APP
AppLovin Corp
Technology • CIK: 0001751008
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Market Cap
$243.61B
P/E (TTM)
85.9x
Rev Growth (TTM)
+86.4%
Net Margin (TTM)
42.7%
FCF Yield (TTM)
1.4%
FCF Margin (TTM)
50.6%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$3.4B
Q3 '25
$1.1B+36%
Q2 '25
$772M-7%
FCF Margin
TTM50.6%
Q3 '2575.0%+22%
Sector: 14.5%Top 10%
OCF Margin50.6%
OCF/NI1.19x
CapEx Coverage–
FCF Yield1.4%
FCF Growth (2Y)+116%
Cash Conversion Cycle
-58 days
DSO: 80+DIO: 0−DPO: 138
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.7%
Div Yield0.0%
+Buyback (TTM)0.7%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$3.4B
Stock Repurchases (TTM)$1.8B
Capital Return / FCF52.9%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
66.0%
Volatile
+1.0% YoY+55.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
45.5%
8Q: 46.4%
Asset Turnover
1.13x
8Q: 0.83x
Leverage (1+D/E)
3.38x
D/E: 2.38x
DuPont: 174.2% ≈ 66.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
43.84x
8Q:31.13x
+2163.2%
Invested Cap Turn
1.73x
8Q:1.18x
+71.7%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $6.6B | $1.4B↑11.6% | $1.3B↓15.2% | $1.5B↓40.3% | $2.5B↑197.5% | $835.2M↑17.5% | $711.0M↓32.8% | $1.1B↑11.0% | $953.3M |
Operating Income | $3.3B | $1.1B↑12.7% | $957.7M↑44.3% | $663.5M↑12.3% | $590.8M↑10.6% | $534.3M↑39.0% | $384.4M↑13.2% | $339.6M↑26.0% | $269.5M |
Net Income | $2.8B | $835.5M↑2.0% | $819.3M↑42.2% | $576.3M↓3.7% | $598.7M↑37.8% | $434.3M↑40.1% | $309.9M↑32.0% | $234.7M↑36.9% | $171.4M |
Operating Cash Flow | $3.4B | $1.1B↑36.4% | $772.2M↓7.2% | $831.7M↑18.6% | $701.0M↑27.3% | $550.7M↑21.2% | $454.5M↑15.7% | $392.8M↑14.2% | $344.0M |
Free Cash Flow | $3.4B | $1.1B↑36.4% | $772.2M↓7.2% | $831.7M↑18.6% | $701.0M↑27.3% | $550.7M↑21.2% | $454.5M↑15.7% | $392.8M↑14.3% | $343.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
85.9x
Volatile
8Q: 122.9x+16544%
Valuation Lenses
Earnings
85.9x
vs – sector
Cash Flow
35.2x
EV/FCF vs –
Growth-Adj
0.6xPEG
Undervalued for growth
Quality-Adj
1.3P/E per %ROIC
ROIC: 66.0%
Shareholder Returns
Dividend
–
Buyback
0.7%
Total Yield
0.7%
Market Cap$243.61B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
70/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
2.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
66.0%
8Q:–
+55.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 45.5%
Asset Turnover: 1.13x
Earnings Quality
Cash Conversion
1.19x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin78.9%
Capital Efficiency
Invested Capital Turnover1.73x
Working Capital
Cash Conversion Cycle-58 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
86.4%
OpInc Growth YoY
101.9%
EPS Growth YoY
150.2%
FCF 3Y CAGR
115.9%
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
78.9%
Operating
49.6%
Top 25% in sector
Net
42.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+8.0 pts
FCF: 50.6% | Net: 42.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $1.85B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.38x
Balance sheet risk & solvency analysis