How Does Applied Digital Stock Compare With Peers?
Applied Digital (APLD) stock has soared over the past year, returning 333% and boasting the largest market cap among its peers. Yet, in the booming AI and data-center landscape, how does this digital infrastructure provider truly measure up? While recent revenue surged 250% year-over-year, fueled by hyperscaler leases, a closer look reveals persistent negative profitability metrics, including PE, operating, and free cash flow margins. This suggests its premium valuation hinges on future growth despite current unprofitability, with growth being externally funded.
- APLD’s -28.0% operating margin, while negative, suggests ongoing investment in its AI infrastructure pivot, contrasting HUT’s 60.3% from diversified operations.
- APLD’s 63.0% revenue growth indicates strong traction in its AI/HPC data center pivot, outpacing some peers despite a competitive market.
- APLD’s 332.9% gain reflects strong investor confidence in its AI infrastructure pivot, despite its -85.3 P/E signaling current unprofitability.
Here’s how Applied Digital stacks up across size, valuation, and profitability versus key peers.
| APLD | MARA | RIOT | CLSK | CORZ | HUT | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 10.5 | 3.8 | 5.3 | 3.3 | 5.5 | 6.3 |
| Revenue ($ Bil) | 0.2 | 0.9 | 0.6 | 0.8 | 0.3 | 0.7 |
| PE Ratio | -85.3 | 4.1 | 32.4 | 9.0 | -7.1 | 30.8 |
| LTM Revenue Growth | 63.0% | 53.5% | 103.6% | 102.2% | -40.1% | 88.7% |
| LTM Operating Margin | -28.0% | -68.0% | -50.8% | -14.0% | -47.5% | 60.3% |
| LTM FCF Margin | -637.9% | -144.0% | -256.0% | -133.6% | -106.0% | -112.5% |
| 12M Market Return | 332.9% | -44.3% | 27.5% | 15.1% | 22.0% | 155.5% |
For more details on Applied Digital, read Buy or Sell APLD Stock. Below we compare APLD’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APLD | 63.0% | 5.5% | 146.6% | 547.9% | |
| MARA | 53.5% | – | 69.4% | 229.1% | -26.0% |
| RIOT | 103.6% | – | 34.2% | 8.3% | 21.5% |
| CLSK | 102.2% | 102.2% | 125.0% | 28.0% | |
| CORZ | -40.1% | – | 1.6% | -21.5% | 17.6% |
| HUT | 88.7% | – | 422.0% | 9.5% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APLD | -28.0% | -28.0% | -11.0% | -77.5% | |
| MARA | -68.0% | – | -71.2% | -28.5% | -99.0% |
| RIOT | -50.8% | – | -88.0% | -90.9% | -31.9% |
| CLSK | -14.0% | -14.0% | -15.6% | -73.2% | |
| CORZ | -47.5% | – | -2.4% | 3.1% | -38.2% |
| HUT | 60.3% | – | 69.1% | -2.9% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APLD | -85.3 | -21.4 | -5.8 | -14.2 | |
| MARA | 4.1 | – | 4.8 | 11.8 | -3.8 |
| RIOT | 32.4 | – | 32.0 | -36.1 | -4.2 |
| CLSK | 9.0 | 7.8 | -13.7 | -8.2 | |
| CORZ | -7.1 | – | -2.8 | -21.7 | � |
| HUT | 30.8 | – | 12.6 | -18.0 |
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