Enterprise Value (EV)
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AppLovin Corp. pages available for free this week:
- 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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Current Enterprise Value (EV)
AppLovin Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.00003 par value; no shares issued and outstanding (per books) | |
| Total equity | |
| Add: Finance lease liabilities, current (per books) | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt (per books) | |
| Add: Finance lease liabilities, non-current (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Restricted cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
AppLovin Corp., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of AppLovin Corp. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data reveals significant fluctuations and an overall substantial increase in equity and enterprise value over the analyzed periods. The market value of common equity and total equity follow identical patterns, indicating no preferred equity or significant other equity components.
- Common Equity and Total Equity
- Both metrics show a considerable decrease from approximately $16.7 billion at the end of 2021 to about $5.1 billion at the end of 2022. Following this decline, there is a marked recovery and growth, climbing to roughly $20.2 billion by the end of 2023, and then surging dramatically to approximately $109 billion by the end of 2024. This suggests a period of volatility followed by aggressive equity appreciation or capital infusion.
- Total Equity and Debt
- This measure decreased from $20 billion at the end of 2021 to about $8.4 billion in 2022, indicating substantial reductions possibly in liabilities or debt components alongside equity declines. In subsequent years, the total equity and debt increased significantly, reaching around $23.5 billion by the end of 2023, and then rising sharply to $112.6 billion by the end of 2024. This reflects notable expansion in the company’s capital structure, potentially through increased borrowing, issuing of liabilities, or asset growth.
- Enterprise Value (EV)
- The enterprise value approximated $17.4 billion at the end of 2021, dropped to $7.3 billion in 2022, aligning with the declines seen in equity and total capital. The EV then rebounded strongly to $23 billion at the end of 2023 and further escalated to nearly $112 billion by the end of 2024. This trajectory mirrors the growth pattern in equity and total capital, implying enhanced market valuation and operational scale.
Overall, the period analyzed shows a pronounced dip from 2021 to 2022 across all key financial metrics, followed by a robust rebound and extraordinary growth from 2023 to 2024. The sharp increase in market capitalization, equity base, and enterprise value toward the end of the period may indicate successful strategic initiatives, improved profitability, or favorable market conditions driving investor confidence and valuation expansion.