Does AppLovin Stock Lead the Pack?
AppLovin (APP) stock has significantly outperformed peers over the past year. But how does it truly measure up against others in the dynamic, AI-powered mobile ad-tech space? A closer look reveals robust profitability, with strong operating and free cash flow margins, alongside exceptional revenue growth. However, its higher valuation relative to many peers and intensifying competition, coupled with ongoing regulatory scrutiny, could limit future upside potential.
- APP’s 71.7% operating margin, highest among peers, reflects superior AI-driven efficiency and strong profit conversion.
- APP’s 61.1% revenue growth, outpacing peers, reflects its Axon AI engine driving ad optimization and e-commerce expansion.
- APP’s 30.1% stock gain and 44.5 PE signal high growth expectations, despite peers’ stronger returns, driven by its AI-powered profitability.
Here’s how AppLovin stacks up across size, valuation, and profitability versus key peers.
| APP | U | TTD | META | APPS | MGNI | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 148.4 | 8.5 | 12.2 | 1,653.4 | 0.5 | 2.0 |
| Revenue ($ Bil) | 5.8 | 1.8 | 2.8 | 201.0 | 0.5 | 0.7 |
| PE Ratio | 44.5 | -19.5 | 27.8 | 27.3 | -9.9 | 34.0 |
| LTM Revenue Growth | 61.1% | -8.2% | 20.8% | 22.2% | 12.1% | 6.3% |
| LTM Operating Margin | 71.7% | -27.5% | 18.9% | 41.4% | 2.2% | 12.2% |
| LTM FCF Margin | 68.4% | 21.7% | 24.3% | 22.9% | 3.5% | 22.9% |
| 12M Market Return | 30.1% | -15.5% | -62.8% | 0.3% | 32.2% | -6.3% |
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
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 61.1% | 70.0% | 75.1% | -34.6% | |
| U | -8.2% | – | -17.1% | 57.2% | 25.3% |
| TTD | 20.8% | – | 25.6% | 23.3% | 31.9% |
| META | 22.2% | 22.2% | 21.9% | 15.7% | |
| APPS | 12.1% | -9.9% | -18.2% | -10.9% | |
| MGNI | 6.3% | – | 7.8% | 7.4% | 23.2% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 71.7% | 75.8% | 59.3% | 41.9% | |
| U | -27.5% | – | -41.6% | -38.1% | -63.4% |
| TTD | 18.9% | – | 17.5% | 10.3% | 7.2% |
| META | 41.4% | 41.4% | 42.2% | 34.7% | |
| APPS | 2.2% | -11.0% | -6.9% | 6.9% | |
| MGNI | 12.2% | – | 7.6% | -23.8% | -18.3% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| APP | 44.5 | 68.5 | 69.1 | 39.3 | |
| U | -19.5 | – | -26.3 | -10.4 | -13.8 |
| TTD | 27.8 | – | 47.4 | 321.4 | 656.4 |
| META | 27.3 | 27.5 | 23.8 | 23.3 | |
| APPS | -9.9 | -5.6 | -0.4 | 40.6 | |
| MGNI | 34.0 | – | 100.1 | -13.7 | -9.5 |
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