AppLovin Corp. (APP) intrinsic value & 10-year financials
AppLovin Corp. (APP) has a Graham intrinsic value of $323.85 per share. At $266.13 on Oct 17, 2026, the stock trades 18% below that value. Over the last 8 fiscal years revenue grew 32.9% a year to $5.5B, with an average return on invested capital of 14.3%.
- Graham intrinsic value
- $323.85
- Share price (Oct 17, 2026)
- $266.13
- Price vs Graham value
- 18% below
- Market cap
- $91.0B
- Revenue (FY2025)
- $5.5B
- Revenue growth (8-yr CAGR)
- 32.9%
- ROIC (10-yr avg)
- 14.3%
- Free cash flow (FY2025)
- —
APP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.5B | $3.3B | $9.75 | — | 75.8% | 98.3% |
| FY2024 | $4.7B | $1.6B | $4.53 | $2.1B | 39.8% | 46.3% |
| FY2023 | $3.3B | $356.7M | $0.98 | $1.1B | 19.7% | 14.8% |
| FY2022 | $2.8B | -$192.7M | -$0.52 | $412.1M | -1.7% | -1.1% |
| FY2021 | $2.8B | $35.4M | $0.09 | $360.5M | 5.4% | 4.5% |
| FY2020 | $1.5B | -$125.2M | -$0.58 | $219.6M | -4.3% | -4.8% |
| FY2019 | $994.1M | $119.0M | $0.36 | $195.1M | 19.6% | -57.7% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AppLovin revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
AppLovin has earned high returns on invested capital, averaging 26.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
AppLovin capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AppLovin is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $323.85 per share.