AppLovin Corporation

APP

Software - Application · Technology

Price

$305.77

-3.00 (-0.97%)

Market Cap

$102.72B

Exchange

NASDAQ

Winston Score

Winston is happy

An exceptional business — strong profitability, growth, and balance sheet.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

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Winston Score History

The full picture

AppLovin helps mobile app developers grow their apps by finding new users through advertising. Its main product is a software platform called AXON, which uses artificial intelligence to match ads with the right people at the right time. The company's customers are mostly mobile game developers and other app makers who pay to have their apps promoted to millions of smartphone users around the world.

AppLovin makes money by charging app developers based on how well its ads perform — essentially taking a cut when its technology successfully delivers results. The company operates globally, with a heavy focus on mobile gaming, and its AI-driven ad engine gets smarter the more data it processes, which makes it harder for competitors to catch up. AppLovin has been expanding beyond gaming into e-commerce and other app categories, which is its main growth opportunity, though any slowdown in mobile advertising spending or changes to smartphone privacy rules could hurt its business.

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42 trades / 12mo

25 Congressional buys and 17 sells on APP in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+52.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+55.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$227M/ year

↓ Declining (-40% vs prior year)

4.1% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

23.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

AppLovin Corporation grew revenue 53% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 342.8M (2021) → 342.0M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

88.3%

Premium pricing power — 88.3% gross margin

Profit after running costs

Operating Margin

77.7%

Excellent — 77.7% operating margin

Return on the money invested

ROCE

79.2%

Exceptional — 79.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+47.6%

Fast-growing sales (+47.6% YoY)

Profit growth

EPS YoY

+82.0%

Earnings growing fast (+82.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

103%

Turns 103% of profit into real cash

Spare cash per sale

FCF Margin

65.9%

Converts sales into free cash efficiently (65.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.11

Elevated debt (1.11)

Covers its interest

Interest Cover

25.79x

Comfortably covers interest (25.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.4x

Growth-priced — P/E 23.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.4 → 11.6)

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Dividends

Not applicable for this business.

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