# Applovin Corporation Class A Common Stock (APP) — Stock CV

Applovin Corporation is a $92.7B technology company. Revenue grew 36.9% over the last year, it keeps 65¢ of every dollar of sales as profit, and its net debt equals ~0.2 years of free cash flow. It trades at 21.0× earnings — near the lowest of its own history.

> AppLovin is a vertically integrated advertising technology company that acts as a demand-side platform for advertisers, a supply-side platform for publishers, and an exchange facilitating transactions between the two.

## Identity

- **Ticker**: APP
- **Sector**: Technology
- **Industry**: Services-Computer Programming, Data Processing, Etc.
- **Headquarters**: PALO ALTO, CA
- **Employees**: 898
- **Website**: https://www.applovin.com
- **Market cap**: $92.7B
- **Last price**: $277.00
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $6.83B
- **Net income**: $4.41B
- **Free cash flow**: $4.53B
- **Net debt**: $1.03B
- **P/E**: 21.0
- **Revenue growth (YoY)**: 36.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 90 |
| Profitability | 100 |
| Health | 87 |
| Quality | 37 |
| Moat | 63 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +36.9% YoY
- [x] Profitable — $4.41B TTM
- [x] Profit growing — +111.0% YoY
- [x] Generates cash — $4.53B TTM
- [x] Debt under control — ~0.2y of cash flow to repay
- [x] Established company — $92.7B market cap
- [x] Not printing shares — -0.2% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [x] Financially stable — Altman Z 13.7 — safe
- [x] Valuation not extreme — P/E 21.0

## Experience (career milestones)

- **FY2025** — Best year on record: $3.33B net income
- **FY2021** — First recorded profitable year: $35.4M net income
- **FY2021** — Revenue already above $1B: $2.79B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **Oct 6, 2021** — AppLovin announced the acquisition of mobile monetization company MoPub from Twitter for $1.1…
- **Apr 15, 2021** — AppLovin became a public company, trading on the Nasdaq under the ticker APP
- **2020** — AppLovin invested in the mobile game studios Geewa
- **2019** — The company acquired SafeDK, a software development kit management platform for ad quality, performance
- **2018** — AppLovin launched Lion Studios, which works with mobile developers to publish and promote their games
- **2018** — AppLovin acquired the in-app bidding SSP MAX
- **2014** — It purchased the German mobile ad-network Moboqo
- **2012** — AppLovin was founded in 2012 by Adam Foroughi, John Krystynak, and Andrew Karam

## Strengths

- High gross margin (88.5%)
- Strongly profitable — 64.6% net margin
- Revenue growing 36.9% year over year
- Strong cash conversion — FCF is 66.3% of revenue
- Interest covered 20.1× by operating earnings

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.79B | $35.4M | $360M |
| FY2022 | $2.82B | -$193M | $412M |
| FY2023 | $3.28B | $357M | $1.06B |
| FY2024 | $4.71B | $1.58B | $2.09B |
| FY2025 | $5.48B | $3.33B | $3.97B |

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Source: https://stockcv.com/APP — derived from company filings; may be delayed or incomplete. Information, not investment advice.