APPLIED DIGITAL CORPORATION vs CoreWeave, Inc., two Cloud Infrastructure stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Economically these are two construction sites wearing tech tickers. Applied Digital builds datacenter capacity and leases it out, currently posting a negative 67.7% operating margin with no debt and cash burning at a 16.4% free-cash deficit against its price; CoreWeave rents GPUs at scale, runs a milder negative 6.9% operating margin, but carries 6.8 turns of debt to equity and a 0.31 current ratio, a balance sheet already fully committed to the buildout. Neither has a P/E because neither has E. The pair prices two flavors of the same wager: that AI compute demand arrives faster than the interest bill. CoreWeave has more revenue and vastly more leverage; Applied Digital has less of both. In this corner of the market, the balance sheet is the business.
Comparison updated 2026-07-10.
| Metric | APLD | CRWV |
|---|---|---|
| Price | $39.23 | $96.42 |
| Market cap | $11.1B | $50.8B |
| Sector | Cloud Infrastructure | Cloud Infrastructure |
| Stage | Growth | Growth |
| P/B | 7.00 | 10.68 |
| P/S | 32.76 | 8.16 |
| EV/EBITDA | — | 27.0 |
| Revenue growth | +127.8% | +140.6% |
| Operating margin | -67.7% | -6.9% |
| Net margin | -45.7% | -25.6% |
| Return on equity | -9.8% | -33.5% |
| Return on assets | -2.5% | -2.9% |
| Return on invested capital | -7.5% | -0.3% |
| FCF yield | -16.4% | -20.9% |
| Debt / equity | 0.00 | 6.81 |
| Current ratio | 2.38 | 0.31 |
| Altman Z (solvency) | 1.95 | 0.35 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.