AppLovin - Public Comps and Valuation Multiples

AppLovin Overview

About AppLovin

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. About 80% of AppLovin’s revenue comes from the DSP, AppDiscovery, while the remainder comes from the SSP, Max, and gaming studios, which develop mobile games. AppLovin announced in February 2025 its plans to divest from the lower-margin gaming studios to focus exclusively on the ad tech platform. AppLovin’s primary tool for future growth is Axon 2, which is an ad optimizer operating within the DSP that allows advertisers to place ads according to specified return thresholds.

Founded

2011

HQ

Employees

1.6K+

Website

applovin.com

Sectors

AdTech Software
B2B SaaS
Horizontal SaaS
MarTech

Financials

LTM Revenue $5.0B

LTM EBITDA $3.0B

EV

$83.1B

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AppLovin Financials

AppLovin has a last 12-month revenue of $5.0B and a last 12-month EBITDA of $3.0B.

In the most recent fiscal year, AppLovin achieved revenue of $4.7B and an EBITDA of $2.3B.

AppLovin expects next 12-month revenue of XXX and NTM EBITDA of XXX

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AppLovin P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$3.3B	$4.7B	XXX	XXX	XXX
Gross Profit	$1.6B	$2.2B	XXX	XXX	XXX
Gross Margin	48%	47%	XXX	XXX	XXX
EBITDA	$1.1B	$2.3B	XXX	XXX	XXX
EBITDA Margin	35%	50%	XXX	XXX	XXX
Net Profit	-$193M	$357M	XXX	XXX	XXX
Net Margin	-6%	8%	XXX	XXX	XXX
Net Debt	$2.1B	$2.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

AppLovin Stock Performance

As of April 15, 2025, AppLovin's stock price is $236.

AppLovin has current market cap of $80.3B, and EV of $83.1B.

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AppLovin Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$83.1B	$80.3B	XXX	XXX	XXX	XXX	$5.11

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AppLovin Valuation Multiples

As of April 15, 2025, AppLovin has market cap of $80.3B and EV of $83.1B.

AppLovin's trades at 16.6x LTM EV/Revenue multiple, and 27.3x LTM EBITDA.

Analysts estimate AppLovin's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AppLovin Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$83.1B	XXX	XXX	XXX
EV/Revenue	17.6x	XXX	XXX	XXX
EV/EBITDA	35.5x	XXX	XXX	XXX
P/E	50.8x	XXX	XXX	XXX
P/E/Growth	1.1x	XXX	XXX	XXX
EV/FCF	39.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

AppLovin Valuation Multiples

AppLovin's NTM/LTM revenue growth is 21%

AppLovin's revenue per employee for the last fiscal year averaged $3.0M, while opex per employee averaged $1.1M for the same period.

Over next 12 months, AppLovin's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AppLovin's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AppLovin Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	43%	XXX	XXX	XXX	XXX
EBITDA Margin	50%	XXX	XXX	XXX	XXX
EBITDA Growth	105%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	71%	XXX	XXX	XXX	XXX
Revenue per Employee	$3.0M	XXX	XXX	XXX	XXX
Opex per Employee	$1.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	18%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	4%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	14%	XXX	XXX	XXX	XXX
Opex to Revenue	35%	XXX	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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