AppLovin Corporation (APP)

NASDAQ: APP · USD

$260

-2.84 (-1.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-18

Our latest published analysis: APP rated Hold

AppLovin Corporation's published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$271 / share

Potential value

$345 / share

Upside to FV

+1.7%

from $260

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$89.1B
Revenue (ttm)	6.8B
Net income (ttm)	4.4B
EPS (ttm)	$13.0
Shares out	334.7M
P/E (trailing)	20.0x
P/E (forward)	15.4x
Volume	1,847,071
Beta	2.56

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 6.8B
Net income (ttm): 4.4B
EPS (ttm): $13.0
P/E (trailing): 20.0x
P/E (forward): 15.4x
Market cap: $89.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.79B	$2.82B	$1.84B	$3.22B	$5.48B	+18.4%
Gross profit	$1.81B	$1.56B	$1.49B	$2.70B	$4.82B	+27.8%
Operating income	$150.0M	$-47.8M	$772.4M	$1.91B	$4.15B	+129.4%
Net income	$35.4M	$-192.7M	$356.7M	$1.58B	$3.33B	+211.4%
EPS (diluted)	$0.09	$-0.52	$0.98	$4.53	$9.75	+222.6%
EBITDA	$580.5M	$513.8M	$1.26B	$2.38B	$4.35B	+65.5%
R&D	$366.4M	$507.6M	$333.8M	$374.7M	$226.5M	-11.3%
SG&A	$158.7M	$181.6M	$150.9M	$164.9M	$233.5M	+10.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	売り
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	売り
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	強い買い
BIDU	Baidu, Inc.	27.1B	—	1.4x	3.4%	+1.5%	-38.7%	買い
CHTR	Charter Communications, Inc.	17.2B	2.7x	0.3x	8.5%	+1.7%	-57.3%	強い買い
CMCSA	Comcast Corporation	76.5B	6.9x	0.6x	8.2%	+1.6%	-17.6%	強い買い

Base and Bull scenarios

Base60%

Price target

$270.62

+1.7% from spot

In the base case, AppLovin compounds earnings steadily through core mobile game monetization improvements and deliberate mid-market advertiser adoption via its ads manager. Operating margins normalize gradually toward sustainable software benchmarks as cloud compute costs track in line with revenue expansion. This path corresponds to a target of $270.62 with an assessed probability of 60.0%, delivering an implied return of 1.7% relative to $266.13 as of $266.13 (as of 2026-10-16), closely aligning with Fair value. Disconfirmation would occur if quarterly revenue growth decelerates markedly below guidance or if mobile game developer budgets contract sharply.

Core mobile gaming mediation maintains high auction fill rates and yield efficiency
Mid-market web performance advertising expands deliberately without transformative near-term disruption
EBIT margins normalize gradually as variable cloud data center expenses scale linearly

Bull20%

Price target

$345.02

+29.6% from spot

In the bull case, Axon recommendation engine drives rapid advertiser adoption across e-commerce and mid-market web brands, sustaining robust double-digit top-line expansion. High-margin incremental volume and disciplined cloud compute costs expand operating margins, while ongoing share repurchases amplify diluted earnings per share growth. This trajectory supports a target of $345.02 with an estimated likelihood of 20.0%, representing an implied return of 29.6% from $266.13 as of $266.13 (as of 2026-10-16). Disconfirmation would appear if web merchant onboarding stalls or if incremental cloud infrastructure costs rise faster than ad spend.

Axon recommendation engine accelerates wallet share gains across web e-commerce advertisers
Operating margins expand beyond historical highs due to asset-light software leverage
Substantial free cash flow deployment into share repurchases accelerates per-share earnings growth

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($270.62). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	3.0%	3.5%	4.0%	4.5%
12.2%	$279	$284	$289	$295	$302
12.7%	$271	$275	$280	$285	$290
13.2%	$263	$267	$271	$275	$280
13.7%	$256	$259	$262	$266	$271
14.2%	$249	$252	$255	$258	$262

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E15.4

P25 8.4P50 12.6P75 23.4

Trailing P/E20.5

P25 8.8P50 16.1P75 29.9

ROE203.7

P25 -39.5P50 -1P75 11.5

ROIC132.7

P25 -8P50 2.1P75 9.7

Benchmarks · 1M

All APP indicators

Market & fundamental data

Available fields

268

Groups with data

Currency

USD

Showing 268 of 268 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001751008
Company name	AppLovin Corporation
Country	United States
Country code	US
CUSIP number	03831W108
Earnings date	2026-11-04
Earnings time	amc
Employees	898
Employees change	-665
Employees growth	-42.55%
Enterprise value	$87.5B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2012
In index	SP500, NASDAQ100
Industry	Advertising Agencies
IPO date	2021-04-15
Is primary listing	Yes
Is SPAC	No
ISIN number	US03831W1080
Last 10-K release date	2026-02-19
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$87B
Market cap category	Large-Cap
Next earnings date	2026-11-04
Options	Yes
Price	$259.97
Price currency	USD
Sector	Communication Services
SIC code	7370
Stock price date	2026-10-28
Symbol	APP
U.S. state	California
Website	https://www.applovin.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	18.9x
Average P/E ratio (3Y)	56.08x
Average P/E ratio (5Y)	159.84x
Earnings yield	5%
EV/Earnings	19.73x
EV/EBIT	16.45x
EV/EBITDA	16.07x
EV/FCF	19.22x
EV/Sales	12.74x
FCF / EV yield	5.2%
FCF yield	5.23%
Forward EV/Sales	9.56x
Forward P/E	14.53x
Forward P/S	9.51x
Graham number	52.54175
Graham upside	-79.68%
Industry forward P/E	11.43x
Industry P/E	23.91x
Lynch fair value	$325.15
Lynch upside	25.73%
P/(FCF - SBC) ratio	20.39x
P/(OCF - SBC) ratio	20.39x
P/B ratio	27.86x
P/E ratio	19.99x
P/FCF ratio	19.11x
P/OCF ratio	19.11x
P/S ratio	12.67x
PEG ratio	0.46x
Price / tangible book value	67.15x
Price/EBITDA ratio	15.98x
Sector forward P/E	18.4x
Sector P/E	19.11x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	77.44%
EBITDA margin	79.29%
Effective tax rate	15.38%
FCF margin	66.3%
Gross margin	88.46%
Operating margin	77.44%
Pretax margin	76.31%
Profit margin	64.58%
Profit per employee	$4.9M
Profitable quarters	13
Profitable years	3
Revenue per employee	$7.6M
ROA	46.46%
ROA (5Y)	14.34%
ROCE	75.39%
ROE	203.69%
ROE (5Y)	74.29%
ROIC	132.73%
ROIC (5Y)	33.73%
SBC / revenue	4.13%
Tax / revenue	11.73%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	85.01%
EPS growth (Q)	57.04%
EPS growth (QoQ)	5.62%
EPS growth 3Y	522.73%
EPS growth quarters	14
EPS growth years	3
FCF growth	56.12%
FCF growth (Q)	11.31%
FCF growth (QoQ)	-32.71%
FCF growth 3Y	74.24%
FCF growth 5Y	73.6%
Gross profit growth	64.55%
Gross profit growth (Q)	53.84%
Gross profit growth 3Y	52.9%
Gross profit growth 5Y	35.26%
Net income growth	81.51%
Net income growth (Q)	54.54%
Net income growth (QoQ)	5.05%
Net income growth 3Y	506.17%
Net income growth quarters	14
Net income growth years	3
OCF growth	56.12%
OCF growth (Q)	11.31%
OCF growth (QoQ)	-32.71%
OCF growth 3Y	74.22%
OCF growth 5Y	73.27%
Operating income growth	78.65%
Operating income growth (Q)	56.03%
Operating income growth 3Y	184.05%
Operating income growth 5Y	147.52%
Revenue growth	60.6%
Revenue growth (Q)	52.83%
Revenue growth (QoQ)	4.41%
Revenue growth 3Y	33.33%
Revenue growth 5Y	25.84%
Revenue growth quarters	7
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Depreciation and amortization	$126.4M
EBIT	$5.3B
EBITDA	$5.4B
EPS	$13.01
FCF per share	$13.53
Financing cash flow	$-2.6B
Free cash flow	$4.5B
Free cash flow minus SBC	$4.2B
Gross profit	$6B
Income taxes	$801.3M
Investing cash flow	$-28.1M
Net borrowing	$-18.7M
Net cash flow	$1.9B
Net income	$4.4B
Operating cash flow minus SBC	$4.2B
Operating income	$5.3B
Revenue	$6.8B
Stock-based compensation	$282.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	24.42
Book value per share	$9.43
Debt / EBITDA	0.65
Debt / equity	1.11
Debt / FCF	0.78
Goodwill	$1.5B
Interest coverage	25.79
Long-term assets	$2.9B
Long-term liabilities	$3.9B
Net cash (debt)	$-461.8M
Net cash / market cap	-0.53%
Net debt / EBITDA	0.09
Net debt / equity	0.15
Net debt / FCF	0.1
Piotroski F-Score	7
Property, plant and equipment	$111.9M
Shareholders' equity	$3.2B
Tangible book value	$1.3B
Tangible book value per share	$3.84
Total assets	$8.3B
Total cash	$3.1B
Total debt	$3.5B
Total liabilities	$5.1B
WACC	17.79%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.96
Current assets	$5.4B
Current liabilities	$1.3B
Current ratio	4.3
Net working capital	$1.1B
Quick ratio	4.17
Working capital	$4.1B
Working capital turnover	2.26

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.81%
Dividend yield	0%
Shareholder yield	1.81%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$403.00
1D price change	-1.08%
1M price change	-16.32%
1M total return	-16.32%
1W price change	-4.55%
1W total return	-4.55%
1Y price change	-59.56%
1Y return CAGR	-59.59%
1Y total return	-59.56%
20-day SMA	$270.86
200-day SMA	$419.83
3M price change	-36.99%
3M total return	-36.99%
3Y price change	617.97%
3Y return CAGR	92.89%
3Y total return	617.97%
50-day SMA	$296.92
50-day SMA vs 200-day SMA	50under200
52-week high	$738.01
52-week high date	2025-12-22
52-week low	$255.46
52-week low date	2026-10-26
5Y price change	173.97%
5Y return CAGR	22.34%
5Y total return	173.97%
6M price change	-43.5%
6M total return	-43.5%
After-hours change	0.01%
After-hours close	$259.97
After-hours price	$260.00
All-time high	$745.61
All-time high date	2025-09-29
All-time low	$9.14
All-time low date	2022-12-28
Average true range (ATR)	$11.28
Average volume	4M
Beta (1Y)	2.38
Beta (2Y)	3.38
Beta (5Y)	2.56
Change from 52-week high	-64.77%
Change from 52-week low	1.77%
Change from all-time high	-65.12%
Change from all-time low	2,745.19%
Change from open	1.05%
Day's gap	-2.11%
Dollar volume	$480.2M
High price	$262.53
Low price	$257.27
Monthly RSI	43.93
Open price	$257.27
Position in 52-week range	51.33%
Premarket change	-2.7%
Premarket close	$262.82
Premarket price	$255.72
Premarket volume	125.3K
Previous close	$262.82
Price vs 150-day SMA	-35.47%
Price vs 20-day SMA	-3.99%
Price vs 200-day SMA	-38.06%
Price vs 50-day SMA	-12.42%
Relative volume	0.46
Return from IPO open	269.44%
Return from IPO price	223.26%
RSI	36.36
Sharpe ratio	-0.96
Sharpe ratio (3Y)	1.17
Sharpe ratio (5Y)	0.59
Sortino ratio	-1.15
Sortino ratio (3Y)	1.91
Sortino ratio (5Y)	1.01
Volume	1.8M
Weekly RSI	33.45
YTD price change	-61.41%
YTD total return	-61.41%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	265.4M
Float percentage	79.31%
Shares change (QoQ)	-0.5%
Shares change (YoY)	-1.81%
Shares held by insiders	20.03%
Shares held by institutions	68.81%
Shares outstanding	334.7M
Short % of float	4.37%
Short % of shares	3.47%
Short ratio	2.4 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	997

Deeper analysis on APP

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this APP report

What is the latest published APP stock rating?

AppLovin Corporation is shown with Hold in the latest published report, analyzed 2026-10-18. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full APP analysis?

The full latest published report, analyzed 2026-10-18, lives at /stocks/APP/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for APP?

The latest published report analyzed 2026-10-18 gives APP a fair value of USD 271 and a potential value of USD 345. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the APP page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-18). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldAPP · Fair value $271+1.7%

Read full analysis →

AppLovin Corporation (APP)

Our latest published analysis: APP rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · APP

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All APP indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on APP

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	6.0
Management	9.5
Balance Sheet	6.5
Profitability	8.5
Revenue Growth	9.0
Risk Assessment	5.5
Competitive Moat	8.0
Earnings Quality	7.5
Capital Efficiency	8.5