Comprehensive Stock Comparison
Compare ON24, Inc. (ONTF) vs AppLovin Corporation (APP) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | APP | 16.4% revenue growth vs ONTF's -5.9% |
| Value | APP | Lower P/E (28.0x vs 60.5x) |
| Quality / Margins | APP | 60.8% net margin vs ONTF's -20.7% |
| Stability / Safety | ONTF | Beta 0.84 vs APP's 2.17, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | ONTF | +43.5% vs APP's +33.5% |
| Efficiency (ROA) | APP | 45.9% ROA vs ONTF's -12.6%, ROIC 87.8% vs -21.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
ON24 operates a cloud-based digital experience platform that helps businesses convert engagement into revenue through interactive webinars, virtual events, and multimedia content. The company generates revenue primarily from subscription fees for its software platform — with additional income from professional services like implementation and premium support — serving enterprises across various industries. Its competitive advantage lies in its specialized focus on B2B digital engagement analytics, capturing first-person data that provides unique insights into audience behavior and content effectiveness.
AppLovin operates a software platform that helps mobile app developers market and monetize their apps through advertising technology. It generates revenue primarily from its software platform segment — which includes marketing solutions like AppDiscovery and analytics tools like Adjust — accounting for roughly 80% of total revenue, with the remainder coming from its apps segment. The company's key advantage is its AI-powered advertising engine that optimizes ad placements across its vast network of mobile apps, creating a data-driven flywheel effect.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
APP leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). ONTF leads in 2 (Valuation Metrics, Risk & Volatility).
Financial Metrics (TTM)
APP is the larger business by revenue, generating $5.5B annually — 39.3x ONTF's $139M. APP is the more profitable business, keeping 60.8% of every revenue dollar as net income compared to ONTF's -20.7%.
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| RevenueTrailing 12 months | $139M | $5.5B |
| EBITDAEarnings before interest/tax | -$32M | $4.3B |
| Net IncomeAfter-tax profit | -$29M | $3.3B |
| Free Cash FlowCash after capex | $4M | $4.0B |
| Gross MarginGross profit ÷ Revenue | +74.6% | +87.9% |
| Operating MarginEBIT ÷ Revenue | -25.7% | +75.8% |
| Net MarginNet income ÷ Revenue | -20.7% | +60.8% |
| FCF MarginFCF ÷ Revenue | +2.8% | +72.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -5.6% | -2.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +28.6% | +87.3% |
Valuation Metrics
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| Market CapShares × price | $342M | $133.9B |
| Enterprise ValueMkt cap + debt − cash | $310M | $134.9B |
| Trailing P/EPrice ÷ TTM EPS | -11.78x | 44.59x |
| Forward P/EPrice ÷ next-FY EPS est. | 60.45x | 28.00x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 31.05x |
| Price / SalesMarket cap ÷ Revenue | 2.45x | 24.43x |
| Price / BookPrice ÷ Book value/share | 2.44x | 69.65x |
| Price / FCFMarket cap ÷ FCF | 86.08x | 33.72x |
Profitability & Efficiency
APP delivers a 156.2% return on equity — every $100 of shareholder capital generates $156 in annual profit, vs $-21 for ONTF. ONTF carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to APP's 1.66x. On the Piotroski fundamental quality scale (0–9), APP scores 8/9 vs ONTF's 5/9, reflecting strong financial health.
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| ROE (TTM)Return on equity | -20.7% | +156.2% |
| ROA (TTM)Return on assets | -12.6% | +45.9% |
| ROICReturn on invested capital | -21.0% | +87.8% |
| ROCEReturn on capital employed | -23.2% | +77.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 8 |
| Debt / EquityFinancial leverage | 0.04x | 1.66x |
| Net DebtTotal debt minus cash | -$31M | $1.1B |
| Cash & Equiv.Liquid assets | $37M | $2.5B |
| Total DebtShort + long-term debt | $6M | $3.5B |
| Interest CoverageEBIT ÷ Interest expense | -133.98x | 20.06x |
Total Returns (with DRIP)
A $10,000 investment in APP five years ago would be worth $66,683 today (with dividends reinvested), compared to $1,435 for ONTF. Over the past 12 months, ONTF leads with a +43.5% total return vs APP's +33.5%. The 3-year compound annual growth rate (CAGR) favors APP at 2.2% vs ONTF's -1.9% — a key indicator of consistent wealth creation.
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| YTD ReturnYear-to-date | +0.6% | -29.7% |
| 1-Year ReturnPast 12 months | +43.5% | +33.5% |
| 3-Year ReturnCumulative with dividends | -5.6% | +3120.5% |
| 5-Year ReturnCumulative with dividends | -85.6% | +566.8% |
| 10-Year ReturnCumulative with dividends | -87.2% | +566.8% |
| CAGR (3Y)Annualised 3-year return | -1.9% | +2.2% |
Risk & Volatility
ONTF is the less volatile stock with a 0.84 beta — it tends to amplify market swings less than APP's 2.17 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ONTF currently trades 98.9% from its 52-week high vs APP's 58.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.84x | 2.17x |
| 52-Week HighHighest price in past year | $8.10 | $745.61 |
| 52-Week LowLowest price in past year | $4.35 | $200.50 |
| % of 52W HighCurrent price vs 52-week peak | +98.9% | +58.3% |
| RSI (14)Momentum oscillator 0–100 | 65.3 | 47.7 |
| Avg Volume (50D)Average daily shares traded | 404K | 5.2M |
Analyst Outlook
Wall Street rates ONTF as "Hold" and APP as "Buy". Consensus price targets imply 58.9% upside for APP (target: $691) vs 1.1% for ONTF (target: $8).
| Metric | ONTFON24, Inc. | APPAppLovin Corporat… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $8.10 | $690.93 |
| # AnalystsCovering analysts | 7 | 26 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 2 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +6.5% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | May 21 | Feb 26 | Change |
|---|---|---|---|
| ON24, Inc. (ONTF) | 100 | 18.18 | -81.8% |
| AppLovin Corporation (APP) | 92.12 | 740.8 | +704.2% |
AppLovin Corporation (APP) returned +567% over 5 years vs ON24, Inc. (ONTF)'s -86%. A $10,000 investment in APP 5 years ago would be worth $66,683 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| ON24, Inc. (ONTF) | $83M | $139M | +68.6% |
| AppLovin Corporation (APP) | $483M | $5.5B | +1033.9% |
ON24, Inc.'s revenue grew from $83M (2018) to $139M (2025) — a 7.8% CAGR. AppLovin Corporation's revenue grew from $483M (2018) to $5.5B (2025) — a 41.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| ON24, Inc. (ONTF) | -21.3% | -20.7% | +2.7% |
| AppLovin Corporation (APP) | -53.8% | 60.8% | +213.1% |
ON24, Inc.'s net margin went from -21% (2018) to -21% (2025). AppLovin Corporation's net margin went from -54% (2018) to 61% (2025).
Chart 4P/E Ratio History — 3 Years
| Stock | 2023 | 2025 | Change |
|---|---|---|---|
| AppLovin Corporation (APP) | 40.7 | 69.1 | +69.8% |
AppLovin Corporation has traded in a 41x–72x P/E range over 3 years; current trailing P/E is ~45x.
Chart 5EPS Growth — 10 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| ON24, Inc. (ONTF) | -0.43 | -0.68 | -58.1% |
| AppLovin Corporation (APP) | -1.37 | 9.75 | +811.7% |
ON24, Inc.'s EPS grew from $-0.43 (2018) to $-0.68 (2025). AppLovin Corporation's EPS grew from $-1.37 (2018) to $9.75 (2025).
Chart 6Free Cash Flow — 5 Years
ON24, Inc. generated $4M FCF in 2025 (+144% vs 2021). AppLovin Corporation generated $4B FCF in 2025 (+1002% vs 2021).
ONTF vs APP: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ONTF or APP a better buy right now?
AppLovin Corporation (APP) offers the better valuation at 44.6x trailing P/E (28.0x forward), making it the more compelling value choice. Analysts rate AppLovin Corporation (APP) a "Buy" — based on 26 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ONTF or APP?
On forward P/E, AppLovin Corporation is actually cheaper at 28.0x.
03Which is the better long-term investment — ONTF or APP?
Over the past 5 years, AppLovin Corporation (APP) delivered a total return of +566.8%, compared to -85.6% for ON24, Inc. (ONTF). A $10,000 investment in APP five years ago would be worth approximately $67K today (assuming dividends reinvested). Over 10 years, the gap is even starker: APP returned +566.8% versus ONTF's -87.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ONTF or APP?
By beta (market sensitivity over 5 years), ON24, Inc. (ONTF) is the lower-risk stock at 0.84β versus AppLovin Corporation's 2.17β — meaning APP is approximately 158% more volatile than ONTF relative to the S&P 500. On balance sheet safety, ON24, Inc. (ONTF) carries a lower debt/equity ratio of 4% versus 166% for AppLovin Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — ONTF or APP?
AppLovin Corporation (APP) is the more profitable company, earning 60.8% net margin versus -20.7% for ON24, Inc. — meaning it keeps 60.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: APP leads at 75.8% versus -25.7% for ONTF. At the gross margin level — before operating expenses — APP leads at 87.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ONTF or APP more undervalued right now?
On forward earnings alone, AppLovin Corporation (APP) trades at 28.0x forward P/E versus 60.5x for ON24, Inc. — 32.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for APP: 58.9% to $690.93.
07Which pays a better dividend — ONTF or APP?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is ONTF or APP better for a retirement portfolio?
For long-horizon retirement investors, ON24, Inc. (ONTF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.84)). AppLovin Corporation (APP) carries a higher beta of 2.17 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (ONTF: -87.2%, APP: +566.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ONTF and APP?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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