Applied Digital Corp. (APLD) intrinsic value & 10-year financials
Applied Digital Corp. (APLD) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 190.8% a year to $611.3M, with an average return on invested capital of -55.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $18.05
- Market cap
- $5.0B
- Revenue (FY2026)
- $611.3M
- Revenue growth (7-yr CAGR)
- 190.8%
- ROIC (10-yr avg)
- -55.6%
- Free cash flow (FY2026)
- -$2.8B
APLD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $611.3M | -$184.3M | -$0.91 | -$2.8B | -38.7% | -7.4% |
| FY2025 | $144.2M | -$231.1M | -$1.16 | -$797.0M | -11.7% | -2.5% |
| FY2024 | $165.6M | -$149.3M | -$1.31 | -$128.0M | -59.8% | -107.7% |
| FY2023 | $55.4M | -$44.6M | -$0.49 | -$70.0M | -79.5% | -91.6% |
| FY2022 | $8.5M | -$23.5M | -$0.41 | -$59.1M | -244.4% | -126.8% |
| FY2021 | $0 | -$568.0K | -$0.01 | -$103.0K | — | 2.3% |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Applied Digital Corp. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Applied Digital Corp. has historically struggled to out-earn its cost of capital, averaging just -55.6% ROIC.
Applied Digital Corp. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Applied Digital Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-30.23 per share.