Applied Digital's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Applied Digital (APLD) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Applied Digital vs Its Competitors
- TTM: Trailing 12-month revenue of 576M vs 18,975M combined for tracked competitors (2.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+79.6% annualized vs trailing 12 months), vs holding steady (+0.7%) for its tracked peer group.
- Profitability: Its -31.9% net margin compares with -11.9% for the peer group.
- Scale: Applied Digital ranks #21 of 165 companies by market capitalization in the Cloud Computing & Data Analytics industry, holding 1.1% of industry market cap.
- Peer revenue share: Applied Digital accounted for 5.1% of combined revenue among its tracked peer group.
- Peer differentiation: Revenue per employee of $2.25M compares with $0.88M for the peer group (2.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
APLD Sales vs. its Competitors, Q4 2026
With a net margin of -31.85 %, Applied Digital reported lower profitability than its competitors (-11.90 %).
Applied Digital generated 5.14 % of the combined sales of its peer group.
Applied Digital vs. its Competitors, Q4 2026
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Applied Digital and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Applied Digital Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Applied Digital's competitor groups requires a Commercial License.
Applied Digital's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Applied Digital Corporation | No | Yes | Yes | No |
| Competitors combined (10) | ||||
| High-Confidence Competitors (10) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
APLD Stock Performance relative to its Competitors
APLD Stock Performance relative to High-Confidence Competitors
APLD Stock Performance relative to Similar-Size Competitors
APLD Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Digitalocean Holdings Inc | 282.9% | Outperformed |
| 2 | Riot Platforms Inc | 282.9% | Outperformed |
| 3 | Equinix Inc | 282.9% | Outperformed |
| 4 | Digital Realty Trust Inc | 282.9% | Outperformed |
| 5 | Immersion Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Applied Digital's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Applied Digital's Comment on Competition and Industry Peers
Publicly Traded Peers of Applied Digital Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Applied Digital Corporation | 6,750.53 | 576.19 |
| Equinix Inc | 100,233.44 | 9,663.00 |
| Digital Realty Trust Inc | 62,589.54 | 6,340.23 |
| Digitalocean Holdings Inc | 17,243.43 | 1,011.10 |
| Godaddy Inc | 12,275.45 | 5,104.10 |
| Riot Platforms Inc | 7,517.19 | 674.51 |
| SUBTOTAL | 215,124.19 | 26,421.50 |
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Sources: Applied Digital Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Applied Digital Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Applied Digital's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Equinix, Inc. | Named by the company | 85% |
| Core Scientific | Named by the company | 85% |
| Riot Platforms | Named by the company | 85% |
| Bitdeer Technologies Group | Named by the company | 85% |
| NTT | Named by the company | 85% |
| 6 Bitdeer Technologies Group | Named by the company | 85% |
| SparkPool | Named by the company | 85% |
| Hive Digital Technologies Ltd | Named by the company | 85% |
| Crusoe Energy | Named by the company | 85% |
| NTT | Named by the company | 85% |
| Big Digital Energy Inc | Named by the company | 85% |
| Soluna Holdings Inc | Named by the company | 85% |
| GMR Limited | Named by the company | 85% |
| Valuefinder | Named by the company | 85% |
| MIGI | Named by the company | 85% |
| Digital Realty | Named by the company | 85% |
| Coreweave | Named by the company | 85% |
| Lambda Labs | Named by the company | 85% |
| Xsquared Holding Limited | Named by the company | 85% |
| Sharonai Holdings Inc | Named by the company | 85% |
| Immersion Corporation | Named by the company | 85% |
| Ability Inc | Named by the company | 85% |
| The Crypto Company | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Applied Digital's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Applied Digital's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Applied Digital Corporation | HPC Hosting Business 63.03 % |
| Equinix Inc | Americas 50.38 % |
| Godaddy Inc | Core platform 60.34 % |
| Riot Platforms Inc | Bitcoin Mining Segment 65.28 % |
| Immersion Corporation | Barnes and Noble Education Segment 99.35 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Applied Digital's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Applied Digital Corporation | 6,751 | 2,250,746 | -720,074 |
| Equinix Inc | 100,233 | 704,506 | 111,549 |
| Digital Realty Trust Inc | 62,590 | 1,730,412 | 377,067 |
| Digitalocean Holdings Inc | 17,243 | 691,585 | 161,853 |
| Godaddy Inc | 12,275 | 873,242 | 155,740 |
| Riot Platforms Inc | 7,517 | 1,564,998 | -3,071,972 |
| PEERS TOTAL | 208,374 | 877,451 | 39,973 |
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Applied Digital's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Digital Realty Trust Inc | US 52.29 % |
| Godaddy Inc | United States 67.10 % |
| Canaan Inc | Other Foreign Countries 0.40 % |
| Commerce com Inc | US 75.88 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Applied Digital's Position in Industry Market Structure
Market-capitalization share and concentration across all 148 companies in Applied Digital's industry classification, broader than the peer set above. Market cap in millions of $.Applied Digital ranks #21 of 148 companies by market capitalization in its industry, holding 1.13 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 546, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Automatic Data Processing Inc | 105,523 | 16.92 % |
| 2 | Workday Inc | 45,532 | 7.30 % |
| 3 | Infosys Limited | 43,117 | 6.91 % |
| 4 | Zscaler Inc | 31,483 | 5.05 % |
| 5 | Reddit Inc | 1,234 | 5.2% |
| 6 | Cognizant Technology Solutions Corporation | 1,234 | 5.2% |
| 7 | Verisign Inc | 1,234 | 5.2% |
| 8 | Verisk Analytics Inc | 1,234 | 5.2% |
| 9 | Toast Inc | 1,234 | 5.2% |
| 10 | Wipro Limited | 1,234 | 5.2% |
| 21 | Applied Digital Corporation | 7,078 | 1.13 % |
Market cap and industry share for the rest of Applied Digital's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Applied Digital's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 16 | Autohome Inc | 10,145 | -25.74 % |
| 17 | Qxo Inc | 9,234 | -36.42 % |
| 18 | Saverone 2014 Ltd | 8,734 | -88.79 % |
| 19 | Hinge Health Inc | 7,751 | 81.29 % |
| 20 | Compass Inc | 1,234 | 12.3% |
| 21 | Applied Digital Corporation | 7,078 | 13.86 % |
| 22 | Bilibili Inc | 1,234 | 12.3% |
| 23 | D wave Quantum Inc | 1,234 | 12.3% |
| 24 | Ringcentral Inc | 1,234 | 12.3% |
| 25 | Amdocs Limited | 1,234 | 12.3% |
| 26 | Science applications International corporation | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Applied Digital's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Applied Digital's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Cloud Computing & Data Analytics industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (203 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 44.05 % | 51.85 % (avg) | -7.8 pp |
| Operating Margin | -41.04 % | industry median | -40.1 pp |
| EBITDA Margin | -15.39 % | 2.97 % (avg) | -18.4 pp |
| Capital Intensity (Capex / Revenue) | 497.36 % | 5.21 % (avg) | +492.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Applied Digital's Valuation vs Competitive Position
Valuation multiples vs the Cloud Computing & Data Analytics industry average (203 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 27.6x | - |
| EV / EBITDA | - | 16.4x | - |
| P/B | 8.7x | 4.0x | +4.7x |
| Return on Equity | -15.21 % | industry aggregate | -25.95 % |
| Return on Invested Capital | -4.45 % | 1.95 % (avg) | -6.40 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Applied Digital's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | - | 372.78 % | 85.44 % | -0.56 % |
| Operating Margin | -192.85 % | -24.47 % | -44.82 % | -28.97 % |
| Return on Invested Capital | -37.25 % | -10.63 % | -17.55 % | -3.25 % |
| P/E | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Applied Digital's Strategic Group Map
Every company in Applied Digital's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Applied Digital is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Applied Digital's BCG Growth-Share Matrix
Relative market share (vs Applied Digital's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Applied Digital falls in the Dog quadrant: relative market share of 0.07x vs its largest competitor, in an industry growing revenue 5.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Applied Digital's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 546 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 497.36 % vs industry average 5.21 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Applied Digital's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Applied Digital's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Applied Digital's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Applied Digital falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Applied Digital's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+79.6% annualized vs trailing 12 months).
Weaknesses
- Operating margin 40.1 points below the industry median.
- Return on equity 26.0 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.07x).
Opportunities
No rule matched.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Applied Digital's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Applied Digital Corporation | 0.92 | 2.19 | 1.87 |
| Equinix Inc | 0.40 | 1.29 | 0.37 |
| Digital Realty Trust Inc | 1.31 | 1.92 | 0.07 |
| Digitalocean Holdings Inc | 0.84 | 1.16 | 2.76 |
| Godaddy Inc | - | 0.62 | 27.44 |
| Riot Platforms Inc | 0.85 | 1.26 | 0.31 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Applied Digital's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Applied Digital Corporation | Q2 2026 | - | - |
| Equinix Inc | Q2 2026 | +10.1 % | +30.0 % |
| Digital Realty Trust Inc | Q1 2026 | +16.2 % | +64.3 % |
| Digitalocean Holdings Inc | Q2 2026 | +29.0 % | -0.5 % |
| Godaddy Inc | Q2 2026 | +6.6 % | +20.1 % |
| Riot Platforms Inc | Q2 2026 | +13.9 % | - |
| PEERS TOTAL | +21.2 % | - |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Applied Digital's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Applied Digital Corporation | Q2 2026 | - | +550.2 % |
| Equinix Inc | Q2 2026 | +13.5 % | +56.8 % |
| Digital Realty Trust Inc | Q1 2026 | - | +10.5 % |
| Digitalocean Holdings Inc | Q2 2026 | +45.4 % | +164.2 % |
| Godaddy Inc | Q2 2026 | +6.2 % | +24.4 % |
| Riot Platforms Inc | Q2 2026 | - | +0.6 % |
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Applied Digital's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Applied Digital Corporation | - | - | - |
| Equinix Inc | 3.82% | 4.23% | 10.74% |
| Digital Realty Trust Inc | 2.82% | 1.95% | 5.88% |
| Digitalocean Holdings Inc | 10.23% | 12.45% | 55.04% |
| Godaddy Inc | 11.32% | 21.24% | 660.95% |
| Riot Platforms Inc | - | - | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Applied Digital's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Applied Digital Corporation | - | 11.72 |
| Equinix Inc | 65.06 | 10.37 |
| Digital Realty Trust Inc | 44.41 | 9.87 |
| Digitalocean Holdings Inc | 63.38 | 17.05 |
| Godaddy Inc | 14.03 | 2.41 |
| Riot Platforms Inc | - | 11.14 |
| PEERS AVERAGE | 216.63 | 8.14 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.