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AEACapital Research

Independent student research — not an investment firm or financial advice

Watchlist · Not Owned

Applied Digital Corp (APLD)

$27.39 −2.07% · Prices as of July 31, 2026 close · not a position, not a recommendation

Compare vs. competitors: CoreWeave vs. Nebius vs. Applied Digital vs. Oracle Cloud →

Download full 3-statement model (.xlsx) →

Market cap~$10.66B
P/E ratio (TTM)n/m (unprofitable, -57.77)
EPS (TTM)-$0.36 (most recent quarter, net loss)
Dividend yieldNone
SectorData center / GPU cloud infrastructure
EBITDAEarnings Before Interest, Taxes, Depreciation, and Amortization — a measure of operating profitability before financing and accounting decisions. EV/EBITDA compares a company's full value (including debt) to this figure, often used to compare companies with different capital structures.Adj. EBITDA $44.1M (fiscal Q3); $0.5M (fiscal Q1 FY26)
PEG ratioPrice/Earnings-to-Growth: the P/E ratio divided by expected earnings growth. Below 1.0 is often read as cheap relative to growth; above suggests the market is pricing in a lot of future growth already. Different providers use different growth-rate assumptions, so figures vary by source.N/A (not consistently profitable on EBITDA basis)
Capex−$1.77B (TTM)

Fundamentals sourced as cited below; figures vary slightly by provider and reporting date, consistent with real-world data variance across sources. EBITDA, PEG ratio, and capex sourced from public filings and financial-data aggregators (GuruFocus, StockAnalysis, company earnings releases). PEG ratio is sourced primarily from GuruFocus where available; different providers calculate PEG using different growth-rate assumptions (trailing vs. forward, 1-year vs. 5-year), so figures from other sources for the same stock can vary by several multiples — a known limitation of PEG as a metric, not unique to any name here.

Why it's on the list

Applied Digital is building out GPU-cloud and data-center capacity for AI workloads — the same basic business as NBIS and CRWV, at a much smaller market cap. If I believe in the AI-infrastructure buildout thesis broadly, a smaller, earlier-stage name is a legitimate way to express more of that conviction, not just a repeat of positions I already hold.

Why it's not in the book yet

Smaller-cap infrastructure builders carry more execution and financing risk than NBIS or CRWV, and I'm already at a meaningful weight in this exact theme once NBIS, NBIL, and CRWV are added together. Adding a fourth name in the same cluster would concentrate risk further, not diversify it.

What would move me to buy

Trimming or a thesis break in one of my existing AI-infrastructure names that frees up room in that bucket without breaching the clustering risk already flagged in the July letter.

Sources: companiesmarketcap.com, public.com, macrotrends.net, SEC Form 8-K (as of June 30, 2026). This is a watchlist entry, not a position — see Watchlist for the full list and Investment Policy Statement for what it takes for a name to become a real position. Not investment advice.