APP - AppLovin Corporation
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$652.20
DETAILS
HIGH:
$835.00
LOW:
$340.00
MEDIAN:
$665.00
CONSENSUS:
$652.20
UPSIDE:
35.40%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 5,480.7 | 3,224.1 | 1,841.8 | 2,817.1 | 2,793.1 | 1,451.1 | 994.1 | 483.4 |
| Cost of Revenue | 665.1 | 520.6 | 356.6 | 1,256.1 | 988.1 | 555.6 | 241.3 | 53.8 |
| Gross Profit | 4,815.6 | 2,703.4 | 1,485.1 | 1,561.0 | 1,805.0 | 895.5 | 752.8 | 429.6 |
| Operating Expenses | ||||||||
| R&D Expenses | 226.5 | 374.7 | 333.8 | 507.6 | 366.4 | 180.7 | 45.0 | 16.3 |
| SG&A Expenses | 437.2 | 417.8 | 379.0 | 1,101.2 | 1,288.6 | 694.2 | 513.5 | 181.7 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 82.7 | 0 | (10.8) |
| Operating Expenses | 663.7 | 792.5 | 712.7 | 1,608.8 | 1,655.0 | 957.5 | 558.5 | 187.2 |
| Operating Income | ||||||||
| Operating Income | 4,151.9 | 1,911.0 | 772.4 | (47.8) | 150.0 | (62.0) | 194.4 | 242.4 |
| Interest Expense | 207.0 | 317.2 | 273.5 | 171.9 | 103.2 | 77.9 | 74.0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.0 |
| Profitability | ||||||||
| EBITDA | 4,354.7 | 2,377.8 | 1,264.1 | 513.8 | 580.5 | 197.1 | 293.0 | 247.7 |
| EBIT | 4,159.9 | 1,929.2 | 775.1 | (33.3) | 149.5 | (57.8) | 200.2 | 231.7 |
| Income Before Tax | 3,952.9 | 1,611.9 | 501.6 | (205.2) | 46.3 | (135.7) | 126.2 | (240.3) |
| Income Tax Expense | 519.7 | 22.4 | 43.8 | (12.2) | 11.0 | (9.8) | 7.2 | 19.7 |
| Net Income | 3,333.8 | 1,579.8 | 357.2 | (192.7) | 35.4 | (125.2) | 119.0 | (260.0) |
| Per Share Data | ||||||||
| EPS (Basic) | 9.84 | 4.68 | 1.01 | -0.52 | 0.10 | -0.58 | 0.36 | -1.37 |
| EPS (Diluted) | 9.75 | 4.53 | 0.98 | -0.52 | 0.09 | -0.58 | 0.36 | -1.37 |
| Shares Outstanding | 338.8 | 336.9 | 352.0 | 371.6 | 324.8 | 214.9 | 212.4 | 189.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 2,487.1 | 741.4 | 502.2 | 1,080.5 | 1,520.5 | 317.2 | 396.2 | 276.1 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 1,819.4 | 1,414.2 | 953.8 | 702.8 | 514.5 | 297.0 | 161.3 | 122.5 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 124.3 | 156.5 | 160.2 | 155.8 | 1,050 | 0 | 0 | 1.7 |
| Total Current Assets | 4,430.8 | 2,312.2 | 1,616.2 | 1,939.1 | 3,235.1 | 663.0 | 586.2 | 407.5 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 147.9 | 198.6 | 221.5 | 138.9 | 134.6 | 112.9 | 22.8 | 8.5 |
| Goodwill | 1,540.0 | 1,803.4 | 1,842.8 | 1,823.8 | 966.4 | 249.8 | 137.1 | 98.6 |
| Intangible Assets | 396.7 | 896.7 | 1,292.6 | 1,677.7 | 1,709.3 | 1,086.3 | 440.9 | 13.2 |
| Long-Term Investments | 287.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 456.5 | 658.4 | 386.0 | 268.4 | 118.2 | 42.6 | 15.4 | 8.9 |
| Total Non-Current Assets | 2,828.8 | 3,557.1 | 3,743.0 | 3,908.8 | 2,928.5 | 1,491.6 | 616.3 | 129.3 |
| Total Assets | 7,259.6 | 5,869.3 | 5,359.2 | 5,847.8 | 6,163.6 | 2,154.6 | 1,202.5 | 536.9 |
| Current Liabilities | ||||||||
| Account Payables | 747.0 | 563.4 | 371.7 | 273.2 | 258.2 | 147.3 | 70.5 | 59.5 |
| Short-Term Debt | 0 | 0 | 215 | 33.3 | 25.8 | 15.2 | 12.2 | 0 |
| Deferred Revenue | 47.7 | 69.8 | 78.6 | 64.0 | 78.9 | 86.9 | 8.2 | 0 |
| Other Current Liabilities | 18.3 | 64.6 | 48.3 | 70.6 | 157.8 | 270.5 | 108.1 | 41.9 |
| Total Current Liabilities | 1,333.8 | 1,057.5 | 944.1 | 579.0 | 640.1 | 598.1 | 238.9 | 113.9 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 3,513.0 | 3,509.0 | 2,905.9 | 3,178.4 | 3,201.8 | 1,584.0 | 1,168.4 | 796.1 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 260.4 | 180.4 | 209.9 | 133.6 | 120.9 | 59.0 | 39.1 | 5.2 |
| Total Non-Current Liabilities | 3,791.2 | 3,722.0 | 3,158.7 | 3,366.2 | 3,385.2 | 1,714.8 | 1,220.2 | 801.3 |
| Total Liabilities | 5,124.9 | 4,779.4 | 4,102.9 | 3,945.2 | 4,025.3 | 2,312.8 | 1,459.1 | 915.2 |
| Stockholders' Equity | ||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | 1,735.1 | 599.2 | (813.0) | (1,169.7) | (977.0) | (1,012.4) | (887.2) | (1,006.3) |
| Accumulated Other Comprehensive Income | (47.0) | (103.1) | (65.3) | (83.4) | (45.5) | 0.6 | (4.1) | (2.6) |
| Total Stockholders' Equity | 2,134.7 | 1,089.8 | 1,256.3 | 1,902.7 | 2,138.1 | (158.5) | (256.6) | (378.4) |
| Total Liabilities & Equity | 7,259.6 | 5,869.3 | 5,359.2 | 5,847.8 | 6,163.6 | 2,154.6 | 1,202.5 | 536.9 |
| Debt Metrics | ||||||||
| Total Debt | 3,544.7 | 3,556.4 | 3,177.4 | 3,280.2 | 3,330.5 | 1,696.0 | 1,195.8 | 796.1 |
| Net Debt | 1,057.6 | 2,815.0 | 2,675.3 | 2,199.7 | 1,810.0 | 1,378.7 | 799.6 | 520.0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 3,433.2 | 1,579.8 | 356.7 | (192.9) | 35.3 | (125.9) | 119.0 | (260.0) |
| Depreciation & Amortization | 194.8 | 448.7 | 489.0 | 547.1 | 431.1 | 255.0 | 92.8 | 16.1 |
| Stock-Based Compensation | 210.4 | 369.4 | 363.1 | 191.6 | 133.2 | 62.4 | 10.2 | 5.5 |
| Change in Working Capital | 77.9 | (349.5) | (208.7) | (292.4) | (284.3) | (67.0) | (31.2) | (18.9) |
| Other Non-Cash Items | 54.8 | 50.7 | 61.4 | 159.5 | 46.6 | 98.5 | 7.6 | 396.4 |
| Operating Cash Flow | 3,971.1 | 2,099.0 | 1,061.5 | 412.8 | 361.9 | 222.9 | 198.5 | 139.0 |
| Investing Activities | ||||||||
| Capital Expenditure | (28.3) | (4.8) | (4.2) | (0.7) | (1.4) | (3.2) | (3.4) | (1.4) |
| Acquisitions | 407.3 | (25.6) | (63.9) | (1,345.8) | (1,210.5) | (674.6) | (404.2) | (65.9) |
| Purchases of Investments | (20.2) | (77.0) | (17.9) | (66.3) | (15) | (2) | (4) | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 44.0 | 0.6 | 8.2 | 41.3 | 12.0 | 0 | 0 | 0.2 |
| Investing Cash Flow | 402.8 | (106.8) | (77.8) | (1,371.5) | (1,214.9) | (679.9) | (411.6) | (67.2) |
| Financing Activities | ||||||||
| Net Debt Issuance | (20.5) | 368.7 | (122.9) | (49.9) | 1,597.3 | 407.3 | 372.0 | (397.9) |
| Stock Repurchased | (2,191.9) | (981.3) | (1,153.6) | (338.9) | 0 | (1.8) | (0.0) | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (405.9) | (1,137.3) | (286.3) | (138.1) | (232.9) | (37.0) | (38.8) | 399.5 |
| Financing Cash Flow | (2,593.1) | (1,749.8) | (1,562.8) | (526.8) | 3,109.5 | 377.9 | 333.2 | 1.6 |
| Cash Position | ||||||||
| Net Change in Cash | 1,745.7 | 239.3 | (578.3) | (1,490.0) | 2,253.3 | (79.0) | 120.1 | 73.5 |
| Cash at Beginning | 741.4 | 502.2 | 1,080.5 | 2,570.5 | 317.2 | 396.2 | 276.1 | 202.6 |
| Cash at End | 2,487.1 | 741.4 | 502.2 | 1,080.5 | 2,570.5 | 317.2 | 396.2 | 276.1 |
| Free Cash Flow | 3,942.8 | 2,094.2 | 1,057.3 | 412.1 | 360.5 | 219.6 | 195.1 | 137.6 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 5,480.7 | 3,224.1 | 1,841.8 | 2,817.1 | 2,793.1 | 1,451.1 | 994.1 | 483.4 |
| Gross Profit | 4,815.6 | 2,703.4 | 1,485.1 | 1,561.0 | 1,805.0 | 895.5 | 752.8 | 429.6 |
| Operating Income | 4,151.9 | 1,911.0 | 772.4 | (47.8) | 150.0 | (62.0) | 194.4 | 242.4 |
| Net Income | 3,333.8 | 1,579.8 | 357.2 | (192.7) | 35.4 | (125.2) | 119.0 | (260.0) |
| EPS (Diluted) | 9.75 | 4.53 | 0.98 | -0.52 | 0.09 | -0.58 | 0.36 | -1.37 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 2,487.1 | 741.4 | 502.2 | 1,080.5 | 1,520.5 | 317.2 | 396.2 | 276.1 |
| Total Assets | 7,259.6 | 5,869.3 | 5,359.2 | 5,847.8 | 6,163.6 | 2,154.6 | 1,202.5 | 536.9 |
| Total Debt | 3,544.7 | 3,556.4 | 3,177.4 | 3,280.2 | 3,330.5 | 1,696.0 | 1,195.8 | 796.1 |
| Stockholders' Equity | 2,134.7 | 1,089.8 | 1,256.3 | 1,902.7 | 2,138.1 | (158.5) | (256.6) | (378.4) |
| Cash Flow | ||||||||
| Operating Cash Flow | 3,971.1 | 2,099.0 | 1,061.5 | 412.8 | 361.9 | 222.9 | 198.5 | 139.0 |
| Capital Expenditure | (28.3) | (4.8) | (4.2) | (0.7) | (1.4) | (3.2) | (3.4) | (1.4) |
| Free Cash Flow | 3,942.8 | 2,094.2 | 1,057.3 | 412.1 | 360.5 | 219.6 | 195.1 | 137.6 |