AppLovin Corporation +

AppLovin Corporation

Company

Ticker

APP

WDAY

CRM

UBER

Headquarter

Palo Alto ,CA

Pleasanton ,CA

San Francisco ,CA

CEO

Adam Arash Foroughi

Carl M. Eschenbach

Marc R. Benioff

Dara Khosrowshahi

Industry

Software - Application

Stock Price

Market Cap

$185.03 B

$61.89 B

$241.17 B

$196.78 B

Employees

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Employees

1.71 K
950.00
1.56 K

17.70 K
18.80 K
20.40 K

79.39 K
72.68 K
76.45 K

32.80 K
30.40 K
31.10 K

Y/Y

97.57%

44.35%

64.53%

16.45%

6.21%

8.51%

7.95%

8.45%

5.19%

11.95%

7.32%

2.3%

Income Statement

Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Revenue

$2.82 B
$3.28 B
$4.71 B

$6.20 B
$7.20 B
$8.42 B

$31.35 B
$34.86 B
$37.90 B

$31.88 B
$37.28 B
$43.98 B

Y/Y

0.86%

16.54%

43.44%

20.42%

16.11%

16.94%

18.35%

11.18%

8.72%

82.62%

16.95%

17.96%

Revenue by Products / Services

Revenue by Geography

Research and Development

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Research and Development

$507.61 M
$592.39 M
$638.69 M

$2.27 B
$2.46 B
$2.63 B

$5.06 B
$4.91 B
$5.49 B

$2.80 B
$3.16 B
$3.11 B

Y/Y

38.54%

16.7%

7.82%

20.83%

8.51%

6.57%

13.21%

2.95%

11.96%

36.22%

13.08%

1.74%

Operating Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Operating Income

-$47.79 M
$648.21 M
$1.87 B

-$239.58 M
$121.00 M
$490.00 M

$1.03 B
$5.01 B
$7.21 B

-$1.83 B
$1.11 B
$2.80 B

Y/Y

131.86%

1456.34%

189.02%

122.47%

150.51%

304.96%

87.96%

386.5%

43.78%

52.22%

160.59%

152.16%

Tax Rate (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Tax Rate (%)

6.00%
6.00%
0.00%

-41.00%
-288.00%
18.00%

68.00%
16.00%
17.00%

2.00%
9.00%
-141.00%

Y/Y

74.84%

5.2%

103.83%

49.61%

600.88%

106.1%

1093.03%

75.99%

1.46%

95.81%

363.4%

1667.19%

Net Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Net Income

-$192.75 M
$356.71 M
$1.58 B

-$366.75 M
$1.38 B
$526.00 M

$208.00 M
$4.14 B
$6.20 B

-$9.14 B
$1.89 B
$9.86 B

Y/Y

643.77%

285.07%

342.87%

1364.65%

476.55%

61.91%

85.6%

1888.46%

49.83%

1742.94%

120.64%

422.31%

Revenue Per Employee

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Revenue Per Employee

$1.65 M
$3.46 M
$3.01 M

$350.19 K
$382.82 K
$412.55 K

$394.91 K
$479.58 K
$495.66 K

$971.86 K
$1.23 M
$1.41 M

Y/Y

48.95%

109.41%

12.82%

3.41%

9.32%

7.77%

9.63%

21.44%

3.35%

63.14%

26.19%

15.31%

Net Income Per Employee

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Net Income Per Employee

-$112.92 K
$375.49 K
$1.01 M

-$20.72 K
$73.46 K
$25.78 K

$2.62 K
$56.91 K
$81.06 K

-$278.69 K
$62.07 K
$316.91 K

Y/Y

375.23%

432.54%

169.18%

1186.03%

454.52%

64.9%

86.66%

2071.98%

42.44%

1546.29%

122.27%

410.55%

Assets & Liabilities | Cash Flow

Total Assets

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Total Assets

$5.85 B
$5.36 B
$5.87 B

$13.49 B
$16.45 B
$17.98 B

$98.85 B
$99.82 B
$102.93 B

$32.11 B
$38.70 B
$51.24 B

Y/Y

5.12%

8.36%

9.52%

28.46%

21.99%

9.27%

3.82%

0.99%

3.11%

17.19%

20.52%

32.42%

Total Liabilities

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Total Liabilities

$3.95 B
$4.10 B
$4.78 B

$7.90 B
$8.37 B
$8.94 B

$40.49 B
$40.18 B
$41.76 B

$23.61 B
$26.02 B
$28.77 B

Y/Y

1.99%

16.49%

32.49%

5.94%

6.85%

9.2%

0.77%

3.93%

0.77%

10.22%

10.57%

Capital Expenditures (Capex)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Capital Expenditures (Capex)

-$662.00 K
-$4.25 M
-$4.78 M

-$360.25 M
-$238.00 M
-$272.00 M

-$798.00 M
-$736.00 M
-$658.00 M

-$252.00 M
-$223.00 M
-$242.00 M

Y/Y

52.37%

541.39%

12.48%

32.31%

33.94%

14.29%

11.3%

7.77%

10.6%

15.44%

11.51%

8.52%

Profitability

Operating Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Operating Income Margin (%)

-1.70%
19.74%
39.78%

-3.87%
1.68%
5.82%

3.29%
14.38%
19.01%

-5.75%
2.98%
6.36%

Y/Y

131.66%

1261.18%

101.52%

85.17%

143.41%

246.43%

58.94%

337.08%

32.2%

73.83%

151.83%

113.42%

Net Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Net Income Margin (%)

-6.84%
10.87%
33.55%

-5.92%
19.19%
6.25%

0.66%
11.87%
16.35%

-28.68%
5.06%
22.41%

Y/Y

638.58%

258.92%

208.65%

1157.14%

424.16%

67.43%

87.89%

1698.48%

37.74%

909.86%

117.64%

342.89%

EBITDA

2021	580544000.00
2022	513770000.00
2023	1145243000.00
2024	2342945000.00

2022	376507000.00
2023	206760000.00
2024	752000000.00
2025	1078000000.00

2022	3846000000.00
2023	5644000000.00
2024	9221000000.00
2025	11143000000.00

2021	360000000.00
2022	-7914000000.00
2023	3777000000.00
2024	5385000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

EBITDA

$513.77 M
$1.15 B
$2.34 B

$206.76 M
$752.00 M
$1.08 B

$5.64 B
$9.22 B
$11.14 B

-$7.91 B
$3.78 B
$5.39 B

Y/Y

11.5%

122.91%

104.58%

45.08%

263.71%

43.35%

46.75%

63.38%

20.84%

2298.33%

147.73%

42.57%

Free Cash Flow (FCF)

2021	360461000.00
2022	412111000.00
2023	1057264000.00
2024	2094235000.00

2022	1378430000.00
2023	1296943000.00
2024	1911000000.00
2025	2189000000.00

2022	5283000000.00
2023	6313000000.00
2024	9498000000.00
2025	12434000000.00

2021	-743000000.00
2022	390000000.00
2023	3362000000.00
2024	6895000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Free Cash Flow (FCF)

$412.11 M
$1.06 B
$2.09 B

$1.30 B
$1.91 B
$2.19 B

$6.31 B
$9.50 B
$12.43 B

$390.00 M
$3.36 B
$6.90 B

Y/Y

14.33%

156.55%

98.08%

5.91%

47.35%

14.55%

19.5%

50.45%

30.91%

152.49%

762.05%

105.09%

Ratios

Return on Equity (ROE)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Return on Equity (ROE)

-10.13%
28.39%
144.96%

-6.57%
17.09%
5.82%

0.36%
6.93%
10.13%

-124.54%
16.77%
45.72%

Y/Y

710.24%

380.26%

410.6%

1126.56%

360.12%

65.94%

85.48%

1825%

46.18%

3530.9%

113.47%

172.63%

Return on Assets (ROA)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Return on Assets (ROA)

-3.30%
6.66%
26.92%

-2.72%
8.39%
2.93%

0.21%
4.14%
6.02%

-28.47%
4.88%
19.23%

Y/Y

668.97%

301.82%

304.2%

1071.43%

408.46%

65.08%

86.18%

1871.43%

45.41%

2124.22%

117.14%

294.06%

Debt to Equity

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Debt to Equity

172.40%
252.91%
326.33%

58.17%
40.78%
37.21%

24.14%
21.10%
18.62%

159.63%
105.16%
53.05%

Y/Y

10.68%

46.7%

29.03%

25.45%

29.9%

8.75%

0.33%

12.59%

11.75%

98.89%

34.12%

49.55%

Valuation

Enterprise Value

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Enterprise value

$6.11 B
$16.70 B
$111.92 B

$47.57 B
$77.35 B
$71.33 B

$173.70 B
$277.90 B
$331.26 B

$55.60 B
$131.68 B
$131.34 B

Y/Y

81.15%

173.23%

570.16%

24.64%

62.61%

7.78%

24.7%

59.99%

19.2%

35.37%

136.84%

0.25%

Enterprise value to Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Enterprise value to Revenue

2.17
5.09
23.77

7.67
10.75
8.48

5.54
7.97
8.74

1.74
3.53
2.99

Y/Y

81.31%

134.44%

367.21%

37.42%

40.05%

21.14%

36.37%

43.9%

9.65%

64.61%

102.51%

15.44%

Enterprise value to EBITDA

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2022
2023
2024

Enterprise value to EBITDA

11.90
14.58
47.77

230.08
102.86
66.17

30.78
30.14
29.73

-7.03
34.86
24.39

Y/Y

78.7%

22.57%

227.58%

37.23%

55.29%

35.67%

48.69%

2.07%

1.36%

102.94%

596.25%

30.04%

AppLovin Corporation Competitors & Alternatives

Income Statement

Assets & Liabilities | Cash Flow

Profitability

Ratios

Valuation

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