8 years of historical data (2018–2025) · Technology · Software - Application
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
AppLovin Corporation trades at 44.6x earnings, 85% below its 5-year average of 298.7x, sitting at the 33rd percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 77%. On a free-cash-flow basis, the stock trades at 33.7x P/FCF, 25% below the 5-year average of 44.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $133.9B | $230.4B | $112.6B | $14.4B | $3.9B | $32.3B | — | — | — |
| Enterprise Value | $134.9B | $231.5B | $115.4B | $17.1B | $6.1B | $34.1B | — | — | — |
| P/E Ratio → | 44.59 | 69.11 | 71.49 | 40.66 | — | 1013.55 | — | — | — |
| P/S Ratio | 24.43 | 42.04 | 23.92 | 4.40 | 1.39 | 11.57 | — | — | — |
| P/B Ratio | 69.65 | 107.94 | 103.35 | 11.50 | 2.06 | 15.11 | — | — | — |
| P/FCF | 33.72 | 58.03 | 53.78 | 13.67 | 9.49 | 89.63 | — | — | — |
| P/OCF | 33.72 | 58.03 | 53.66 | 13.61 | 9.48 | 89.29 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
AppLovin Corporation's enterprise value stands at 31.0x EBITDA, 18% below its 5-year average of 37.8x. The Technology sector median is 15.7x, placing the stock at a 97% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 42.24 | 24.51 | 5.22 | 2.17 | 12.22 | — | — | — |
| EV / EBITDA | 31.05 | 53.26 | 49.72 | 15.06 | 12.24 | 58.72 | — | — | — |
| EV / EBIT | 32.50 | 55.75 | 60.94 | 26.09 | — | 228.25 | — | — | — |
| EV / FCF | — | 58.29 | 55.13 | 16.20 | 14.83 | 94.65 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
AppLovin Corporation earns an operating margin of 75.8%. Operating margins have expanded from 19.7% to 75.8% over the past 3 years, signaling improving operational efficiency. Return on equity of 206.8% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks. ROIC of 87.8% represents excellent returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9% | 87.9% | 75.2% | 67.7% | 55.4% | 64.6% | 61.7% | 75.7% | 88.9% |
| Operating Margin | 75.8% | 75.8% | 39.8% | 19.7% | -1.7% | 5.4% | -4.3% | 19.6% | 50.2% |
| Net Profit Margin | 60.8% | 60.8% | 33.5% | 10.9% | -6.8% | 1.3% | -8.6% | 12.0% | -53.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 206.8% | 206.8% | 134.7% | 22.6% | -9.5% | 3.6% | — | — | — |
| ROA | 50.8% | 50.8% | 28.1% | 6.4% | -3.2% | 0.9% | -7.5% | 13.7% | -48.4% |
| ROIC | 87.8% | 87.8% | 35.9% | 12.1% | -0.9% | 4.4% | -5.3% | 42.6% | 128.4% |
| ROCE | 77.3% | 77.3% | 40.6% | 13.4% | -0.9% | 4.2% | -4.9% | 28.0% | 57.3% |
Solvency and debt-coverage ratios — lower is generally safer
AppLovin Corporation carries a Debt/EBITDA ratio of 0.8x, which is very conservative (72% below the sector average of 3.0x). Net debt stands at $1.1B ($3.5B total debt minus $2.5B cash). Interest coverage of 20.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.66 | 1.66 | 3.26 | 2.53 | 1.72 | 1.56 | — | — | — |
| Debt / EBITDA | 0.82 | 0.82 | 1.53 | 2.79 | 6.57 | 5.73 | 8.79 | 4.16 | 3.08 |
| Net Debt / Equity | — | 0.50 | 2.58 | 2.13 | 1.16 | 0.85 | — | — | — |
| Net Debt / EBITDA | 0.24 | 0.24 | 1.21 | 2.35 | 4.41 | 3.11 | 7.15 | 2.78 | 2.01 |
| Debt / FCF | — | 0.27 | 1.34 | 2.53 | 5.34 | 5.02 | 6.28 | 4.10 | 3.78 |
| Interest Coverage | 20.06 | 20.06 | 5.89 | 2.35 | -0.28 | 1.45 | -0.80 | 2.63 | — |
Short-term solvency ratios and asset-utilisation metrics
AppLovin Corporation's current ratio of 3.32x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.71x to 3.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.32 | 3.32 | 2.19 | 1.71 | 3.35 | 5.05 | 1.11 | 2.45 | 3.58 |
| Quick Ratio | 3.32 | 3.32 | 2.19 | 1.71 | 3.35 | 5.05 | 1.11 | 2.45 | 3.58 |
| Cash Ratio | 1.86 | 1.86 | 0.70 | 0.53 | 1.87 | 2.38 | 0.53 | 1.66 | 2.42 |
| Asset Turnover | — | 0.75 | 0.80 | 0.61 | 0.48 | 0.45 | 0.67 | 0.83 | 0.90 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 121.16 | 109.61 | 106.04 | 91.06 | 67.24 | 74.70 | 59.24 | 92.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
AppLovin Corporation returns 1.6% to shareholders annually primarily through share buybacks. The earnings yield of 2.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 1.4% | 1.4% | 2.5% | — | 0.1% | — | — | — |
| FCF Yield | 3.0% | 1.7% | 1.9% | 7.3% | 10.5% | 1.1% | — | — | — |
| Buyback Yield | 1.6% | 1.0% | 0.9% | 8.0% | 8.7% | 0.0% | — | — | — |
| Total Shareholder Yield | 1.6% | 1.0% | 0.9% | 8.0% | 8.7% | 0.0% | — | — | — |
| Shares Outstanding | — | $342M | $348M | $363M | $372M | $343M | $215M | $212M | $190M |
Compare APP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| APPYou | $134B | 44.6 | 31.0 | 33.7 | 87.9% | 75.8% | 206.8% | 87.8% | 0.8 |
| TTD | $12B | 26.2 | 21.0 | 14.5 | 78.6% | 20.3% | 16.3% | 21.3% | 0.8 |
| SRAD | $4B | 154.8 | 7.3 | 26.9 | 56.8% | 12.2% | 3.8% | 15.8% | 0.1 |
| GTM | $2B | 15.9 | 11.3 | 4.9 | 82.4% | 18.1% | 7.8% | 5.6% | 5.8 |
| DV | $2B | 35.1 | 11.4 | 9.9 | 82.2% | 10.6% | 4.6% | 6.4% | 0.7 |
| IBTA | $808M | 208.1 | 210.5 | 10.8 | 79.2% | -0.2% | 4.3% | -0.5% | 8.3 |
| APPS | $486M | -4.6 | 30.0 | — | 45.0% | -11.0% | -50.1% | -7.4% | 14.5 |
| DSP | $463M | 84.4 | 14.3 | 9.4 | 45.7% | 1.2% | 0.9% | 2.9% | 1.3 |
| ZETA | $401M | -121.1 | 1.0 | 2.2 | 60.6% | 0.4% | -4.3% | 0.8% | — |
| ONTF | $342M | -11.8 | — | 86.1 | 74.6% | -25.7% | -19.3% | -21.0% | — |
| SEMR | $248M | 213.7 | 11.5 | 5.8 | 82.6% | 2.2% | 3.4% | 3.0% | 0.7 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 8 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how APP stacks up against sector leader The Trade Desk, Inc..
Start ComparisonAppLovin Corporation's current P/E ratio is 44.6x. The historical average is 60.4x. This places it at the 33th percentile of its historical range.
AppLovin Corporation's current EV/EBITDA is 31.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.8x.
AppLovin Corporation's return on equity (ROE) is 206.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 71.6%.
Based on historical data, AppLovin Corporation is trading at a P/E of 44.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AppLovin Corporation has 87.9% gross margin and 75.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AppLovin Corporation's Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.