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

APP • • Industrial / General
TechnologyApplication SoftwareMarketing & Customer EngagementDigital Advertising
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 $4.71B +43.4%
  • EBITDA $2.32B +104.2%
  • Net Income $1.58B +342.9%
  • EPS (Diluted) 4.53 +362.2%
  • Gross Margin 75.22% +11.1%
  • EBITDA Margin 49.31% +42.4%
  • Operating Margin 39.78% +101.5%
  • Net Margin 33.55% +208.8%
  • ROE 134.67% +496.3%
  • ROIC 35.86% +196.3%
  • Debt/Equity 3.26 +29.0%
  • Interest Coverage 5.89 +150.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 49.2%
  • ✓Strong 5Y profit CAGR of 67.7%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 44.5% free cash flow margin
  • ✓Momentum leader: RS Rating 88 (top 12%)
  • ✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

  • ✗High debt to equity ratio of 3.3x
  • ✗Expensive at 193.7x 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-
5Y36.49%
3Y19.02%
TTM55.18%

Profit (Net Income) CAGR

10Y-
5Y67.72%
3Y254.55%
TTM145.55%

EPS CAGR

10Y-
5Y79.96%
3Y265.21%
TTM149.7%

ROCE

10Y Avg19.68%
5Y Avg10.48%
3Y Avg17.7%
Latest40.61%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SEMRSemrush Holdings, Inc.1.54B11.88214.8322.47%-1.05%-1.51%2.8%0.05
APPAppLovin Corporation186.71B606.99133.9943.44%51.28%192.05%1.12%3.26
DSPViant Technology Inc.199.15M11.9499.5029.74%1.85%2.32%24.74%0.09
VTEXVtex327.46M3.3754.0112.5%7.03%6.81%7.69%0.01
TTDThe Trade Desk, Inc.15.95B36.2346.4525.63%15.72%16.86%3.96%0.11
PUBMPubMatic, Inc.299.11M7.8434.099.08%-2.51%-2.96%11.67%0.16
DVDoubleVerify Holdings, Inc.1.7B10.563314.72%6.1%4.16%7.79%0.08
MTCHMatch Group, Inc.7.46B31.6015.643.41%16.2%11.83%

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+483.36M994.1M1.45B2.79B2.82B3.28B4.71B
Revenue Growth %-1.06%0.46%0.92%0.01%0.17%0.43%
Cost of Goods Sold+53.76M241.27M555.58M988.1M1.26B1.06B1.17B
COGS % of Revenue0.11%0.24%0.38%0.35%0.45%0.32%0.25%
Gross Profit+429.61M752.83M895.51M1.81B1.56B2.22B3.54B
Gross Margin %0.89%0.76%0.62%0.65%0.55%0.68%0.75%
Gross Profit Growth %-0.75%0.19%1.02%-0.14%0.42%0.59%
Operating Expenses+187.16M558.46M957.55M1.65B1.61B1.58B1.67B
OpEx % of Revenue0.39%0.56%0.66%0.59%0.57%0.48%0.35%
Selling, General & Admin181.65M513.49M694.23M1.29B1.1B983.3M1.03B
SG&A % of Revenue0.38%0.52%0.48%0.46%0.39%0.3%0.22%
Research & Development16.27M44.97M180.65M366.4M507.61M592.39M638.69M
R&D % of Revenue0.03%0.05%0.12%0.13%0.18%0.18%0.14%
Other Operating Expenses-10.76M082.67M0000
Operating Income+242.44M194.37M-62.04M150.02M-47.79M648.21M1.87B
Operating Margin %0.5%0.2%-0.04%0.05%-0.02%0.2%0.4%
Operating Income Growth %--0.2%-1.32%3.42%-1.32%14.56%1.89%
EBITDA+258.51M287.18M192.91M581.08M499.29M1.14B2.32B
EBITDA Margin %0.53%0.29%0.13%0.21%0.18%0.35%0.49%
EBITDA Growth %-0.11%-0.33%2.01%-0.14%1.28%1.04%
D&A (Non-Cash Add-back)16.06M92.81M254.95M431.06M547.08M489.01M448.68M
EBIT231.68M200.19M-57.83M149.48M-33.31M656.24M1.89B
Net Interest Income+60M-73.95M-77.87M-103.17M-171.86M-275.67M-318.26M
Interest Income60M000000
Interest Expense073.95M77.87M103.17M171.86M275.67M318.26M
Other Income/Expense-482.7M-68.14M-73.66M-103.7M-157.39M-267.64M-297.45M
Pretax Income+-240.26M126.23M-135.71M46.31M-205.18M380.57M1.58B
Pretax Margin %-0.5%0.13%-0.09%0.02%-0.07%0.12%0.33%
Income Tax+19.74M7.19M-9.77M10.97M-12.23M23.86M-3.77M
Effective Tax Rate %1.08%0.94%0.92%0.77%0.94%0.94%1%
Net Income+-260M119.04M-125.19M35.45M-192.75M356.71M1.58B
Net Margin %-0.54%0.12%-0.09%0.01%-0.07%0.11%0.34%
Net Income Growth %-1.46%-2.05%1.28%-6.44%2.85%3.43%
Net Income (Continuing)-260M119.04M-125.93M35.34M-192.95M356.71M1.58B
Discontinued Operations0000000
Minority Interest00309K201K000
EPS (Diluted)+-0.730.24-0.350.09-0.520.984.53
EPS Growth %-1.33%-2.46%1.27%-6.59%2.88%3.62%
EPS (Basic)-0.730.24-0.350.10-0.521.014.68
Diluted Shares Outstanding357.96M324.1M357.96M342.76M371.57M362.59M347.81M
Basic Shares Outstanding357.96M324.1M357.96M324.84M371.57M351.95M336.92M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+407.55M586.22M662.99M3.24B1.94B1.62B2.31B
Cash & Short-Term Investments276.12M396.25M317.24M1.52B1.08B502.15M741.41M
Cash Only276.12M396.25M317.24M1.52B1.08B502.15M741.41M
Short-Term Investments0000000
Accounts Receivable122.46M161.35M296.96M514.52M702.81M953.81M1.41B
Days Sales Outstanding92.4759.2474.767.2491.06106.04109.61
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets1.7M001.05B155.78M160.2M156.53M
Total Non-Current Assets+129.31M616.26M1.49B2.93B3.91B3.74B3.56B
Property, Plant & Equipment8.53M22.8M112.92M134.58M138.92M221.54M198.6M
Fixed Asset Turnover56.69x43.61x12.85x20.75x20.28x14.82x23.71x
Goodwill98.64M137.12M249.77M966.43M1.82B1.84B1.8B
Intangible Assets13.25M440.9M1.09B1.71B1.68B1.29B896.68M
Long-Term Investments000000145.4M
Other Non-Current Assets8.89M15.44M42.57M118.16M268.43M386M512.97M
Total Assets+536.86M1.2B2.15B6.16B5.85B5.36B5.87B
Asset Turnover0.90x0.83x0.67x0.45x0.48x0.61x0.80x
Asset Growth %-1.24%0.79%1.86%-0.05%-0.08%0.1%
Total Current Liabilities+113.88M238.88M598.05M640.1M578.96M944.12M1.06B
Accounts Payable59.53M70.52M147.28M258.22M273.2M371.7M563.43M
Days Payables Outstanding404.17106.6996.7695.3979.39128.09176.25
Short-Term Debt012.21M15.21M25.81M33.31M215M14.81M
Deferred Revenue (Current)01000K1000K1000K1000K1000K1000K
Other Current Liabilities41.95M108.14M270.49M157.84M70.6M48.26M49.83M
Current Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x
Quick Ratio3.58x2.45x1.11x5.05x3.35x1.71x2.19x
Cash Conversion Cycle-------
Total Non-Current Liabilities+801.33M1.22B1.71B3.39B3.37B3.16B3.72B
Long-Term Debt796.09M1.17B1.58B3.2B3.18B2.91B3.51B
Capital Lease Obligations012.74M71.75M62.5M54.15M42.91M32.61M
Deferred Tax Liabilities0000000
Other Non-Current Liabilities5.24M39.06M59.03M120.86M133.65M209.93M180.38M
Total Liabilities915.21M1.46B2.31B4.03B3.95B4.1B4.78B
Total Debt+796.09M1.2B1.7B3.33B3.28B3.18B3.56B
Net Debt519.97M799.59M1.38B1.81B2.2B2.68B2.81B
Debt / Equity---1.56x1.72x2.53x3.26x
Debt / EBITDA3.08x4.16x8.79x5.73x6.57x2.79x1.53x
Net Debt / EBITDA2.01x2.78x7.15x3.11x4.41x2.35x1.21x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x
Total Equity+-378.36M-256.57M-158.24M2.14B1.9B1.26B1.09B
Equity Growth %-0.32%0.38%14.51%-0.11%-0.34%-0.13%
Book Value per Share-1.06-0.79-0.446.245.123.463.13
Total Shareholders' Equity-378.36M-256.57M-158.54M2.14B1.9B1.26B1.09B
Common Stock5K7K7K11K11K11K11K
Retained Earnings-1.01B-887.21M-1.01B-976.95M-1.17B-812.99M599.2M
Treasury Stock0000000
Accumulated OCI-2.62M-4.14M604K-45.45M-83.38M-65.27M-103.1M
Minority Interest00309K201K000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+139.03M198.46M222.88M361.85M412.77M1.06B2.1B
Operating CF Margin %0.29%0.2%0.15%0.13%0.15%0.32%0.45%
Operating CF Growth %-0.43%0.12%0.62%0.14%1.57%0.98%
Net Income-260M119.04M-125.93M35.34M-192.95M356.71M1.58B
Depreciation & Amortization16.06M92.81M254.95M431.06M547.08M489.01M448.68M
Stock-Based Compensation5.46M10.22M62.39M133.18M191.61M363.11M369.37M
Deferred Taxes0000000
Other Non-Cash Items396.38M7.59M98.52M46.57M159.46M61.36M50.73M
Working Capital Changes-18.88M-31.2M-67.04M-284.3M-292.44M-208.67M-349.54M
Change in Receivables-30.19M-33.52M-113.23M-201.95M-174.83M-261.28M-467.03M
Change in Inventory0000000
Change in Payables013.53M49.12M98.61M3.48M98.57M189.59M
Cash from Investing+-67.17M-411.55M-679.89M-1.21B-1.37B-77.83M-106.75M
Capital Expenditures-1.4M-3.36M-3.24M-1.39M-662K-4.25M-4.78M
CapEx % of Revenue0%0%0%0%0%0%0%
Acquisitions-------
Investments-------
Other Investing173K0012.01M41.31M8.25M558K
Cash from Financing+1.64M333.16M377.86M3.11B-526.85M-1.56B-1.75B
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing399.51M-38.82M-36.97M-232.95M-138.07M-286.31M-1.14B
Net Change in Cash-------
Free Cash Flow+137.63M195.1M219.64M360.46M412.11M1.06B2.09B
FCF Margin %0.28%0.2%0.15%0.13%0.15%0.32%0.44%
FCF Growth %-0.42%0.13%0.64%0.14%1.57%0.98%
FCF per Share0.380.600.611.051.112.926.02
FCF Conversion (FCF/Net Income)-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x
Interest Paid062.28M59.36M76.69M165.96M248.83M270.62M
Taxes Paid030.47M12.67M90.62M86.26M75.43M67.33M

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)---3.58%-9.54%22.58%134.67%
Return on Invested Capital (ROIC)128.4%42.59%-5.28%4.35%-0.89%12.1%35.86%
Gross Margin88.88%75.73%61.71%64.62%55.41%67.74%75.22%
Net Margin-53.79%11.97%-8.63%1.27%-6.84%10.87%33.55%
Debt / Equity---1.56x1.72x2.53x3.26x
Interest Coverage-2.63x-0.80x1.45x-0.28x2.35x5.89x
FCF Conversion-0.53x1.67x-1.78x10.21x-2.14x2.98x1.33x
Revenue Growth-105.66%45.97%92.48%0.86%16.54%43.44%

Revenue by Segment

2021202220232024
Advertising---3.22B
Advertising Growth----
Apps2.12B1.77B1.44B1.49B
Apps Growth--16.58%-18.47%3.04%
Software Platform673.95M1.05B1.84B-
Software Platform Growth-55.67%75.55%-

Revenue by Geography

2021202220232024
UNITED STATES1.69B1.73B1.97B2.69B
UNITED STATES Growth-2.48%13.99%36.44%
Rest Of The World1.11B1.09B1.31B2.02B
Rest Of The World Growth--1.62%20.60%53.96%

Frequently Asked Questions

Valuation & Price

AppLovin Corporation (APP) has a price-to-earnings (P/E) ratio of 134.0x. This suggests investors expect higher future growth.

Growth & Financials

AppLovin Corporation (APP) reported $5.52B in revenue for fiscal year 2024. This represents a 1042% increase from $483.4M in 2018.

AppLovin Corporation (APP) grew revenue by 43.4% over the past year. This is strong growth.

Yes, AppLovin Corporation (APP) is profitable, generating $2.83B in net income for fiscal year 2024 (33.5% net margin).

Dividend & Returns

AppLovin Corporation (APP) has a return on equity (ROE) of 134.7%. This is excellent, indicating efficient use of shareholder capital.

AppLovin Corporation (APP) generated $3.35B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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