Applied Digital Corp.(APLD)Stock Analysis
AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →13F Pro Quality Score
Rank #2,292 of 2,961 stocks
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
APLD Stock Analysis & AI Quality Score
Data updated 2026-09-11AI stock analysis and institutional research for Applied Digital Corp. (APLD), a Technology sector company. 13F Pro's AI-powered ranking engine scores APLD at 35.8/100 on a 32-signal composite quality model, placing it at rank #2,292 of 2,961 stocks — the bottom half of the AI-ranked universe. APLD scores in the top quartile across revenue growth (89.5). Areas of concern include free cash flow (2.0) and profitability (10.7), which score below median versus the broader universe. Shareholder dilution risk is elevated at 5.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Applied Digital Corp. reports net income of $-82.4M, free cash flow of $-1.2B. Top institutional holders of APLD by reported 13-F value include Hood River Capital Management, VANGUARD PORTFOLIO MANAGEMENT, BlackRock, 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 16 and 38 since 2023, currently 35.8 — an improving long-term trajectory across 60 quarterly and live scoring snapshots.
Net Income
Q2 2026
$-82.4M
Free Cash Flow
Q2 2026
$-1.2B
ROIC
Q2 2026
-29.1%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · ProRevenue
+167.5% YoYNet Income
Operating Income
-227.6% YoYEPS (Diluted)
+21.6% YoYTotal Assets
+431.0% YoYTotal Debt
Op. Cash Flow
+177.7% YoYFree Cash Flow
-248.3% YoY| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $611.3M +167.5% | $228.6M +38.0% | $165.6M +198.9% | $55.4M +547.9% | $8.5M | $0.00 |
| Net Income | — | — | $-149.3M -234.4% | $-44.6M -89.8% | $-23.5M -4040.8% | $-568.0K |
| Operating Income | $-236.5M -227.6% | $-72.2M +26.6% | $-98.3M -129.2% | $-42.9M -105.3% | $-20.9M -6194.6% | $-332.0K |
| EPS (Diluted) | $-0.91 +21.6% | $-1.16 +11.5% | $-1.31 -178.7% | $-0.47 -14.6% | $-0.41 -7.9% | $-0.38 |
| Total Assets | $9.93B +431.0% | $1.87B +145.1% | $762.9M +189.0% | $264.0M +120.0% | $120.0M +697.1% | $15.1M |
| Total Debt | — | — | — | — | $7.2M | — |
| Operating Cash Flow | $89.7M +177.7% | $-115.4M -936.6% | $13.8M -76.5% | $58.7M +6835.7% | $-872.0K -950.6% | $-83.0K |
| Free Cash Flow | $-2.78B -248.3% | $-797.0M -522.6% | $-128.0M -76.5% | $-72.5M -29.9% | $-55.8M -54119.4% | $-103.0K |
AI Insight: APLD Financial Trends
Revenue doubled year-over-year to $259M in Q2 2026, but operating losses widened dramatically amid aggressive infrastructure scaling.
• Revenue surged 107% YoY from $127M (Q2 2025) to $259M (Q2 2026); four consecutive quarters of growth acceleration.
• Operating losses deteriorated: Q1 2026 at -$86M, Q2 2026 at -$125M, indicating negative operating leverage during growth phase.
• Operating cash flow turned positive: $55M in Q1 2026 and $133M in Q2 2026, first sustained positive quarters in company history.
• Equity base expanded 115% from $455M (Q1 2025) to $1,717M (Q2 2026), funded via capital raises rather than retained earnings.
⚠ Operating margin deteriorated to -48% in Q2 2026 from -37% in Q1 2026; path to profitability unclear despite revenue scale.
⚠ Debt data unavailable throughout period; monitor leverage position as equity-funded capex cycle matures.
AI Insight: APLD Ratio Trends
Applied Digital remains deeply unprofitable with operating margins collapsing to -48.2% in Q2 2026, erasing all prior gains.
• Operating margin deteriorated from -24.4% in Q4 2025 to -48.2% in Q2 2026, signaling severe cost structure misalignment.
• ROIC negative throughout entire dataset; Q2 2026 at -29.1% represents worst performance since Q2 2025's -35.4%.
• Net margin swung from -11.4% in Q4 2025 to unmeasurable in Q2 2026, indicating recurring bottom-line stress.
⚠ Q3 2024 showed anomalous 72.6% operating margin; subsequent 8-quarter collapse suggests unsustainable prior period or structural shift.
⚠ No equity or debt metrics available; inability to assess leverage or capital structure during accelerating losses.
Get alerted when APLD's score changes
Free account: watchlist tracking, the daily AI brief, and the AI screener.
Available Research
13F Pro tracks comprehensive data for Applied Digital Corp. including:
Top Institutional Holders of APLD
Hood River Capital Management LLC
$840.0M22,518,887 shVANGUARD PORTFOLIO MANAGEMENT LLC
$512.1M13,728,812 shBlackRock, Inc.
$498.9M13,375,070 shSituational Awareness LP
$469.0M15,384,616 shVANGUARD CAPITAL MANAGEMENT LLC
$431.0M11,555,819 shLINDEN ADVISORS LP
$395.7M99,466,000 shTWO SIGMA INVESTMENTS, LP
$384.2M10,299,117 shJANE STREET GROUP, LLC
$364.1M9,762,700 shSUSQUEHANNA INTERNATIONAL GROUP, LLP
$337.3M9,043,600 shEQUITEC PROPRIETARY MARKETS, LLC
$312.3M8,373,964 sh
| Fund | Value | Shares |
|---|---|---|
| Hood River Capital Management LLC | $840.0M | 22,518,887 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $512.1M | 13,728,812 |
| BlackRock, Inc. | $498.9M | 13,375,070 |
| Situational Awareness LP | $469.0M | 15,384,616 |
| VANGUARD CAPITAL MANAGEMENT LLC | $431.0M | 11,555,819 |
| LINDEN ADVISORS LP | $395.7M | 99,466,000 |
| TWO SIGMA INVESTMENTS, LP | $384.2M | 10,299,117 |
| JANE STREET GROUP, LLC | $364.1M | 9,762,700 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $337.3M | 9,043,600 |
| EQUITEC PROPRIETARY MARKETS, LLC | $312.3M | 8,373,964 |
Companies Similar to APLD
Ranked by quality-profile closeness and shared hedge-fund ownership — not just sector membership.
APPLIED OPTOELECTRONICS, INC.
IonQ, Inc.
T1 Energy Inc.
IREN Ltd
SOUNDHOUND AI, INC.
Eos Energy Enterprises, Inc.
Amprius Technologies, Inc.
D-Wave Quantum Inc.
Similarity is computed from the 8 composite sub-scores and latest-quarter 13F conviction holdings (index-style filers excluded). Refreshed monthly.
More Technology Companies
View all Technology →Put APLD on your watchlist
Track score changes the day Applied Digital Corp. files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.
Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).
Popular Research
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. APLD is classified as a mid company.
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.