APPLIED DIGITAL CORPORATION vs IREN Limited, two Cloud Infrastructure stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices are bets that money-losing datacenter builders become AI landlords before the capital runs out, and neither pretends otherwise. IREN posts a negative 161% operating margin, Applied Digital negative 68%, and both burn free cash against their prices, 9.4% and 16.4% deficits respectively. What distinguishes them is the funding posture: both run essentially without debt, IREN with a 3.7 current ratio, Applied Digital at 2.4, so the burn is equity's problem rather than a lender's. IREN carries a headline multiple, 71.9 times, on thin positive trailing earnings; Applied Digital has none to divide. These are options on electricity, land, and timing, priced as operating businesses. The buyer should read them the first way.
Comparison updated 2026-07-10.
| Metric | APLD | IREN |
|---|---|---|
| Price | $39.23 | $46.75 |
| Market cap | $11.1B | $15.6B |
| Sector | Cloud Infrastructure | Cloud Infrastructure |
| Stage | Growth | Growth |
| P/E | — | 71.9 |
| P/B | 7.00 | 5.86 |
| P/S | 32.76 | 20.61 |
| EV/EBITDA | — | 137.0 |
| Revenue growth | +127.8% | +104.0% |
| Operating margin | -67.7% | -161.3% |
| Net margin | -45.7% | -65.2% |
| Return on equity | -9.8% | -18.5% |
| Return on assets | -2.5% | -6.8% |
| Return on invested capital | -7.5% | -8.1% |
| FCF yield | -16.4% | -9.4% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 2.38 | 3.72 |
| Altman Z (solvency) | 1.95 | 2.21 |
| 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.