— Know what they know.
/
Not Investment Advice

APP

NASDAQ · USD
AppLovin Corporation
Technology · Software - Application
CEO Adam Arash Foroughi Employees 876 R&D / revenue 4.1%
Last price
$266.13−4.71%last session
Market cap
$89.4B
P/E (TTM)
20.4x
From 52w high
−63.9%
From 52w low
+2.1%
1-year return
−56.1%
RSI 14 · vs SMA200
36.9 · −38.8%
IS score
88.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

APP   SPY   XLK (sector ETF) · weekly closes
406080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116APP 44

Score DNA

Each bar is a 0-100 score within the scored universe
100
Profitability
100
Growth
38
Value
93
Momentum
100
Risk (safety)
87
Quality
81
Balance sheet
65
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for APP (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Network EffectsPiotroski 9 / 9Altman Z 24.5Beta 2.533 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
182 open-market sales, $190.3M
Form 144 notices (12m): 31, $450.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
11
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+74
218 new holders, 129 closed
1,467 filers hold 68.0% · 616 added, 490 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+368
1,463 funds adding shares
1,095 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
27.8%
20-day avg 49.8%, 50-day avg 45.6%
Latest 22.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.5B
Revenue growth YoY+16.4%
Gross margin87.9%
Operating income$4.2B
Operating margin75.8%
Net income$3.3B
Net margin60.8%
EPS (diluted)$9.75
Cash flow
Operating cash flow$4.0B
Capital expenditure$28.3M
Free cash flow$3.9B
FCF conversion (FCF / OCF)99.3%
Stock-based compensation$210.4M
FCF less SBC$3.7B
Buybacks$2.2B
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.5B
Total debt$3.5B
Net debt$1.1B
Shareholders' equity$2.1B
Goodwill & intangibles$1.9B
Debt / equity1.11
ROE (TTM)193.1%
ROIC (TTM)63.8%
Operating margin by fiscal year
6.3%FY2021-1.7%FY202219.7%FY202346.9%FY202468.5%FY2025
Revenue $2.8B (FY2021) to $5.5B (FY2025), a 18.4% CAGR.

Valuation

P/E (TTM)20.4x
EV / EBITDA16.2x
Price / sales13.09x
Price / FCF19.9x
FCF yield5.03%
Buyback yield2.45%
SBC / revenue4.1%
Price / book28.32x
Forward P/E FY202616.9x
Forward P/E FY202713.3x
Forward P/E FY202810.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $485.57 across 23 analysts last quarter is theirs, not ours.

APP vs industry median

831 companies in Software - Application
Gross margin 88.5% 59.6% Operating margin 77.4% -6.6% Net margin 64.6% -9.7% ROIC 63.8% 3.5%
APP (TTM)Industry median Asset turnover 0.83 vs industry 0.57 · financial leverage 2.61

Earnings delivery

Next report 2026-11-04 · consensus EPS $4.04
92%
beat rate, 11 of 12 quarters
+15.6%
median EPS surprise
11
longest beat streak
+11+40+18+19+36+54+16+15+3+10+3+0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
APP AppLovin Corporation $89.4B20.4x193.1%64.6%+16.4% −56.1%
DDOG Datadog, Inc. $88.7B497.0x4.7%4.0%+31.5% +63.5%
CDNS Cadence Design Systems, Inc. $88.0B63.1x23.2%23.2%+14.7% −1.5%
INTU Intuit Inc. $86.9B19.7x23.6%8.3%+13.9% −49.0%
ADBE Adobe Inc. $95.4B13.7x61.9%27.0%+12.0% −25.5%
SNOW Snowflake Inc. $108.3Bn/m-48.2%-12.4%+32.0% —
ADP Automatic Data Processing, I $114.5B26.3x72.2%17.9%+6.7% —
UBER Uber Technologies, Inc. $143.7B15.2x38.4%16.9%+16.7% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-05Earnings Release; Exhibits
2026-06-05Shareholder Vote
2026-05-06Earnings Release; Exhibits
2026-04-07Officer/Director Change; Regulation FD; Exhibits
2026-02-11Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-05Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding335,939,517
Free float79.0%
Institutional ownership68.0%
Beta2.53
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$307.07 / $436.87
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where APP sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAPPIndustry medianIndustry percentileSector median
P/E (TTM) 20.3x 30.6x
29th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.04 1.20
0th		 1.36
Price / sales 13.1x 4.5x
90th		 3.9x
Price / book 28.3x 4.7x
95th		 4.4x
Price / tangible book 135.1x 7.0x
99th		 8.8x
Price / free cash flow 19.9x 17.2x
56th		 20.3x
Price / operating cash flow 19.7x 16.1x
59th		 17.9x
Enterprise value $89.9B $3.8B
95th		 $5.5B
EV / sales 13.2x 4.2x
92nd		 4.1x
EV / EBITDA 16.2x 19.1x
41st		 18.9x
EV / EBIT 16.6x 27.7x
27th		 26.7x
EV / free cash flow 20.0x 18.6x
56th		 21.9x
Earnings yield 4.9% 1.4%
82nd		 2.0%
FCF yield 5.0% 4.8%
53rd		 3.3%
Operating cash flow yield 5.1% 5.1%
49th		 4.4%
Graham number (per share) $52.43 $20.79
75th		 $28.08

Profitability (TTM)

MeasureAPPIndustry medianIndustry percentileSector median
Gross margin 88.5% 71.1%
98th		 55.7%
EBITDA margin 81.3% 13.6%
97th		 13.7%
Operating margin 77.4% 7.3%
98th		 8.2%
EBIT margin 79.3% 7.1%
97th		 8.6%
Net margin 64.6% 4.7%
98th		 5.7%
NOPAT margin 65.5% 5.9%
97th		 7.0%
FCF margin 65.9% 20.3%
98th		 15.0%
Operating cash flow margin 66.3% 22.5%
98th		 18.4%
R&D / revenue 4.7% 18.2%
13th		 12.9%
SG&A / revenue 6.3% 38.6%
1st		 25.6%
Stock comp / revenue 4.1% 7.8%
27th		 4.4%
Effective tax rate 15.4% 21.0%
20th		 21.0%

Returns on capital

MeasureAPPIndustry medianIndustry percentileSector median
ROE (on average equity) 203.7% 7.9%
100th		 9.4%
ROA 62.0% 3.0%
99th		 4.1%
ROIC 123.5% 6.6%
95th		 9.0%
ROCE 77.2% 5.7%
99th		 8.6%
Return on tangible assets 76.1% 4.6%
100th		 5.9%
Cash ROIC (OCF / invested capital) 124.9% 29.6%
89th		 20.7%
Gross profitability (GP / assets) 73.1% 37.6%
85th		 30.0%
ROIC, 3-yr average —
ROIC, 5-yr average 11.2% -1.1%
68th		 7.9%
ROE, 5-yr average 89.0% -2.6%
100th		 6.9%
Incremental ROIC 121.0% 13.7%
80th		 15.3%

Growth

MeasureAPPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 37.9% 15.1%
86th		 14.3%
Revenue growth (QoQ) 4.4% 4.6%
47th		 6.6%
Revenue CAGR, 3 yr 33.3% 13.7%
94th		 9.6%
Revenue CAGR, 5 yr 59.2% 16.6%
94th		 11.5%
Gross profit CAGR, 3 yr 52.9% 14.9%
98th		 10.9%
Operating income CAGR, 3 yr 188.9% 20.6%
100th		 11.3%
Net income growth (TTM YoY) 81.5% 27.2%
68th		 21.6%
Net income CAGR, 3 yr 503.2% 20.3%
100th		 9.9%
EPS growth (TTM YoY) 83.8% 30.6%
70th		 22.3%
EPS CAGR, 3 yr 519.6% 20.2%
100th		 11.2%
EPS CAGR, 5 yr 217.0% 15.4%
100th		 12.0%
FCF growth (TTM YoY) 58.0% 28.9%
72nd		 24.6%
FCF CAGR, 3 yr 74.4% 31.3%
80th		 19.3%
Operating cash flow CAGR, 3 yr 74.2% 28.0%
85th		 17.9%
Book value CAGR, 3 yr 31.2% 4.5%
88th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 203.7% 15.5%
100th		 14.2%

Margin history & stability

MeasureAPPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 81.4% 71.3%
80th		 53.2%
Operating margin, 3-yr average 55.4% 4.7%
100th		 6.6%
Net margin, 3-yr average 45.6% 5.1%
99th		 5.2%
FCF margin, 3-yr average 54.0% 19.8%
100th		 12.7%
Revenue stability (0-1) 0.98 0.97
54th		 0.87
Earnings stability (0-1) 0.80 0.56
75th		 0.45
Margin stability (0-1) 0.83 0.97
13th		 0.95

Liquidity (latest quarter)

MeasureAPPIndustry medianIndustry percentileSector median
Cash & short-term investments $3.1B $434.8M
89th		 $494.1M
Net cash (− = net debt) −$461.8M $57.2M
23rd		 $49.8M
Working capital $4.1B $247.5M
96th		 $391.0M
Current ratio 4.30 1.74
81st		 1.92
Quick ratio 4.30 1.72
81st		 1.67
Cash ratio (cash + ST investments / current liabilities) 2.43 1.13
74th		 0.95
Defensive interval (days) 2,533 days 370 days
96th		 521 days

Leverage & solvency (latest quarter)

MeasureAPPIndustry medianIndustry percentileSector median
Total debt $3.5B $237.5M
86th		 $349.3M
Debt / equity 1.11 0.30
81st		 0.29
Net debt / equity 0.15 −0.22
71st		 −0.13
Debt / assets 42.5% 15.2%
86th		 16.9%
Debt / capital 52.6% 23.1%
81st		 22.3%
Debt / EBITDA 0.63 2.26
25th		 1.78
Net debt / EBITDA 0.08 −0.32
58th		 −0.18
Interest coverage (EBIT / interest) 26.4x 5.3x
81st		 5.8x
Cash interest coverage 22.1x 15.8x
61st		 12.8x
Debt payback (years of OCF) 0.8 yrs 1.0 yrs
40th		 1.6 yrs
Liabilities / assets 61.7% 50.2%
66th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
5th		 175

Efficiency

MeasureAPPIndustry medianIndustry percentileSector median
Asset turnover 0.96 0.59
83rd		 0.62
Fixed asset turnover 61.00 12.05
96th		 9.25
Inventory turnover —
Receivables turnover 3.6 6.5
15th		 6.2
Days sales outstanding 100 days 55 days
85th		 59 days
Days inventory outstanding —
Days payables outstanding 309 days 31 days
97th		 46 days
Cash conversion cycle (days) −208 days 22 days
3rd		 50 days
Capex / revenue 0.4% 1.3%
17th		 2.3%
Capex / depreciation 0.21 0.41
29th		 0.56
Operating expense ratio 10.6% 62.8%
1st		 44.3%

Cash flow & earnings quality

MeasureAPPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.03 1.89
12th		 1.61
FCF / net income 1.02 1.70
18th		 1.33
FCF / operating cash flow 99.4% 94.0%
94th		 88.0%
Capex / operating cash flow 0.6% 6.0%
6th		 12.0%
Accruals ratio -1.7% -10.9%
86th		 -6.3%
Sloan accruals ratio 29.6% -4.7%
96th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
80th		 0.75

Dividends & buybacks

MeasureAPPIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 2.7% 2.7%
51st		 1.2%
Shareholder yield (dividends + buybacks) 2.7% 3.1%
47th		 1.7%
Share count change (YoY) -1.3% -1.9%
55th		 0.1%
Buybacks, last 5 years $10.1B $309.1M
96th		 $215.3M

Scores & forensic checks

MeasureAPPIndustry medianIndustry percentileSector median
IS score 88 56
99th		 56
IS profitability 100 37
99th		 40
IS growth 100 66
100th		 65
IS value 38 38
48th		 39
IS momentum 93 80
81st		 78
IS risk (safety) 100 80
61st		 100
IS quality 87 63
96th		 67
IS balance sheet 81 69
65th		 72
IS earnings quality 65 52
76th		 61
IS cash flow 93 72
90th		 66
Piotroski F-score (0-9) 9 6
96th		 6
Altman Z-score 24.5 3.0
96th		 4.0
Beneish M-score −2.14 −2.74
80th		 −2.58
Ohlson O-score −10.63 −7.88
11th		 −8.00
IS credit score 94 62
94th		 69

Per share

MeasureAPPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $13.05 $0.32
96th		 $0.84
Book value per share $9.36 $6.15
61st		 $9.77
Tangible book per share $3.83 $1.97
62nd		 $3.22
Revenue per share $20.21 $7.54
72nd		 $13.00
FCF per share $13.32 $1.56
91st		 $1.78
Operating cash flow per share $13.40 $1.77
90th		 $2.40
Cash per share $9.04 $3.77
81st		 $4.50

Size (TTM)

MeasureAPPIndustry medianIndustry percentileSector median
Market cap $89.4B $3.9B
95th		 $4.7B
Revenue $6.8B $872.9M
91st		 $1.2B
EBITDA $5.6B $101.2M
96th		 $185.8M
Net income $4.4B $34.8M
96th		 $84.9M
Free cash flow $4.5B $198.7M
95th		 $170.6M
Total assets $8.3B $1.8B
81st		 $2.4B
Shareholders' equity $3.2B $907.0M
80th		 $1.1B
Employees 887 1,988
20th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Messing Barbara
Director
 Award / grant 64——10,254
2026-10-15Webb Maynard G Jr
Director
 Award / grant 67——3,265
2026-08-20Valenzuela Victoria
Director
 Tax withholding 2,730$308.77$842,942241,231
2026-08-20Stumpf Matthew
Chief Financial Officer (CFO)
 Tax withholding 2,021$308.77$624,024175,429
2026-08-20Ge Xiaochuan
CTO
 Tax withholding 5,459$308.77$1.7M968,735
2026-08-20Foroughi Arash Adam
Director, 10 percent owner, CEO
 Tax withholding 2,730$308.77$842,9422,324,954
2026-08-20Cacovean Corina I
Chief Legal Officer
 Tax withholding 1,540$308.77$475,5064,787
2026-08-13Chen Herald Y
Director
 Conversion 143,791——251,245
2026-08-13Chen Herald Y
Director
 Gift 100,000——151,245
2026-08-13Chen Herald Y
Director
 Gift 100,000——100,000
2026-08-13Chen Herald Y
Director
 Conversion 143,791——223,676
2026-08-07Vivas Eduardo
Director
 Gift 213,675——6,571,412

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired113,887—
ConversionAcquired1143,791—
ConversionDisposed1143,791—
GiftDisposed4351,262—
GiftAcquired2313,675—
Open-market saleDisposed182378,523$190.3M
Tax withholdingDisposed1025,342$9.7M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 31 notices · 945,568 shares · $450.6M
FiledFilerShares proposedEst. proceeds
2026-08-21Shikin Vasily117,598$35.6M
2026-07-06Webb Maynard G Jr3,076$1.6M
2026-06-16Eduardo Vivas163,910$84.4M
2026-06-16Eduardo Vivas1,496$770,739
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 32 trades (20 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-18Gilbert CisnerosHousePurchase$1,001 - $15,0002026-10-13
2026-09-18Gilbert CisnerosHousePurchase$1,001 - $15,0002026-10-12
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.24,040,619$12.4B7.16%
VANGUARD CAPITAL MANAGEMENT LLC17,744,980$9.1B5.28%
FMR LLC17,293,553$8.9B5.15%
STATE STREET CORP12,101,830$6.2B3.60%
Invesco Ltd.10,975,993$5.7B3.27%
Capital World Investors8,150,954$4.2B2.43%
GEODE CAPITAL MANAGEMENT, LLC7,362,995$3.8B2.19%
BAILLIE GIFFORD & CO6,471,615$3.3B1.93%
VANGUARD PORTFOLIO MANAGEMENT LLC6,350,652$3.3B1.89%
PRICE T ROWE ASSOCIATES INC /MD/4,773,100$2.5B1.42%
JPMORGAN CHASE & CO4,103,194$2.0B1.22%
WCM INVESTMENT MANAGEMENT, LLC3,709,328$1.9B1.10%
GOLDMAN SACHS GROUP INC3,192,790$1.6B0.95%
Capital International Investors2,968,827$1.5B0.88%
NORGES BANK2,921,649$1.5B0.87%

Institutional ownership by quarter

2023-092026-0668.0%
% of shares held by 13F filers
2023-092026-061,467
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,46768.0%218616490129
2026-03-311,39363.9%163529577336
2025-12-311,59270.8%301656536128
2025-09-301,44471.9%396526429126
2025-06-301,19859.6%28344241691
2025-03-311,01761.0%197415360153
2024-12-3199159.0%35525335946
2024-09-3070055.3%16629020566
2024-06-3060351.8%14726115948
2024-03-3151348.1%20416611451
2023-12-3136539.9%921409438
2023-09-3031737.4%108859430

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management6.3%19,337,914
2025-10-30SCHEDULE 13G/AThe Vanguard Group8.1%24,954,427
2025-10-17SCHEDULE 13GBlackRock, Inc.7.0%21,386,458
2025-07-16SCHEDULE 13G/ABlackRock, Inc.4.8%14,858,819
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.11%$2.7B
VTI0.11%$2.7B
VTSAX0.11%$2.7B
VSMPX0.11%$2.7B
VOO0.12%$2.1B
VFIAX0.12%$2.1B

Share structure

Shares outstanding335,939,517
Float265,401,669
Free float79.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.8B$2.8B$3.3B$4.7B$5.5B
Cost of revenue$988.1M$1.3B$1.1B$1.2B$665.1M
Gross profit$1.8B$1.6B$2.2B$3.5B$4.8B
R&D$366.4M$507.6M$592.4M$638.7M$226.5M
SG&A$1.3B$1.1B$983.3M$1.0B$437.2M
Operating income$150.0M−$47.8M$648.2M$1.9B$4.2B
EBITDA$580.5M$513.8M$1.1B$2.3B$4.4B
Pretax income$46.3M−$205.2M$380.6M$1.6B$4.0B
Income tax$11.0M−$12.2M$23.9M−$3.8M$519.7M
Net income$35.4M−$192.7M$356.7M$1.6B$3.3B
EPS, diluted$0.09$-0.52$0.98$4.53$9.75
Diluted shares342.8M371.6M362.6M347.8M342.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$1.1B$502.2M$741.4M$2.5B
Receivables$514.5M$702.8M$953.8M$1.4B$1.8B
Inventory$0$0$0$0$0
Total current assets$3.2B$1.9B$1.6B$2.3B$4.4B
PP&E, net$134.6M$138.9M$221.5M$198.6M$147.9M
Goodwill & intangibles$2.7B$3.5B$3.1B$2.7B$1.9B
Total assets$6.2B$5.8B$5.4B$5.9B$7.3B
Accounts payable$258.2M$273.2M$371.7M$563.4M$747.0M
Total current liabilities$640.1M$579.0M$944.1M$1.1B$1.3B
Long-term debt$3.2B$3.2B$2.9B$3.5B$3.5B
Total liabilities$4.0B$3.9B$4.1B$4.8B$5.1B
Shareholders' equity$2.1B$1.9B$1.3B$1.1B$2.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$35.3M−$192.9M$356.7M$1.6B$3.4B
Depreciation & amortization$431.1M$547.1M$489.0M$448.7M$194.8M
Stock-based compensation$133.2M$191.6M$363.1M$369.4M$210.4M
Change in working capital−$284.3M−$292.4M−$208.7M−$349.5M$77.9M
Operating cash flow$361.9M$412.8M$1.1B$2.1B$4.0B
Capital expenditure−$1.4M−$662,000−$4.2M−$4.8M−$28.3M
Free cash flow$360.5M$412.1M$1.1B$2.1B$3.9B
Investing cash flow−$1.2B−$1.4B−$77.8M−$106.8M$402.8M
Net debt issued / repaid$1.6B−$49.9M−$122.9M$368.7M−$20.5M
Buybacks$0−$338.9M−$1.2B−$981.3M−$2.2B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin65.1%55.4%67.7%78.4%86.5%
Operating margin6.3%-1.7%19.7%46.9%68.5%
Net margin2.1%-6.8%10.9%39.7%57.4%
FCF margin13.5%14.4%32.0%52.6%67.9%
ROE2.1%-9.5%22.6%134.7%206.8%
ROIC2.7%-0.9%15.5%47.8%108.4%
ROA0.7%-3.2%6.4%28.1%50.8%
Debt / equity1.561.722.533.261.66
Interest coverage1.9xn/m2.4x6.0x19.2x
Current ratio5.053.351.712.193.32
Revenue growth—+28.7%+16.5%+21.1%+46.0%
EPS growth—−483.3%+299.7%+344.2%+115.1%
P/E at year end702.9xn/m38.8x71.0x68.7x
EV / EBITDA at year end72.5x12.0x14.4x49.1x55.1x
FCF yield at year end0.91%10.29%7.59%1.86%1.72%
Dividend payout0.0%—0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Reportable Segment————$5.5B
Advertising Segment———$3.2B—
Apps$2.1B$1.8B$1.4B$1.5B—
Software Platform$674.0M$1.0B$1.8B——

Revenue by region · FY2025

UNITED STATES$2.8B · 52%
Non-US$2.7B · 48%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $4.04 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$8.1B$7.8B – $8.3B$15.74$15.04 – $16.102016.9x
2027$10.2B$9.9B – $10.9B$20.02$18.34 – $21.432113.3x
2028$12.5B$11.2B – $13.9B$25.05$18.93 – $27.951510.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$3.76$3.760.0%$1.9B$1.9B−0.9%
2026-05-06$3.44$3.56+3.5%$1.8B$1.8B+3.9%
2026-02-11$2.95$3.24+9.8%$1.6B$1.7B+2.8%
2025-11-05$2.38$2.45+2.9%$1.3B$1.4B+4.7%
2025-08-06$1.96$2.26+15.3%$1.2B$1.3B+2.8%
2025-05-07$1.44$1.67+16.0%$1.4B$1.5B+7.5%
2025-02-12$1.12$1.73+54.5%$1.3B$1.4B+8.8%
2024-11-06$0.92$1.25+35.9%$1.1B$1.2B+5.9%
2024-08-07$0.75$0.89+18.7%$1.1B$1.1B−0.1%
2024-05-08$0.57$0.67+17.5%$973.7M$1.1B+8.7%
2024-02-14$0.35$0.49+40.0%$928.2M$953.3M+2.7%
2023-11-08$0.27$0.30+11.1%$798.0M$864.3M+8.3%
2023-08-09$0.07$0.22+214.3%$724.3M$750.2M+3.6%
2023-05-10$0.05$-0.01−120.0%$693.5M$715.4M+3.2%
2023-02-08$0.05$-0.21−520.0%$690.9M$702.3M+1.7%
2022-11-09$0.07$0.06−14.3%$728.2M$713.1M−2.1%
2022-08-10$0.15$-0.06−140.0%$819.6M$776.2M−5.3%
2022-05-11$-0.04$0.18+608.5%$815.0M$625.4M−23.3%
2022-02-16$0.11$0.08−27.3%$780.4M$793.5M+1.7%
2021-11-10$0.10$0.00−99.5%$1.3B$727.0M−44.3%
2021-08-11$0.05$0.04−20.0%$668.8M$668.8M0.0%
2021-05-12$-0.01$-0.05−400.0%—$603.9M—

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.906-151.806-222.006-291.707-062.407-131.607-202.307-274.008-032.308-101.608-171.608-241.508-31
Week ofNotionalSharesTrades
2026-08-31$1.5B4,786,850123,351
2026-08-24$1.6B5,246,233128,813
2026-08-17$1.6B5,274,019137,158
2026-08-10$2.3B7,315,232197,436
2026-08-03$4.0B10,612,128242,929
2026-07-27$2.3B5,810,715148,053

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1527.8%
DateShort shareShort volumeTotal volume
2026-10-1527.8%555,3971,996,485
2026-10-1441.1%710,9571,731,234
2026-10-1336.1%535,4401,482,416
2026-10-1239.3%643,0621,638,219
2026-10-0943.2%592,4321,372,384
2026-10-0840.6%667,4551,645,928
2026-10-0744.0%639,8211,452,633
2026-10-0644.1%816,9201,851,029
2026-10-0543.1%1,388,5123,224,365
2026-10-0247.4%1,831,8793,866,247
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-4.5Jan+2.4Feb+0.9Mar-6.9Apr+25.1May-1.9Jun+3.3Jul+14.2Aug+13.0Sep+4.8Oct+15.7Nov-1.9Dec
MonthAvg returnUp yearsYears
Jan−4.5%60%5
Feb+2.4%40%5
Mar+0.9%60%5
Apr−6.9%40%5
May+25.1%80%5
Jun−1.9%60%5
Jul+3.3%60%5
Aug+14.2%80%5
Sep+13.0%40%5
Oct+4.8%40%5
Nov+15.7%40%5
Dec−1.9%60%5
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1436.9
MFI26.5
ADX24.1
Stochastic %K / %D14.2 / 11.5
Williams %R-89.5
CCI-73
TSI / signal-27.0 / -24.5
Chaikin money flow-0.12
ATR$14.27
Bollinger width28.4%
Volume vs 20-day avg0.69x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$290.06 (−8.3%)
SMA 50$305.68 (−12.9%)
SMA 200$434.73 (−38.8%)
EMA 21$287.44 (−7.4%)
EMA 50$318.26 (−16.4%)
EMA 200$408.89 (−34.9%)
Bollinger upper$331.25 (−19.7%)
Bollinger lower$248.87 (+6.9%)
Parabolic SAR$291.18 (−8.6%)
Open the live chart, 110+ indicators

About AppLovin Corporation

AppLovin Corporation provides a specialized software platform focused on empowering mobile application developers to enhance the marketing and revenue generation of their products. With operations spanning the United States and international markets, the company assists mobile app developers worldwide. Among its core software offerings is AppDiscovery, a marketing solution that intelligently connects advertiser demand with publisher supply through an auction-based model. Another key product is Adjust, an analytics platform that enables marketers to scale their mobile apps by offering capabilities for performance measurement, campaign optimization, and user data protection. Additionally, MAX is an in-app bidding software engineered to maximize the value derived from an app's advertising inventory by facilitating real-time competitive auctions. Its client base is broad, serving advertisers, publishers, internet platforms, and other stakeholders. Founded in 2011, the enterprise maintains its headquarters in Palo Alto, California.

https://www.applovin.com

Key executives

NameTitlePayBorn
Giovanni GeChief Technology Officer$837,075—
Victoria ValenzuelaConsultant & Director$457,0001974
Matt StumpfChief Financial Officer$427,3241984
Adam Arash ForoughiCo-Founder, CEO & Director$410,1351981
Corina CacoveanChief Legal Officer——
David HsiaoHead of Investor Relations——
Dmitriy DoroshVice President Controller & Principal Accounting Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Vasily Shikin Chief Technology Officer2025$400,000$12.6M$0$13.4M
Victoria Valenzuela Chief Administrative & Legal Officer and Corporate Secretary2025$400,000$12.6M$0$13.0M
Matthew Stumpf Chief Financial Officer2025$400,000$12.6M$0$13.0M
Adam Foroughi Chief Executive Officer2025$400,000$12.6M$0$13.0M

Employees

2k20212k20222k20232k20241k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Network Effects · 2026-06-30
Cost advantage81
Intangibles80
Switching costs43
Network effect85
Efficient scale73
Our component scores (0-100) and overall 70.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms