A Business at a Glance
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Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience. Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage. We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth. AppLovin is critical to the success of advertisers and publishers seeking to solve marketing and monetization challenges. Through our technologies and scaled distribution, advertisers are able to better place content so that it is discovered by the right audience, manage, optimize, and analyze their marketing investments, and improve the monetization of their content, and publishers are able to better monetize their gaming apps.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.5B | 5.5B | 4.7B | 3.3B | 2.8B | 2.8B |
| Net Income | 3.3B | 3.3B | 1.6B | 355M | -193M | 32M |
| EPS | $9.75 | $9.75 | $4.53 | $0.98 | $-0.52 | $0.09 |
| Free Cash Flow | 3.9B | 3.9B | 2.1B | 1.1B | 412M | 360M |
| ROIC | 111.9% | 183.6% | 58.0% | 16.7% | -1.6% | 4.7% |
| Gross Margin | 87.9% | 87.9% | 66.9% | 67.7% | 55.4% | 64.6% |
| Debt/Equity | 1.67 | 1.67 | 3.26 | 2.70 | 1.74 | 1.56 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 4.2B | 4.2B | 1.9B | 648M | -48M | 150M |
| Operating Margin | 75.8% | 75.8% | 40.6% | 19.7% | -1.7% | 5.4% |
| ROE | 156.2% | 206.8% | 145.0% | 28.3% | -10.1% | 1.5% |
| Shares Outstanding | 342M | 342M | 349M | 362M | 371M | 352M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 994M | 1.5B | 2.8B | 2.8B | 3.3B | 4.7B | 5.5B | 5.5B |
| Gross Margin | 75.7% | 61.7% | 64.6% | 55.4% | 67.7% | 66.9% | 87.9% | 87.9% |
| R&D | 45M | 181M | 366M | 508M | 592M | 375M | 227M | 227M |
| SG&A | 32M | 66M | 159M | 182M | 153M | 165M | 234M | 234M |
| EBIT | 194M | -62M | 150M | -48M | 648M | 1.9B | 4.2B | 4.2B |
| Op. Margin | 19.6% | -4.3% | 5.4% | -1.7% | 19.7% | 40.6% | 75.8% | 75.8% |
| Net Income | 76M | -125M | 32M | -193M | 355M | 1.6B | 3.3B | 3.3B |
| Net Margin | 7.7% | -8.6% | 1.1% | -6.8% | 10.8% | 33.5% | 60.8% | 60.8% |
| Non-Recurring | 0 | 0 | 0 | 11M | 11M | 11M | 189M | 189M |
| Returns on Capital | ||||||||
| ROIC | N/M | -8.8% | 4.7% | -1.6% | 16.7% | 58.0% | 183.6% | 111.9% |
| ROE | N/A | 79.0% | 1.5% | -10.1% | 28.3% | 145.0% | 206.8% | 156.2% |
| ROA | 92.7% | -5.8% | 0.5% | -3.3% | 6.6% | 26.9% | 50.8% | 45.9% |
| Cash Flow | ||||||||
| Op. Cash Flow | 198M | 223M | 362M | 413M | 1.1B | 2.1B | 4.0B | 4.0B |
| Free Cash Flow | 195M | 220M | 360M | 412M | 1.1B | 2.1B | 3.9B | 3.9B |
| Owner Earnings | 95M | -94M | -202M | -326M | 209M | 1.3B | 3.6B | 3.6B |
| CapEx | 3.4M | 3.2M | 1.4M | 662K | 4.2M | 26M | 28M | 28M |
| Maint. CapEx | 93M | 255M | 431M | 547M | 489M | 449M | 195M | 195M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 93M | 255M | 431M | 547M | 489M | 449M | 195M | 195M |
| CapEx/OCF | N/A | N/A | 0.4% | 0.2% | 0.4% | N/A | N/A | 0.7% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 11K | 1.8M | 0 | 339M | 1.2B | 981M | 2.2B | 2.2B |
| Buyback Yield | N/A | N/A | N/A | 9.7% | 7.8% | 0.8% | 0.9% | 1.5% |
| Stock-Based Comp | 10M | 62M | 133M | 192M | 363M | 369M | 210M | 210M |
| Debt Repayment | 11M | 64M | 720M | 26M | 498M | 4.2B | 200M | 200M |
| Balance Sheet | ||||||||
| Net Debt | N/A | 1.1B | 293M | 1.2B | 2.4B | 2.2B | -1.4B | 1.1B |
| Cash & Equiv. | 396M | 317M | 1.5B | 1.1B | 502M | 697M | 2.5B | 2.5B |
| Long-Term Debt | N/A | 1.6B | 3.2B | 3.2B | 2.9B | 3.5B | 3.5B | 3.5B |
| Debt/Equity | -0.02 | -10.68 | 1.56 | 1.74 | 2.70 | 3.26 | 1.67 | 1.67 |
| Interest Coverage | 971.9 | -0.8 | 1.5 | -0.3 | 2.4 | 6.0 | 20.1 | 20.1 |
| Equity | -257M | -159M | 2.1B | 1.9B | 1.3B | 1.1B | 2.1B | 2.1B |
| Total Assets | 82M | 2.2B | 6.2B | 5.8B | 5.4B | 5.9B | 7.3B | 7.3B |
| Total Liabilities | 5.7M | 2.3B | 4.0B | 3.9B | 4.1B | 4.8B | 5.1B | 5.1B |
| Intangibles | N/A | 1.1B | 1.7B | 1.7B | 1.3B | 473M | 397M | 397M |
| Retained Earnings | N/A | -1.0B | -977M | -1.2B | -813M | 599M | 1.7B | 1.7B |
| Working Capital | N/A | 65M | 2.6B | 1.4B | 672M | 1.3B | 3.1B | 3.1B |
| Current Assets | N/A | 663M | 3.2B | 1.9B | 1.6B | 2.3B | 4.4B | 4.4B |
| Current Liabilities | N/A | 598M | 640M | 579M | 944M | 1.1B | 1.3B | 1.3B |
| Per Share Data | ||||||||
| EPS | 0.36 | -0.58 | 0.09 | -0.52 | 0.98 | 4.53 | 9.75 | 9.75 |
| Owner EPS | 0.45 | -0.44 | -0.57 | -0.88 | 0.58 | 3.67 | 10.43 | 10.43 |
| Book Value | -1.21 | -0.73 | 6.07 | 5.13 | 3.47 | 3.13 | 6.24 | 6.24 |
| Cash Flow/Share | 0.94 | 1.03 | 1.03 | 1.11 | 2.93 | 6.02 | 11.61 | 10.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 212.2M | 215.8M | 352.3M | 370.7M | 362.2M | 348.7M | 341.9M | 341.9M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 41.6 | 74.0 | 73.3 | 42.8 |
| P/FCF | N/A | N/A | 91.1 | 8.5 | 14.0 | 56.4 | 61.9 | 36.2 |
| EV/EBIT | N/A | N/A | 230.4 | N/A | 22.8 | 62.3 | 58.5 | 34.6 |
| Price/Book | N/A | N/A | 15.4 | 1.8 | 11.8 | 107.3 | 114.4 | 66.9 |
| Price/Sales | N/A | N/A | 9.7 | 5.0 | 5.3 | 12.7 | 27.4 | 26.0 |
| FCF Yield | N/A | N/A | 1.1% | 11.8% | 7.2% | 1.8% | 1.6% | 2.8% |
| Market Cap | N/A | N/A | 32.8B | 3.5B | 14.8B | 116.9B | 244.2B | 142.7B |
| Avg. Price | N/A | N/A | 76.88 | 38.05 | 26.94 | 117.64 | 438.59 | 417.45 |
| Year-End Price | N/A | N/A | 93.19 | 9.40 | 40.76 | 335.17 | 714.23 | 417.45 |
AppLovin Corp passes 7 of 9 quality checks, indicating strong fundamentals.
AppLovin Corp trades at 42.8x trailing earnings, compared to its 15-year median P/E of 73.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 35.9x vs a median of 56.4x. The company's 5-year average ROIC is 52.3% with a gross margin of 68.5%. Total shareholder yield (buybacks) is 1.5%. At current prices, the estimated annualized return to fair value is +45.8%.
AppLovin Corp (APP) has a current P/E ratio of 42.8, compared to its historical median P/E of 73.3. The stock is currently considered Cheap based on its historical valuation range.
AppLovin Corp (APP) has a 5-year average return on invested capital (ROIC) of 52.3%. This indicates strong capital allocation and a potential competitive advantage.
AppLovin Corp (APP) has a market capitalization of $142.7B. It is classified as a large-cap stock.
AppLovin Corp (APP) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.54%.
Based on historical P/E analysis, AppLovin Corp (APP) appears cheap. The current P/E of 42.8 is 42% below its historical median of 73.3. The estimated fair value CAGR (P/E method) is 266.4%.
AppLovin Corp (APP) operates in the Services-Computer Programming, Data Processing, Etc. industry, within the Technology sector.
AppLovin Corp (APP) reported annual revenue of $5.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
AppLovin Corp (APP) has a net profit margin of 60.8%. This is a strong margin indicating high profitability.
AppLovin Corp (APP) generated $3.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AppLovin Corp (APP) has a debt-to-equity ratio of 1.67. This indicates higher leverage, which may increase financial risk.
AppLovin Corp (APP) reported earnings per share (EPS) of $9.75 in its most recent fiscal year.
AppLovin Corp (APP) has a return on equity (ROE) of 206.8%. This indicates the company generates strong returns for shareholders.
AppLovin Corp (APP) has a 5-year average gross margin of 68.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for AppLovin Corp (APP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AppLovin Corp (APP) has a book value per share of $6.24, based on its most recent annual SEC filing.