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Applied Digital Valuation Multiples
Discover revenue and EBITDA valuation multiples for Applied Digital and similar public comparables like GDS Holdings, DigitalOcean, Persistent Systems, Lumen and more.
Applied Digital Overview
About Applied Digital
Applied Digital Corp is a designer, developer, and operator of next-generation digital infrastructure across North America. It provides digital infrastructure solutions and cloud services to industries like High-Performance Computing (HPC) and Artificial Intelligence (AI). The company operates in the following business segments: Data Center Hosting Business and HPC Hosting Business. The majority of its revenue is generated from the Data Center Hosting Business, which operates data centers to provide energized space to crypto mining customers.
Founded
2001
HQ
Employees
205
Website
Financials (LTM)
EV
$10B
Applied Digital Financials
Applied Digital reported last 12-month revenue of $383M and EBITDA of $82M.
In the same LTM period, Applied Digital generated $116M in gross profit, $82M in EBITDA, and had net loss of ($192M).
Revenue (LTM)
Applied Digital P&L
In the most recent fiscal year, Applied Digital reported revenue of $144M and EBITDA of $20M.
Applied Digital expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $383M | XXX | $144M | XXX | XXX | XXX |
| Gross Profit | $116M | XXX | $43M | XXX | XXX | XXX |
| Gross Margin | 30% | XXX | 30% | XXX | XXX | XXX |
| EBITDA | $82M | XXX | $20M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 14% | XXX | XXX | XXX |
| EBIT Margin | (38%) | XXX | (12%) | XXX | XXX | XXX |
| Net Profit | ($192M) | XXX | ($231M) | XXX | XXX | XXX |
| Net Margin | (50%) | XXX | (160%) | XXX | XXX | XXX |
| Net Debt | — | — | $647M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Applied Digital Stock Performance
Applied Digital has current market cap of $9B, and enterprise value of $10B.
Market Cap Evolution
Applied Digital's stock price is $32.19.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $10B | $9B | 2.1% | XXX | XXX | XXX | $-0.81 |
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Start Free TrialApplied Digital Valuation Multiples
Applied Digital trades at 26.9x EV/Revenue multiple, and 125.3x EV/EBITDA.
EV / Revenue (LTM)
Applied Digital Financial Valuation Multiples
As of April 21, 2026, Applied Digital has market cap of $9B and EV of $10B.
Equity research analysts estimate Applied Digital's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Applied Digital has a P/E ratio of (48.0x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $9B | XXX | $9B | XXX | XXX | XXX |
| EV (current) | $10B | XXX | $10B | XXX | XXX | XXX |
| EV/Revenue | 26.9x | XXX | 71.4x | XXX | XXX | XXX |
| EV/EBITDA | 125.3x | XXX | 524.6x | XXX | XXX | XXX |
| EV/EBIT | (70.8x) | XXX | (611.9x) | XXX | XXX | XXX |
| EV/Gross Profit | 88.8x | XXX | 240.9x | XXX | XXX | XXX |
| P/E | (48.0x) | XXX | (39.8x) | XXX | XXX | XXX |
| EV/FCF | (5.6x) | XXX | (13.1x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Applied Digital Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Applied Digital Margins & Growth Rates
Applied Digital's revenue in the last 12 month grew by 75%.
Applied Digital's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.4M for the same period.
Applied Digital's rule of 40 is 130% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Applied Digital's rule of X is 270% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Applied Digital Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 75% | XXX | 186% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 14% | XXX | XXX | XXX |
| EBITDA Growth | 232% | XXX | 358% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 130% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 270% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.7M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 48% | XXX | 58% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 58% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Applied Digital Public Comps
See public comps and valuation multiples for other Cloud Infrastructure and Data Centers comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Applied Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| GDS Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| DigitalOcean | XXX | XXX | XXX | XXX | XXX | XXX |
| Persistent Systems | XXX | XXX | XXX | XXX | XXX | XXX |
| Lumen | XXX | XXX | XXX | XXX | XXX | XXX |
| Samsung SDS | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Applied Digital M&A Activity
Applied Digital acquired XXX companies to date.
Last acquisition by Applied Digital was on XXXXXXXX, XXXXX. Applied Digital acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Applied Digital
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialApplied Digital Investment Activity
Applied Digital invested in XXX companies to date.
Applied Digital made its latest investment on XXXXXXXX, XXXXX. Applied Digital invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Applied Digital
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Applied Digital
| When was Applied Digital founded? | Applied Digital was founded in 2001. |
| Where is Applied Digital headquartered? | Applied Digital is headquartered in United States. |
| How many employees does Applied Digital have? | As of today, Applied Digital has over 205 employees. |
| Who is the CEO of Applied Digital? | Applied Digital's CEO is Wesley Cummins. |
| Is Applied Digital publicly listed? | Yes, Applied Digital is a public company listed on Nasdaq. |
| What is the stock symbol of Applied Digital? | Applied Digital trades under APLD ticker. |
| When did Applied Digital go public? | Applied Digital went public in 2002. |
| Who are competitors of Applied Digital? | Applied Digital main competitors are GDS Holdings, DigitalOcean, Persistent Systems, Lumen. |
| What is the current market cap of Applied Digital? | Applied Digital's current market cap is $9B. |
| What is the current revenue of Applied Digital? | Applied Digital's last 12 months revenue is $383M. |
| What is the current revenue growth of Applied Digital? | Applied Digital revenue growth (NTM/LTM) is 75%. |
| What is the current EV/Revenue multiple of Applied Digital? | Current revenue multiple of Applied Digital is 26.9x. |
| Is Applied Digital profitable? | Yes, Applied Digital is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Applied Digital? | Applied Digital's last 12 months EBITDA is $82M. |
| What is Applied Digital's EBITDA margin? | Applied Digital's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Applied Digital? | Current EBITDA multiple of Applied Digital is 125.3x. |
| What is the current FCF of Applied Digital? | Applied Digital's last 12 months FCF is ($2B). |
| What is Applied Digital's FCF margin? | Applied Digital's last 12 months FCF margin is (483%). |
| What is the current EV/FCF multiple of Applied Digital? | Current FCF multiple of Applied Digital is (5.6x). |
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