(APP) Applovin - Overview

Sector: Communication Services | Industry: Advertising Agencies | Exchange: NASDAQ (USA) | Market Cap: 165.410m USD | Total Return: 32.8% in 12m

Ad Software, Marketing Analytics, Ad Auctions, Streaming Distribution
Total Rating 69
Safety 90
Buy Signal 0.21
Advertising Agencies
Industry Rotation: -9.3
Market Cap: 165B
Avg Turnover: 1.88B
Risk 3d forecast
Volatility73.9%
VaR 5th Pctl11.7%
VaR vs Median-4.96%
Reward TTM
Sharpe Ratio0.70
Rel. Str. IBD62.7
Rel. Str. Peer Group81
Character TTM
Beta3.567
Beta Downside3.141
Hurst Exponent0.505
Drawdowns 3y
Max DD57.00%
CAGR/Max DD3.03
CAGR/Mean DD11.61
EPS (Earnings per Share) EPS (Earnings per Share) of APP over the last years for every Quarter: "2021-03": -0.05, "2021-06": 0.04, "2021-09": 0.4, "2021-12": 0.08, "2022-03": -0.31, "2022-06": -0.06, "2022-09": 0.06, "2022-12": -0.22, "2023-03": -0.01, "2023-06": 0.22, "2023-09": 0.3, "2023-12": 0.49, "2024-03": 0.67, "2024-06": 0.89, "2024-09": 1.25, "2024-12": 1.73, "2025-03": 1.67, "2025-06": 2.39, "2025-09": 2.55, "2025-12": 3.24, "2026-03": 3.56,
EPS CAGR: 411.33%
EPS Trend: 90.9%
Last SUE: 0.79
Qual. Beats: 0
Revenue Revenue of APP over the last years for every Quarter: 2021-03: 603.877, 2021-06: 668.806, 2021-09: 726.951, 2021-12: 793.47, 2022-03: 625.421, 2022-06: 776.231, 2022-09: 713.099, 2022-12: 702.307, 2023-03: 715.405, 2023-06: 750.165, 2023-09: 864.256, 2023-12: 953.261, 2024-03: 1058.115, 2024-06: 711.015, 2024-09: 835.186, 2024-12: 1372.779, 2025-03: 1484.021, 2025-06: 1258.754, 2025-09: 1405.045, 2025-12: 1657.944, 2026-03: 1842.449,
Rev. CAGR: 32.53%
Rev. Trend: 98.2%
Last SUE: 0.34
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

Confidence

Description: APP Applovin

AppLovin Corporation (NASDAQ: APP) provides an AI-driven software platform designed to optimize mobile advertising and app monetization. The company operates through two primary segments: an Advertising segment that facilitates real-time bidding and performance marketing, and an Apps segment comprised of a portfolio of first-party mobile games.

The business model relies on a proprietary machine learning engine, Axon, which automates ad placement and scaling for developers. In the broader application software sector, companies like AppLovin benefit from the shift toward programmatic advertising, where software replaces manual negotiations to purchase digital ad space in milliseconds.

Key tools in the AppLovin ecosystem include MAX, a header-bidding solution for publishers, and Adjust, an analytics suite used for attribution and measurement. The company has recently expanded its reach into the Connected TV (CTV) market through its Wurl platform, diversifying revenue beyond mobile devices. For a deeper look at these growth drivers, investors can review the detailed financial metrics on ValueRay.

Headquartered in Palo Alto, California, AppLovin serves a global client base ranging from independent developers to large-scale enterprises. The firm competes within the competitive ad-tech landscape by integrating its software stack directly with its own content library to refine its targeting algorithms.

Headlines to Watch Out For
  • Axon AI engine upgrades drive advertising software revenue growth
  • Expansion into Connected TV market diversifies revenue beyond mobile gaming
  • Higher software margins offset lower-margin first-party application portfolio performance
  • Regulatory changes in mobile tracking impact attribution and targeting effectiveness
  • Scaling of Axon 2.0 technology improves advertiser return on investment metrics
Piotroski VR‑10 (Strict) 8.0
Net Income: 3.96b TTM > 0 and > 6% of Revenue
FCF/TA: 0.57 > 0.02 and ΔFCF/TA 12.78 > 1.0
NWC/Revenue: 54.40% < 20% (prev 21.76%; Δ 32.64% < -1%)
CFO/TA 0.57 > 3% & CFO 4.43b > Net Income 3.96b
Net Debt (755.4m) to EBITDA (4.82b): 0.16 < 3
Current Ratio: 3.24 > 1.5 & < 3
Outstanding Shares: last quarter (338.7m) vs 12m ago -1.78% < -2%
Gross Margin: 88.37% > 18% (prev 0.81%; Δ 8.76k% > 0.5%)
Asset Turnover: 91.90% > 50% (prev 77.15%; Δ 14.75% > 0%)
Interest Coverage Ratio: 16.14 > 6 (EBITDA TTM 4.82b / Interest Expense TTM 205.3m)
Altman Z'' 7.35
A: 0.44 (Total Current Assets 4.85b - Total Current Liabilities 1.49b) / Total Assets 7.71b
B: 0.25 (Retained Earnings 1.93b / Total Assets 7.71b)
C: 0.49 (EBIT TTM 3.31b / Avg Total Assets 6.71b)
D: 0.35 (Book Value of Equity 1.86b / Total Liabilities 5.34b)
Altman-Z'' Score: 7.35 = AAA
Beneish M -3.18
DSRI: 0.89 (Receivables 1.96b/1.58b, Revenue 6.16b/4.40b)
GMI: 0.92 (GM 88.37% / 81.05%)
AQI: 0.64 (AQ_t 0.36 / AQ_t-1 0.56)
SGI: 1.40 (Revenue 6.16b / 4.40b)
TATA: -0.06 (NI 3.96b - CFO 4.43b) / TA 7.71b)
Beneish M-Score: -3.18 (Cap -4..+1) = AA
What is the price of APP shares? As of May 21, 2026, the stock is trading at USD 482.28 with a total of 2,927,919 shares traded.
Over the past week, the price has changed by +6.34%, over one month by -1.77%, over three months by +15.19% and over the past year by +32.84%.
Is APP a buy, sell or hold? Applovin has received a consensus analysts rating of 4.27. Therefore, it is recommended to buy APP.
  • StrongBuy: 16
  • Buy: 4
  • Hold: 4
  • Sell: 1
  • StrongSell: 1
What are the forecasts/targets for the APP price?
Analysts Target Price 644.5 33.6%
Applovin (APP) - Fundamental Data Overview as of 20 May 2026
P/E Trailing = 42.7413
P/E Forward = 31.348
P/S = 26.834
P/B = 69.9857
P/EG = 1.3562
Revenue TTM = 6.16b USD
EBIT TTM = 3.31b USD
EBITDA TTM = 4.82b USD
Long Term Debt = 3.51b USD (from longTermDebt, last quarter)
Short Term Debt = 13.9m USD (from shortTermDebt, last fiscal year)
Debt = 3.51b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 755.4m USD (from netDebt column, last quarter)
Enterprise Value = 166.17b USD (165.41b + Debt 3.51b - CCE 2.76b)
Interest Coverage Ratio = 16.14 (Ebit TTM 3.31b / Interest Expense TTM 205.3m)
EV/FCF = 37.74x (Enterprise Value 166.17b / FCF TTM 4.40b)
FCF Yield = 2.65% (FCF TTM 4.40b / Enterprise Value 166.17b)
FCF Margin = 71.42% (FCF TTM 4.40b / Revenue TTM 6.16b)
Net Margin = 64.29% (Net Income TTM 3.96b / Revenue TTM 6.16b)
Gross Margin = 88.37% ((Revenue TTM 6.16b - Cost of Revenue TTM 717.1m) / Revenue TTM)
Gross Margin QoQ = 88.95% (prev 88.93%)
Tobins Q-Ratio = 21.56 (Enterprise Value 166.17b / Total Assets 7.71b)
Interest Expense / Debt = 1.46% (Interest Expense 51.2m / Debt 3.51b)
Taxrate = 15.77% (225.8m / 1.43b)
NOPAT = 2.79b (EBIT 3.31b * (1 - 15.77%))
Current Ratio = 3.24 (Total Current Assets 4.85b / Total Current Liabilities 1.49b)
Debt / Equity = 1.49 (Debt 3.51b / totalStockholderEquity, last quarter 2.36b)
Debt / EBITDA = 0.16 (Net Debt 755.4m / EBITDA 4.82b)
Debt / FCF = 0.17 (Net Debt 755.4m / FCF TTM 4.40b)
Total Stockholder Equity = 1.78b (last 4 quarters mean from totalStockholderEquity)
RoA = 59.08% (Net Income 3.96b / Total Assets 7.71b)
RoE = 222.0% (Net Income TTM 3.96b / Total Stockholder Equity 1.78b)
RoCE = 62.51% (EBIT 3.31b / Capital Employed (Equity 1.78b + L.T.Debt 3.51b))
RoIC = 52.67% (NOPAT 2.79b / Invested Capital 5.30b)
WACC = 18.17% (E(165.41b)/V(168.92b) * Re(18.53%) + D(3.51b)/V(168.92b) * Rd(1.46%) * (1-Tc(0.16)))
Discount Rate = 18.53% (= CAPM, Blume Beta Adj.) -> capped to 17.38%
Shares (quarterly) Correlation: -82.22 | Cagr: -1.13%
[DCF] Terminal Value 55.01% ; FCFF base≈3.65b ; Y1≈4.51b ; Y5≈7.69b
[DCF] Fair Price = 132.3 (EV 41.19b - Net Debt 755.4m = Equity 40.44b / Shares 305.7m; r=18.17% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 90.94 | EPS CAGR: 411.3% | SUE: 0.79 | # QB: 0
Revenue Correlation: 98.17 | Revenue CAGR: 32.53% | SUE: 0.34 | # QB: 0
EPS current Quarter (2026-06-30): EPS=3.74 | Chg30d=+1.45% | Revisions=+22% | Analysts=17
EPS next Quarter (2026-09-30): EPS=4.09 | Chg30d=+0.80% | Revisions=+0% | Analysts=17
EPS current Year (2026-12-31): EPS=16.08 | Chg30d=+1.97% | Revisions=+24% | GrowthEPS=+64.9% | GrowthRev=+49.6%
EPS next Year (2027-12-31): EPS=20.93 | Chg30d=+1.56% | Revisions=+52% | GrowthEPS=+30.2% | GrowthRev=+29.2%
[Analyst] Revisions Ratio: +52%