AppLovin vs DoubleVerify
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The short version
- AppLovin is the larger business, with $5.5B of revenue in fiscal 2025 against $748M for DoubleVerify, about 7.3 times as much.
- AppLovin grew revenue faster (70.0%, against 13.9%).
- AppLovin kept more of each dollar of sales as operating profit (75.8% operating margin, against 10.6%).
- Investors pay more for each dollar of DoubleVerify’s earnings: a P/E of 38.7x against 20.0x for AppLovin.
| Latest fiscal year | APP · FY25 | DV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $87.7B | $2.1B |
| Revenue | $5.5B | $748M |
| Free cash flow | — | $173M |
| Net income | $3.3B | $50.6M |
| Growth | ||
| Revenue growth | 70.0% | 13.9% |
| 5-year growth | 30.5% | 25.1% |
| Share count change | −1.7% | −4.8% |
| Profitability | ||
| Gross margin | 87.9% | 82.2% |
| Operating margin | 75.8% | 10.6% |
| Net margin | 60.8% | 6.8% |
| FCF margin | — | 23.1% |
| Return on capital | 98.2% | — |
| Return on equity | 206.8% | 4.6% |
| Balance sheet | ||
| Net debt | $1.1B | — |
| Net debt / EBITDA | 0.3x | — |
| Dividends and buybacks | $2.2B | $132M |
| Valuation & quality | ||
| P/E | 20.0x | 38.7x |
| Piotroski F-score | 9 | — |
Revenue
FY19
APP $994M
DV $183M
FY20
APP $1.5B
DV $244M
FY21
APP $2.8B
DV $333M
FY22
APP $2.8B
DV $452M
FY23
APP $1.8B
DV $573M
FY24
APP $3.2B
DV $657M
FY25
APP $5.5B
DV $748M
APP
DV
Operating margin
FY19
APP 19.6%
DV 21.4%
FY20
APP −4.3%
DV 8.8%
FY21
APP 5.4%
DV 8.0%
FY22
APP −1.7%
DV 13.1%
FY23
APP 41.9%
DV 15.0%
FY24
APP 59.3%
DV 12.6%
FY25
APP 75.8%
DV 10.6%
APP
DV
Free cash flow
FY19
APP $195M
DV $23.5M
FY20
APP $220M
DV $11.5M
FY21
APP $360M
DV $73.4M
FY22
APP $412M
DV $54.9M
FY23
APP $1.1B
DV $103M
FY24
APP $2.1B
DV $133M
FY25
APP —
DV $173M
APP
DV
Return on capital
FY19
APP —
DV —
FY20
APP —
DV —
FY21
APP 4.5%
DV —
FY22
APP −0.9%
DV —
FY23
APP 16.8%
DV —
FY24
APP 45.3%
DV —
FY25
APP 98.2%
DV —
APP
DV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.