A company still losing money with growing sales, with elevated risk. Insiders and institutions are both adding.
Going well
Sales up 168% last year
Buying back shares: share count down 5.3% in 3 years
Watch out for
Losing money, losses are large next to sales
High debt: 3.91x equity
1 offering filing in 6 months (may sell new shares)
Money moves
2 insiders bought $6.7M of shares with their own money in the last 30 days
Insiders sold $683K in the last 30 days
Institutions added 8.9% to their holdings in the quarter ending June 2026 (327 bought, 227 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$17.84-2.3% that day
Latest insider buy: A president bought at $18.86 on Oct 16. The stock is now $17.84, -5.4% since.
Company value
$5.4B
Share price times all shares
Price vs sales
6.3x
No profit over the last year, so this compares value with sales instead
Cash vs value
55%
A big cushion: cash is a large part of what the company is worth
Debt vs value
48%
Debt as a share of company value
From APLD's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Aug '26
$341.9M+322% vs a year earlier
Nov '23Tap a barAug '26
Last 12 months: $853.9M, up 286% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of APLD. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$1.1B
Profit in 5 years$109M
Price these guesses point to$5.98-66% vs $17.84 todayAbout -20% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 31% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-26.6%
MissDebt under half of equityNot relying on borrowed money.1.79x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-40.9%
MissProfitable every yearSteady profits, not one good year.0 of 6 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$89.7M
PassShare count not growingNot diluting owners. Falling means buybacks.-5.3% in 3 years
Revenue
$611.3M
+167.5% vs prior year
Total debt
$2.6B
1.79x equity
Current ratio
4.82x
short-term assets / bills due
Free cash flow
$89.7M
14.7% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Aug 31, 2026
Reported Oct 7
Revenue
$341.9M
+322.4% YoY
EPS
-$0.82
vs -$0.07
Op. margin
-18.2%
-6.1 pts
Gross margin
28.1%
+0.8 pts
Free cash flow
-$2.0B
Share count
+13.9%
vs a year ago
Insider rating
Last 90 days
86Strong buying
2 insiders bought $6.7M
Cluster buy: 2 insiders within 1 day
Top executive buying (President)
Jason Gechen Zhang grew their stake 11.8%
1 insider sold $683K (not pre-planned)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.8
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+8.9%
Institutions added 8.9% to their holdings. 327 bought, 227 sold. 2 quarters of net buying in a row.
Shares held by institutions214.6M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-1.8%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
3.9x · $6.3B debt
Shares outstandingLatest reported
302M
Why elevated risk
Losing money, losses are large next to sales
High debt: 3.91x equity
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Jan 6, 2027 (est.)Estimated from the same quarter last year
Results filedOct 7
Results filedJul 27
Results filedApr 8
Results filedJan 7
Results filedOct 9, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days