Last 21 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
AppLovin Corporation's quarterly P/E stands at 27.9x, down 29.5% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 23.7% YoY to 24.3x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 51.17 | 27.95 | 51.99 | 73.32 | 36.62 | 39.67 | 46.80 | 26.11 | 23.38 | 25.83 | 20.33 | 33.30 | 29.24 |
| — | -29.5% | +11.1% | +180.8% | +56.7% | +53.6% | +130.2% | -21.6% | -20.0% | — | — | -57.3% | — | |
| P/S Ratio | 30.61 | 18.29 | 34.54 | 43.59 | 23.79 | 15.39 | 20.43 | 13.61 | 10.18 | 5.70 | 3.63 | 4.13 | 3.14 |
| — | +18.8% | +69.0% | +220.4% | +133.7% | +170.0% | +462.6% | +229.8% | +224.1% | +177.6% | +158.4% | +59.5% | -24.3% | |
| P/B Ratio | 79.92 | 57.04 | 107.29 | 166.23 | 102.64 | 158.81 | 102.94 | 48.46 | 35.54 | 31.74 | 11.02 | 13.02 | 6.21 |
| — | -64.1% | +4.2% | +243.1% | +188.8% | +400.3% | +833.9% | +272.3% | +472.1% | +925.4% | +431.1% | +232.1% | -8.0% | |
| P/FCF | 42.55 | 26.10 | 44.54 | 58.14 | 38.78 | 27.47 | 40.28 | 20.76 | 15.93 | 15.36 | 9.88 | 19.21 | 10.42 |
| — | -5.0% | +10.6% | +180.1% | +143.5% | +78.8% | +307.6% | +8.1% | +52.8% | +201.7% | +61.9% | +79.5% | -65.8% | |
| EV / EBITDA | 38.84 | 24.26 | 43.98 | 55.39 | 30.38 | 31.80 | 39.07 | 19.09 | 16.24 | 15.05 | 10.63 | 13.89 | 11.76 |
| — | -23.7% | +12.6% | +190.2% | +87.1% | +111.3% | +267.6% | +37.4% | +38.1% | +44.1% | -45.3% | +21.8% | -36.3% | |
| EV / EBIT | 40.66 | 24.26 | 44.09 | 57.55 | 32.64 | 35.21 | 47.18 | 22.30 | 20.01 | 19.89 | 16.49 | 22.79 | 20.12 |
| — | -31.1% | -6.6% | +158.1% | +63.1% | +77.0% | +186.1% | -2.1% | -0.5% | -28.4% | — | -52.9% | -71.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
AppLovin Corporation's operating margin was 78.2% in Q1 2026, up 1.2 pp QoQ and up 33.4 pp YoY. This marks the 6th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 77.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 8.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9% | 88.9% | 88.9% | 87.6% | 87.7% | 81.7% | 76.7% | 85.5% | 82.9% | 72.2% | 71.3% | 69.3% | 65.5% |
| — | +8.8% | +16.0% | +2.4% | +5.8% | +13.2% | +7.5% | +23.4% | +26.5% | +13.9% | +50.4% | +20.0% | +7.7% | |
| Operating Margin | 75.8% | 78.2% | 76.9% | 76.8% | 76.1% | 44.7% | 44.3% | 64.0% | 54.1% | 32.1% | 28.3% | 21.6% | 17.5% |
| — | +74.8% | +73.7% | +20.0% | +40.7% | +39.3% | +56.6% | +196.7% | +208.8% | +276.1% | +985.4% | +212.0% | +154.7% | |
| Net Margin | 60.8% | 65.4% | 66.5% | 59.5% | 65.1% | 38.8% | 43.6% | 52.0% | 43.6% | 22.3% | 18.1% | 12.6% | 10.7% |
| — | +68.5% | +52.3% | +14.3% | +49.3% | +74.0% | +141.6% | +313.8% | +307.0% | +3634.6% | +259.6% | +277.1% | +482.3% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 206.8% | 53.6% | 61.1% | 63.3% | 94.1% | 69.2% | 59.1% | 49.6% | 39.4% | 23.4% | 14.6% | 8.3% | 4.7% |
| — | -22.6% | +3.4% | +27.7% | +139.0% | +195.5% | +303.5% | +496.1% | +736.6% | +9954.7% | +448.5% | +562.7% | +524.0% | |
| ROA | 50.8% | 16.1% | 16.2% | 13.6% | 14.0% | 10.0% | 10.6% | 8.1% | 5.9% | 4.4% | 3.3% | 2.1% | 1.4% |
| — | +61.8% | +53.0% | +67.5% | +138.7% | +123.9% | +218.8% | +291.5% | +317.5% | +5890.6% | +343.6% | +411.4% | +492.2% | |
| ROIC | 87.8% | 34.2% | 29.4% | 23.8% | 19.9% | 13.0% | 11.7% | 10.3% | 7.5% | 6.5% | 5.1% | 3.6% | 2.5% |
| — | +162.7% | +150.8% | +130.1% | +166.4% | +99.0% | +128.4% | +190.7% | +197.0% | +474.0% | +1369.4% | +307.7% | +156.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
AppLovin Corporation's Debt/EBITDA ratio is 2.5x, down from 2.7x last quarter — at a moderate level that warrants monitoring. The current ratio has improved 93.1% YoY to 3.24x, strengthening the short-term liquidity position. Debt/Equity has declined for 5 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.66 | 1.49 | 1.66 | 2.38 | 3.01 | 6.45 | 3.26 | 3.74 | 4.32 | 4.64 | 2.53 | 2.91 | 2.15 |
| — | -76.9% | -49.1% | -36.3% | -30.3% | +39.0% | +29.0% | +28.6% | +100.6% | +168.9% | +46.7% | +66.7% | +24.6% | |
| Debt / EBITDA | 0.82 | 2.51 | 2.71 | 3.15 | 3.49 | 4.99 | 4.83 | 5.54 | 7.14 | 7.80 | 8.18 | 10.35 | 13.00 |
| — | -49.6% | -43.9% | -43.1% | -51.0% | -36.0% | -40.9% | -46.5% | -45.1% | -54.9% | -80.3% | -32.9% | -18.7% | |
| Current Ratio | 3.32 | 3.24 | 3.32 | 3.25 | 2.74 | 1.68 | 2.19 | 2.41 | 2.28 | 2.11 | 1.71 | 1.61 | 2.87 |
| — | +93.1% | +51.9% | +35.1% | +20.2% | -20.3% | +27.7% | +49.0% | -20.6% | -36.2% | -48.9% | -51.9% | +1.6% | |
| Quick Ratio | 3.32 | 3.24 | 3.32 | 3.25 | 2.74 | 1.68 | 2.19 | 2.41 | 2.28 | 2.11 | 1.71 | 1.61 | 2.87 |
| — | +93.1% | +51.9% | +35.1% | +20.2% | -20.3% | +27.7% | +49.0% | -20.6% | -36.2% | -48.9% | -51.9% | +1.6% | |
| Interest Coverage | 20.09 | 27.31 | 25.44 | 20.85 | 18.20 | 12.69 | 6.47 | 7.24 | 5.36 | 4.61 | 3.72 | 2.39 | 2.88 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 21 years · Updated daily
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AppLovin Corporation's current P/E is 51.2x. The average P/E over the last 4 quarters is 47.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
AppLovin Corporation's current operating margin is 75.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking AppLovin Corporation's business trajectory between earnings reports.