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US mobile advertising technology company helping app developers market and monetize apps through its AI-driven ad engine.
US mobile advertising technology company helping app developers market and monetize apps through its AI-driven ad engine.
Takes a cut of advertising spend: advertisers pay for app installs and purchases that its auction engine delivers, and the developers whose apps show the ads receive their share. It sold its own mobile-games business in 2025 to become a pure advertising-software company, and is extending the engine to web and e-commerce advertisers.
Moat: narrow (data, scale, network effects). Large first-party ad-performance data set trains its AXON algorithm, improving targeting versus smaller rivals.
Headquarters: Palo Alto, California, US · Founded: 2012 · Employees: 898
Size AppLovin (APP) is a United States Information Technology company (Packaged Software) with a market value of $131B, the 93rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $391.22 on 6 Nov 2026.
Performance Over six months the shares fell 16.5%, against +9.4% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 28.5% over the last twelve months (peer median +21.7%); the operating margin is 77.7% (peer median 18.7%).
Valuation It trades at 20.0× forward earnings against a peer median of 22.4× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 102.6 points above its cost of capital (17.1% WACC).
Credit AppLovin has 4 bonds outstanding ($3.55B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 96 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.83B | $5.48B | $3.22B | $3.28B | $3.03B |
| Revenue growth | — | +70% | -2% | +8% | — |
| Gross profit | $5.99B | $4.76B | $2.65B | $2.16B | $1.70B |
| EBITDA | $5.44B | $4.38B | $2.38B | $1.14B | $748M |
| Net income | $4.41B | $3.43B | $1.58B | $355M | -$193M |
| Free cash flow | $4.53B | $3.97B | $2.10B | $1.06B | $412M |
| Capital expenditure | $28.3M | $28.3M | $25.6M | $4.25M | $6.61M |
| Total debt | $3.52B | $3.54B | $3.55B | $3.34B | $3.35B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AppLovin APP | $131B | -16% | +29% | 78% | 20.0× | 28.2% |
| Unity Software U | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% |
| Meta Platforms META | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% |
| Digital Turbine APPS | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +39.7% | -7.2% | highest of 21 |
| 6-month return | -16.5% | +9.4% | 2nd lowest of 21 |
| Distance from 52-week high | -47.0% | -26.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +28.5% | +21.7% | 7th highest of 21 |
| Operating margin | 77.7% | 18.7% | highest of 21 |
| Forward P/E | 20.0× | 22.4× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 28.2% | 23.8% | 9th least demanding of 17 |
| Growth delivered (Del g) | +30.4% | +14.5% | 4th highest of 17 |
| Hurdle (Req g minus delivered) | -2.3 pp | +4.9 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | +102.6 pp | -0.5 pp | highest of 20 |
| EV / EBITDA | 24.1× | 17.2× | 6th most expensive of 14 |
| Net debt / EBITDA | 0.1× | 0.2× | 8th least indebted of 20 |
| Bond spread | 96 bp | 91 bp | 7th widest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AppLovin APP | United States | $131B | -16% | +29% | 78% | 20.0× | 28.2% | +30.4% |
| ServiceNow NOW | United States | $106B | +12% | +22% | 13% | 22.4× | 29.5% | +24.1% |
| Salesforce CRM | United States | $176B | +18% | +11% | 22% | 14.6× | 13.7% | +14.3% |
| SNOW SNOW | United States | $97.3B | +81% | +32% | -22% | 108.4× | 41.3% | +51.2% |
| Adobe ADBE | United States | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% | +13.1% |
| Intuit INTU | United States | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% | +17.4% |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 30% | 34.0× | 29.9% | +14.6% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 12% | 25.6× | 39.2% | +13.9% |
| Prosus PRX.AS | Netherlands | $83.9B | -3% | +45% | 3% | 10.1× | 55.8% | +13.8% |
| CrowdStrike CRWD | United States | $222B | +64% | +24% | -1% | 153.6× | 52.4% | +40.6% |
| Palo Alto Networks PANW | United States | $257B | +51% | +24% | 5% | 75.0× | n/a | n/a |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 2% | 61.0× | n/a | n/a |
| Sap SAP.DE | Germany | $276B | +49% | +8% | 29% | 29.8× | 14.9% | +6.1% |
| Autodesk ADSK | United States | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% | +13.7% |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| Oracle ORCL | United States | $351B | -41% | +22% | 34% | 13.6× | n/a | n/a |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
| Palantir Technologies PLTR | United States | $386B | +16% | +87% | 46% | 69.8× | 56.6% | +32.6% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
AppLovin has 4 bonds outstanding with $3.55B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.69%, a spread of 96 bp over government bonds.