AppLovin Corporation (APP) Key Metrics
APP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $89.40B
- Enterprise value
- $105.96B
- P/E (TTM)
- 20.5 10-yr median 70.2
- Forward P/E
- 15.4
- PEG ratio
- 0.68
- Price / sales
- 13.1 10-yr median 11.6
- Price / book
- 33.4 10-yr median 15.1
- EV / EBITDA
- 19.1 10-yr median 48.6
- Dividend yield
- —
- Beta
- 2.56
APP key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAPP valuation Price multiples at each fiscal year-end price.
APP returns How much profit the business earns on the capital it uses.
APP per-share figures Results divided by the shares outstanding at year-end.
APP financial health Debt, liquidity and how easily interest is covered.
APP efficiency & capital use Working capital cycle and where the cash goes.
APP valuation history
APP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
APP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
APP cash returned to shareholders
APP price vs earnings per share
APP key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $230.43B | $112.63B | $14.45B | $3.91B | $32.31B | — | — | — |
| Enterprise value | $231.48B | $115.45B | $17.12B | $6.11B | $34.12B | — | — | — |
| P/E ratio | 69.1 | 71.3 | 40.4 | — | 911.5 | — | — | — |
| Price / sales | 42.0 | 34.9 | 7.8 | 1.4 | 11.6 | — | — | — |
| Price / book | 107.9 | 103.3 | 11.5 | 2.1 | 15.1 | — | — | — |
| Price / free cash flow | 58.4 | 53.8 | 13.7 | 9.5 | 90.7 | — | — | — |
| Price / operating cash flow | 58.0 | 53.7 | 13.6 | 9.5 | 89.3 | — | — | — |
| EV / sales | 42.2 | 35.8 | 9.3 | 2.2 | 12.2 | — | — | — |
| EV / EBITDA | 53.2 | 48.6 | 13.5 | 11.9 | 58.8 | — | — | — |
| EV / free cash flow | 58.7 | 55.1 | 16.2 | 14.8 | 95.7 | — | — | — |
| Earnings yield | 1.4% | 1.4% | 2.5% | −4.9% | 0.1% | — | — | — |
| Free cash flow yield | 1.7% | 1.9% | 7.3% | 10.5% | 1.1% | — | — | — |
| Dividend yield | — | — | — | — | 0.0% | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.0% | 0.9% | 8.0% | 8.7% | 0.0% | — | — | — |
| Share price at fiscal year-end | $673.82 | $323.83 | $39.85 | $10.53 | $94.26 | — | — | — |
| Per share | ||||||||
| Revenue per share | $16.03 | $9.27 | $5.08 | $7.58 | $8.15 | $6.75 | $4.68 | $2.55 |
| Earnings per share | $9.75 | $4.54 | $0.99 | −$0.52 | $0.10 | −$0.58 | $0.56 | −$1.37 |
| Operating cash flow per share | $11.61 | $6.03 | $2.93 | $1.11 | $1.06 | $1.04 | $0.93 | $0.73 |
| Free cash flow per share | $11.53 | $6.02 | $2.92 | $1.11 | $1.04 | $1.02 | $0.92 | $0.73 |
| Cash per share | $7.27 | $2.13 | $1.38 | $2.91 | $4.44 | $1.48 | $1.87 | $1.46 |
| Book value per share | $6.24 | $3.13 | $3.46 | $5.12 | $6.24 | −$0.74 | −$1.21 | −$2.00 |
| Tangible book value per share | $0.58 | −$4.63 | −$5.18 | −$4.30 | −$1.57 | −$6.95 | −$3.93 | −$2.59 |
| Dividends per share | — | — | — | — | $0.01 | $2.25 | $0.01 | — |
| Capex per share | $0.08 | $0.01 | $0.01 | $0.00 | $0.02 | $0.02 | $0.02 | $0.01 |
| Debt per share | $10.37 | $10.23 | $8.76 | $8.83 | $9.72 | $7.89 | $5.63 | $4.20 |
| Shares outstanding | 342.0M | 347.8M | 362.6M | 371.6M | 342.8M | 214.9M | 212.4M | 189.5M |
| Change in shares outstanding | −1.7% | −4.1% | −2.4% | +8.4% | +59.5% | +1.2% | +12.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 206.8% | 134.7% | 22.6% | −9.5% | 3.6% | — | — | — |
| Return on invested capital (ROIC) | 101.6% | 48.1% | 17.6% | −0.9% | 4.4% | −5.6% | 53.5% | 135.2% |
| Return on assets (ROA) | 50.8% | 28.1% | 6.4% | −3.2% | 0.9% | −7.5% | 13.7% | −48.4% |
| Return on tangible assets | 62.6% | 49.8% | 16.1% | −8.2% | 1.0% | −15.3% | 19.1% | −61.2% |
| Free cash flow margin | 71.9% | 65.0% | 57.4% | 14.6% | 12.8% | 15.1% | 19.6% | 28.5% |
| Income quality (OCF / net income) | 1.19 | 1.33 | 2.97 | — | 10.21 | — | 1.67 | — |
| Financial health | ||||||||
| Total debt | $3.54B | $3.56B | $3.18B | $3.28B | $3.33B | $1.70B | $1.20B | $796.1M |
| Cash & short-term investments | $2.49B | $741.4M | $502.2M | $1.08B | $1.52B | $317.2M | $396.2M | $276.1M |
| Net debt | $1.06B | $2.81B | $2.68B | $2.20B | $1.81B | $1.38B | $799.6M | $520.0M |
| Debt / equity | 1.66 | 3.26 | 2.53 | 1.72 | 1.56 | — | — | — |
| Debt / assets | 0.49 | 0.61 | 0.59 | 0.56 | 0.54 | 0.79 | 0.99 | 1.48 |
| Net debt / EBITDA | 0.24 | 1.18 | 2.12 | 4.28 | 3.12 | 6.99 | 2.73 | 2.10 |
| Current ratio | 3.32 | 2.19 | 1.71 | 3.35 | 5.05 | 1.11 | 2.45 | 3.58 |
| Quick ratio | 3.32 | 2.19 | 1.71 | 3.36 | 3.41 | 1.11 | 2.45 | 3.58 |
| Interest coverage | 20.1 | 6.0 | 2.8 | -0.3 | 1.5 | -0.8 | 2.6 | — |
| Working capital | $3.10B | $1.25B | $672.0M | $1.36B | $2.59B | $64.9M | $347.3M | $293.7M |
| Invested capital | $3.19B | $3.90B | $3.93B | $4.10B | $3.95B | $1.22B | $543.0M | $141.6M |
| Tangible asset value | $198.0M | −$1.61B | −$1.88B | −$1.60B | −$537.5M | −$1.49B | −$834.6M | −$490.2M |
| Net current asset value | −$694.1M | −$2.47B | −$2.49B | −$2.01B | −$790.2M | −$1.65B | −$872.8M | −$507.7M |
| Graham number | $37.00 | $17.89 | $8.76 | — | $3.81 | — | — | — |
| Graham net-net per share | −$3.72 | −$8.56 | −$7.96 | −$6.30 | −$4.65 | −$8.25 | −$4.43 | −$2.89 |
| Capital allocation | ||||||||
| Dividends paid | — | — | — | — | $2.9M | $483.6M | $2.6M | — |
| Share buybacks (net) | $2.19B | $981.3M | $1.15B | $338.9M | $0 | $1.8M | $11,000 | — |
| Dividend payout ratio | — | — | — | — | 8.1% | — | 2.2% | — |
| Dividends + buybacks / free cash flow | 55.6% | 46.9% | 109.1% | 82.2% | 0.8% | 221.0% | 1.4% | — |
| Capex / revenue | 0.5% | 0.1% | 0.2% | 0.0% | 0.2% | 0.2% | 0.3% | 0.3% |
| Capex / operating cash flow | 0.7% | 0.2% | 0.4% | 0.2% | 1.5% | 1.5% | 1.7% | 1.0% |
| Capex / depreciation | 0.15 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.04 | 0.09 |
| Stock-based compensation / revenue | 3.8% | 11.5% | 19.7% | 6.8% | 4.8% | 4.3% | 1.0% | 1.1% |
| R&D / revenue | 4.1% | 11.6% | 18.1% | 18.0% | 13.1% | 12.4% | 4.5% | 3.4% |
| SG&A / revenue | 8.0% | 13.0% | 20.6% | 39.1% | 46.1% | 47.8% | 51.7% | 3.1% |
| Efficiency | ||||||||
| Days sales outstanding | 107.7 | 134.0 | 164.2 | 78.9 | 53.0 | 57.6 | 52.1 | 92.5 |
| Days of inventory on hand | — | — | — | 151.5 | 387.9 | — | 0.0 | 0.0 |
| Days payables outstanding | 359.5 | 327.8 | 330.0 | 77.2 | 74.9 | 71.5 | 98.4 | 404.2 |
| Cash conversion cycle (days) | -251.9 | -193.8 | -165.9 | 153.1 | 366.0 | -13.9 | -46.3 | -311.7 |
| Receivables turnover | 3.39 | 2.72 | 2.22 | 4.63 | 6.88 | 6.33 | 7.01 | 3.95 |
| Payables turnover | 1.02 | 1.11 | 1.11 | 4.73 | 4.87 | 5.10 | 3.71 | 0.90 |
| Inventory turnover | — | — | — | — | 0.94 | — | 241,274,000.00 | 53,758,000.00 |
| Asset turnover | 0.83 | 0.57 | 0.33 | 0.47 | 0.67 | 0.86 | 1.14 | 0.90 |
| Average receivables | $1.62B | $1.18B | $828.3M | $608.7M | $405.7M | $229.2M | $141.9M | $122.5M |
| Average payables | $655.2M | $467.6M | $322.4M | $265.7M | $202.7M | $108.9M | $65.0M | $59.5M |
| Average inventory | — | — | — | $521.3M | $1.05B | — | $1 | $1 |
| Intangibles / total assets | 26.7% | 46.0% | 58.5% | 59.9% | 43.4% | 62.0% | 48.1% | 20.8% |
Computed from APP's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
APP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AppLovin traded at 69.1 times earnings, against a 8-year median of 70.2. Based on the latest twelve months, the trailing P/E is 20.5 and the forward P/E is 15.4. AppLovin earned a return on equity of 206.8% and a return on invested capital of 101.6% in fiscal 2025. It ended the year with $3.5 billion of debt and $2.5 billion in cash and short-term investments, net debt of $1.1 billion. It returned $2.2 billion to shareholders: $0 in dividends and $2.2 billion in share buybacks, 56% of free cash flow. The share count rose 80.4% from 189.5M to 342.0M over 7 years.
See the APP income statement, the APP chart for price history, or the APP stock overview for the latest quote and news.
APP key metrics FAQ
What is AppLovin's P/E ratio?
AppLovin's trailing P/E ratio is 20.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.4. At the end of fiscal 2025 it was 69.1, compared with a 8-year median of 70.2.
What is AppLovin's EV/EBITDA?
AppLovin's enterprise value was 53.2 times EBITDA at the end of fiscal 2025 (enterprise value $231.5 billion, EBITDA $4.4 billion); the current EV/EBITDA is 19.1.
What is AppLovin's return on equity?
AppLovin's return on equity (ROE) was 206.8% in fiscal 2025: net income of $3.3 billion on average shareholders' equity of $1.6 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is AppLovin's ROIC?
AppLovin's return on invested capital was 101.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AppLovin have?
AppLovin had total debt of $3.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.66 and $1.1 billion of net debt (0.24 times EBITDA).
Does AppLovin buy back its shares?
Yes. AppLovin spent $2.2 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.7% over the year, to 342.0M..
What is AppLovin's free cash flow yield?
AppLovin generated $3.9 billion of free cash flow in fiscal 2025, a free cash flow yield of 1.7% on its market value at year-end ($230.4 billion).
What is AppLovin's current ratio?
AppLovin's current ratio was 3.32 at the end of fiscal 2025: current assets were 3.32 times current liabilities.