Tearsheet

AppLovin (APP)

Market Price (12/4/2025): $667.98 | Market Cap: $226.1 Bil
Sector: Information Technology | Industry: Application Software

AppLovin (APP)

Market Price (12/4/2025): $667.98
Market Cap: $226.1 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%	Trading close to highs Dist 52W High is -4.8%, Dist 3Y High is -4.8%	Expensive valuation multiples P/SPrice/Sales ratio is 37x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 72x, P/EPrice/Earnings or Price/(Net Income) is 86x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 125%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 3.4 Bil, FCF LTM is 3.4 Bil		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%
3	Megatrend and thematic drivers Megatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more.		Short seller report Muddy Waters Research report on 3/27/2025.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 3.4 Bil, FCF LTM is 3.4 Bil
3	Megatrend and thematic drivers Megatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more.
4	Trading close to highs Dist 52W High is -4.8%, Dist 3Y High is -4.8%
5	Expensive valuation multiples P/SPrice/Sales ratio is 37x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 72x, P/EPrice/Earnings or Price/(Net Income) is 86x
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 125%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%
8	Short seller report Muddy Waters Research report on 3/27/2025.

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$667.98	$323.83	$39.85	$10.53	$94.26
Market Cap CYE ($ Bil)	226.1	109.8	13.4	3.9	35.0
Total Debt ($ Bil)	3.5	3.6	3.2	3.3	3.3
Total Cash ($ Bil)	1.7	0.7	0.5	1.1	1.5
Enterprise Value ($ Bil)	228.0	113.4	16.6	7.2	38.3
Valuation Ratios
P/S TTM	37.0	23.2	4.3	1.4	11.0
P/EBIT TTM	75.0	57.6	21.4	-117.5	204.8
P/E TTM	86.7	69.1	39.3	-20.3	863.8
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$667.98	$323.83	$39.85
Market Cap CYE ($ Bil)	226.1	109.8	13.4
Total Debt ($ Bil)	3.5	3.6	3.2
Total Cash ($ Bil)	1.7	0.7	0.5
Enterprise Value ($ Bil)	228.0	113.4	16.6
Valuation Ratios
P/S TTM	37.0	23.2	4.3
P/EBIT TTM	75.0	57.6	21.4
P/E TTM	86.7	69.1	39.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	APP	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	6.6
Rev Chg Q	68.2%	7.1%
Rev Chg LTM	86.4%	6.1%
Rev Chg 3Y Avg	36.0%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	3.5
CFO LTM ($ Bil)	3.4
Net Inc LTM ($ Bil)	2.8
Op Mgn LTM	52.5%	18.8%
CFO/Rev LTM	50.6%	20.5%
Net Inc Mgn	42.7%	13.1%
VALUATION	VERY HIGH
P/S	37.1	3.2
P/CFO	73.3	15.8
P/FCF	73.3	20.5
P/E	86.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.26	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Software Platform Enterprise Clients (paying over $100,000 annually)	Over 700	8062025	Link
Net Dollar-Based Retention Rate for Software Platform Enterprise Clients	153%	8062025	Link
Daily Active Users (DAUs) reached by platform	Over 1 billion	8082025	Link
Number of Installs	Over 6 billion annually	5072025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

APP Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for why AppLovin's (APP) stock moved by 42.9% for the approximate time period from August 31, 2025, to December 5, 2025: 1. AppLovin reported strong third-quarter 2025 financial results that exceeded analyst expectations.

The company announced on November 5, 2025, revenue of $1.405 billion, a 68% year-over-year increase, and net income of $836 million, up 92% from the previous year, both surpassing consensus estimates. Diluted EPS was reported at $2.45, beating the forecast. 2. AppLovin provided a bullish financial outlook for the fourth quarter of 2025.

Following the strong Q3 results, AppLovin projected Q4 2025 revenue between $1.57 billion and $1.6 billion, and adjusted EBITDA between $1.29 billion and $1.32 billion, implying sustained high-profit margins of 82% to 83%. This outlook exceeded Wall Street estimates and instilled confidence in future growth. 3. The company significantly increased its share repurchase authorization and actively bought back shares.

On November 5, 2025, AppLovin's board of directors increased the share repurchase authorization by an additional $3.2 billion, bringing the total remaining authorization to $3.3 billion. During Q3 2025, the company repurchased 1.3 million shares for a total cost of $571 million. 4. AppLovin's self-service Axon Ads platform showed early traction and growth.

The beta launch of the self-service Axon Ads platform around October 1, 2025, demonstrated promising early results, with spend from new advertisers growing approximately 50% week-over-week. This platform, along with an expanding e-commerce merchant base, is seen as a key driver for future revenue. 5. Positive analyst sentiment and price target upgrades contributed to investor confidence.

Throughout the period, analysts maintained a "Strong Buy" consensus rating for AppLovin. Several firms reiterated or increased their price targets for the stock in November and December, citing strong financial performance, AI-driven growth, and the potential for an upside surprise in Q4 due to expanding Axon adoption in e-commerce.

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Stock Movement Drivers

Fundamental Drivers

The 38.3% change in APP stock from 9/4/2025 to 12/4/2025 was primarily driven by a 18.7% change in the company's P/E Multiple.

	9042025	12042025	Change
Stock Price ($)	499.97	691.60	38.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6062.64	6632.50	9.40%
Net Income Margin (%)	40.07%	42.68%	6.50%
P/E Multiple	69.68	82.71	18.70%
Shares Outstanding (Mil)	338.62	338.53	0.03%
Cumulative Contribution			38.33%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
APP	36.8%
Market (SPY)	5.4%	35.8%
Sector (XLK)	-44.6%	-0.4%

Fundamental Drivers

The 67.0% change in APP stock from 6/5/2025 to 12/4/2025 was primarily driven by a 22.6% change in the company's Net Income Margin (%).

	6052025	12042025	Change
Stock Price ($)	414.14	691.60	67.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5514.90	6632.50	20.27%
Net Income Margin (%)	34.81%	42.68%	22.59%
P/E Multiple	73.30	82.71	12.84%
Shares Outstanding (Mil)	339.84	338.53	0.38%
Cumulative Contribution			66.99%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
APP	65.1%
Market (SPY)	15.7%	37.4%
Sector (XLK)	-38.3%	3.2%

Fundamental Drivers

The 85.1% change in APP stock from 12/4/2024 to 12/4/2025 was primarily driven by a 86.4% change in the company's Total Revenues ($ Mil).

	12042024	12042025	Change
Stock Price ($)	373.70	691.60	85.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3557.58	6632.50	86.43%
Net Income Margin (%)	32.40%	42.68%	31.71%
P/E Multiple	109.22	82.71	-24.27%
Shares Outstanding (Mil)	336.93	338.53	-0.47%
Cumulative Contribution			85.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
APP	83.0%
Market (SPY)	13.7%	52.8%
Sector (XLK)	-39.3%	23.8%

Fundamental Drivers

The 5290.5% change in APP stock from 12/5/2022 to 12/4/2025 was primarily driven by a 2066.2% change in the company's P/S Multiple.

	12052022	12042025	Change
Stock Price ($)	12.83	691.60	5290.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2908.22	6632.50	128.06%
P/S Multiple	1.63	35.30	2066.17%
Shares Outstanding (Mil)	369.39	338.53	8.35%
Cumulative Contribution			5252.87%

LTM = Last Twelve Months as of date shown

Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
APP	1744.6%
Market (SPY)	53.3%	47.4%
Sector (XLK)	-20.1%	25.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
APP Return	-	-	-89%	278%	713%	111%	625%
Peers Return	13%	-2%	-7%	5%	55%	897%	1587%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
APP Win Rate	-	75%	8%	83%	83%	60%
Peers Win Rate	13%	10%	9%	30%	44%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
APP Max Drawdown	-	-	-90%	-8%	-4%	-32%
Peers Max Drawdown	-5%	-4%	-8%	-15%	-8%	-51%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADSK, HIT, BMR, BTTC, CCC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	APP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-91.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1134.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	629 days	464 days

Compare to ADSK, HIT, BMR, BTTC, CCC

In The Past

AppLovin's stock fell -91.9% during the 2022 Inflation Shock from a high on 11/11/2021. A -91.9% loss requires a 1134.9% gain to breakeven.

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About AppLovin (APP)

AppLovin 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.

AI Generated Analysis | Feedback

Analogy 1: It's like **Zynga** (a mobile game publisher) combined with **Google AdMob** (a platform for app advertising and monetization).

Analogy 2: Imagine the **Google Ads** and **AdMob** of the mobile app world, but the company also owns and publishes many popular mobile games itself.

AI Generated Analysis | Feedback

AppLovin Software Platform: This comprehensive suite of services empowers mobile app developers to manage user acquisition, advertising monetization, and creative development for their applications.
- AppDiscovery: A user acquisition service that helps mobile app developers find and acquire high-value users through targeted advertising campaigns.
- MAX: An in-app bidding monetization service that optimizes ad placements and demand sources to maximize advertising revenue for app developers.
- SparkLabs: A creative automation service that uses AI to generate and optimize mobile ad creatives for marketing campaigns.
First-Party Mobile Games: A portfolio of mobile games developed and published by AppLovin, generating revenue primarily through in-app purchases and advertising.

AI Generated Analysis | Feedback

AppLovin (symbol: APP) primarily sells its services and technology to other companies (B2B).

Based on AppLovin's public filings (e.g., their most recent 10-K report), the company explicitly states that no single customer accounted for 10% or more of its revenue in recent fiscal years. This indicates that AppLovin does not have major customers in the traditional sense, where a few entities drive a significant portion of its business. Instead, its customer base is highly diversified across numerous companies.

The companies that utilize AppLovin's platform and services primarily fall into the following categories:

Mobile App Developers: These are companies that create and develop mobile applications, with a significant focus on mobile games. They leverage AppLovin's tools for user acquisition (to get more people to download and use their apps), monetization (to generate revenue from their apps through advertising), and analytics to optimize their app performance and growth.
Mobile App Publishers: Businesses that publish and distribute mobile applications, often managing a portfolio of various apps. They use AppLovin's integrated platform to efficiently monetize their app inventory through advertising and to cross-promote their apps across different platforms.
Advertisers: This category often overlaps with app developers, as many developers are also advertisers seeking to promote their own apps. Other advertisers might include brands or businesses looking to reach mobile users through in-app advertising. They utilize AppLovin's extensive advertising network to acquire new users and drive engagement for their mobile products.

AI Generated Analysis | Feedback

Major Suppliers:

Amazon Web Services (AWS), a subsidiary of Amazon.com, Inc. (Symbol: AMZN)

AI Generated Analysis | Feedback

Adam Foroughi, Chief Executive Officer & Co-Founder

Adam Foroughi co-founded AppLovin in 2012. Before AppLovin, he founded two other marketing technology companies, LifeStreet Media Inc. and Social Hour Inc. He also worked as a derivatives trader. Foroughi led AppLovin through its successful initial public offering (IPO) in 2021, which valued the company at approximately $24 billion.

Todd Morgenfeld, Chief Financial Officer

Todd Morgenfeld has served as AppLovin's Chief Financial Officer since 2023. Prior to joining AppLovin, he was the CFO of Pinterest for seven years. Before Pinterest, he served as Vice President of Finance at Twitter and also held roles at Silver Lake Partners, a private equity firm, and Goldman Sachs. He holds a Master of Business Administration from Stanford University and a Bachelor of Arts in Economics from Princeton University.

Basil Shikin, Chief Technology Officer

Basil Shikin serves as the Chief Technology Officer at AppLovin. He is also a co-founder of the company. Shikin has been instrumental in building the technology and infrastructure that powers AppLovin's platform.

Victoria Valenzuela, Chief Administrative & Legal Officer

Victoria Valenzuela serves as the Chief Administrative & Legal Officer for AppLovin. She is responsible for the company's legal and administrative functions.

Katie Jansen, Chief Marketing Officer

Katie Jansen is the Chief Marketing Officer at AppLovin. She oversees the company's global marketing strategies. Prior to her role at AppLovin, Jansen held marketing leadership positions at other technology companies, including serving as Vice President of Marketing at PlayPhone.

AI Generated Analysis | Feedback

The evolving and increasingly restrictive mobile platform privacy policies, exemplified by Google's ongoing implementation of its Privacy Sandbox for Android, represent a clear emerging threat. While AppLovin successfully navigated Apple's App Tracking Transparency (ATT) framework, the Privacy Sandbox is designed to significantly limit third-party tracking and targeting on Android devices. If AppLovin's technology and solutions fail to adapt effectively to these fundamental changes, or if these changes severely diminish the efficiency of mobile advertising and user acquisition methods that are central to AppLovin's business model, it could significantly impact its revenue and competitive positioning.

AI Generated Analysis | Feedback

AppLovin (symbol: APP) primarily operates in the mobile technology sector, offering an end-to-end software platform for businesses to reach, monetize, and grow their global audiences. While historically involved in mobile games, the company is strategically divesting its mobile game development business to focus on its high-margin advertising technology platform.

The addressable markets for AppLovin's main products and services, which include its software platform for user acquisition, ad monetization, and analytics (such as AppDiscovery, MAX, and Adjust), are as follows:

Global In-App Advertising Market: The global in-app advertising market size was valued at approximately USD 390.5 billion in 2024 and is projected to reach USD 952 billion by 2034. Asia Pacific is noted as a dominant region in this market.
Global Mobile Gaming Market (a key segment for AppLovin's software platform): The global mobile gaming market size was estimated at USD 139.38 billion in 2024 and is projected to reach USD 256.19 billion by 2030. The Asia Pacific region accounts for a significant share of this market.

AppLovin's AI-driven platform (AXON) is also expanding beyond mobile gaming into broader digital advertising categories, including e-commerce and Connected TV (CTV) advertising, unlocking larger potential addressable markets:

U.S. Connected TV (CTV) Ad Spend: The U.S. CTV ad spend is projected to reach USD 34.3 billion in 2025.
Global E-commerce Market: The global e-commerce market has a footprint of USD 5.4 trillion.

AI Generated Analysis | Feedback

AppLovin (APP) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

Expansion into New Advertising Verticals: AppLovin is strategically pivoting from primarily gaming-focused advertising to a broader, multi-vertical platform, with a significant emphasis on e-commerce and retail advertising. The launch of the Axon Ad Manager and a self-serve platform tailored for e-commerce and non-gaming advertisers is a pivotal move, with early results showing promising growth in advertiser spend. This diversification is expected to broaden its advertiser base and reduce dependence on the gaming sector.
Advancements and Optimization of the AXON AI Platform: Continuous enhancements to AppLovin's proprietary AI-driven AXON engine are a core driver of future growth. These advancements include continuously upgraded ad delivery optimization algorithms, expanding self-learning capabilities, and the testing of generative AI for automated ad creatives to improve engagement and conversion rates.
Growth of the Self-Service Platform: The successful introduction and planned full opening of AppLovin's self-service platform, Axon Ads Manager, are expected to significantly broaden the company's advertiser base. This platform, operating on a self-serve, invite-only model initially, aims to open global opportunities for advertisers of all sizes and is seen as foundational for long-term growth.
International Market Expansion: AppLovin plans to focus on expanding its international footprint, particularly in non-English core markets such as Japan and South Korea. This initiative is aimed at broadening the reach of its platform and is considered a key growth focus for 2026 and beyond.
Continued Strength in Mobile Gaming Advertising: While diversifying, AppLovin anticipates continued strong growth in its core mobile gaming advertising business. This sustained performance is driven by ongoing model updates and enhancements to its AXON algorithm, which contribute to improved ad targeting and efficiency for mobile game developers.

AI Generated Analysis | Feedback

Share Repurchases

AppLovin's board increased its share repurchase authorization by an incremental $3.2 billion in October 2025, raising the total remaining authorization to $3.3 billion.
During the third quarter of 2025, AppLovin repurchased and withheld 1.3 million shares of Class A common stock for a total cost of $571 million.
Annual share buybacks were $981.297 million in 2024, $1.154 billion in 2023, and $338.88 million in 2022.

Share Issuance

AppLovin's shares outstanding declined by 4.08% in 2024 to 0.348 billion from 2023, and by 2.42% in 2023 to 0.363 billion from 2022.
Proceeds from the issuance of common stock upon the exercise of stock options and purchase of ESPP shares were $21.014 million for the six months ended June 30, 2025, and $28.800 million for the six months ended June 30, 2024.

Outbound Investments

In February 2024, AppLovin agreed to invest $50.0 million in the Series C preferred stock financing of Humans, Inc., the developer of the Flip Shop social shopping app.
The company announced the sale of its mobile gaming division to Tripledot Studios for $800 million, receiving half in cash and half in equity, making AppLovin a minority shareholder in Tripledot.

Capital Expenditures

AppLovin's capital expenditures for the latest twelve months were $4.776 million.
Capital expenditures averaged $2.863 million for the fiscal years ending December 2020 to 2024.
Capital expenditures peaked in December 2024 at $4.776 million and increased in 2023 by 541.4% to $4.246 million.

Better Bets than AppLovin (APP)

	APP	Better Performance than APP
Metric	Value	INDUSTRY: Application Software
Rev Chg LTM	86.4%	IMMR (3538.9%), BZAI (205.6%), DUOT (172.9%), SOUN (137.0%), PSQH (126.4%)
Rev Chg 3Y Avg	36.0%	SOUN (91.6%), AZ (78.7%), LIF (42.0%), DAVE (38.6%), SNOW (36.3%)
Op Mgn LTM	52.5%
CFO/Rev LTM	50.6%	NXTT (102.0%)
FCF/Rev LTM	50.6%	NXTT (102.0%)
Total Yield	1.2%	ADBE (4.3%), CRM (3.0%), ORCL (2.8%), SNPS (2.4%), INTU (2.3%)
P/S	36.7	CRM (6.6), ADBE (7.1), ORCL (10.5), INTU (11.7), SHOP (18.1)
P/Op Inc	69.9	ADBE (19.5), CRM (31.1), ORCL (33.1), INTU (44.6), CDNS (58.1)

	APP	Better Performance than APP
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	86.4%	ASTS (249.4%), CRDO (175.8%), QBTS (156.2%), ALAB (136.5%), IONQ (113.1%)
Rev Chg 3Y Avg	36.0%	NVDA (92.0%), CRDO (74.4%), SMCI (63.1%), IOT (38.8%), SNOW (36.3%)
Op Mgn LTM	52.5%	NEON (365.5%), VRSN (67.6%), IDCC (62.0%), NVEC (59.1%), NVDA (58.1%)
CFO/Rev LTM	50.6%	NXTT (102.0%), IDCC (72.5%), VRSN (63.5%), NVEC (57.7%), ADEA (54.1%)
FCF/Rev LTM	50.6%	NXTT (102.0%), IDCC (63.6%), VRSN (61.8%), NVEC (52.6%)
Total Yield	1.2%	MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%), AVGO (1.5%)
P/S	36.7	AAPL (9.3), ORCL (10.5), MSFT (13.1), AVGO (21.7), NVDA (23.3)
P/Op Inc	69.9	MSFT (28.3), AAPL (29.1), ORCL (33.1), NVDA (40.1), AVGO (55.6)

	APP	Better Performance than APP
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	86.4%	QXO (8117.4%), JOBY (1934.5%), NLY (473.5%), EXE (169.1%), SW (89.5%)
Rev Chg 3Y Avg	36.0%	APO (129.8%), NU (70.1%), HOOD (47.5%), KKR (44.5%), MELI (39.5%)
Op Mgn LTM	52.5%	V (66.4%), CME (65.0%), MO (59.0%), MA (58.3%), BAM (54.2%)
CFO/Rev LTM	50.6%	RY (135.4%), V (57.6%), BAC (57.3%), META (56.8%), MA (56.1%)
FCF/Rev LTM	50.6%	RY (131.7%), PLD (59.3%), BAC (57.3%), V (53.9%), MA (52.5%)
Total Yield	1.2%	BRK-B (6.2%), GOOGL (4.6%), WMT (3.6%), META (3.5%), AMZN (3.0%)
P/S	36.7	BRK-B (2.7), AMZN (3.5), GOOGL (7.6), META (9.8), TSLA (15.0)
P/Op Inc	69.9	META (22.6), GOOGL (23.7), WMT (26.9), LLY (29.9), AMZN (30.7)

		Best Bets In Information Technology Sector
	APP	VRSN	IDCC	NVDA	GEN	DBX	YOU	MPWR	DAVE	FISV	CRUS
What You Pay
P/E	85.9	32.2	17.9	44.5	30.7	15.7	17.7	23.3	18.3	19.3	16.9
P/EBIT	74.3	23.2	14.5	38.2	10.9	12.8	19.3	63.7	20.9	11.7	13.3
What You Get
Rev Chg Q	68.2%	7.3%	28.0%	55.6%	25.3%	-0.7%	15.5%	18.9%	63.0%	0.9%	3.5%
Rev Chg LTM	86.4%	5.5%	28.8%	71.6%	16.2%	-0.4%	17.8%	30.5%	53.8%	5.2%	2.2%
Rev Chg 3Y Avg	36.0%	5.2%	27.1%	92.0%	16.5%	3.4%	31.0%	17.2%	38.6%	6.8%	-0.1%
FCF/Rev 3Y Avg	42.6%	57.4%	54.2%	41.3%	36.7%	33.4%	32.5%	28.6%	26.0%	21.5%	21.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	AppLovin Stock Rockets 23% With 6-Day Winning Streak	Notification
2	5-Day Rally Sends AppLovin Stock Up 19%	Notification
3	Where Does AppLovin Stock Rank Among Competitors?
4	AppLovin Stock Jumps 19% In A Week, Should You Buy The Stock Despite Its High Valuation?	Buy or Fear
5	Can AppLovin Stock Hold Up When Markets Turn?	Return
6	Is 21.2% Fall In AppLovin (APP) Stock A Buying Opportunity?	Actionable
7	What Is Happening With AppLovin Stock?
8	Why AppLovin Stock Moved: APP Stock Has Gained 6189% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
9	APP Dip Buy Analysis
10	AppLovin (APP) Valuation Ratios Comparison	Financials
11	ARTICLES
12	AppLovin Stock Surges 19%, With A 5-Day Winning Spree		December 4th, 2025
13	AppLovin vs Shopify: Which Is the Stronger Buy Today?		December 3rd, 2025
14	Can AppLovin Outrun Shopify in the Next Rally?		December 3rd, 2025
15	Pay Less, Gain More: APP Tops Shopify Stock		December 3rd, 2025
16	S&P 500 Movers \| Winners: INTC, SNPS, APP \| Losers: WRB, PODD, BBY		December 2nd, 2025

	Title
0	DASHBOARDS
1	AppLovin Stock Rockets 23% With 6-Day Winning Streak
2	5-Day Rally Sends AppLovin Stock Up 19%
3	Where Does AppLovin Stock Rank Among Competitors?
4	AppLovin Stock Jumps 19% In A Week, Should You Buy The Stock Despite Its High Valuation?
5	Can AppLovin Stock Hold Up When Markets Turn?
6	Is 21.2% Fall In AppLovin (APP) Stock A Buying Opportunity?
7	What Is Happening With AppLovin Stock?
8	Why AppLovin Stock Moved: APP Stock Has Gained 6189% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
9	APP Dip Buy Analysis
10	AppLovin (APP) Valuation Ratios Comparison
11	ARTICLES
12	AppLovin Stock Surges 19%, With A 5-Day Winning Spree
13	AppLovin vs Shopify: Which Is the Stronger Buy Today?
14	Can AppLovin Outrun Shopify in the Next Rally?
15	Pay Less, Gain More: APP Tops Shopify Stock
16	S&P 500 Movers \| Winners: INTC, SNPS, APP \| Losers: WRB, PODD, BBY

Trade Ideas

Select past ideas related to APP. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.9%	1.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.5%	5.5%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.0%	8.0%	0.0%
APP_7312024_Quality_Momentum_RoomToRun_10%	07312024	APP	AppLovin	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	375.1%	406.7%	-12.9%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.9%	1.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.5%	5.5%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.0%	8.0%	0.0%
APP_7312024_Quality_Momentum_RoomToRun_10%	07312024	APP	AppLovin	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	375.1%	406.7%	-12.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for AppLovin

Peers to compare with:

Financials

	APP	ADSK	HIT	BMR	BTTC	CCC	Median
Name	AppLovin	Autodesk	Health I.	Beamr Im.	Black Ti.	CCC Inte.
Mkt Price	691.60	306.15	1.29	2.41	3.40	7.51	5.46
Mkt Cap	234.1	65.2	0.1	-	-	-	65.2
Rev LTM	6,632	6,605	27	-	2	1,026	1,026
Op Inc LTM	3,480	1,515	1	-	-0	65	65
FCF LTM	3,358	1,847	1	-	-	255	1,051
FCF 3Y Avg	1,985	1,704	-	-	-	216	1,704
CFO LTM	3,358	1,925	4	-	-	310	1,117
CFO 3Y Avg	1,994	1,775	-	-	-	271	1,775

Growth & Margins

	APP	ADSK	HIT	BMR	BTTC	CCC	Median
Name	AppLovin	Autodesk	Health I.	Beamr Im.	Black Ti.	CCC Inte.
Rev Chg LTM	86.4%	13.8%	29.7%	-	-	10.6%	21.7%
Rev Chg 3Y Avg	36.0%	11.7%	-	-	-	10.2%	11.7%
Rev Chg Q	68.2%	17.1%	86.2%	-	-	12.0%	42.7%
QoQ Delta Rev Chg LTM	9.4%	4.1%	19.3%	-	-	2.9%	6.7%
Op Mgn LTM	52.5%	22.9%	5.0%	-	-3.8%	6.3%	6.3%
Op Mgn 3Y Avg	35.7%	21.5%	-	-	-	6.9%	21.5%
QoQ Delta Op Mgn LTM	4.1%	0.8%	-0.1%	-	-	-0.1%	0.4%
CFO/Rev LTM	50.6%	29.1%	13.5%	-	-	30.2%	29.7%
CFO/Rev 3Y Avg	42.9%	30.7%	-	-	-	29.0%	30.7%
FCF/Rev LTM	50.6%	28.0%	4.9%	-	-	24.9%	26.4%
FCF/Rev 3Y Avg	42.6%	29.5%	-	-	-	23.1%	29.5%

Valuation

	APP	ADSK	HIT	BMR	BTTC	CCC	Median
Name	AppLovin	Autodesk	Health I.	Beamr Im.	Black Ti.	CCC Inte.
Mkt Cap	234.1	65.2	0.1	-	-	-	65.2
P/S	37.1	10.0	1.9	-	-	-	10.0
P/EBIT	75.2	46.7	25.0	-	-	-	46.7
P/E	86.9	63.3	36.4	-	-	-	63.3
P/CFO	73.3	34.3	13.8	-	-	-	34.3
Total Yield	1.2%	1.6%	2.8%	-	-	-	1.6%
Dividend Yield	0.0%	0.0%	0.0%	-	-	-	0.0%
FCF Yield 3Y Avg	3.9%	3.3%	-	-	-	-	3.6%
D/E	0.0	0.0	0.0	-	-	-	0.0
Net D/E	0.0	0.0	-0.2	-	-	-	0.0

Returns

	APP	ADSK	HIT	BMR	BTTC	CCC	Median
Name	AppLovin	Autodesk	Health I.	Beamr Im.	Black Ti.	CCC Inte.
1M Rtn	13.6%	1.8%	-56.1%	5.7%	6.6%	-7.6%	3.7%
3M Rtn	38.3%	-4.3%	-54.1%	-10.7%	-15.0%	-65.1%	-12.9%
6M Rtn	67.0%	2.7%	104.7%	-20.2%	-15.0%	-65.1%	-6.2%
12M Rtn	85.1%	0.6%	-	-25.2%	4,494.6%	-65.1%	0.6%
3Y Rtn	5,290.5%	54.3%	-	-	3,365.9%	-65.1%	1,710.1%
1M Excs Rtn	12.3%	0.5%	-57.4%	4.4%	5.3%	-8.9%	2.5%
3M Excs Rtn	35.2%	-12.0%	-58.6%	-16.2%	-20.9%	-70.9%	-18.5%
6M Excs Rtn	51.4%	-12.8%	89.0%	-35.5%	-30.7%	-80.5%	-21.8%
12M Excs Rtn	89.5%	-10.2%	-	-37.0%	4,743.5%	-78.5%	-10.2%
3Y Excs Rtn	4,971.7%	-16.5%	-	-	3,277.2%	-138.3%	1,630.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/27/2025	2/26/2024	2/28/2023	3/11/2022	4/15/2021	3/11/2022
Key Financials
Total Revenue	6,632	4,709	3,283	2,817	2,793	1,451	994
EBITDA	3,563	2,343	1,145	514	581	197	293
Operating Income	3,480	1,873	648	-48	150	21	194
Net Income	2,831	1,580	357	-193	35	-125	119
EPS	8.36	4.68	1.01	-0.52	0.10	-0.35	0.24
Growth Rates
Total Revenue Growth	86.4%	43.4%	16.5%	0.9%	92.5%	46.0%	-
EBITDA Growth	81.1%	104.6%	122.9%	-11.5%	194.5%	-32.7%	-
Operating Income Growth	127.8%	189.0%	1456.3%	-131.9%	627.2%	-89.4%	-
Net Income Growth	145.5%	342.9%	285.1%	-643.8%	128.3%	-205.2%	-
Margins
EBITDA Margin	53.7%	49.8%	34.9%	18.2%	20.8%	13.6%	29.5%
Operating Income Margin	52.5%	39.8%	19.7%	-1.7%	5.4%	1.4%	19.6%
Net Income Margin	42.7%	33.5%	10.9%	-6.8%	1.3%	-8.6%	12.0%
Cash & Debt
Total Cash	1,667	741	502	1,080	1,521	317	396
Total Debt	3,512	3,556	3,177	3,280	3,331	1,696	1,196
Net Debt / (Cash)	1,845	2,815	2,675	2,200	1,810	1,379	800
Cash Flows
Net Cash from Operations	3,358	2,099	1,062	413	362	223	198
Free Cash from Operations	3,358	2,094	1,057	412	360	220	195
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1,775	981	1,154	339	-0	2	0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/27/2025	11/6/2024	8/7/2024	5/8/2024	2/26/2024	11/8/2023	8/9/2023	5/10/2023	2/28/2023
Key Financials Quarterly
Total Revenue	1,405	1,259	1,484	2,485	835	711	1,058	953	864	750	715	702
Ebitda	1,107	982	751	722	642	501	455	370	310	267	199	90
Operating Income	1,079	958	852	591	534	384	340	270	186	131	61	-22
Net Income	836	820	576	599	434	310	236	172	109	80	-5	-80
EPS	2.47	2.42	1.70	1.77	1.29	0.92	0.70	0.51	0.32	0.22	-0.01	-0.22
Key Financials TTM
Total Revenue TTM	6,632	6,063	5,515	5,089	3,558	3,587	3,626	3,283	3,032	2,881	2,907	2,817
Ebitda TTM	3,563	3,098	2,616	2,320	1,968	1,635	1,401	1,145	866	770	710	514
Operating Income TTM	3,480	2,935	2,362	1,849	1,528	1,180	927	648	356	219	141	-48
Net Income TTM	2,831	2,430	1,920	1,580	1,153	827	597	357	105	20	-82	-193
Growth Rates Quarterly
Total Revenue Growth	68.2%	77.0%	40.3%	160.7%	-3.4%	-5.2%	47.9%	35.7%	21.2%	-3.4%	14.4%	-11.5%
EBITDA Growth	72.4%	96.2%	65.2%	95.2%	107.5%	87.8%	128.1%	310.1%	44.6%	29.1%	6510.3%	-48.4%
Operating Income Growth	101.9%	149.1%	151.0%	119.2%	186.8%	192.7%	456.2%	1301.8%	278.2%	146.1%	147.7%	-138.3%
Net Income Growth	92.3%	164.4%	144.1%	247.9%	299.9%	285.7%	5327.6%	316.6%	357.0%	469.5%	96.1%	-353.5%
Margins Quarterly
EBITDA Margin	78.8%	78.1%	50.6%	29.0%	76.9%	70.4%	43.0%	38.8%	35.8%	35.5%	27.9%	12.8%
Operating Income Margin	76.8%	76.1%	57.4%	23.8%	64.0%	54.1%	32.1%	28.3%	21.6%	17.5%	8.5%	-3.2%
Net Income Margin	59.5%	65.1%	38.8%	24.1%	52.0%	43.6%	22.3%	18.1%	12.6%	10.7%	-0.6%	-11.3%
Cash & Debt
Total Cash	1,667	1,193	551	741	568	460	436	502	332	876	1,246	1,080
Total Debt	3,512	3,511	3,710	3,556	3,510	3,518	3,525	3,177	3,188	3,265	3,274	3,280
Net Debt / (Cash)	1,845	2,318	3,159	2,815	2,942	3,057	3,089	2,675	2,855	2,389	2,028	2,200
Cash Flows Quarterly
FCF from Operations	1,053	772	832	701	551	455	393	344	199	230	289	163
Cash Flows TTM
FCF from Operations TTM	3,358	2,856	2,538	2,099	1,742	1,390	1,166	1,062	881	856	733	413
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	502	272	1,001	1	228	-0	752	-0	581	507	65	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	155.6%	121.1%	89.3%	71.5%	51.0%	35.2%	27.0%	21.9%	15.0%	8.8%	4.8%	-1.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	140.5%	101.9%	66.1%	55.9%	36.5%	26.7%	19.2%	12.8%	5.6%	3.1%	2.8%	-0.9%

Price Behavior

Price Behavior

Market Price	$683.78
Market Cap ($ Bil)	231.5
First Trading Date	04/15/2021
Distance from 52W High	-4.8%
	50 Days	200 Days
DMA Price	$609.49	$431.46
DMA Trend	up	up
Distance from DMA	12.2%	58.5%
	3M	1YR
Volatility	62.9%	81.2%
Downside Capture	90.51	211.27
Upside Capture	218.82	246.55
Correlation (SPY)	36.7%	52.9%

APP Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.47	1.78	1.88	2.03	2.17	2.21
Up Beta	4.99	4.69	2.92	3.74	1.96	2.02
Down Beta	2.27	2.09	2.17	2.35	2.35	2.40
Up Capture	136%	-5%	195%	185%	593%	13555%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	17	34	67	135	410
Down Capture	204%	144%	109%	99%	145%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	24	28	57	112	337

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	16,391,414
Short Interest: % Change Since 10312025	1.5%
Average Daily Volume	5,338,340
Days-to-Cover Short Interest	3.07
Basic Shares Quantity	338,531,000
Short % of Basic Shares	4.8%

Returns Analyses

	Title
0	Can AppLovin Stock Hold Up When Markets Turn?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8122022	10-Q 6/30/2022
3312022	5132022	10-Q 3/31/2022
12312021	3112022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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AppLovin (APP)

Market Price (12/4/2025): $667.98 | Market Cap: $226.1 BilSector: Information Technology | Industry: Application Software

AppLovin (APP)

Market Price (12/4/2025): $667.98Market Cap: $226.1 BilSector: Information TechnologyIndustry: Application Software

Valuation, Metrics & Events

APP Stock

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Market Price (12/4/2025): $667.98 | Market Cap: $226.1 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/4/2025): $667.98
Market Cap: $226.1 Bil
Sector: Information Technology
Industry: Application Software