APPAppLovin Corp
Services-Computer Programming, Data Processing, Etc.
- Revenue
- $5.5B
- 70% YoY
- Operating margin
- 75.8%
- 28% YoY
- EBITDA
- $4.3B
- 84% YoY
- Market cap
- $76.6B
- Employees
- 380
- $14M revenue each
- Net debt / EBITDA
- 0.1×
- $460M net debt
- AI in 10-K
- 9.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo119% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo55% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$14M · 100th pctBottom quartile of its SIC industry
- Quiet on AINo9.3 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$76.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$574M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $2.8B | $1.8B | $3.2B | $5.5B | 70% |
| Operating income | $150M | −$48M | $772M | $1.9B | $4.2B | 117% |
| Net income | $35M | −$193M | $357M | $1.6B | $3.3B | 111% |
| Operating cash flow | $362M | $413M | $1.1B | $2.1B | $4.0B | 89% |
| Capex | $1M | $662K | $4M | $5M | — | |
| Stock-based comp | $133M | $192M | $363M | $369M | $210M | 43% |
| Buybacks | $0 | $339M | $1.2B | $981M | $2.2B | 123% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $574M · 704
- Net
- −$574M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $22M | 1033 | 234 |
| FY2024 | $11M | $386M | 497 | 189 |
| FY2023 | $83M | $287M | 61 | 138 |
| FY2022 | $104K | $104K | 16 | 88 |
| FY2021 | $104K | $104K | 145 | 122 |