What is the 13F Pro Quality Score for APLD?

13F Pro ranks Applied Digital Corp. (APLD) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View APLD's current score at https://13fpro.ai/research/APLD (free sign-up required for the full ranking).

Where does 13F Pro source APLD data?

All Applied Digital Corp. fundamentals and ownership data come directly from SEC EDGAR. Applied Digital Corp. files with the SEC under CIK 1144879. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is APLD in?

Applied Digital Corp. (APLD) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is APLD research updated on 13F Pro?

APLD's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Applied Digital Corp.(APLD)Stock Analysis

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13F Pro Quality Score

35.4/100

Rank #2,146 of 2,879 stocks

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

99.1/100

Profitability

12.8/100

Balance Sheet

20.4/100

Earnings Quality

30.0/100

Free Cash Flow

3.2/100

Institutional Flow

48.6/100

Revenue Scale

33.4/100

Dilution Risk

11.8/100

APLD Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Applied Digital Corp. (APLD), a Technology sector company. 13F Pro's AI-powered ranking engine scores APLD at 35.4/100 on a 32-signal composite quality model, placing it at rank #2,146 of 2,879 stocks — the bottom half of the AI-ranked universe. APLD scores in the top quartile across revenue growth (99.1). Areas of concern include free cash flow (3.2) and profitability (12.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 11.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), Applied Digital Corp. reports quarterly revenue of $126.6M, net income of $-70.6M, free cash flow of $-720.2M. Top institutional holders of APLD by reported 13-F value include Hood River Capital Management, BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. APLD trades on the Nasdaq exchange and files with the SEC under CIK 1144879. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate APLD daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Applied Digital Corp. directly from SEC EDGAR. Applied Digital Corp.'s 13F Pro composite quality score has ranged between 8 and 95 since 2023, currently 35.4 — an improving long-term trajectory across 48 quarterly and live scoring snapshots.

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Fun facts about Applied Digital Corp.

Quirks, history, and lore behind APLD — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. technology infrastructure company · listed on Nasdaq · headquartered in Texas · operates large-scale data center campuses.
2
The Numbers
A small-cap company with revenue in the hundreds of millions annually, but capital expenditures are enormous — building out power-hungry facilities is not cheap.
3
The History
Originally founded as a rural broadband and fiber provider before pivoting hard into high-performance computing infrastructure — quite the career change.
4
The Secret
Its data centers are purpose-built to serve AI and machine learning workloads, as well as cryptocurrency mining operations — two of the most power-intensive uses of computing on earth.
5
The Lore
The company bet big on cheap power in remote locations — places where electricity costs are low enough to make running racks of GPUs and ASICs actually profitable.
6
The Giveaway
Its ticker spells out what it does in four letters: Applied computing, Digital infrastructure — and Wall Street knows it simply as APLD.

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Revenue

Q3 2026

$126.6M

Net Income

Q3 2026

$-70.6M

Free Cash Flow

Q3 2026

$-720.2M

ROIC

Q3 2026

-5.4%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+160.3% YoY

$144.2MFY 2025

FY21 $0.00FY22 $8.5MFY23 $55.4MFY25 $144.2M

Net Income

—FY 2025

FY21 $-568.0KFY22 $-23.5MFY23 $-44.6MFY25 —

Operating Income

+60.7% YoY

$-16.8MFY 2025

FY21 $-332.0KFY22 $-20.9MFY23 $-42.9MFY25 $-16.8M

EPS (Diluted)

-146.8% YoY

$-1.16FY 2025

FY21 $-0.38FY22 $-0.41FY23 $-0.47FY25 $-1.16

Total Assets

+608.5% YoY

$1.87BFY 2025

FY21 $15.1MFY22 $120.0MFY23 $264.0MFY25 $1.87B

Total Debt

—FY 2025

FY21 —FY22 $7.2MFY23 —FY25 —

Op. Cash Flow

-296.5% YoY

$-115.4MFY 2025

FY21 $-83.0KFY22 $-872.0KFY23 $58.7MFY25 $-115.4M

Metric	FY 2025	FY 2023	FY 2022	FY 2021
Revenue	$144.2M +160.3%	$55.4M +547.9%	$8.5M	$0.00
Net Income	—	$-44.6M -89.8%	$-23.5M -4040.8%	$-568.0K
Operating Income	$-16.8M +60.7%	$-42.9M -105.3%	$-20.9M -6194.6%	$-332.0K
EPS (Diluted)	$-1.16 -146.8%	$-0.47 -14.6%	$-0.41 -7.9%	$-0.38
Total Assets	$1.87B +608.5%	$264.0M +120.0%	$120.0M +697.1%	$15.1M
Total Debt	—	—	$7.2M	—
Operating Cash Flow	$-115.4M -296.5%	$58.7M +6835.7%	$-872.0K -950.6%	$-83.0K

AI Insight: APLD Financial Trends

Revenue surged 206% year-over-year to $162M in Q1 2026, but operating losses deepened to -$58M — the widest in the dataset.

• Revenue nearly tripled from $53M in Q1 2025 to $162M in Q1 2026, signaling rapid top-line scaling.

• Operating loss widened sharply to -$58M in Q1 2026 from -$19M in Q1 2025, the largest operating deficit in the dataset.

• Equity expanded dramatically from $125M in Q2 2024 to $1,581M in Q1 2026, reflecting significant capital raises.

• Operating cash flow turned positive at $55M in Q1 2026, reversing -$16M in Q4 2025 — first meaningful positive OCF recorded.

⚠ Operating margin remains deeply negative (-36% implied in Q1 2026) despite rapid revenue growth — cost scaling is outpacing revenue.

⚠ Operating cash flow has been volatile — swinging from -$82M in Q3 2025 to +$55M in Q1 2026 — sustainability is unproven.

⚠ Revenue data is missing for Q2 2025; incomplete quarters limit full trend visibility and comparability.

AI Insight: APLD Ratio Trends

Applied Digital remains deeply unprofitable with ROIC deteriorating to -14.8% in Q1 2026 after a brief positive inflection in Q2 2025.

• ROIC swung from -88.4% in Q2 2024 to a rare positive 15.7% in Q3 2024, then collapsed back to -14.8% by Q1 2026.

• Operating margin has been consistently negative across seven of eight quarters, ranging from -24.4% to -63.2%, with no sustained recovery.

• NPM improved from -147.5% in Q2 2024 to -11.4% in Q4 2025, suggesting some cost structure progress despite ongoing losses.

⚠ ROIC worsened to -14.8% in Q1 2026 from -8.5% in Q4 2025 — reversing the modest stabilization seen over the prior two quarters.

⚠ The lone profitable quarter (Q3 2024 ROIC: 15.7%) appears to be an outlier; monitor whether any recurring driver can replicate it.

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Available Research

13F Pro tracks comprehensive data for Applied Digital Corp. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of APLD

Hood River Capital Management LLC
$547.8M23,075,612 sh
BlackRock, Inc.
$496.1M20,896,101 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$351.5M14,807,795 sh
LINDEN ADVISORS LP
$346.5M130,530,000 sh
Situational Awareness LP
$320.0M13,478,438 sh
Situational Awareness Partners LP
$320.0M13,478,438 sh
VANGUARD CAPITAL MANAGEMENT LLC
$255.8M10,775,681 sh
JANE STREET GROUP, LLC
$206.3M8,689,700 sh
GOLDMAN SACHS GROUP INC
$190.0M8,004,366 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$180.9M7,621,500 sh

Fund	Value	Shares
Hood River Capital Management LLC	$547.8M	23,075,612
BlackRock, Inc.	$496.1M	20,896,101
VANGUARD PORTFOLIO MANAGEMENT LLC	$351.5M	14,807,795
LINDEN ADVISORS LP	$346.5M	130,530,000
Situational Awareness LP	$320.0M	13,478,438
Situational Awareness Partners LP	$320.0M	13,478,438
VANGUARD CAPITAL MANAGEMENT LLC	$255.8M	10,775,681
JANE STREET GROUP, LLC	$206.3M	8,689,700
GOLDMAN SACHS GROUP INC	$190.0M	8,004,366
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$180.9M	7,621,500

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Is APLD a good stock to buy?

13F Pro's AI-powered analysis of Applied Digital Corp. (APLD) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for APLD are available on the APLD stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own APLD?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling APLD. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Applied Digital Corp.'s investment landscape.