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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2021
- Return on Assets (ROA) since 2021
- Total Asset Turnover since 2021
- Price to Earnings (P/E) since 2021
- Price to Operating Profit (P/OP) since 2021
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Based on: 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).
- Net Income (Loss) Attributable to AppLovin
- There is a notable fluctuation in net income over the reported periods. Initially, the company reported a positive net income of $35,446 thousand at the end of 2021. This was followed by a significant loss of $192,746 thousand at the end of 2022. However, the following years saw a substantial recovery and growth, with net income rising to $356,711 thousand in 2023 and further increasing sharply to $1,579,776 thousand by the end of 2024. This indicates a strong rebound and expansion in profitability after the loss year.
- Earnings Before Tax (EBT)
- The EBT figures mirror the trends seen in net income closely. The company moved from an earnings before tax of $46,311 thousand in 2021 to a loss of $205,177 thousand in 2022, reflecting adverse performance during that year. A robust recovery is evident in subsequent years, with EBT increasing significantly to $380,570 thousand in 2023 and further surging to $1,576,005 thousand in 2024. This suggests effective tax management and operational improvements contributing to higher pre-tax earnings.
- Earnings Before Interest and Tax (EBIT)
- EBIT shows a more positive position in 2021 compared to net income and EBT, with a higher base of $149,481 thousand. A decline to a loss of $33,314 thousand occurred in 2022, although this loss was less severe relative to net income and EBT losses. The subsequent years reveal dramatic growth, with EBIT reaching $656,235 thousand in 2023, and escalating to $1,894,265 thousand in 2024. This indicates improved operational efficiency and profitability before the influence of financing and tax expenses.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA outlines an overall upward trend with an exception. It started at $580,544 thousand in 2021 but showed a decrease to $513,770 thousand in 2022. Despite this dip, EBITDA recovered strongly, more than doubling to $1,145,243 thousand in 2023 and then roughly doubling again to $2,342,945 thousand in 2024. This growth in EBITDA highlights improving cash generation and core operating performance over the period, as the company expanded its earnings before non-cash expenses.
- Summary of Trends
- The financial data displays a year of significant challenges in 2022, marked by losses across all key earnings metrics. Following this year, there is a clear pattern of marked recovery and strong growth through 2023 and 2024. Operating profitability (EBIT and EBITDA) shows particularly strong improvement, indicating enhanced efficiency and operational performance. The sharp increase in net income and earnings before tax suggests effective management of costs, taxation, and financial structure, contributing to improved bottom-line results. Overall, the company has transitioned from a difficult financial position to robust profitability and cash generation by the end of the period examined.
Enterprise Value to EBITDA Ratio, Current
Selected Financial Data (US$ in thousands) | |
Enterprise value (EV) | |
Earnings before interest, tax, depreciation and amortization (EBITDA) | |
Valuation Ratio | |
EV/EBITDA | |
Benchmarks | |
EV/EBITDA, Competitors1 | |
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. | |
EV/EBITDA, Sector | |
Software & Services | |
EV/EBITDA, Industry | |
Information Technology |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Enterprise value (EV)1 | |||||
Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||
Valuation Ratio | |||||
EV/EBITDA3 | |||||
Benchmarks | |||||
EV/EBITDA, Competitors4 | |||||
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. | |||||
EV/EBITDA, Sector | |||||
Software & Services | |||||
EV/EBITDA, Industry | |||||
Information Technology |
Based on: 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The financial data reveals significant fluctuations and notable trends in the company's valuation and profitability metrics over the analyzed four-year period.
- Enterprise Value (EV)
- There is a marked volatility in enterprise value. Initially, EV decreased substantially from approximately $17.45 billion at the end of 2021 to about $7.28 billion by the end of 2022, indicating a significant contraction in market valuation or changes in capital structure. This was followed by a dramatic rebound and growth, with EV rising to around $22.96 billion in 2023 and surging further to approximately $111.88 billion by the end of 2024. This sharp increase in the final year suggests an extraordinary event or market revaluation that considerably enhanced the company's overall valuation.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA trends display continuous growth over the four years. Starting from about $580.5 million in 2021, the profit metric experienced a slight decline to $513.8 million in 2022. Subsequently, EBITDA more than doubled to roughly $1.15 billion in 2023 and continued its upward trajectory to approximately $2.34 billion by 2024. This pattern highlights an improvement in the company's operating performance, especially notable in the last two years, reflecting operational scaling or efficiency gains.
- EV/EBITDA Ratio
- The EV/EBITDA ratio illustrates considerable variability reflective of the interplay between enterprise value and earnings. Initially, the ratio was high at 30.05 in 2021, suggesting a potentially aggressive valuation relative to earnings. It then declined sharply to 14.17 in 2022, aligning with the drop in enterprise value and slight decrease in EBITDA. In 2023, the ratio climbed back to 20.05, showing some revaluation or improved market sentiment. Finally, the ratio increased significantly to 47.75 in 2024 despite growth in EBITDA, indicating that enterprise value grew faster than earnings. This could imply elevated investor expectations, heightened market optimism, or sector-specific factors driving valuation multiples to new highs.
Overall, the data reflects a period of volatility followed by rapid growth in enterprise value coupled with robust improvements in operational earnings. The expanding EV/EBITDA multiple in the final year warrants attention as it may indicate increased market optimism or a potential overvaluation relative to earnings fundamentals.