APP · US
APP.US: Mobile ads + AXON engine
AppLovin mobile ads + AXON.
Cite a section with a deep link, e.g. /en/r/app-us-research#thesis
Snapshot
- Price
- USD 396
- Mkt cap
- USD 133.0B
- Revenue
- USD 5.0B
- Adj. EBITDA
- USD 2.5B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
AppLovin Mobile app advertising platform; AXON lifts advertiser ROI; high margins but ad-cycle and privacy dependent.
Business
Model: ad-tech take rate. Flagships: app advertising; AXON. Edge: performance data loop. Strategy: broaden verticals/self-serve.
Value chain
Ad-tech mid; upstream publisher traffic; downstream advertisers. Risks: ATT/privacy; gaming budgets; store policies.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 396 | APP · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
High-growth, high-margin ad-tech; volatile multiple.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
Volume: ad spend/impressions; price: eCPM; cost: traffic acquisition.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue (approx) | ~$5B+ | +strong | Ads heavy |
| Adj. EBITDA margin | Very high | — | Operating leverage |
| AXON | Core engine | — | ROI narrative |
| Buybacks | Active | — | Capital return |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| AppLovin (self) | Mobile ads | High GM | AXON performance | Vertical concentration |
| Unity | Grow/ads | Mid | Engine attach | Restructuring |
| App ads | Scale | Distribution | Different mix | |
| Meta | Performance ads | Scale | Budget competition | Not app-centric |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Adam Foroughi | co-founder | No material change |
| CFO | CFO office | ongoing | Check latest 10-K/Q |
| CTO / tech | Tech leads | ongoing | AXON focus |
Stability: Founder-led, steady.
Outlook
Track advertiser spend, AXON iterations, adj. margins, buybacks.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
References
- APP IR / latest 10-Q — SEC EDGAR
- https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=APP
- Cross-links in body [[article:]] refs
Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.
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