Price to Sales (P/S)
since 2021
Calculation
AppLovin Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 19, 2026 | 25.35 | = | 412.00 | ÷ | 16.25 | 16.25 | = | 5,480,717 | ÷ | 337,278,000 | |
| Feb 27, 2025 | 23.14 | = | 320.49 | ÷ | 13.85 | 13.85 | = | 4,709,248 | ÷ | 339,958,231 | |
| Feb 26, 2024 | 6.14 | = | 58.99 | ÷ | 9.60 | 9.60 | = | 3,283,087 | ÷ | 341,996,982 | |
| Feb 28, 2023 | 1.80 | = | 13.50 | ÷ | 7.48 | 7.48 | = | 2,817,058 | ÷ | 376,403,220 | |
| Mar 11, 2022 | 5.99 | = | 44.55 | ÷ | 7.43 | 7.43 | = | 2,793,104 | ÷ | 375,826,535 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of AppLovin Corp. Annual Report.
The price-to-sales ratio exhibited significant fluctuations between March 11, 2022, and February 19, 2026. Initial observation reveals a substantial decrease followed by a marked increase over the analyzed period.
- Price-to-Sales Ratio Trend
- In March 2022, the price-to-sales ratio stood at 5.99. A considerable decline was observed in February 2023, with the ratio falling to 1.80. Subsequently, the ratio increased to 6.14 in February 2024, indicating a partial recovery. However, the most dramatic change occurred between February 2024 and February 2026, with the ratio escalating to 23.14 and then to 25.35, respectively.
The share price demonstrated a similar pattern of initial decline and subsequent growth. From US$44.55 in March 2022, the share price decreased to US$13.50 in February 2023. It then rose to US$58.99 in February 2024 before experiencing substantial gains, reaching US$320.49 in February 2025 and US$412.00 in February 2026.
- Sales per Share Trend
- Sales per share showed a consistent upward trend throughout the period. Starting at US$7.43 in March 2022, it increased to US$7.48 in February 2023, then to US$9.60 in February 2024. This growth continued, reaching US$13.85 in February 2025 and US$16.25 in February 2026. This indicates increasing revenue generation relative to the number of outstanding shares.
The substantial increase in the price-to-sales ratio in the later years, coupled with the rising share price and sales per share, suggests a growing investor confidence and potentially increased market expectations regarding future growth. The initial decline in the ratio in 2023 may reflect market concerns or a temporary downturn in performance, which appeared to be overcome in subsequent periods.
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Comparison to Competitors
AppLovin Corp., P/S, long-term trends, comparison to competitors
| AppLovin Corp. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 19, 2026 | 25.35 | 2.15 | 5.25 | 15.27 | 19.37 | 12.53 | 3.19 | 9.90 | 13.54 | 10.32 | 71.09 | 13.82 | 7.40 | 9.20 | 13.05 | 7.65 |
| Feb 27, 2025 | 23.14 | 3.48 | 8.27 | 15.26 | 26.10 | 16.12 | 3.81 | 10.72 | 12.82 | 7.44 | 102.00 | 13.62 | 8.45 | 18.99 | 12.45 | 9.61 |
| Feb 26, 2024 | 6.14 | 2.98 | 13.88 | 20.02 | 12.81 | 20.19 | 2.73 | 10.72 | 11.60 | 6.63 | 23.27 | 10.87 | 5.84 | 17.52 | 14.75 | 7.71 |
| Feb 28, 2023 | 1.80 | 2.56 | 8.95 | 14.23 | 30.15 | 14.64 | 1.94 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 7.40 | 12.75 | 10.03 | 11.19 |
| Mar 11, 2022 | 5.99 | 4.28 | 14.94 | 12.55 | 48.70 | 49.25 | 1.94 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 9.24 | 19.02 | 13.22 | 13.95 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Comparison to Sector (Software & Services)
AppLovin Corp., P/S, long-term trends, comparison to sector (software & services)
| AppLovin Corp. | Software & Services | |
|---|---|---|
| Feb 19, 2026 | 25.35 | 10.41 |
| Feb 27, 2025 | 23.14 | 10.40 |
| Feb 26, 2024 | 6.14 | 8.78 |
| Feb 28, 2023 | 1.80 | 7.45 |
| Mar 11, 2022 | 5.99 | 9.54 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Comparison to Industry (Information Technology)
AppLovin Corp., P/S, long-term trends, comparison to industry (information technology)
| AppLovin Corp. | Information Technology | |
|---|---|---|
| Feb 19, 2026 | 25.35 | 10.47 |
| Feb 27, 2025 | 23.14 | 9.33 |
| Feb 26, 2024 | 6.14 | 7.33 |
| Feb 28, 2023 | 1.80 | 6.01 |
| Mar 11, 2022 | 5.99 | 7.00 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).