Applied Digital Corporation (APLD) Balance Sheet
APLD balance sheet, FY2026
May 31, 2026 · U.S. dollars$9.93B assets = $6.19B liabilities + $3.74B equity
Both columns are drawn to the same scale: what APLD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
APLD financial health
Descriptive bands, not a rating. Fiscal FY2026.
APLD balance sheet trends, FY2006–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.2MFY2006 | $9.93BFY2026 | +123.4%/yr | |
| Total liabilities | $831,965FY2006 | $6.19BFY2026 | +169.2%/yr | |
| Shareholders’ equity | $6.3MFY2006 | $1.78BFY2026 | +87.1%/yr | |
| Cash & short-term investments | $6.1MFY2006 | $1.59BFY2026 | +85.4%/yr | |
| Total debt | $1.9MFY2020 | $5.10BFY2026 | +272.8%/yr | |
| Net cash (debt) | −$902,430FY2020 | −$3.51BFY2026 | −$3.5B | |
| Working capital | $5.8MFY2006 | $3.50BFY2026 | +$3.5B | |
| Book value per share | $0.63FY2023 | $6.47FY2026 | +117.0%/yr | |
| Current ratio | 7.99FY2006 | 4.01FY2026 | −3.98 | |
| Debt / equity | 0.43FY2020 | 2.86FY2026 | +2.43 | |
| Shares outstanding | 94.0MFY2023 | 275.2MFY2026 | +43.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APLD assets
APLD liabilities and equity
APLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
APLD balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2008 | FY2007 | FY2006 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.59B | $113.9M | $3.3M | $29.0M | $38.8M | $11.8M | $996,570 | $1.0M | $3.4M | $6.1M |
| Cash & equivalents | $1.59B | $113.9M | $3.3M | $29.0M | $38.8M | $11.8M | $871,570 | $877,899 | $2.4M | $145,572 |
| Short-term investments | — | — | — | — | — | — | $125,000 | $125,000 | $950,000 | $6.0M |
| Receivables | $56.3M | $3.0M | $3.8M | $82,000 | $227,000 | $0 | $1.3M | $64,396 | $105,538 | $130,000 |
| Inventory | $0 | $0 | −$1.3M | $0 | $0 | $0 | $121,916 | $0 | $108,044 | $108,044 |
| Other current assets | $3.01B | $313.6M | $398.3M | $16.7M | $1.3M | $0 | $211,708 | $60,512 | $183,027 | $264,751 |
| Total current assets | $4.66B | $430.6M | $404.1M | $45.8M | $40.4M | $11.8M | $2.6M | $1.1M | $3.8M | $6.6M |
| Property, plant & equipment (net) | $4.44B | $1.29B | $339.4M | $211.2M | $70.7M | $3.3M | $776,769 | $38,821 | $126,849 | $181,606 |
| Goodwill & intangible assets | $54.5M | $0 | $0 | $0 | $0 | $0 | $3.0M | $68,188 | $275,173 | $230,750 |
| Long-term investments | $125.3M | $6.1M | $1.2M | $0 | $0 | $0 | $0 | $30,460 | $30,693 | $96,673 |
| Other non-current assets | $650.9M | $138.8M | $18.1M | $7.0M | $8.9M | $0 | $1 | $0 | $0 | $0 |
| Total assets | $9.93B | $1.87B | $762.9M | $264.0M | $120.0M | $15.1M | $6.4M | $1.3M | $4.2M | $7.2M |
| Liabilities | ||||||||||
| Accounts payable | $395.5M | $247.5M | $104.5M | $6.4M | $13.3M | $249,000 | $1.3M | $187,574 | $322,662 | $603,538 |
| Short-term debt | $82.5M | $24.7M | $51.8M | $14.0M | $2.3M | $2.1M | $1.9M | — | — | — |
| Deferred revenue | $16.8M | $16.1M | $23.6M | $85.1M | $13.4M | — | — | — | — | — |
| Total current liabilities | $1.16B | $558.1M | $554.1M | $115.5M | $29.0M | $2.5M | $2.0M | $477,313 | $592,737 | $831,965 |
| Long-term debt | $4.96B | $677.8M | $79.5M | $68.5M | $5.9M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $124.0M | $14.7M | $302.4M | $15.4M | $6.3M | $0 | — | — | — | — |
| Other long-term liabilities | $63.4M | $396,000 | $4.5M | $10.3M | $5.8M | $15.1M | $636,605 | $187,574 | $322,662 | $603,538 |
| Total liabilities | $6.19B | $1.24B | $638.0M | $194.3M | $40.7M | $17.6M | $2.0M | $477,313 | $592,737 | $831,965 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $296,000 | $230,000 | $144,000 | $101,000 | $98,000 | $9,000 | $9,000 | $8,432 | $8,332 | $8,332 |
| Retained earnings (deficit) | −$662.3M | −$481.1M | −$250.0M | −$100.7M | −$56.1M | −$21.6M | −$21.1M | −$12.6M | −$9.3M | −$6.6M |
| Treasury stock | — | — | — | −$62,000 | −$62,000 | — | — | −$62,000 | −$165,000 | −$200,000 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Minority interest | $1.96B | $0 | $0 | $10.2M | $7.0M | — | — | — | — | — |
| Total shareholders' equity | $1.78B | $633.7M | $124.8M | $59.5M | $72.3M | −$2.6M | $4.4M | $787,963 | $3.6M | $6.3M |
| Key figures | ||||||||||
| Total debt | $5.10B | $702.9M | $135.7M | $91.8M | $13.5M | $2.1M | $1.9M | — | — | — |
| Net cash (debt) | −$3.51B | −$589.0M | −$132.4M | −$62.8M | $25.3M | $9.6M | −$902,430 | — | — | — |
| Working capital | $3.50B | −$127.6M | −$150.0M | −$69.7M | $11.4M | $9.2M | $623,571 | $650,494 | $3.2M | $5.8M |
| Tangible book value | $1.73B | $633.7M | $124.8M | $59.5M | $72.3M | −$2.6M | $1.4M | $719,775 | $3.4M | $6.1M |
| Book value per share | $6.47 | $3.15 | $1.09 | $0.63 | — | — | — | — | — | — |
| Shares outstanding | 275.2M | 201.2M | 114.1M | 94.0M | — | — | — | — | — | — |
| Current ratio | 4.01 | 0.77 | 0.73 | 0.40 | 1.39 | 4.70 | 1.31 | 2.36 | 6.39 | 7.99 |
| Quick ratio | 1.42 | 0.21 | 0.01 | 0.25 | 1.35 | 4.70 | 1.14 | 2.24 | 5.90 | 7.54 |
| Debt / equity | 2.86 | 1.11 | 1.09 | 1.54 | 0.19 | — | 0.43 | — | — | — |
| Equity / assets | 17.9% | 33.9% | 16.4% | 22.5% | 60.2% | −17.2% | 68.5% | 62.3% | 86.0% | 88.4% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.95B | $1.59B | $1.73B | $1.91B | $73.9M | $41.6M | $68.7M | $286.2M | $58.2M | $3.3M | $4.4M | $9.2M |
| Cash & equivalents | $2.95B | $1.59B | $1.73B | $1.91B | $73.9M | $41.6M | $68.7M | $286.2M | $58.2M | $3.3M | $4.4M | $9.2M |
| Receivables | $173.4M | $56.3M | $20.8M | $16.8M | $31.5M | $3.0M | $14.6M | $12.3M | $2.3M | $3.8M | $225,000 | $307,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.1M | $0 | $0 | $25.4M |
| Other current assets | $959.1M | $3.01B | $677.1M | $787.1M | $536.3M | $386.0M | $190.9M | $29.8M | $21.5M | $397.0M | $101.0M | $1.5M |
| Total current assets | $4.08B | $4.66B | $2.43B | $2.72B | $641.7M | $430.6M | $274.3M | $328.4M | $84.1M | $404.1M | $105.7M | $36.5M |
| Property, plant & equipment (net) | $6.51B | $4.44B | $3.22B | $2.02B | $1.48B | $1.29B | $1.39B | $1.17B | $826.0M | $339.4M | $496.2M | $427.1M |
| Goodwill & intangible assets | $0 | $54.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $125.3M | $45.6M | $39.0M | $6.1M | $6.1M | $0 | $0 | $0 | $1.2M | $0 | $0 |
| Other non-current assets | $1.11B | $650.9M | $548.1M | $456.1M | $271.7M | $138.8M | $42.2M | $40.1M | $27.6M | $18.1M | $41.2M | $17.1M |
| Total assets | $11.71B | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $937.7M | $762.9M | $643.2M | $480.7M |
| Liabilities | ||||||||||||
| Accounts payable | $336.9M | $395.5M | $377.4M | $92.9M | $172.8M | $247.5M | $170.5M | $192.0M | $140.3M | $104.5M | $93.9M | $38.3M |
| Short-term debt | $175.3M | $82.5M | $167.4M | $14.6M | $394.7M | $24.7M | $177.8M | $170.9M | $171.8M | $51.8M | $118.8M | $61.0M |
| Deferred revenue | $39.2M | $4.7M | $16.8M | $46.2M | $17.4M | $16.1M | $21.0M | $22.3M | $30.5M | $23.6M | $100.6M | $92.6M |
| Total current liabilities | $1.59B | $1.16B | $1.02B | $563.4M | $985.5M | $558.1M | $393.6M | $424.4M | $386.7M | $554.1M | $349.2M | $202.4M |
| Long-term debt | $0 | $4.96B | $2.59B | $2.59B | $305.3M | $677.8M | $679.0M | $468.2M | $106.2M | $79.5M | $42.5M | $33.5M |
| Lease obligations | — | $124.0M | $134.8M | $2.1M | $12.9M | $14.7M | $304.5M | $319.8M | $282.2M | $302.4M | $232.5M | $140.8M |
| Other long-term liabilities | $6.31B | $63.4M | $65.6M | $105.3M | $64.0M | $396,000 | $136.9M | $216.0M | $203.0M | $4.5M | $133.1M | $89.1M |
| Total liabilities | $7.91B | $6.19B | $3.68B | $3.26B | $1.35B | $1.24B | $1.21B | $1.11B | $695.9M | $638.0M | $524.7M | $325.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $305,000 | $296,000 | $293,000 | $287,000 | $274,000 | $230,000 | $230,000 | $222,000 | $162,000 | $144,000 | $127,000 | $123,000 |
| Retained earnings (deficit) | −$837.8M | −$662.3M | −$583.1M | −$512.4M | −$498.0M | −$481.1M | −$428.5M | −$393.0M | −$254.3M | −$250.0M | −$185.5M | −$122.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | $0 |
| Minority interest | — | $1.96B | — | $517.0M | — | $0 | — | — | — | — | — | — |
| Total shareholders' equity | $1.78B | $1.78B | $1.58B | $1.45B | $1.04B | $633.7M | $497.9M | $434.6M | $241.8M | $124.8M | $118.5M | $155.7M |
| Key figures | ||||||||||||
| Total debt | $6.48B | $5.10B | $2.83B | $2.61B | $700.2M | $702.9M | $993.7M | $799.4M | $425.8M | $135.7M | $294.3M | $183.5M |
| Net cash (debt) | −$3.53B | −$3.51B | −$1.10B | −$695.2M | −$626.3M | −$661.3M | −$924.9M | −$513.2M | −$367.6M | −$132.4M | −$289.9M | −$174.3M |
| Working capital | $2.49B | $3.50B | $1.41B | $2.15B | −$343.8M | −$127.6M | −$119.3M | −$96.0M | −$302.6M | −$150.0M | −$243.5M | −$166.0M |
| Tangible book value | $1.78B | $1.73B | $1.58B | $1.45B | $1.04B | $633.7M | $497.9M | $434.6M | $241.8M | $124.8M | $118.5M | $155.7M |
| Book value per share | $6.12 | $6.23 | $5.61 | $5.23 | $4.08 | $3.15 | $2.24 | $2.07 | $1.62 | $1.09 | $0.98 | $1.42 |
| Shares outstanding | 291.6M | 285.7M | 282.0M | 277.4M | 255.9M | 201.2M | 222.5M | 209.6M | 149.0M | 114.1M | 121.4M | 109.7M |
| Current ratio | 2.56 | 4.01 | 2.38 | 4.82 | 0.65 | 0.77 | 0.70 | 0.77 | 0.22 | 0.73 | 0.30 | 0.18 |
| Quick ratio | 1.96 | 1.42 | 1.72 | 3.43 | 0.11 | 0.08 | 0.21 | 0.70 | 0.16 | 0.01 | 0.01 | 0.05 |
| Debt / equity | 3.63 | 2.86 | 1.79 | 1.80 | 0.67 | 1.11 | 2.00 | 1.84 | 1.76 | 1.09 | 2.48 | 1.18 |
| Equity / assets | 15.2% | 17.9% | 25.3% | 27.7% | 43.5% | 33.9% | 29.2% | 28.2% | 25.8% | 16.4% | 18.4% | 32.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed July 29, 2026); data from EODHD.
APLD financial position
At the end of fiscal 2026 (May 31, 2026), Applied Digital had total assets of $9.9 billion (up 431.0% from a year earlier), total liabilities of $6.2 billion and shareholders' equity of $1.8 billion. It held $1.6 billion in cash and short-term investments against $5.1 billion of debt, net debt of $3.5 billion. Its current ratio was 4.01. In the latest quarter (ended August 31, 2026) total assets were $11.7 billion and equity $1.8 billion.
Related: APLD income statement, APLD cash flow statement, APLD key metrics. See the APLD stock overview for the latest quote and news.
APLD balance sheet FAQ
What are Applied Digital's total assets?
Applied Digital reported total assets of $9.9 billion at the end of fiscal 2026 (May 31, 2026), compared with $1.9 billion a year earlier.
How much debt does Applied Digital have?
Applied Digital had $5.1 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.86.
How much cash does Applied Digital have?
Applied Digital held $1.6 billion in cash and short-term investments at the end of fiscal 2026; with $5.1 billion of debt that is net debt of $3.5 billion.
What is Applied Digital's book value?
Applied Digital's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2026, or $6.47 per share.
What is Applied Digital's current ratio?
Applied Digital had current assets of $4.7 billion and current liabilities of $1.2 billion, a current ratio of 4.01 (it can cover its short-term obligations).
How much goodwill does Applied Digital have?
Applied Digital carried $54.5 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2026.