ApplyBoard Inc.
-75%
est. 2Y upside i
Rank
#3871
Sector
EdTech
Est. Liquidity
~2Y
Data Quality
Data: LowApplyBoard's equity offers a highly negative expected upside of -74.6% over 2 years, driven by flat revenue, a stale $832M valuation mark, and severe preference overhang ($554M).
Last updated: July 3, 2026
Canadian policy reversal or expansion into new markets lifts revenue multiple to 5x, implying ~$1B exit, but 20% dilution reduces upside to 0%.
Flat revenue and multiple compression to 2x lead to -52% pre-dilution; after 20% dilution, upside is -72%.
Revenue declines and multiple contraction to 1.5x cause exit below $554M liquidation preference, resulting in common stock being worthless.
Preference Stack Risk
severeFunding Intensity
6660%Total funding of $554M represents 67% of the $832M valuation, meaning common stock is deeply underwater in any downside scenario.
Dilution Risk
highGiven negative cash flow and layoffs, a capital raise within 24 months is likely, potentially diluting existing holders by 20% or more.
Secondary Liquidity
noneNo secondary market activity detected; the only recent mark was a 74% valuation cut by Fidelity, implying no active liquidity.
Questions to Ask at the Interview
Strategic questions based on ApplyBoard Inc.'s data — designed to show you've done your homework.
- 1
“How would you diversify ApplyBoard's revenue streams beyond Canadian student recruitment?”
- 2
“What is the path to profitability given current cost structure and flat revenue?”
- 3
“If you received equity, what is your estimated time to liquidity and expected value given the preference stack?”
Community
Valuation Sentiment
Our model estimates -75% upside. What do you think?
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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.