APP Applovin Corporation - Class A Common Stock

NASDAQ · Technology · View on SEC EDGAR ↗
$309.32
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$303–$746
1% of range
Analyst Rating
BUY
36 analysts
Price Target
$559
+81% upside
P/E (TTM)
31.7
ROE
201.9%
Net Profit Margin
60.8%

APP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$309.32
Market Cap
$104.65B
P/E (TTM)
31.7
EPS (TTM)
$9.75
Revenue (TTM)
$5.48B
Div Yield
—
ROE
201.9%
Debt/Equity
1.6
52W Range
$303 – $746

APP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $5.48B
7-point trend, +451.3%
2019-12-31 → 2025-12-31
EPS $9.75
7-point trend, +2608.3%
2019-12-31 → 2025-12-31
Free Cash Flow —
4-point trend, +481.0%
2021-12-31 → 2024-12-31
Margins 60.8%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
APP
Peer Median
P/E (TTM)
5-point trend, -93.4%
31.7
40.4
P/S (TTM)
5-point trend, +228.6%
19.1
9.3
P/B
5-point trend, +545.8%
49.0
12.2
EV / EBITDA
5-point trend, -17.5%
24.3
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
APP
Peer Median
Operating Margin
5-point trend, +1310.6%
75.8%
—
Net Profit Margin
5-point trend, +4689.8%
60.8%
21.3%
ROA
5-point trend, +5875.3%
50.8%
11.1%
ROE
5-point trend, +11849.1%
201.9%
22.5%
ROIC
5-point trend, +2911.8%
63.8%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
APP
Peer Median
Debt / Equity
5-point trend, +8.1%
1.6
—
Current Ratio
5-point trend, -34.3%
3.3
1.3
Quick Ratio
5-point trend, +1.6%
3.2
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
APP
Peer Median
Revenue YoY
5-point trend, +96.2%
70.0%
—
Revenue CAGR 3Y
5-point trend, +96.2%
24.8%
—
Revenue CAGR 5Y
5-point trend, +96.2%
30.4%
—
EPS YoY
5-point trend, +10733.3%
115.2%
—
Net Income YoY
5-point trend, +9305.2%
111.0%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
APP
Peer Median
EPS (Diluted)
5-point trend, +10733.3%
$9.75
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
APP
Peer Median

APP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 36 analysts
  • Strong Buy 11 30.6%
  • Buy 21 58.3%
  • Hold 4 11.1%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

30 analysts · 2026-08-13
Median target $574.50 +85.7%
Mean target $559.00 +80.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.25%
Period EPS Actual EPS Est Surprise
June 30, 2026 $3.76 $3.76 0.00%
March 31, 2026 $3.56 $3.44 0.12%
Dec. 31, 2025 $3.24 $2.96 0.28%
Sept. 30, 2025 $2.45 $2.42 0.03%
June 30, 2025 $2.39 $2.05 0.34%
March 31, 2025 $2.22 $1.47 0.75%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
APP $227.96B 69.1 70.0% 60.8% 201.9% —
PLTR $425.03B 282.1 56.2% 36.3% 26.2% 82.4%
CRM $197.22B 27.2 9.6% 18.0% 12.4% 77.7%
ADBE $132.21B 19.2 10.5% 30.0% 61.8% 89.3%
INTU $219.15B 57.4 15.6% 20.5% 20.5% —
CDNS $84.96B 77.0 14.1% 20.9% 21.2% —
DDOG $47.94B 438.7 27.7% 3.1% 3.1% 80.0%
SNPS $84.41B 56.4 15.1% 18.9% 7.1% 77.0%
ADSK $53.90B 48.6 17.5% 15.6% 39.0% 91.0%
WDAY $45.51B 67.8 13.1% 7.3% 8.2% —
ROP $47.45B 31.3 12.3% 19.4% 7.8% 69.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for APP
Metric Trend 2025202420232022202120202019
Revenue 7-point trend, +451.3% $5.48B $3.22B $1.84B $2.82B $2.79B $1.45B $994M
Cost of Revenue 7-point trend, +175.7% $665M $521M $357M $1.26B $988M $556M $241M
R&D Expense 7-point trend, +403.7% $227M $375M $334M $508M $366M $181M $45M
SG&A Expense 7-point trend, +636.3% $234M $165M $151M $182M $159M $66M $32M
Operating Expenses 7-point trend, +66.2% $1.33B $1.31B $1.07B $2.86B $2.64B $1.51B $800M
Operating Income 7-point trend, +2036.1% $4.15B $1.91B $772M $-48M $150M $-62M $194M
Other Non-op 7-point trend, +37.7% $8M $18M $3M $14M $-535.0K $4M $6M
Pretax Income 7-point trend, +3031.4% $3.95B $1.61B $502M $-205M $46M $-136M $126M
Income Tax 7-point trend, +7124.3% $520M $22M $44M $-12M $11M $-10M $7M
Net Income 7-point trend, +2700.5% $3.33B $1.58B $357M $-193M $35M $-125M $119M
EPS (Basic) 7-point trend, +2633.3% $9.84 $4.68 $1.01 $-0.52 $0.10 $-0.58 $0.36
EPS (Diluted) 7-point trend, +2608.3% $9.75 $4.53 $0.98 $-0.52 $0.09 $-0.58 $0.36
Shares (Basic) 7-point trend, +60.6% 338,781,000 336,922,000 351,952,000 371,568,011 324,836,076 214,936,545 210,937,147
Shares (Diluted) 7-point trend, +61.0% 341,970,000 347,808,000 362,589,000 371,568,011 342,763,632 214,936,545 212,365,429
EBITDA 5-point trend, +648.0% $4.35B $2.32B $1.14B $499M $581M · ·
Balance Sheet 25
Annual Balance Sheet data for APP
Metric Trend 2025202420232022202120202019
Cash & Equivalents 7-point trend, +527.7% $2.49B $697M $502M $1.08B $1.52B $317M $396M
Receivables 6-point trend, +512.7% $1.82B $1.28B $954M $703M $515M $297M ·
Prepaid Expense 6-point trend, +154.8% $124M $140M $160M $156M $150M $49M ·
Current Assets 6-point trend, +568.3% $4.43B $2.31B $1.62B $1.94B $3.24B $663M ·
PP&E (Net) 2-point trend, +122.5% · · · · $64M $29M ·
Goodwill 7-point trend, +1023.1% $1.54B $1.46B $1.50B $1.82B $966M $250M $137M
Intangibles 6-point trend, -63.5% $397M $473M $1.29B $1.68B $1.71B $1.09B ·
Other Non-current Assets 6-point trend, +1032.2% $482M $493M $386M $268M $118M $43M ·
Total Assets 6-point trend, +236.9% $7.26B $5.87B $5.36B $5.85B $6.16B $2.15B ·
Accounts Payable 6-point trend, +407.2% $747M $504M $372M $273M $258M $147M ·
Accrued Liabilities 6-point trend, +517.3% $587M $402M $265M $148M $134M $95M ·
Short-term Debt 5-point trend, -100.0% · $0 $215M $33M $26M $15M ·
Current Liabilities 6-point trend, +123.0% $1.33B $1.06B $944M $579M $640M $598M ·
Capital Leases 6-point trend, -75.2% $18M $31M $43M $54M $62M $72M ·
Other Non-current Liabilities 6-point trend, +371.2% $278M $180M $210M $107M $113M $59M ·
Total Liabilities 6-point trend, +121.6% $5.12B $4.78B $4.10B $3.95B $4.03B $2.31B ·
Long-term Debt 5-point trend, +8.8% $3.51B $3.51B $3.12B $3.21B $3.23B · ·
Total Debt 5-point trend, +8.0% $3.51B $3.51B $3.34B $3.25B $3.25B · ·
Common Stock 6-point trend, +57.1% $11.0K $11.0K $11.0K $11.0K $11.0K $7.0K ·
Paid-in Capital 6-point trend, -1.6% $447M $594M $2.13B $3.16B $3.16B $454M ·
Retained Earnings 6-point trend, +271.4% $1.74B $599M $-813M $-1.17B $-977M $-1.01B ·
AOCI 6-point trend, -7879.3% $-47M $-103M $-65M $-83M $-45M $604.0K ·
Stockholders' Equity 7-point trend, +932.0% $2.13B $1.09B $1.26B $1.90B $2.14B $-159M $-257M
Liabilities + Equity 6-point trend, +236.9% $7.26B $5.87B $5.36B $5.85B $6.16B $2.15B ·
Shares Outstanding 6-point trend, +49.5% 338,313,000 340,042,000 339,886,712 373,873,683 375,089,360 226,364,401 ·
Cash Flow 16
Annual Cash Flow data for APP
Metric Trend 2025202420232022202120202019
D&A 7-point trend, +109.9% $195M $449M $489M $547M $431M $255M $93M
Stock-based Comp 7-point trend, +1958.5% $210M $369M $363M $192M $133M $62M $10M
Deferred Tax 7-point trend, +66.7% $-6M $-166M $-54M $-102M $-66M $-38M $-19M
Amort. of Intangibles 7-point trend, +18.2% $97M $93M $92M $515M $396M $240M $82M
Restructuring · · · $11M · · ·
Other Non-cash 5-point trend, +238.6% $238M $-103M $-65M $-31M $-172M · ·
Operating Cash Flow 7-point trend, +1900.9% $3.97B $2.10B $1.06B $413M $362M $223M $198M
CapEx 6-point trend, +42.2% · $5M $4M $662.0K $1M $3M $3M
Investing Cash Flow 7-point trend, +187.1% $358M $-107M $-78M $-1.37B $-1.21B $-680M $-412M
Stock Issued 4-point trend, +0.00 · · · $0 $0 $9M $0
Stock Repurchased 7-point trend, +19926663.6% $2.19B $981M $1.15B $339M $0 $2M $11.0K
Net Stock Activity 5-point trend, -2191944000.00 $-2.19B $-981M $-1.15B $-339M $0 · ·
Financing Cash Flow 7-point trend, -878.3% $-2.59B $-1.75B $-1.56B $-527M $3.11B $378M $333M
Net Change in Cash 7-point trend, +1353.2% $1.75B $239M $-578M $-1.49B $2.25B $-79M $120M
Taxes Paid 6-point trend, +1438.3% $195M $67M $75M $86M $91M $13M ·
Free Cash Flow 4-point trend, +481.0% · $2.09B $1.06B $412M $360M · ·
Profitability 7
Annual Profitability data for APP
Metric Trend 2025202420232022202120202019
Operating Margin 5-point trend, +1310.6% 75.8% 39.8% 19.7% -1.7% 5.4% · ·
Net Margin 5-point trend, +4689.8% 60.8% 33.6% 10.9% -6.8% 1.3% · ·
Pretax Margin 5-point trend, +4244.6% 72.1% 33.5% 11.6% -7.3% 1.7% · ·
EBITDA Margin 5-point trend, +281.3% 79.3% 49.3% 34.6% 17.7% 20.8% · ·
ROA 5-point trend, +5875.3% 50.8% 28.1% 6.4% -3.2% 0.85% · ·
ROE 5-point trend, +11849.1% 201.9% 155.8% 30.3% -10.2% 1.7% · ·
ROIC 5-point trend, +2911.8% 63.8% 40.8% 13.2% -0.87% 2.1% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for APP
Metric Trend 2025202420232022202120202019
Current Ratio 5-point trend, -34.3% 3.3 2.2 1.7 3.3 5.1 · ·
Quick Ratio 5-point trend, +1.6% 3.2 2.0 1.5 3.1 3.2 · ·
Debt / Equity 5-point trend, +8.1% 1.6 3.2 2.7 1.7 1.5 · ·
LT Debt / Equity 5-point trend, +9.9% 1.6 3.2 2.3 1.7 1.5 · ·
Efficiency 2
Annual Efficiency data for APP
Metric Trend 2025202420232022202120202019
Asset Turnover 5-point trend, +24.3% 0.8 0.8 0.6 0.5 0.7 · ·
Receivables Turnover 5-point trend, -48.7% 3.5 4.0 4.0 4.6 6.9 · ·
Per Share 5
Annual Per Share data for APP
Metric Trend 2025202420232022202120202019
Book Value / Share 5-point trend, +10.7% $6.31 $3.21 $3.70 $5.09 $5.70 · ·
Revenue / Share 5-point trend, +96.7% $16.03 $13.54 $9.05 $7.58 $8.15 · ·
Cash Flow / Share 5-point trend, +1000.0% $11.61 $6.04 $2.93 $1.11 $1.06 · ·
Cash / Share 5-point trend, +81.4% $7.35 $2.18 $1.48 $2.89 $4.05 · ·
EPS (TTM) 5-point trend, +10733.3% $9.75 $4.53 $0.98 $-0.52 $0.09 · ·
Growth Rates 7
Annual Growth Rates data for APP
Metric Trend 2025202420232022202120202019
Revenue YoY 5-point trend, -24.3% 70.0% 75.0% -34.6% 0.86% 92.5% · ·
Revenue CAGR 3Y 3-point trend, +200.4% 24.8% 4.9% 8.3% · · · ·
Revenue CAGR 5Y 30.4% · · · · · ·
EPS YoY 2-point trend, -68.2% 115.2% 362.2% · · · · ·
EPS CAGR 3Y · 269.2% · · · · ·
Net Income YoY 2-point trend, -67.6% 111.0% 342.9% · · · · ·
Net Income CAGR 3Y · 254.6% · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for APP
Metric Trend 2025202420232022202120202019
Revenue TTM 5-point trend, +96.2% $5.48B $3.22B $1.84B $2.82B $2.79B · ·
Net Income TTM 5-point trend, +9305.2% $3.33B $1.58B $357M $-193M $35M · ·
Market Cap 5-point trend, +544.8% $227.96B $110.12B $13.54B $3.94B $35.36B · ·
Enterprise Value 5-point trend, +517.4% $228.99B $112.88B $16.38B $6.10B $37.09B · ·
P/E 5-point trend, -93.4% 69.1 71.5 40.7 -20.2 1047.3 · ·
P/S 5-point trend, +228.6% 41.6 34.2 7.4 1.4 12.7 · ·
P/B 5-point trend, +545.8% 106.8 101.0 10.8 2.1 16.5 · ·
P / Tangible Book 1151.5 · · · · · ·
P / Cash Flow 5-point trend, -41.2% 57.4 52.5 12.8 9.5 97.7 · ·
P / FCF 4-point trend, -46.4% · 52.6 12.8 9.6 98.1 · ·
EV / EBITDA 5-point trend, -17.5% 52.7 48.6 14.4 12.2 63.8 · ·
EV / FCF 4-point trend, -47.6% · 53.9 15.5 14.8 102.9 · ·
EV / Revenue 5-point trend, +214.6% 41.8 35.0 8.9 2.2 13.3 · ·
Earnings Yield 5-point trend, +1350.0% 1.5% 1.4% 2.5% -4.9% 0.10% · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $5.48B$3.22B$1.84B$2.82B$2.79B
Operating Margin % 75.8%39.8%19.7%-1.7%5.4%
Net Income $3.33B$1.58B$357M$-193M$35M
Diluted EPS $9.75$4.53$0.98$-0.52$0.09
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.63.22.71.71.5
Current Ratio 3.32.21.73.35.1
Quick Ratio 3.22.01.53.13.2
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow —$2.09B$1.06B$412M$360M

APP AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see AppLovin dominating mobile ad tech with its AI platform, turning massive revenue into outsized profits that can sustain premium pricing. Net profit margin hit 51% TTM, meaning the company pockets over half its sales as bottom-line gains, a rare feat in cyclical advertising. ROE stands at 263%, reflecting explosive returns on equity that compound shareholder value rapidly despite leverage. Recent partnerships like Stagwell on March 22 signal expanding ecosystem reach. If ad spend accelerates into 2026Q2, this growth machine keeps humming.

↓ Bearish

My read is AppLovin trades at bubble valuations assuming flawless execution in a volatile ad market prone to recessions. P/E TTM at 80x demands endless EPS growth, leaving no room for misses amid economic slowdowns. Debt-to-equity ratio of 238% amplifies risks, as high leverage inflated that eye-popping ROE and could crush returns if cash flows dip. Peers like CRM trade at just 22x P/E with steadier profiles. If competition erodes margins or ad budgets tighten by 2026Q2, shares plummet.

Claude NEUTRAL 0.62
↑ Bullish

AppLovin has built a software moat in mobile advertising that lets it capture extreme margins while scaling. Net margin sits at 51.28%, a level most SaaS companies never touch, and that's not a one-quarter fluke—it's held steady even as revenue grew. The company is also generating real cash and deleveraging; debt-to-equity fell from 300.82 to 238.27 in one quarter. If the Stagwell partnership signals broader enterprise adoption beyond gaming, and if that 83.31% gross margin expands further, the stock's valuation—steep at 80.4x earnings—becomes defensible for a compounding machine.

↓ Bearish

I'm skeptical that APP's valuation survives a slowdown in mobile gaming or ad spending. The P/E of 80.4x is not just high—it's 3.6x Palantir's multiple, and Palantir actually has government contracts. That ROE of 262.94% is a red flag, not a badge of honor; it signals heavy leverage and buybacks inflating returns, not durable competitive advantage. The stock has also whipsawed 40% from peak to trough in six weeks, suggesting retail enthusiasm, not institutional conviction. One miss on guidance and this multiple compresses hard.

Gemini NEUTRAL 0.75
↑ Bullish

AppLovin is effectively printing money by transforming its software platform into an indispensable engine for mobile advertising growth. The company is generating a 262.94% return on equity. This level of efficiency suggests that management is deploying capital with near-perfect effectiveness, extracting massive value from every dollar invested in their software stack. With a net profit margin of 51.28%, they are keeping more than half of every revenue dollar as actual profit. This exceptional profitability demonstrates that their AI-driven ad targeting is not just a feature, but a structural advantage that competitors are struggling to replicate.

↓ Bearish

The valuation has reached a point where the market is pricing in perfection that may be impossible to sustain over the long term. Investors are currently paying 80.45 times trailing earnings for this stock. This high multiple means that any slight slowdown in growth or a single earnings miss could trigger a sharp, painful correction in the share price. Furthermore, the company carries a debt-to-equity ratio of 238.27. While they are currently managing this leverage well, it leaves the firm with very little room for error if the broader advertising market cools down in 2026.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think APP has an attractive setup for 2026Q2 because its profitability engine and solid liquidity give it optionality if ad demand stays healthy. ROE TTM: 262.94%. That level shows APP is turning a lot of equity into profit, which could translate into bigger earnings if it stays sustainable. Net profit margin TTM: 51.28%. That margin means APP keeps about half of revenue as profit, signaling pricing power and strong cost control in its model. Current ratio: 3.25. That liquidity cushion shows APP can weather ad inventory cycles and fund growth without stressing the balance sheet.

↓ Bearish

I think the downside risk for APP in 2026Q2 is that the stock is priced for outsized growth and any weakness in ad markets could compress returns. P/E TTM: 80.45. That implies investors are paying a premium for profits that may not be durable in a slower environment. P/S TTM: 41.25. This high multiple against revenue suggests the market expects very high revenue growth to continue. Debt/Equity: 238.27. High leverage adds financial risk if margins compress or rates rise, which could cap downside protection.

Round 2 — Responses & Rebuttals

Grok

Claude, your Palantir P/E comparison flips the script — APP trades at 80x earnings, far below PLTR's 387x multiple. That discount means the market isn't pricing APP as the pricier growth bet you suggest, but as a relative bargain if ad tech momentum holds into 2026Q2. It bolsters the case for holding amid this volatility, not compressing on a slowdown alone.

Claude

I need to push back on Grok's read of that 263% ROE. Grok, you're right that leverage inflates the number, but you're treating it like a warning sign when it's actually the opposite signal here. AppLovin's net margin is 51.28%—that's the real story. Even if you strip out the leverage math and just look at what the business converts to cash, the company is keeping more than half of every dollar it sells. That's not bubble behavior; that's a pricing-power moat. The debt-to-equity fell from 300 to 238 in one quarter, which means management is using those fat margins to delever, not to juice the multiple. If the leverage were truly dangerous, we'd see the current ratio collapsing—instead it's 3.25 and climbing. That tells me the balance sheet is strengthening, not weakening.

Gemini

Claude, your point about the ROE being a red flag is the most critical insight on this panel. That 262.94% ROE is essentially a mathematical byproduct of the company's aggressive capital structure rather than pure operational efficiency. It means the company is generating massive returns on a very thin sliver of shareholder equity, which is heavily propped up by debt. If the underlying ad market slows down, that leverage will work in reverse, magnifying losses and leaving investors exposed to a much sharper valuation correction than the market currently anticipates.

Chatgpt

I think, Claude, your point about ROE being a red flag misses the context. APP's ROE is 262.94%, reflecting strong profitability and smart capital use, not simply debt. That means the business is turning equity into outsized profits when margins hold. The company has actually been deleveraging, which lowers financial risk even as the stock trades at a rich multiple. If ad demand stays healthy into 2026Q2, that high ROE could justify further upside; if demand cools, the equity-driven return could disappoint.

Round 3 — Final Rebuttals

G
Grok

Gemini, I'm with you—the 262.94% ROE isn't a sign of flawless capital allocation but a leverage mirage where debt dwarfs equity, turning small profits into outsized returns that reverse brutally on downturns. ChatGPT, deleveraging from 300 to 238 debt-to-equity is progress, but it still leaves APP vulnerable if ad flows stutter into 2026Q2, magnifying equity wipeouts versus peers like ADBE at 59% ROE. This risk caps the hold thesis unless margins prove recession-proof.

C
Claude

I want to challenge something Gemini said that nobody pushed back on: that APP's leverage will 'work in reverse' and magnify losses if ad markets slow. Gemini, that's the thesis, but the data doesn't support it yet. Yes, debt-to-equity is 238.27—that's high. But here's what matters: the current ratio jumped to 3.25, meaning APP has $3.25 in liquid assets for every $1 of short-term obligations. That's fortress-level liquidity, not a company one downturn away from a margin call. If ad spend cools, margins compress—I grant you that. But APP isn't levered to the gills with no cushion; it's deleveraging while holding cash. That's the opposite of the reverse-leverage trap you're describing. The real risk isn't the balance sheet imploding; it's multiple compression on slower growth.

G
Gemini

I am widening the frame to address a critical risk that none of us have touched: AppLovin's massive customer concentration. A significant portion of their revenue is tied to a handful of large mobile gaming publishers, which creates a 'single-point-of-failure' risk if one major studio shifts its ad spend away from the AXON platform. The company's P/S ratio of 41.25 is currently at a level that assumes flawless, uninterrupted growth from these few key partners. If just one major client decides to build an in-house bidding solution or pivots to a rival like Unity, that high revenue multiple will face a violent, immediate contraction.

C
Chatgpt

I think we should widen the frame to policy and competitive dynamics that could move APP's multiple more than any quarterly beat. The lone metric I'll spotlight is P/E TTM around 80x. That lofty multiple means investors are pricing in a long growth runway; any slowdown could compress the multiple. On the external frame, EU DMA and Apple's ATT privacy rules continue to press on ad-targeting economics, while Google and Meta are expanding their own ad ecosystems, which could erode APP's pricing power. The Stagwell tie-up helps widen the ecosystem, but it's not a guarantee if policy and platform shifts bite.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $295.00 6M Target $325.00 Reasoning I think AppLovin's software-driven ad dominance supports modest upside from $277 if margins prove resilient into 2026Q2, but leverage tempers aggressive targets. The key catalyst is the Q2 2026 earnings report in late July, where beat-and-raise guidance on AXON platform adoption could validate 51% net margins and drive re-rating. The main risk is an ad spend pullback from macro slowdown, exposed by 238 debt-to-equity that amplifies any revenue dip into equity erosion. At 80x P/E, the market demands flawless growth from mobile ads, leaving little buffer for cyclical hiccups versus peers like CRM at 22x.
C Claude 3M Target $310.00 6M Target $285.00 Reasoning My thesis: APP's 51.28% net margin is real and durable, but the 80.4x P/E assumes ad spending stays robust through 2026—a bet I'm not confident enough to make. The catalyst that could prove me wrong is a beat on 2026Q2 earnings paired with raised guidance; if management signals sustained margin hold despite macro headwinds, the multiple stays sticky and the stock re-rates higher. The risk that breaks my thesis is a single major gaming publisher defecting or ad CPMs compressing faster than expected, which would trigger multiple compression from 80x toward 50–55x. At 80.4x earnings with $8.25 EPS, the market is paying $663 for $1 of annual profit—unsustainable if growth slows. I'm forecasting modest downside over six months as the market reprices for a more realistic ad cycle, then stabilization.
G Gemini 3M Target $295.00 6M Target $320.00 Reasoning My thesis is that AppLovin will continue to ride its AI-driven ad efficiency gains, though upside will be tempered by a necessary valuation cooling. The primary catalyst for my 6-month target is the 2026Q2 earnings print, where I expect to see if the Stagwell partnership successfully diversifies revenue away from gaming. Conversely, the biggest risk is a major gaming studio client abandoning the AXON platform, which would immediately shatter the company's growth narrative. Currently, the stock trades at 41.25 times sales, meaning investors are paying a massive premium for future growth that requires flawless execution to justify the current valuation.
C Chatgpt 3M Target $290.00 6M Target $320.00 Reasoning I think APP can drift higher given its profitability and liquidity, especially if the Q2 print reinforces the margin story. Catalyst: the 2026Q2 earnings release, with potential upside from the Stagwell collaboration and continued margin retention. Risk: an ad-market slowdown or regulatory pressure could compress the multiple and undermine the upgrade path. Current price is 276.83; a move to 290 implies roughly 5% upside, and to 320 implies about 15% upside, if earnings confirm the high-margin trajectory.

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Institutional owners (13F) 1,629 filers · $75.0B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
220 (+34 vs prior Q) 115 (-213 vs prior Q) 598 (+46 vs prior Q) 511 (-62 vs prior Q) +22.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $9,142,746,045 17,744,980 12.18% Shares
FMR LLC $6,288,274,384 12,204,790 8.38% Shares
STATE STREET CORP $6,235,225,871 12,101,830 8.31% Shares
Capital World Investors $4,199,594,392 8,150,954 5.60% Shares
GEODE CAPITAL MANAGEMENT, LLC $3,347,984,151 6,515,239 4.46% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $3,272,046,430 6,350,652 4.36% Shares
WCM INVESTMENT MANAGEMENT, LLC $1,850,044,982 3,709,289 2.47% Shares
KENSICO CAPITAL MANAGEMENT CORP $1,639,899,806 3,182,850 2.19% Shares
Capital International Investors $1,529,594,354 2,968,827 2.04% Shares
NORGES BANK $1,505,321,214 2,921,649 2.01% Shares
JANE STREET GROUP, LLC $1,141,492,065 2,215,500 1.52% Call option
JANE STREET GROUP, LLC $1,046,122,992 2,030,400 1.39% Put option
Capital Research Global Investors $981,607,414 1,905,302 1.31% Shares
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC $922,261,700 1,790,000 1.23% Shares
JENNISON ASSOCIATES LLC $919,237,999 1,784,131 1.23% Shares
Jericho Capital Asset Management L.P. $864,156,122 1,677,224 1.15% Shares
VANGUARD FIDUCIARY TRUST CO $795,406,922 1,543,790 1.06% Shares
JANUS HENDERSON GROUP PLC $695,996,195 1,759,104 0.93% Shares
FRED ALGER MANAGEMENT, LLC $666,764,295 1,294,110 0.89% Shares
WOLVERINE TRADING, LLC $662,708,508 930,300 0.88% Call option
ALLIANCEBERNSTEIN L.P. $638,261,854 1,603,673 0.85% Shares
SAPIENT CAPITAL LLC $574,929,700 1,115,870 0.77% Shares
DIMENSIONAL FUND ADVISORS LP $565,739,774 1,098,033 0.75% Shares
CANADA PENSION PLAN INVESTMENT BOARD $554,215,908 1,075,667 0.74% Shares
LONE PINE CAPITAL LLC $537,007,742 1,042,268 0.72% Shares
AMERICAN CENTURY COMPANIES INC $462,700,867 898,040 0.62% Shares
GOLDMAN SACHS GROUP INC $449,822,862 873,053 0.60% Shares
SANDS CAPITAL MANAGEMENT, LLC $428,515,245 831,697 0.57% Shares
HAP Trading, LLC $425,170,960 648,100 0.57% Call option
GOLDMAN SACHS GROUP INC $364,164,564 706,800 0.49% Put option
Fundsmith LLP $358,892,731 696,568 0.48% Shares
D1 Capital Partners L.P. $344,834,165 669,282 0.46% Shares
Swiss National Bank $333,637,187 647,550 0.44% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $331,469,099 643,342 0.44% Shares
WOLVERINE TRADING, LLC $326,759,532 458,700 0.44% Put option
Clearbridge Investments, LLC $314,663,229 610,724 0.42% Shares
National Pension Service $301,939,206 586,028 0.40% Shares
Vanguard Global Advisers, LLC $297,509,774 577,431 0.40% Shares
Sumitomo Mitsui Trust Group, Inc. $288,746,227 560,422 0.38% Shares
BNP PARIBAS FINANCIAL MARKETS $281,341,341 546,050 0.37% Shares
FIRST TRUST ADVISORS LP $271,303,268 526,567 0.36% Shares
BlackRock, Inc. $260,950,084 506,473 0.35% Shares
California Public Employees Retirement System $259,702,712 504,052 0.35% Shares
Legal & General Group Plc $255,440,729 495,780 0.34% Shares
Greenstone Partners, L.P. $247,358,114 344,251 0.33% Shares
VANGUARD ASSET MANAGEMENT, Ltd $238,930,699 463,736 0.32% Shares
Whale Rock Capital Management LLC $237,835,836 461,611 0.32% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $228,127,294 442,768 0.30% Shares
Dorsey Asset Management, LLC $226,347,237 439,313 0.30% Shares
RHUMBLINE ADVISERS $226,049,294 438,735 0.30% Shares
ENVESTNET ASSET MANAGEMENT INC $225,888,806 438,423 0.30% Shares
COATUE MANAGEMENT LLC $224,181,210 435,109 0.30% Shares
BARCLAYS PLC $217,427,060 422,000 0.29% Shares
BAILLIE GIFFORD & CO $208,360,558 404,403 0.28% Shares
TD Asset Management Inc $207,583,591 402,895 0.28% Shares
HAP Trading, LLC $192,218,583 638,900 0.26% Call option
BANK OF AMERICA CORP /DE/ $182,027,152 353,293 0.24% Shares
VICTORY CAPITAL MANAGEMENT INC $181,179,083 351,647 0.24% Shares
NEUBERGER BERMAN GROUP LLC $178,703,532 346,842 0.24% Shares
ProShare Advisors LLC $176,727,496 343,007 0.24% Shares
FIL Ltd $173,012,688 335,797 0.23% Shares
Ensign Peak Advisors, Inc $164,996,740 320,239 0.22% Shares
ROYAL BANK OF CANADA $164,785,000 319,829 0.22% Shares
Davis Selected Advisers $162,719,473 315,539 0.22% Shares
Caisse de depot et placement du Quebec $161,354,579 313,170 0.22% Shares
MENORA MIVTACHIM HOLDINGS LTD. $156,086,352 302,945 0.21% Shares
Quantinno Capital Management LP $155,552,244 301,908 0.21% Shares
Mitsubishi UFJ Trust & Banking Corp $147,525,806 286,330 0.20% Shares
Clear Street Group Inc. $147,476,344 286,234 0.20% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $145,815,759 283,011 0.19% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $138,992,346 349,227 0.19% Shares
Walleye Trading LLC $137,411,841 266,700 0.18% Call option
AUGUSTINE ASSET MANAGEMENT INC $130,698,394 253,670 0.17% Shares
D. E. Shaw & Co., Inc. $129,786,437 251,900 0.17% Put option
LPL Financial LLC $128,953,733 250,284 0.17% Shares
NEW YORK STATE COMMON RETIREMENT FUND $125,769,189 244,103 0.17% Shares
Robertson Stephens Wealth Management, LLC $125,040,653 242,689 0.17% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $124,248,746 241,152 0.17% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $123,552,154 239,800 0.16% Shares
FUNDSMITH INVESTMENT SERVICES LTD. $120,523,117 233,921 0.16% Shares
PEAK6 LLC $118,348,331 229,700 0.16% Put option
NEOS Investment Management LLC $117,300,868 227,667 0.16% Shares
AustralianSuper Pty Ltd $108,681,586 210,938 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $107,162,688 207,990 0.14% Shares
Mirae Asset Global Investments Co., Ltd. $106,377,992 206,467 0.14% Shares
MILLENNIUM MANAGEMENT LLC $106,240,426 206,200 0.14% Call option
WELLINGTON MANAGEMENT GROUP LLP $105,034,788 203,860 0.14% Shares
MARSHALL WACE, LLP $103,818,845 201,500 0.14% Shares
AVIVA PLC $103,082,066 200,070 0.14% Shares
Greenstone Partners & Co., LLC $100,599,173 195,251 0.13% Shares
Point72 Asset Management, L.P. $98,769,591 191,700 0.13% Put option
Keenan Capital, LLC $98,524,857 191,225 0.13% Shares
Spyglass Capital Management LLC $98,423,356 191,028 0.13% Shares
APG Asset Management N.V. $97,930,653 217,309 0.13% Shares
STRS OHIO $96,327,916 186,961 0.13% Shares
Korea Investment CORP $93,339,582 181,161 0.12% Shares
USS Investment Management Ltd $90,983,433 176,660 0.12% Shares
PRIMECAP MANAGEMENT CO/CA/ $90,332,699 175,325 0.12% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $90,319,819 175,300 0.12% Call option
Pacific Heights Asset Management LLC $90,165,250 175,000 0.12% Shares

Company insiders 16 insiders · 6 officers · 7 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Arash Adam Foroughi CEO June 11, 2026 S 2,402,393 0 69 $-51,071,902
Matthew Stumpf Chief Financial Officer (CFO) May 28, 2026 S 177,450 0 1 $-5,431,200
Victoria Valenzuela CALO & Corp. Secretary June 4, 2026 S 243,961 0 1 $-400,054
Vasily Shikin Chief Technology Officer May 22, 2026 S 18,805 0 3 $-928,760
Katie Kihorany Jansen Chief Marketing Officer Sept. 2, 2021 S 6,086 0 0 $0
Elena Arutunian Chief Accounting Officer May 4, 2021 A 562,500 0 0 $0
Barbara Messing Director July 15, 2026 A 10,190 0 0 $0
Maynard G Webb JR Director July 15, 2026 A 3,198 0 17 $-3,393,854
Craig Scott Billings Director June 3, 2026 A 4,232 0 0 $0
Todd R Morgenfeld Director June 3, 2026 A 14,312 0 0 $0
Mary Margaret Hastings Georgiadis Director June 3, 2026 A 36,710 0 0 $0
Asha Sharma Director Aug. 10, 2021 A 5,901 0 0 $0
John Krystynak 10% owner Sept. 10, 2021 S 23,900,058 0 0 $0
Andrew Karam 10% owner April 19, 2021 C 21,957,897 0 0 $0
Herald Y Chen — Aug. 13, 2026 C 100,000 0 0 $0
Eduardo Vivas — Aug. 7, 2026 G 213,675 0 27 $-82,620,803

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 233 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
QQQA · ProShares Trust 5.58% 4,138 NS May 31, 2026 N-PORT
AOTG · EA Series Trust 5.30% 9,072 NS May 29, 2026 N-PORT
FEPI · ETF Opportunities Trust 4.38% 63,964 NS April 30, 2026 N-PORT
LCLG · Advisors Series Trust 4.05% 9,187 NS April 30, 2026 N-PORT
SXQG · EXCHANGE TRADED CONCEPTS TRUST 3.39% 3,736 NS May 31, 2026 N-PORT
DWLD · Davis Fundamental ETF Trust 3.32% 42,228 NS April 30, 2026 N-PORT
OGIG · ALPS ETF Trust 3.30% 6,200 NS May 31, 2026 N-PORT
IGV · iShares Trust 2.87% 1,191,826 SH Aug. 8, 2026 Daily
QGRO · AMERICAN CENTURY ETF TRUST 2.77% 99,664 NS May 31, 2026 N-PORT
XPND · First Trust Exchange-Traded Fund VI… 2.64% 1,769 NS May 31, 2026 N-PORT
GVIP · Goldman Sachs ETF Trust 2.33% 21,690 NS May 31, 2026 N-PORT
IXP · iShares Trust 2.29% 38,964 SH Aug. 8, 2026 Daily
QQQG · Pacer Funds Trust 2.12% 536 NS April 30, 2026 N-PORT
FGSI · First Trust Exchange-Traded Fund IV 1.91% 128 NS April 30, 2026 N-PORT
WLDR · Two Roads Shared Trust 1.88% 3,012 NS April 30, 2026 N-PORT
ABOT · Abacus FCF ETF Trust 1.88% 186 NS April 30, 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 1.79% 1,016,017 SH Aug. 8, 2026 Daily
TGLB · T. Rowe Price Exchange-Traded Funds… 1.77% 875 NS April 30, 2026 N-PORT
ABFL · Abacus FCF ETF Trust 1.68% 18,764 NS April 30, 2026 N-PORT
SPGP · Invesco Exchange-Traded Fund Trust 1.46% 98,134 SH Aug. 8, 2026 Daily
CLSE · Trust for Professional Managers 1.42% 14,217 NS May 31, 2026 N-PORT
MMLG · First Trust Exchange-Traded Fund VI… 1.41% 2,151 NS May 31, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 1.40% 3,082 NS May 31, 2026 N-PORT
FDG · AMERICAN CENTURY ETF TRUST 1.39% 9,365 NS May 31, 2026 N-PORT
AIQ · Global X Funds 1.38% 243,794 NS May 31, 2026 N-PORT
ROE · EA Series Trust 1.33% 5,637 NS May 29, 2026 N-PORT
RILA · Spinnaker ETF Series 1.32% 1,243 NS April 30, 2026 N-PORT
PEXL · Pacer Funds Trust 1.29% 1,317 NS April 30, 2026 N-PORT
TEC · Harbor ETF Trust 1.27% 192 NS April 30, 2026 N-PORT
FBCG · FIDELITY COVINGTON TRUST 1.26% 174,997 NS April 30, 2026 N-PORT
GURU · Global X Funds 1.21% 1,580 NS April 30, 2026 N-PORT
FFLG · FIDELITY COVINGTON TRUST 1.16% 15,374 NS April 30, 2026 N-PORT
SKYU · ProShares Trust 1.12% 66 NS May 31, 2026 N-PORT
HQGO · Lattice Strategies Trust 1.10% 1,189 NS April 30, 2026 N-PORT
PJFG · PGIM ETF Trust 1.02% 2,574 NS May 29, 2026 N-PORT
GTEK · Goldman Sachs ETF Trust 0.98% 3,894 NS May 31, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 0.96% 26,107 SH Aug. 8, 2026 Daily
PWB · Invesco Exchange-Traded Fund Trust 0.96% 66,889 SH Aug. 8, 2026 Daily
RPG · Invesco Exchange-Traded Fund Trust 0.93% 54,349 SH Aug. 8, 2026 Daily
TMFC · RBB Fund, Inc. 0.91% 31,401 NS May 31, 2026 N-PORT
QQQE · Direxion Shares ETF Trust 0.91% 24,745 NS April 30, 2026 N-PORT
QFLR · Innovator ETFs Trust 0.88% 10,018 NS April 30, 2026 N-PORT
CRTC · DBX ETF Trust 0.87% 1,854 NS May 31, 2026 N-PORT
SMIZ · Zacks Trust 0.86% 3,620 NS May 31, 2026 N-PORT
FDCF · Fidelity Covington Trust 0.86% 1,495 NS May 31, 2026 N-PORT
VUSE · ETF Series Solutions 0.82% 9,156 NS May 31, 2026 N-PORT
CGGO · Capital Group Global Growth Equity … 0.81% 148,300 NS May 31, 2026 N-PORT
PALC · Pacer Funds Trust 0.80% 4,144 NS April 30, 2026 N-PORT
JOET · Virtus ETF Trust II 0.77% 4,063 NS April 30, 2026 N-PORT
HIBL · Direxion Shares ETF Trust 0.77% 1,357 NS April 30, 2026 N-PORT