AppLovin Corp(APP)Stock Analysis
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Rank #6 of 2,879 stocksTOP 1%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
APP Stock Analysis & AI Quality Score
AI stock analysis and institutional research for AppLovin Corp (APP), a Technology sector company. 13F Pro's AI-powered ranking engine scores APP at 86.8/100 on a 32-signal composite quality model, placing it at rank #6 of 2,879 stocks — the top 1% of the AI-ranked universe. APP scores in the top quartile across balance sheet strength (99.5), revenue growth (96.7), earnings quality (96.0). Areas of concern include institutional flow (17.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 29.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), AppLovin Corp reports quarterly revenue of $1.8B, net income of $1.2B, an operating margin of 78.1%. Top institutional holders of APP by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, FMR, based on the most recent SEC filings. APP trades on the Nasdaq exchange and files with the SEC under CIK 1751008. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate APP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for AppLovin Corp directly from SEC EDGAR. AppLovin Corp's 13F Pro composite quality score has ranged between 8 and 91 since 2022, currently 86.8 — an improving long-term trajectory across 52 quarterly and live scoring snapshots.
What's Driving APP's Business? Latest 10-Q Breakdown
AI-extracted from AppLovin Corp's 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
AppLovin's Q1 revenue surged 59% YoY to $1.84B, driven by 93% growth in net revenue per installation despite 18% decline in installation volume.
Biggest Revenue Drivers
Total revenue: $1.84B+59% YoY
Net revenue per installation increased 93%, partially offset by 18% decrease in installation volume.
Largest Expense Items
Increase of $39.9M driven by growth in network infrastructure and third-party cloud computing services.
Increase of $36.5M in personnel-related expenses related to stock-based compensation payroll costs.
Decrease of $6.2M in bad debt expense and $2.1M in professional services costs.
Margins: Operating margin expanded to 78% of revenue in Q1 2026 from 72% in Q1 2025, driven by strong revenue growth outpacing cost increases. Adjusted EBITDA margin was 84.5% in Q1 2026 versus 80.9% in Q1 2025.
Watch Items from the Filing
- Heavy concentration in mobile app ecosystem revenue; significant portion derived through Apple App Store, Google Play Store, and Meta platforms.
- Securities litigation: amended complaint filed September 2025 alleging materially false statements regarding advertising solutions and financial growth; motion to dismiss fully briefed as of February 2026.
- Tripledot investment: Company holds 596.9M ordinary shares (approximately 22% of outstanding, 20% fully diluted) valued at $285.0M, accounted for as equity method investment with $24.8M in related-party revenue in Q1 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$1.8B
Net Income
Q1 2026
$1.2B
Free Cash Flow
Q1 2026
$1.3B
Operating Margin
Q1 2026
78.1%
D/E Ratio
Q1 2026
1.49
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+197.6% YoYNet Income
+834.7% YoYOperating Income
+437.5% YoYEPS (Diluted)
+894.9% YoYTotal Assets
+35.5% YoYTotal Debt
-1.1% YoYOp. Cash Flow
+274.1% YoY| Metric | FY 2025 | FY 2023 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $5.48B +197.6% | $1.84B -34.1% | $2.79B +92.5% | $1.45B +46.0% | $994.1M | — |
| Net Income | $3.33B +834.7% | $356.7M +919.2% | $35.0M +128.0% | $-125.2M -205.2% | $119.0M | — |
| Operating Income | $4.15B +437.5% | $772.4M +414.9% | $150.0M +341.8% | $-62.0M -131.9% | $194.4M | — |
| EPS (Diluted) | $9.75 +894.9% | $0.98 +988.9% | $0.09 +115.5% | $-0.58 -261.1% | $0.36 | — |
| Total Assets | $7.26B +35.5% | $5.36B -13.1% | $6.16B +186.1% | $2.15B | — | — |
| Total Debt | $3.51B -1.1% | $3.55B +8.3% | $3.28B +105.1% | $1.60B | — | — |
| Operating Cash Flow | $3.97B +274.1% | $1.06B +193.4% | $361.9M +62.4% | $222.9M +12.3% | $198.5M | — |
AI Insight: APP Financial Trends
AppLovin delivered 159% revenue growth and 289% net income growth over two years, with operating margins expanding to 78% in Q1 2026.
• Revenue grew 159% from $711M (Q2 2024) to $1,842M (Q1 2026); net income surged 289% from $310M to $1,206M.
• Operating margin expanded from 54% (Q2 2024) to 78% (Q1 2026); operating income grew 274% over same period.
• Operating cash flow increased 184% from $455M to $1,291M; Q1 2026 marked strongest quarter on record.
• Total debt held stable near $3.5B across entire period; equity grew 190% from $815M to $2,363M.
⚠ Debt/Equity ratio compressed from 4.3x to 1.5x, but absolute leverage remains elevated at $3.5B debt.
⚠ Operating cash flow declined 2% Q4 2025 to Q1 2026 ($1,314M to $1,291M)—first sequential drop in five quarters.
AI Insight: APP Ratio Trends
AppLovin's operational leverage is extraordinary: operating margin expanded 24pp from Q2 2024 to Q1 2026, while ROIC surged 62pp to 98% amid decisive deleveraging.
• Operating margin expanded from 54.1% in Q2 2024 to 78.1% in Q1 2026, driven by scale and operational efficiency.
• ROIC accelerated dramatically from 35.5% in Q2 2024 to 98.0% in Q1 2026, reflecting superior capital deployment.
• Debt-to-equity ratio collapsed from 4.32 in Q2 2024 to 1.49 in Q1 2026, significantly strengthening financial flexibility.
• Net profit margin remains elevated at 65.4% in Q1 2026, with ROA improving to 62.6% from 23.5% two years prior.
⚠ Q1 2025 saw D/E spike to 6.45 (vs. 3.74 prior quarter), suggesting a one-time capital event; monitor for recurrence.
⚠ ROE and ROA data missing for Q1 2025–Q4 2025; limits visibility into quarterly profitability trends during strong margin expansion.
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Top Institutional Holders of APP
BlackRock, Inc.
$9.4B23,640,172 shVANGUARD CAPITAL MANAGEMENT LLC
$6.7B16,750,884 shFMR LLC
$6.2B15,691,414 shSTATE STREET CORP
$4.7B11,767,329 shGEODE CAPITAL MANAGEMENT, LLC
$2.9B7,288,372 shBAILLIE GIFFORD & CO
$2.7B6,700,132 shVANGUARD PORTFOLIO MANAGEMENT LLC
$2.4B5,935,893 shMORGAN STANLEY
$2.2B5,604,841 shWCM INVESTMENT MANAGEMENT, LLC
$1.9B5,001,600 shInvesco Ltd.
$1.6B4,144,716 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $9.4B | 23,640,172 |
| VANGUARD CAPITAL MANAGEMENT LLC | $6.7B | 16,750,884 |
| FMR LLC | $6.2B | 15,691,414 |
| STATE STREET CORP | $4.7B | 11,767,329 |
| GEODE CAPITAL MANAGEMENT, LLC | $2.9B | 7,288,372 |
| BAILLIE GIFFORD & CO | $2.7B | 6,700,132 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.4B | 5,935,893 |
| MORGAN STANLEY | $2.2B | 5,604,841 |
| WCM INVESTMENT MANAGEMENT, LLC | $1.9B | 5,001,600 |
| Invesco Ltd. | $1.6B | 4,144,716 |
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Popular Research
Is APP a good stock to buy?
13F Pro's AI-powered analysis of AppLovin Corp (APP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for APP are available on the APP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own APP?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling APP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of AppLovin Corp's investment landscape.