Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Price to Earnings (P/E) since 2021
- Price to Operating Profit (P/OP) since 2021
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Long-term Activity Ratios (Summary)
AppLovin Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a general declining trend in the initial periods, decreasing from 44.17 at the end of March 2022 to a low of 18.94 by December 2023. This decline reflects a decreasing efficiency in utilizing fixed assets to generate revenue during this timeframe. However, from March 2024 onwards, the ratio shows a recovery trend, increasing steadily to reach 39.72 by September 2025. This suggests an improvement in asset utilization efficiency in the later periods, reversing the previous downward trajectory.
- Total Asset Turnover
- The total asset turnover ratio exhibits a consistent upward trend across the entire period analyzed. Starting at 0.46 in March 2022, it gradually rises with minor fluctuations to 0.82 by September 2025. This steady increase indicates an improving capacity of the company to generate sales from its total assets, reflecting enhanced overall asset efficiency.
- Equity Turnover
- The equity turnover ratio shows more pronounced variability compared to the other ratios. It increases from 1.40 in March 2022 to a peak of 2.77 in September 2022, followed by a slight decline and then a sharp rise to a high point of 8.36 in March 2025. Subsequently, it decreases again to 3.52 by September 2025. This pattern suggests periods of significant changes in equity efficiency, possibly related to fluctuations in either equity base or revenue generation capacity relative to equity. The peak in early 2025 indicates an exceptional level of utilization of equity around that time.
Net Fixed Asset Turnover
AppLovin Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibits a generally upward trajectory over the observed periods. Starting from approximately $625 million in the first quarter of 2022, revenue increases significantly to reach over $1.4 billion by the third quarter of 2025. Notable growth is observed particularly after the first quarter of 2023, where revenues consistently surpass the $700 million mark, demonstrating sustained expansion. The highest recorded revenue occurs in the fourth quarter of 2024 with nearly $1.37 billion.
- Property and Equipment, Net
- The net value of property and equipment fluctuates across the periods without a clear upward or downward trend. Initial values around $64 million in early 2022 rise sharply by the first quarter of 2023, peaking at about $173 million in the fourth quarter of 2023. Thereafter, the figure decreases somewhat but remains elevated compared to initial levels, indicating significant capital investment followed by partial reduction or write-downs. This pattern may suggest periodic asset acquisition and revaluation activities.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of fixed assets, generally decreases from the beginning of 2022 through the end of 2023, falling from a high of approximately 44.17 to a low near 18.94. This decline implies that asset productivity was dropping during this period. However, from early 2024 onwards, the ratio demonstrates a reversal, steadily rising to nearly 40 by the third quarter of 2025, signaling a recovery in how efficiently fixed assets generate revenue. The correlation between rising revenue and the improving asset turnover ratio in later periods suggests enhanced operational efficiency or better utilization of investments.
- Overall Insights
- The company's financial data indicates strong revenue growth coupled with significant but fluctuating property and equipment investments. Initial decline in asset turnover suggests that assets were initially underutilized as investments increased. However, the subsequent improvement in this ratio alongside continued revenue growth points to enhanced asset management, potentially reflecting strategic optimization or scaling effects. Monitoring these trends will be important for assessing future operational efficiency and capital allocation effectiveness.
Total Asset Turnover
AppLovin Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Total assets | ||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrated a general upward trend over the observed periods. Starting at approximately $625 million in the first quarter of 2022, it increased steadily to reach over $1.4 billion by the third quarter of 2025. Notable acceleration in revenue growth occurred from the end of 2023 through 2024, with notable quarterly increases, peaking at roughly $1.37 billion in the fourth quarter of 2024 before a slight dip in early 2025, followed by recovery.
- Total Assets Analysis
- Total assets exhibited a declining tendency from around $6.2 billion at the beginning of 2022 to a low near $5 billion by the third quarter of 2023. From that point, assets began to recover progressively, rising back to approximately $6.3 billion by the third quarter of 2025. This fluctuation indicates possible asset restructuring or divestment followed by accumulation or acquisition activities.
- Asset Turnover Ratio
- The total asset turnover ratio, which measures efficiency in generating revenue from assets, improved consistently throughout the timeline. Initially recorded at 0.46, it increased steadily quarter-over-quarter, surpassing 0.8 in several quarters during 2024 and 2025. This improvement reflects enhanced utilization of assets to generate revenue, indicating operational efficiency gains alongside revenue growth.
- Overall Insights
- The combined analysis suggests the company achieved significant growth in revenue while managing to improve efficiency in asset utilization despite fluctuations in total asset base. The recovery in total assets after mid-2023, coupled with improving asset turnover, points to strategic asset management aligning with scaling operations. This evolution highlights a positive trajectory in performance metrics, with effective leverage of assets to support increasing revenues.
Equity Turnover
AppLovin Corp., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Stockholders’ equity (deficit) | ||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Equity turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Stockholders’ equity (deficit)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue
- Revenue exhibits an overall upward trend from March 31, 2022, through September 30, 2025. Starting at approximately 625 million USD in early 2022, revenue rose steadily with notable quarterly increases, reaching a peak of about 1.37 billion USD by the end of 2024. Although there is some variability, especially between the end of 2024 and mid-2025, revenue continues to demonstrate strong growth, approaching 1.41 billion USD by September 2025. This consistent growth reflects expanding business activities or market demand over the observed periods.
- Stockholders' Equity (Deficit)
- Stockholders’ equity reveals considerable fluctuation, showing some volatility throughout the examined time frame. Beginning near 2.01 billion USD in early 2022, equity values slightly declined and experienced a sharp decrease between March 2023 and September 2023, falling to approximately 1.1 billion USD. Equity then further declined to a low near 575 million USD by March 2025 but began to recover afterward, reaching around 1.47 billion USD by September 2025. These fluctuations might indicate changes in retained earnings, issuance or repurchase of shares, or impacts from net losses or dividend distributions during different quarters.
- Equity Turnover Ratio
- The equity turnover ratio demonstrates a marked upward trend over the period, with values increasing from 1.4 in March 2022 to a peak of 8.36 by March 2025. This ratio generally measures how efficiently the company is utilizing its equity to generate revenue. The significant increase reflects heightened revenue generation relative to equity, though there is some quarterly variability, especially notable after the peak in March 2025, where the ratio declines to 4.27 by September 2025. This suggests improved but somewhat fluctuating financial efficiency over the observed periods.
- Summary
- The company’s financial data indicates strong and growing revenue performance alongside a fluctuating equity base. The decrease and subsequent recovery in stockholders' equity suggest underlying changes in capital structure or profitability, while the rising equity turnover ratio points towards improved efficiency in leveraging equity to generate revenue despite the equity volatility. Overall, the trends suggest positive revenue momentum coupled with financial adjustments that impact equity levels but maintain increasing operational efficiency.