AppLovin
APP Nasdaq· Advertising
Last close · Oct 26, 2026
$260.74
KIRA · Stoqly’s AI analyst, in plain words
- AppLovin had $5.5B of revenue in fiscal 2025, up 70.0% on the year before. Over five years, revenue changed +30.5% a year on average.
- Its operating margin was 75.8%, up 16.5 pts: of every 100 in sales, about 76 is left after running the business.
- AppLovin made $3.3B of net profit in fiscal 2025. From fiscal 2019 to 2025, diluted EPS grew 73.3% a year.
- AppLovin returned $2.2B to shareholders in fiscal 2025. The diluted share count fell 1.7%.
- AppLovin owes $1.1B more than it holds in cash, about 0.3 years of operating profit.
Market cap
$87.9B
P/E
20.0x
Revenue
$5.5B
Net income
$3.3B
Free cash flow
—
Operating margin
75.8%
AppLovin in 30 seconds · fiscal 2025
Are sales growing?
+70.0%
Yes. Sales grew 70.0% last year.
Does it make a profit?
60.8%
Yes. It keeps 60.8% of every sale as profit.
Is debt under control?
0.3x
Yes. It could repay its debt with 0.3 years of operating profit.
How healthy are the accounts?
9 / 9
Solid. It passes 9 of 9 health tests.
How is the share priced?
20.0x
One share costs 20.0 times its yearly profit per share. Typical for its sector: 17.1x.
What AppLovin does
AppLovin sells advertising software that helps companies find users for their mobile apps and helps app makers earn money from the ads shown in them. Its customers are advertisers, mostly app developers who want more users, and publishers, mainly makers of mobile games who sell ad space inside their apps. Its main product is Axon Ads Manager, which uses an AI recommendation engine to match advertiser demand with publisher ad space in auctions that run in fractions of a second. Advertisers set a target return on their ad spend and are charged based on those goals, not a fixed price per view or click. Axon Ads Manager brings in substantially all of the company's revenue. Other products are MAX, which runs auctions for publishers' ad space, Adjust, a service that measures and analyzes app marketing, and Wurl, a platform for streaming video and ads on connected TV. On June 30, 2025, AppLovin completed the sale of its Apps business, which made mobile games.
Biggest risks, in its own words
- Results that may swing from one period to the next.
- Changes in the policies of the third-party platforms it depends on, which could hurt its advertising products.
- Heavy dependence on its co-founder and chief executive and a lean management team.
- Revenue concentrated in mobile apps, with no guarantee of expanding beyond them.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Legal name
- AppLovin Corporation
- CIK
- 0001751008
AppLovin · APP
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B |
| Revenue growth | 92.5% | 0.9% | −34.6% | 75.1% | 70.0% |
| Gross margin | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% |
| Operating margin | 5.4% | −1.7% | 41.9% | 59.3% | 75.8% |
| Net income | $35.4M | −$193M | $357M | $1.6B | $3.3B |
| Net margin | 1.3% | −6.8% | 19.4% | 49.0% | 60.8% |
| Diluted EPS | $0.09 | −$0.52 | $0.98 | $4.53 | $9.75 |
| Cash | |||||
| Cash from operations | $362M | $413M | $1.1B | $2.1B | $4.0B |
| Capital expenditure | $1.4M | $0.7M | $4.2M | $4.8M | — |
| Free cash flow | $360M | $412M | $1.1B | $2.1B | — |
| FCF margin | 12.9% | 14.6% | 57.4% | 65.0% | — |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $339M | $1.2B | $981M | $2.2B |
| Share count change | 59.5% | 8.4% | −2.4% | −4.1% | −1.7% |
| Debt and strength | |||||
| Cash and short-term investments | $1.5B | $1.1B | $502M | $697M | $2.5B |
| Debt incl. finance leases | $3.3B | $3.3B | $3.5B | $3.7B | $3.6B |
| Shareholders' equity | $2.1B | $1.9B | $1.3B | $1.1B | $2.1B |
| Net debt / EBITDA | 3.1x | 4.5x | 2.4x | 1.3x | 0.3x |
| Current ratio | 5.1x | 3.4x | 1.7x | 2.2x | 3.3x |
| Interest coverage | 1.5x | −0.3x | 2.7x | 6.2x | 20.7x |
| Returns and quality | |||||
| Return on capital | 4.5% | −0.9% | 16.8% | 45.3% | 98.2% |
| Return on equity | 3.6% | −9.5% | 22.6% | 134.7% | 206.8% |
| Piotroski F-score | — | 3 | 6 | 8 | 9 |
| Altman Z'' | 3.0 | 1.3 | 1.6 | 4.2 | 7.9 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$572M
9 insiders
Of sales under plans
52%
$299M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
AppLovin · APP
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| AppLovin APP | $87.9B | 70.0% | 75.8% | — | 98.2% | 20.0x | 9 |
| The Trade Desk TTD | $6.0B | 18.5% | 20.4% | 27.5% | — | 15.4x | — |
| Omnicom Group OMC | $22.0B | 10.1% | 2.6% | 16.1% | 2.0% | 77.5x | 3 |
| Ziff Davis ZD | $2.1B | 3.5% | 12.6% | 19.8% | 6.0% | 3.3x | 6 |
| DoubleVerify DV | $2.1B | 13.9% | 10.6% | 23.1% | — | 38.7x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $260.74 a share, the company is worth $87.9B: 20.0 times its earnings of the last four quarters.
AppLovin grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001751008). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.