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AppLovin Corporation (APP) 10-Year Financial Performance & Capital Metrics

APP •
TechnologyApplication SoftwareMarketing automation and ad technology
AboutAppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction. Its business clients include various advertisers, publishers, internet platforms, and others. The company was incorporated in 2011 and is headquartered in Palo Alto, California.Show more
  • Revenue $5.48B +16.4%
  • EBITDA $4.35B +87.2%
  • Net Income $3.33B +111.0%
  • EPS (Diluted) 9.75 +115.2%
  • Gross Margin 87.86% +16.8%
  • EBITDA Margin 79.31% +60.8%
  • Operating Margin 75.75% +90.4%
  • Net Margin 60.83% +81.3%
  • ROE 206.78% +53.5%
  • ROIC 87.75% +144.7%
  • Debt/Equity 1.66 -49.1%
  • Interest Coverage 20.06 +240.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 121.3%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 72.5% free cash flow margin
  • ✓Strong 5Y sales CAGR of 30.4%
  • ✓Healthy 5Y average net margin of 19.9%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high
  • ✗Expensive at 69.6x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y30.45%
3Y24.84%
TTM37.81%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM111.03%

EPS CAGR

10Y-
5Y-
3Y-
TTM114.76%

ROCE

10Y Avg26.89%
5Y Avg26.94%
3Y Avg43.78%
Latest77.33%

Peer Comparison

Marketing automation and ad technology
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Size & Scale
Valuation
Per Share
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Technical
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SEMRSemrush Holdings, Inc.248.45M11.82213.7422.47%-1.05%-1.51%17.39%0.05
IBTAIbotta, Inc.807.89M24.97208.08-6.77%4.71%5.6%9.28%0.09
SRADSportradar Group AG3.97B18.26154.8126.09%7.72%9.63%3.72%0.05
DSPViant Technology Inc.463.5M10.1384.4229.74%1.85%2.32%10.63%0.09
APPAppLovin Corporation133.89B434.7744.5916.38%60.83%156.17%2.97%1.66
DVDoubleVerify Holdings, Inc.1.71B10.5435.1313.92%6.77%4.48%10.12%0.09
TTDThe Trade Desk, Inc.11.55B23.8226.1818.47%15.31%17.84%6.89%0.18
GTMZoomInfo Technologies Inc.1.91B6.2115.922.9%9.94%8.23%20.37%1.20

Compare APP vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

vs TTD

Compare head-to-head with The Trade Desk, Inc.

vs SRAD

Compare head-to-head with Sportradar Group AG

Compare Top 5

vs TTD, SRAD, GTM, DV

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Sales/Revenue+483.36M994.1M1.45B2.79B2.82B3.28B4.71B5.48B
Revenue Growth %-105.66%45.97%92.48%0.86%16.54%43.44%16.38%
Cost of Goods Sold+53.76M241.27M555.58M988.1M1.26B1.06B1.17B665.14M
COGS % of Revenue11.12%24.27%38.29%35.38%44.59%32.26%24.78%12.14%
Gross Profit+429.61M752.83M895.51M1.81B1.56B2.22B3.54B4.82B
Gross Margin %88.88%75.73%61.71%64.62%55.41%67.74%75.22%87.86%
Gross Profit Growth %-75.24%18.95%101.56%-13.52%42.47%59.29%35.94%
Operating Expenses+187.16M558.46M957.55M1.65B1.61B1.58B1.67B663.66M
OpEx % of Revenue38.72%56.18%65.99%59.25%57.11%47.99%35.44%12.11%
Selling, General & Admin181.65M513.49M694.23M1.29B1.1B983.3M1.03B437.15M
SG&A % of Revenue37.58%51.65%47.84%46.13%39.09%29.95%21.88%7.98%
Research & Development16.27M44.97M180.65M366.4M507.61M592.39M638.69M226.51M
R&D % of Revenue3.37%4.52%12.45%13.12%18.02%18.04%13.56%4.13%
Other Operating Expenses-10.76M082.67M00000
Operating Income+242.44M194.37M-62.04M150.02M-47.79M648.21M1.87B4.15B
Operating Margin %50.16%19.55%-4.28%5.37%-1.7%19.74%39.78%75.75%
Operating Income Growth %--19.83%-131.92%341.8%-131.86%1456.34%189.02%121.62%
EBITDA+258.51M287.18M192.91M581.08M499.29M1.14B2.32B4.35B
EBITDA Margin %53.48%28.89%13.29%20.8%17.72%34.64%49.31%79.31%
EBITDA Growth %-11.09%-32.83%201.22%-14.07%127.77%104.2%87.18%
D&A (Non-Cash Add-back)16.06M92.81M254.95M431.06M547.08M489.01M448.68M194.78M
EBIT231.68M200.19M-57.83M149.48M-33.31M656.24M1.89B4.15B
Net Interest Income+60M-73.95M-77.87M-103.17M-171.86M-275.67M-318.26M-207.02M
Interest Income60M0000000
Interest Expense073.95M77.87M103.17M171.86M275.67M318.26M207.02M
Other Income/Expense-482.7M-68.14M-73.66M-103.7M-157.39M-267.64M-297.45M-199M
Pretax Income+-240.26M126.23M-135.71M46.31M-205.18M380.57M1.58B3.95B
Pretax Margin %-49.71%12.7%-9.35%1.66%-7.28%11.59%33.47%72.12%
Income Tax+19.74M7.19M-9.77M10.97M-12.23M23.86M-3.77M519.72M
Effective Tax Rate %108.21%94.3%92.25%76.54%93.94%93.73%100.24%84.34%
Net Income+-260M119.04M-125.19M35.45M-192.75M356.71M1.58B3.33B
Net Margin %-53.79%11.97%-8.63%1.27%-6.84%10.87%33.55%60.83%
Net Income Growth %-145.79%-205.16%128.31%-643.77%285.07%342.87%111.03%
Net Income (Continuing)-260M119.04M-125.93M35.34M-192.95M356.71M1.58B3.43B
Discontinued Operations0000000-99.44M
Minority Interest00309K201K0000
EPS (Diluted)+-1.370.36-0.580.09-0.520.984.539.75
EPS Growth %-126.28%-261.11%116.03%-659.14%288.46%362.24%115.23%
EPS (Basic)-1.370.36-0.580.10-0.521.014.689.84
Diluted Shares Outstanding189.53M212.37M214.94M342.76M371.57M362.59M347.81M341.97M
Basic Shares Outstanding189.53M212.37M214.94M324.84M371.57M351.95M336.92M338.78M
Dividend Payout Ratio--------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Current Assets+407.55M586.22M662.99M3.24B1.94B1.62B2.31B4.43B
Cash & Short-Term Investments276.12M396.25M317.24M1.52B1.08B502.15M741.41M2.49B
Cash Only276.12M396.25M317.24M1.52B1.08B502.15M741.41M2.49B
Short-Term Investments00000000
Accounts Receivable122.46M161.35M296.96M514.52M702.81M953.81M1.41B1.82B
Days Sales Outstanding92.4759.2474.767.2491.06106.04109.61121.16
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets1.7M001.05B155.78M160.2M156.53M124.33M
Total Non-Current Assets+129.31M616.26M1.49B2.93B3.91B3.74B3.56B2.83B
Property, Plant & Equipment8.53M22.8M112.92M134.58M138.92M221.54M198.6M147.9M
Fixed Asset Turnover56.69x43.61x12.85x20.75x20.28x14.82x23.71x37.06x
Goodwill98.64M137.12M249.77M966.43M1.82B1.84B1.8B1.54B
Intangible Assets13.25M440.9M1.09B1.71B1.68B1.29B896.68M396.71M
Long-Term Investments000000145.4M287.67M
Other Non-Current Assets8.89M15.44M42.57M118.16M268.43M386M512.97M456.55M
Total Assets+536.86M1.2B2.15B6.16B5.85B5.36B5.87B7.26B
Asset Turnover0.90x0.83x0.67x0.45x0.48x0.61x0.80x0.75x
Asset Growth %-123.99%79.18%186.07%-5.12%-8.36%9.52%23.69%
Total Current Liabilities+113.88M238.88M598.05M640.1M578.96M944.12M1.06B1.33B
Accounts Payable59.53M70.52M147.28M258.22M273.2M371.7M563.43M746.98M
Days Payables Outstanding404.17106.6996.7695.3979.39128.09176.25409.91
Short-Term Debt012.21M15.21M25.81M33.31M215M14.81M13.94M
Deferred Revenue (Current)08.2M86.89M78.93M64.02M78.56M69.84M0
Other Current Liabilities41.95M108.14M270.49M157.84M70.6M48.26M49.83M572.87M
Current Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x3.32x
Quick Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x3.32x
Cash Conversion Cycle--------
Total Non-Current Liabilities+801.33M1.22B1.71B3.39B3.37B3.16B3.72B3.79B
Long-Term Debt796.09M1.17B1.58B3.2B3.18B2.91B3.51B3.53B
Capital Lease Obligations012.74M71.75M62.5M54.15M42.91M32.61M17.81M
Deferred Tax Liabilities00000000
Other Non-Current Liabilities5.24M39.06M59.03M120.86M133.65M209.93M180.38M242.54M
Total Liabilities915.21M1.46B2.31B4.03B3.95B4.1B4.78B5.12B
Total Debt+796.09M1.2B1.7B3.33B3.28B3.18B3.56B3.54B
Net Debt519.97M799.59M1.38B1.81B2.2B2.68B2.81B1.06B
Debt / Equity---1.56x1.72x2.53x3.26x1.66x
Debt / EBITDA3.08x4.16x8.79x5.73x6.57x2.79x1.53x0.82x
Net Debt / EBITDA2.01x2.78x7.15x3.11x4.41x2.35x1.21x0.24x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x20.06x
Total Equity+-378.36M-256.57M-158.24M2.14B1.9B1.26B1.09B2.13B
Equity Growth %-32.19%38.33%1451.33%-11.02%-33.97%-13.25%95.87%
Book Value per Share-2.00-1.21-0.746.245.123.463.136.24
Total Shareholders' Equity-378.36M-256.57M-158.54M2.14B1.9B1.26B1.09B2.13B
Common Stock5K7K7K11K11K11K11K11K
Retained Earnings-1.01B-887.21M-1.01B-976.95M-1.17B-812.99M599.2M1.74B
Treasury Stock00000000
Accumulated OCI-2.62M-4.14M604K-45.45M-83.38M-65.27M-103.1M-46.99M
Minority Interest00309K201K0000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+139.03M198.46M222.88M361.85M412.77M1.06B2.1B3.97B
Operating CF Margin %28.76%19.96%15.36%12.96%14.65%32.33%44.57%72.46%
Operating CF Growth %-42.75%12.31%62.35%14.07%157.17%97.74%89.19%
Net Income-260M119.04M-125.93M35.34M-192.95M356.71M1.58B3.33B
Depreciation & Amortization16.06M92.81M254.95M431.06M547.08M489.01M448.68M194.78M
Stock-Based Compensation5.46M10.22M62.39M133.18M191.61M363.11M369.37M210.42M
Deferred Taxes00000000
Other Non-Cash Items396.38M7.59M98.52M46.57M159.46M61.36M50.73M154.22M
Working Capital Changes-18.88M-31.2M-67.04M-284.3M-292.44M-208.67M-349.54M77.92M
Change in Receivables-30.19M-33.52M-113.23M-201.95M-174.83M-261.28M-467.03M-542.22M
Change in Inventory00000000
Change in Payables013.53M49.12M98.61M3.48M98.57M189.59M232.49M
Cash from Investing+-67.17M-411.55M-679.89M-1.21B-1.37B-77.83M-106.75M402.81M
Capital Expenditures-1.4M-3.36M-3.24M-1.39M-662K-4.25M-4.78M0
CapEx % of Revenue0.29%0.34%0.22%0.05%0.02%0.13%0.1%-
Acquisitions-65.94M-404.2M-674.65M-1.21B-1.35B-63.9M-25.55M0
Investments--------
Other Investing173K0012.01M41.31M8.25M558K422.99M
Cash from Financing+1.64M333.16M377.86M3.11B-526.85M-1.56B-1.75B-2.59B
Debt Issued (Net)-397.87M371.99M407.27M1.6B-49.89M-122.88M368.74M-20.51M
Equity Issued (Net)0-11K1000K1000K-1000K-1000K-1000K-1000K
Dividends Paid00000000
Share Repurchases0-11K-1.77M0-338.88M-1.15B-981.3M-2.19B
Other Financing399.51M-38.82M-36.97M-232.95M-138.07M-286.31M-1.14B-405.94M
Net Change in Cash73.54M120.13M-79.01M2.25B-1.49B-578.33M239.26M1.75B
Free Cash Flow+137.63M195.1M219.64M360.46M412.11M1.06B2.09B3.97B
FCF Margin %28.47%19.63%15.14%12.91%14.63%32.2%44.47%72.46%
FCF Growth %-41.76%12.58%64.11%14.33%156.55%98.08%89.62%
FCF per Share0.730.921.021.051.112.926.0211.61
FCF Conversion (FCF/Net Income)-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x1.19x
Interest Paid062.28M59.36M76.69M165.96M248.83M270.62M0
Taxes Paid030.47M12.67M90.62M86.26M75.43M67.33M0

Key Ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)---3.58%-9.54%22.58%134.67%206.78%
Return on Invested Capital (ROIC)128.4%42.59%-5.28%4.35%-0.89%12.1%35.86%87.75%
Gross Margin88.88%75.73%61.71%64.62%55.41%67.74%75.22%87.86%
Net Margin-53.79%11.97%-8.63%1.27%-6.84%10.87%33.55%60.83%
Debt / Equity---1.56x1.72x2.53x3.26x1.66x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x20.06x
FCF Conversion-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x1.19x
Revenue Growth-105.66%45.97%92.48%0.86%16.54%43.44%16.38%

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