# AppLovin Corporation (APP)

> Source: Nexqual · https://nexqual.com/APP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AppLovin Corporation (APP), nexqual.com/APP" · informational, not investment advice.

**Price:** USD 264.28 (-1.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 267.9 · day 260.97–270.6 · 52w 260.59–738.01 · market cap $88.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.83B, net income $4.41B (64.6% margin) (SEC filings).
- Valuation: P/E 20.1x (avg 60.3x at the last 3 fiscal year-ends), EV/EBITDA 16.5x, net debt $462M.
- 4 of 80 tracked superinvestors hold APP (13F, Q2 2026): 1 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $197M; 4 not under a Rule 10b5-1 plan ($62.4M); 4 by opportunistic insiders (3 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.97 on a 1–5 scale) (33 analysts), mean target USD 476.85 (range 325–790).
- Total return with dividends: 1Y -55.2% vs S&P 500 +14.9%; 5Y +180.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 4.03, revenue estimate $2.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.79B | $2.82B | $1.84B | $3.22B | $5.48B | $6.83B |
| Gross profit | $1.81B | $1.56B | $1.49B | $2.70B | $4.82B | — |
| Operating income | $150M | -$47.8M | $772M | $1.91B | $4.15B | $5.29B |
| Net income | $35.4M | -$193M | $357M | $1.58B | $3.33B | $4.41B |
| EPS (diluted) | $0.09 | -$0.52 | $0.98 | $4.53 | $9.75 | — |
| Free cash flow | $360M | $412M | $1.06B | $2.09B | — | — |
| Gross margin | 64.6% | 55.4% | 80.6% | 83.9% | 87.9% | — |
| Operating margin | 5.4% | -1.7% | 41.9% | 59.3% | 75.8% | 77.4% |
| Net margin | 1.3% | -6.8% | 19.4% | 49.0% | 60.8% | 64.6% |
| Revenue growth | +92.5% | +0.9% | -34.6% | +75.1% | +70.0% | — |
| Cash + short-term investments | $1.52B | $1.08B | $502M | $697M | $2.49B | — |
| Total debt | $3.23B | $3.21B | $3.12B | $3.51B | $3.51B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.1x · P/S 13.0x · EV/EBITDA 16.5x · EV/Sales 13.1x · P/B 28.1x · Earnings yield 4.97% · Buyback yield (TTM) 2.76% · Net debt $462M · EV $89.2B
P/E at fiscal year-ends: Dec 2025 69.1x, Dec 2024 71.3x, Dec 2023 40.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold APP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | 14.50% | $226M | Added +38.6% |
| Stephen Mandel | Lone Pine Capital | 3.28% | $537M | Reduced -28.9% |
| Terry Smith | Fundsmith | 2.63% | $359M | New position |
| Christopher Davis | Davis Advisors | 0.70% | $163M | Reduced -6.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-06 | Webb Maynard G Jr | Director | 3,076 | $1.6M | 2.4% | Yes (adopted March 3, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Vivas Eduardo | Director | 163,910 | $82.6M | 2.4% | Yes (adopted December 10, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Foroughi Arash Adam | CEO | 22,544 | $11.2M | 0.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-11…2026-06-12 | Foroughi Arash Adam | CEO | 52,165 | $25.3M | 2.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10…2026-06-11 | Foroughi Arash Adam | CEO | 29,457 | $14.6M | 0.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Webb Maynard G Jr | Director | 3,076 | $1.8M | 2.4% | Yes (adopted March 3, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Valenzuela Victoria | CALO & Corp. Secretary | 20,000 | $11.3M | 7.6% | No | Routine (sold in May & Aug & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-28 | Stumpf Matthew | Chief Financial Officer (CFO) | 9,052 | $5.4M | 4.9% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Shikin Vasily | Chief Technology Officer | 2,889 | $1.4M | 13.9% | Yes (adopted December 9, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-22 | Shikin Vasily | Chief Technology Officer | 15,915 | $7.7M | 43.3% | Yes (adopted December 9, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-22 | Shikin Vasily | Chief Technology Officer | 70,916 | $34.3M | 2.2% | Yes (adopted December 9, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.97 on a 1–5 scale), 33 analysts; mean target USD 476.85 (low 325, high 790).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citigroup | Target lowered | Buy | $600 → $500 |
| 2026-10-14 | Goldman Sachs | Target lowered | Neutral | $465 → $400 |
| 2026-10-14 | Wedbush | Target lowered | Outperform | $610 → $560 |
| 2026-10-13 | Morgan Stanley | Target lowered | Overweight | $450 → $400 |
| 2026-10-12 | Oppenheimer | Target lowered | Outperform | $560 → $490 |
| 2026-10-08 | Jefferies | Target lowered | Buy | $550 → $375 |
| 2026-10-06 | Needham | Reiterated | Buy | $475 |
| 2026-09-14 | Morgan Stanley | Target lowered | Overweight | $650 → $450 |
| 2026-09-08 | BTIG | Target lowered | Buy | $408 → $396 |
| 2026-09-01 | Evercore ISI Group | Target lowered | Outperform | $630 → $510 |
| 2026-08-26 | Needham | Target lowered | Buy | $500 → $475 |
| 2026-08-21 | Piper Sandler | Target lowered | Neutral | $385 → $325 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -55.2% | +180.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -55.3% | +22.8% |
| Volatility (annualized) | 73.8% | 75.8% |
| Max drawdown | -64.3% (Dec 2025→Oct 2026) | -91.3% (Nov 2021→Jan 2023) |

## Peers (Advertising Agencies)
OMC (Omnicom Group Inc.) USD 82.56 +2.56% · TTD (The Trade Desk, Inc.) USD 13.16 +4.53% · WPP (WPP plc) USD 26.71 +1.10% · MGNI (Magnite, Inc.) USD 23.13 -2.07% · LFTO (Liftoff Mobile, Inc.) USD 16.32 -1.03% · STGW (Stagwell Inc.) USD 8.99 +0.78%

## More
Full page: https://nexqual.com/APP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in APP's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Wayfair Inc. (W) | "Wayfair, Inc., U.S. states may require an out-of-state seller with no in-state property or personnel to collect and remit sales tax on sales to the state's residents, which may permit wider enforcement of sales tax colle…" |
| Partner | Meta Platforms (META) | "Such advertising companies vary in size and include Meta, Google, Amazon, and Unity Software, as well as various private companies, several of which are also our partners and clients." |
| Partner | Alphabet (Google) (GOOGL) | "Such advertising companies vary in size and include Meta, Google, Amazon, and Unity Software, as well as various private companies, several of which are also our partners and clients." |
| Partner | Amazon (AMZN) | "Such advertising companies vary in size and include Meta, Google, Amazon, and Unity Software, as well as various private companies, several of which are also our partners and clients." |
| Competitor | Apple (AAPL) | "The mobile app ecosystem depends in part on a relatively small number of third-party distribution platforms, such as the Apple App Store, the Google Play Store, and Meta, some of which are direct competitors." |

Other companies that name APP in their own reports (relationship from APP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Gamehaus Holdings Inc. (GMHS) | 20-F 2026-09-29 | "suppliers, AppLovin Corporation ("AppLovin"), and Sinointeractive, which accounted for 19.7% and 15.1% of our total accounts" |
| partner | The9 LTD (NCTY) | 20-F 2026-04-16 | "JiTuo is a game development partner with AppLovin Corporation (Nasdaq: APP) in China." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $989.6M | 51.4% | +50.3% |
| Rest of the world | $934.1M | 48.6% | +55.6% |
| Total revenue | $1.92B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.03 | $4.09 | -1.4% | $2.07B | 19 |
| Next quarter (ends 2026-12-31) | $4.45 | $4.70 | -5.3% | $2.26B | 19 |
| Current fiscal year (ends 2026-12-31) | $15.64 | $16.06 | -2.6% | $8.09B | 27 |
| Next fiscal year (ends 2027-12-31) | $19.89 | $21.19 | -6.1% | $10.19B | 27 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±16.8%; earnings reaction alone ±14.1%; last 8 reports averaged ±18.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 55.5% | ±6.6% |
| 2026-11-06 | 14 | 103.7% | ±16.8% |
| 2026-11-13 | 21 | 91.2% | ±17.9% |
| 2026-11-20 | 28 | 85.2% | ±19.2% |
| 2026-11-27 | 35 | 77.5% | ±19.4% |
| 2026-12-04 | 42 | 73.4% | ±20.1% |
| 2026-12-18 | 56 | 72.7% | ±22.7% |
| 2027-01-15 | 84 | 67.7% | ±25.8% |