Does AppLovin Stock Lead the Pack?
AppLovin (APP) stock has surged over the past year, but how does it truly measure up against peers scaling in the dynamic digital advertising and app economy? A closer look reveals exceptional revenue growth and robust profitability, marked by strong operating and free cash flow margins. Yet, its elevated valuation may suggest limited upside without continued market expansion and innovation.
- APP’s 52.5% operating margin, highest among peers, signals strong operational efficiency from its AI-driven ad platform.
- APP’s 86.4% revenue growth, outpacing peers, is driven by its AI-powered AXON engine and expansion into non-gaming verticals.
- APP stock gained 71.3%, trading at a PE of 68.0, reflecting AI-driven growth expectations despite stronger peer returns from U, APPS.
Here’s how AppLovin stacks up across size, valuation, and profitability versus key peers.
| APP | U | TTD | META | APPS | MGNI | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 192.5 | 17.4 | 17.3 | 1,561.2 | 0.5 | 2.1 |
| Revenue ($ Bil) | 6.6 | 1.8 | 2.8 | 189.5 | 0.5 | 0.7 |
| PE Ratio | 68.0 | -39.9 | 39.5 | 26.7 | -7.0 | 35.5 |
| LTM Revenue Growth | 86.4% | -8.2% | 20.8% | 21.3% | 6.8% | 6.3% |
| LTM Operating Margin | 52.5% | -27.5% | 18.9% | 43.2% | -4.3% | 12.2% |
| LTM FCF Margin | 50.6% | 21.7% | 24.3% | 23.7% | 3.0% | 22.9% |
| 12M Market Return | 71.3% | 88.3% | -70.6% | 1.8% | 153.3% | -5.0% |
For more details on AppLovin, read Buy or Sell APP Stock. Below we compare APP’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 86.4% | – | 43.4% | 16.5% | 0.9% |
| U | -8.2% | – | -17.1% | 57.2% | 25.3% |
| TTD | 20.8% | – | 25.6% | 23.3% | 31.9% |
| META | 21.3% | – | 21.9% | 15.7% | -1.1% |
| APPS | 6.8% | -9.9% | -18.2% | -10.9% | |
| MGNI | 6.3% | – | 7.8% | 7.4% | 23.2% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 52.5% | – | 39.8% | 19.7% | -1.7% |
| U | -27.5% | – | -41.6% | -38.1% | -63.4% |
| TTD | 18.9% | – | 17.5% | 10.3% | 7.2% |
| META | 43.2% | – | 42.2% | 34.7% | 24.8% |
| APPS | -4.3% | -11.0% | -6.9% | 6.9% | |
| MGNI | 12.2% | – | 7.6% | -23.8% | -18.3% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 68.0 | – | 143.7 | 319.5 | -76.8 |
| U | -39.9 | – | -26.3 | -10.4 | -13.8 |
| TTD | 39.5 | – | 47.4 | 321.4 | 656.4 |
| META | 26.7 | – | 26.8 | 38.5 | 41.0 |
| APPS | -7.0 | -5.6 | -0.4 | 40.6 | |
| MGNI | 35.5 | – | 100.1 | -13.7 | -9.5 |
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