$20.33+3.2% Next Q

Q2 (-2Q)

Grade D$20.98-2.8% Next Q

Q3 (-1Q)

Grade D$20.39-20.5% Next Q

Current

Grade D-$16.22-8.1% Hist 90D α

Trajectory: D (45) → D- (37)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a APLD Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While APLD currently carries a cautious 37/100 (D-) rating due to Macro Regime Fit (5/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Technology with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($23.53) and Max Pain ($17.03) forces dealer call-delta covering toward $53.26.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Disciplined Float (+0.52% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $APLD• $4.8M Crowd Pool • Kalshi / Polymarket Composite

Contract: “APLD Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”

YES 37%NO 63%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How APLD Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$62.2M (10.2% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $136.6M

FY24

Rev $144.2M

FY25

Rev $611.3M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$611.3M	35.1%	-38.7%	-$250.3M	$62.2M	-19.5%
FY 2024	$144.2M	-50.3%	-50.1%	-$233.7M	-$121.9M	-9.2%
FY 2023	$136.6M	35.1%	-72%	-$149.3M	$7.6M	-4%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring APLD)

✓Walkthrough of APLD's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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APLD // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -54.48%▼ DESCENDING CHANNEL

2026-11-03O $19.41H $19.41L $16.22C $16.22VOL 26.64M

RES: $24.74SUP: $1.60SMA50: $23.53SMA200: $31.07

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

APLD Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 APLD Butterfly Map → + Track APLD →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

13.5%/yr Implied 5Y Growth

vs. +324.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on APLD today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for APLD. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for APLD today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (APLD)

Technology Rank #494 of 715 ⚔️ WAY vs APLD Full Matrix →

1. Head-to-Head Technology Peer Comparison (APLD vs. WAY, PSN, BILI, PEGA)

Industry: EDP Services (163 Tracked Issuers)

Across 715 tracked Technology securities in the Roarable RQD universe, Applied Digital Corporation (APLD) ranks #494 by composite RQD confidence (37/100, grade D-) and #208 by equity capitalization ($5.39B). Within this direct 5-issuer industry benchmark cohort, PEGA leads on earnings valuation at 14.2x trailing P/E, while PEGA leads on capital efficiency and profitability with 22.4% ROIC and 75.9% gross margin. PEGA currently holds the highest overall quantitative score in the immediate peer group at 71/100 (B-) compared with APLD at 37/100 (D-).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
APLD ACTIVE Applied Digital Corporation	D-	37/100	—	35.1%	-21.7%	-8.95%	$5.39B	Benchmark Subject
WAY Waystar Holding Corp.	C	63/100	48.3x	—	3.7%	+0.50%	$5.37B	/way-vs-apld →
PSN Parsons Corporation	D+	58/100	21.6x	22.5%	9.7%	+4.46%	$5.35B	/psn-vs-apld →
BILI Bilibili Inc.	D+	53/100	31.4x	36.6%	10.9%	+6.55%	$5.28B	/bili-vs-apld →
PEGA Pegasystems Inc.	B-	71/100	14.2x	75.9%	22.4%	+1.92%	$5.55B	/pega-vs-apld →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2026-05-31 • CIK 0001144879 ↗

In its most recent audited fiscal period (FY2025, filed 2026-05-31), Applied Digital Corporation (APLD) reported GAAP revenue of $611.3M (+324.0% vs. FY2024 revenue of $144.2M , and +347.5% cumulative change since FY2023) , GAAP net income of -$250.3M, operating cash flow of $89.7M, and free cash flow of $62.2M (+151.0% YoY). On the balance sheet, APLD closed FY2025 with $5.23B in total assets against $1.42B in total debt (Altman Z-Score: 1.44, Piotroski F-Score: 7/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2026-05-31	$611.3M	-$250.3M	$89.7M	$62.2M	$5.23B	$1.42B
FY2024 (FY)	2025-05-31	$144.2M	-$233.7M	-$115.4M	-$121.9M	$1.54B	$473.8M
FY2023 (FY)	2024-05-31	$136.6M	-$149.3M	$13.8M	$7.6M	$3.23B	$755.4M

3. APLD Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is APLD stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does APLD compare to WAY and PSN in the Technology sector?

What are the biggest fundamental strengths and SEC risk factors for APLD?

Where is APLD trading relative to its 50-day, 200-day, and 52-week technical levels?

APLD last traded at $16.22 (-8.95% on volume of 23,662,122 shares), positioning the stock -31.07% below its 50-day simple moving average ($23.53) and -47.80% below its 200-day simple moving average ($31.07). Across its 52-week range of $17.19 to $50.72, APLD sits at the 0.0% percentile with a 14-day RSI of 38.5 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($14.19 to $18.25).

Direct Sub-Reports: APLD RQD Cockpit APLD 12M Forecast APLD Earnings & Move APLD Dividends & DRIP APLD Insiders & 13F APLD Whale Options APLD Profit Sankey APLD News & Why

ROARABLE RATING BRIEF • RQD 37/100 (D-) ✓ SEC XBRL & RQD VERIFIED

APLD — Applied Digital Corporation: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2026-05-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Applied Digital Corporation (APLD) earns a live Roarable RQD composite score of 37/100, corresponding to a D- letter grade (Roarable Sell) at a spot price of $16.22 (-8.95% 1D, market capitalization $5.39B).

Fundamental Cash Engine (9/20): Anchored by return on invested capital (ROIC) of -21.7%, gross margin of 35.1%, operating margin of -38.7%, and free cash flow yield of 1.06%.
Whale 13F & Options Flow (6/20) + Insider Conviction (10/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (5/20) + Forensic Balance Sheet (7/20): Incorporates a 1.17x equity beta, Altman Z-Score of 1.44, Piotroski F-Score of 7/9, and Debt/Equity of 0.91x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Applied Digital Corporation is a NASDAQ-listed issuer classified in the Technology sector and the EDP Services industry..9B.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2026-05-31), Applied Digital Corporation (APLD) reported $611.3M in annual revenue (up from $144.2M in FY2024, +324.0% YoY) and -$250.3M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($136.6M revenue, -$149.3M net income) through FY2025, APLD scaled operating cash flow to $89.7M and free cash flow to $62.2M, backed by $5.23B in total assets against $1.42B in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (D- • RQD 37/100): Established market leader in Technology with deep daily trading liquidity. Free cash flow yield of 1.06% and institutional whale pillar of 6/20. With Fundamental Cash Engine at 9/20 and Institutional Whale Flow at 6/20, sustained execution supports upside toward the upper end of the $17.19 – $50.72 52-week range.
🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -38.7% operating margins and a 1.17x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

No upstream or downstream dependencies, sector correlations, or proprietary signal links are available in the source data.

Key Question #1: Can APLD sustain or expand its -38.7% operating margin and -21.7% ROIC against EDP Services peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $611.3M and free cash flow of $62.2M, how will capital allocation balance growth reinvestment against $1.42B in total debt?
Key Question #3: How sensitive is APLD's 20.0x forward P/E multiple to Technology capital spending cycles and macro interest-rate shifts (Beta 1.17x)?

APLD Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Applied Digital Corporation (APLD) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to APLD Debate Forum (3) ↓

🔴 RISK WATCH Yahoo Finance • 22h ago

Applied Digital Corporation (APLD) Reports Q1 Loss, Tops Revenue Estimates

Yahoo Finance report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Applied Digital Corporation (APLD) • 1d ago

Applied Digital Reports Fiscal First Quarter 2027 Results

Applied Digital Corporation (APLD) report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

Applied Digital Reports Today: What to Know

TradingView report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Seeking Alpha • 1d ago

Applied Digital: Capacity Expansion A Catalyst For P/S Expansion (NASDAQ:APLD)

Seeking Alpha report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Schaeffer's Investment Research • 1d ago

Earnings Preview: Short Sellers Target Applied Digital Stock

Schaeffer's Investment Research report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE The Globe and Mail • 1d ago

Wells Fargo Issues a Buy Rating on Applied Digital Corporation (APLD)

The Globe and Mail report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Yahoo Finance • 1d ago

Applied Digital (APLD) Reports Wednesday With 21% of Its Float Sold Short

Yahoo Finance report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Applied Digital Corporation (APLD) • 1d ago

Applied Digital Secures Up to 1 GW of Potential Power Capacity in Finland, Marking First International Development in the Nordics

Applied Digital Corporation (APLD) report covering Applied Digital Corporation (APLD) market action, institutional positioning, and fundamental catalysts.

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🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

APLD Bull vs. Bear Conversation Board — What's Your Call at $16.22?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON APLD 🐻 33% BEARISH CONVICTION

AL AlphaFlow_Cap RQD DEBATE OPENER • Verified $100K Arena Trader 🐂 BULLISH 🎯 Target: $22.27 (+25.0%)

📌 Pinned Debate

Revenue scaled from $136.6M in FY 2023 to $611.3M in FY 2025 with cash reaching $1.91B, and Wells Fargo has issued a Buy rating.

Don't sleep on APLD's setup in Technology. Revenue scaled from $136.6M in FY 2023 to $611.3M in FY 2025 with cash reaching $1.91B, and Wells Fargo has issued a Buy rating.. Beta of 1.17 means it moves fast when momentum turns, and the 5-pillar RQD gauge (37/100) backs up the fundamental quality.

CapAlloc_Nerd 🐂 BULL

@AlphaFlow_Cap Agree on the RQD 37/100 quality, though with 1.17 beta I'm scaling in with half-size at $17.82 and keeping dry powder in case we test $16.57.

RE RedlineAuditor RQD DEBATE OPENER • Accounting Quality Watch 🐻 BEARISH 🎯 Target: $13.37 (-25.0%)

Spot @ $17.82

Operating losses persisted in every reported period, ROIC is -21.7%, and the Altman Z-Score of 1.44 sits in the vulnerable range agains

Sitting on the sidelines or leaning short APLD above $17.82. Operating losses persisted in every reported period, ROIC is -21.7%, and the Altman Z-Score of 1.44 sits in the vulnerable range against $1.42B in debt.. Until Fundamental Cash Engine (9/20) and FCF yield (1.06%) inflect higher, upside is capped near $50.72.