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The latest data point for APLD's EV/EBITDA ratio in Q3'26 stands at -75.01, reflecting a significant negative valuation multiple that indicates ongoing challenges in profitability relative to enterprise value. This value marks a notable deterioration from the previous quarter's -215.77 in Q2'26, though it remains deeply negative, underscoring persistent operational losses. Over the period from Q4'23 to Q3'26, the EV/EBITDA ratio has exhibited high volatility with consistently negative values, starting at -26.03 and plunging to extreme lows such as -474.41 in Q1'25 and -195.59 in Q2'24, before fluctuating between -9.61 and -215.77 in recent quarters. This trend highlights unstable earnings performance, with sharp declines likely driven by widening EBITDA losses amid growth investments or market pressures, positioning APLD as a high-risk profile for valuation analysts.