APP
AppLovin Corp
Technology • CIK: 0001751008
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Market Cap
$125.83B
P/E (TTM)
31.8x
Rev Growth (TTM)
+66.4%
Net Margin (TTM)
64.3%
FCF Yield (TTM)
3.5%
FCF Margin (TTM)
71.9%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.4B
Q1 '26
$1.3B-2%
Q4 '25
$1.3B+25%
FCF Margin
TTM71.9%
Q1 '2670.1%-12%
Sector: 8.5%Top 10%
OCF Margin71.9%
OCF/NI1.12x
CapEx Coverage–
FCF Yield3.5%
FCF Growth (2Y)+82%
Cash Conversion Cycle
-213 days
DSO: 100+DIO: 0−DPO: 313
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.7%
Div Yield0.0%
+Buyback (TTM)1.7%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$4.4B
Stock Repurchases (TTM)$2.2B
Capital Return / FCF49.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
79.5%
Volatile
+0.3% YoY+49.0%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
65.8%
8Q: 65.9%
Asset Turnover
0.94x
8Q: 0.83x
Leverage (1+D/E)
2.49x
D/E: 1.49x
DuPont: 153.5% ≈ 79.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
47.32x
8Q:31.68x
+4567.6%
Invested Cap Turn
1.36x
8Q:1.26x
+73.3%
Depreciation Rate Trend
⚠ Declining -314.2%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $6.2B | $1.8B↑11.1% | $1.7B↑18.0% | $1.4B↑11.6% | $1.3B↑8.6% | $1.2B↑16.0% | $999.5M↑19.7% | $835.2M↑17.5% | $711.0M |
Operating Income | $4.8B | $1.4B↑12.9% | $1.3B↑18.2% | $1.1B↑12.7% | $957.7M↑14.0% | $840.0M↑33.7% | $628.3M↑17.6% | $534.3M↑39.0% | $384.4M |
Net Income | $4.0B | $1.2B↑9.4% | $1.1B↑31.9% | $835.5M↑2.0% | $819.3M↑42.2% | $576.3M↓3.7% | $598.7M↑37.8% | $434.3M↑40.1% | $309.9M |
Operating Cash Flow | $4.4B | $1.3B↓1.7% | $1.3B↑24.7% | $1.1B↑36.4% | $772.2M↓7.2% | $831.7M↑18.6% | $701.0M↑27.3% | $550.7M↑21.2% | $454.5M |
Free Cash Flow | $4.4B | $1.3B↓1.7% | $1.3B↑24.7% | $1.1B↑36.4% | $772.2M↓7.2% | $831.7M↑19.9% | $693.7M↑26.7% | $547.5M↑20.5% | $454.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
31.8x
Volatile
8Q: 150.3x+7793%
Valuation Lenses
Earnings
31.8x
vs – sector
Cash Flow
28.8x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
0.4P/E per %ROIC
ROIC: 79.5%
Shareholder Returns
Dividend
–
Buyback
1.7%
Total Yield
1.7%
Market Cap$125.83B
EV$127.62B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
73/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
2.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
79.5%
8Q:–
+49.0%
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 65.8%
Asset Turnover: 0.94x
Earnings Quality
Cash Conversion
1.12x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin88.4%
Capital Efficiency
Invested Capital Turnover1.36x
Working Capital
Cash Conversion Cycle-213 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
66.4%
OpInc Growth YoY
71.4%
EPS Growth YoY
110.4%
FCF 3Y CAGR
82.2%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
88.4%
Operating
77.1%
Top 25% in sector
Net
64.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+7.6 pts
FCF: 71.9% | Net: 64.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $755.35M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.49x
Balance sheet risk & solvency analysis