AppLovin Corporation

NasdaqGS-APP

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	684.1	323.8	39.9	10.5	94.3	—
Total Shares Outstanding	338	340	339.9	373.9	375.1	226.4
Market Cap	231,178.1	110,115.7	13,544.5	3,936.9	35,355.9	—
Total Enterprise Value (TEV)	233,023.2	112,927.7	16,219.7	6,136.6	36,094.2	—
Buyback Yield	0.8%	0.9%	8.3%	7.8%	-5%	—
Debt Paydown Yield	—	-0.4%	0.8%	0.7%	-4.6%	—
Shareholder Yield	0.8%	0.5%	9.1%	8.5%	-9.6%	—
P/S	41.9	23.4	4.1	1.4	12.7	—
P/Gross Profit	50.3	31.1	6.1	2.5	19.6	—
P/E	83	71.5	40.7	-20.2	1,047.3	—
Earnings Yield	1.2%	1.4%	2.5%	-4.9%	0.1%	—
P/OCF	68.8	52.5	12.8	9.5	97.7	—
P/FCF	68.8	52.6	12.8	9.6	98.1	—
FCF Yield	1.5%	1.9%	7.8%	10.5%	1%	—
P/B	156.8	101	10.8	2.1	16.5	—
EV/Sales	42.2	24	4.9	2.2	12.9	—
EV/Gross Profit	50.7	31.9	7.3	3.9	20	—
EV/EBITDA	64.8	48.6	14.3	12.3	62.1	—
EV/EBIT	70.4	60.3	25	-128.4	240.6	—
EV/OCF	69.4	53.8	15.3	14.9	99.7	—
EV/FCF	69.4	53.9	15.3	14.9	100.1	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	83.3%	75.2%	67.7%	55.4%	64.6%	61.7%
Operating Margin	59.9%	39.8%	19.7%	-1.7%	5.4%	-4.3%
EBITDA Margin	65.2%	49.3%	34.6%	17.7%	20.8%	13.3%
Net Profit Margin	51.3%	33.5%	10.9%	-6.8%	1.3%	-8.7%
Effective Tax Rate	8.4%	-0.2%	6.3%	6%	23.7%	7.2%
Pre-Tax Profit Margin	55%	33.5%	11.6%	-7.3%	1.7%	-9.4%
Free Cash Flow Margin	60.8%	44.5%	32.2%	14.6%	12.9%	15.1%
OCF / Sales	60.8%	44.6%	32.3%	14.7%	13%	15.4%
OCF / Net Income	118.6%	132.9%	297.6%	-213.9%	1,024%	-177%
FCF / OCF	100%	99.8%	99.6%	99.8%	99.6%	98.5%
FCF / Net Income	118.6%	132.6%	296.4%	-213.6%	1,020%	-174.4%
FCF / EBITDA	93.3%	90.2%	93%	82.5%	62%	113.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	83%	44.1%	14.2%	-1.2%	4.5%	-4.4%
Return on Assets	49.6%	33.4%	10.8%	-0.7%	2.8%	-3.4%
Return on Equity	220.8%	134.7%	22.6%	-9.5%	3.6%	60.7%
Return on Total Capital	86.3%	56.2%	18.8%	-1.4%	4.2%	-3.1%
Return on Capital Employed	62.8%	40.6%	13.4%	-0.9%	4.2%	-4.9%
Return on Tangible Assets	64.6%	51.3%	15.6%	-6.6%	1.6%	-17.5%
Receivables Turnover	3.8	4.2	4	4.6	6.9	6.3
Days Sales Outstanding	95.4	86.7	92.1	78.9	53	57.6
Payables Turnover	1.8	2.7	3.3	4.7	4.9	5.1
Days Payables Outstanding	202.1	137	111.1	77.2	74.9	71.5
Cash Conversion Cycle	-106.7	-50.3	-19	1.7	-21.9	-13.9
Asset Turnover	0.9	0.8	0.6	0.5	0.7	0.9
Fixed Asset Turnover	38	24.7	18.2	20.6	22.6	21.4
Operating Cycle	95.4	86.7	92.1	78.9	53	57.6
CapEx to OCF	—	0	0	0	0	0
CapEx to Revenue	—	0	0	0	0	0
CapEx to Depreciation	—	0	0	0	0	0

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	3,512	3,509	3,177.4	3,280.2	3,308.5	1,693.2
Net Debt	1,845.1	2,812	2,675.3	2,199.7	738	1,375.9
Current Ratio	3.2	2.2	1.7	3.3	5.1	1.1
Quick Ratio	3	1.9	1.5	3.1	4.8	1
Cash Ratio	1.6	0.7	0.5	1.9	4	0.5
Debt Ratio	0.6	0.6	0.6	0.6	0.5	0.8
Assets to Equity	4.3	5.4	4.3	3.1	2.9	-13.6
Cash Flow to Debt Ratio	1	0.6	0.3	0.1	0.1	0.1
Long-term Debt to Assets	0.6	0.6	0.6	0.6	0.5	0.8
Intangibles to Total Assets	0.3	0.3	0.6	0.6	0.4	0.6
Net Current Asset Value	-1,381.5	-2,467.3	-2,486.7	-2,006.1	-790.4	-2,049.7
Goodwill / Assets	0.2	0.2	0.3	0.3	0.2	0.1
Debt / Equity	2.4	3.2	2.5	1.7	1.5	-10.7
Total Debt / Capitalization	1	1	1	1	1	0.8
Long Term Debt / Capitalization	1	1	0.9	1	1	0.8
Long-Term Debt / Equity	2.4	3.2	2.3	1.7	1.5	-10.5
Net Debt / EBITDA	0.5	1.2	2.4	4.4	1.3	7.1

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	16.1	13.5	9.1	7.6	8.1	6.8
Basic EPS	8.4	4.7	1	-0.5	0.1	-0.6
Diluted EPS	8.2	4.5	1	-0.5	0.1	-0.6
Book Value per Share	4.3	3.1	3.5	5.1	6.2	-0.7
Tangible Book Value per Share	-1.4	-2.4	-5.2	-4.3	-1.6	-7
Cash per Share	4.9	2	1.4	2.9	7.5	1.5
Operating Cash Flow per Share	9.8	6	2.9	1.1	1.1	1
Free Cash Flow per Share	9.8	6	2.9	1.1	1.1	1
CapEx per Share	—	0	0	0	0	0
Weighted Avg. Shares Outstanding	339	336.9	352	371.6	324.8	214.9
Weighted Avg. Shares Outstanding Diluted	343.6	347.8	362.6	371.6	342.8	214.9

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	6.9%	13.6%	18%	18%	13.1%	12.4%
SG&A to Revenue	13.1%	21.9%	30%	39.1%	46.1%	47.8%
Stock-based Comp to Revenue	4.1%	7.8%	11.1%	6.8%	4.8%	4.3%