AppLovin Corp., current enterprise value calculation

Current share price (P)	$458.95
No. shares of common stock outstanding	337,278,000
US$ in thousands
Common equity (market value)¹	154,793,738)
Add: Preferred stock, $0.00003 par value; no shares issued and outstanding (per books)	—)
Total equity	154,793,738)
Add: Finance lease liabilities, current (per books)	17,481)
Add: Short-term debt (per books)	—)
Add: Long-term debt (per books)	3,512,987)
Add: Finance lease liabilities, non-current (per books)	105,172)
Total equity and debt	158,429,378)
Less: Cash and cash equivalents	2,487,096)
Less: Restricted cash equivalents	—)
Enterprise value (EV)	155,942,282)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 458.95 × 337,278,000

AppLovin Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$412.00	$320.49	$58.99	$13.50	$44.55
No. shares of common stock outstanding¹	337,278,000	339,958,231	341,996,982	376,403,220	375,826,535
US$ in thousands
Common equity (market value)³	138,958,536)	108,953,213)	20,174,402)	5,081,443)	16,743,072)
Add: Preferred stock, $0.00003 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	138,958,536)	108,953,213)	20,174,402)	5,081,443)	16,743,072)
Add: Finance lease liabilities, current (book value)	17,481)	22,336)	19,683)	22,304)	21,999)
Add: Short-term debt (book value)	—)	—)	215,000)	33,310)	25,810)
Add: Long-term debt (book value)	3,512,987)	3,508,983)	2,905,906)	3,178,412)	3,201,834)
Add: Finance lease liabilities, non-current (book value)	105,172)	133,893)	144,174)	44,736)	24,085)
Total equity and debt	142,594,176)	112,618,425)	23,459,165)	8,360,205)	20,016,800)
Less: Cash and cash equivalents	2,487,096)	741,411)	502,152)	1,080,484)	1,520,504)
Less: Restricted cash equivalents	—)	—)	—)	—)	1,050,000)
Enterprise value (EV)	140,107,080)	111,877,014)	22,957,013)	7,279,721)	17,446,296)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of AppLovin Corp. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 412.00 × 337,278,000

The information presents a five-year trend of several financial metrics, including common equity (market value), total equity, total equity and debt, and enterprise value. A significant fluctuation in these values is observed over the period, particularly in enterprise value and common equity.

Enterprise Value (EV) Trend: Enterprise value demonstrates a substantial decrease from 2021 to 2022, falling from approximately US$17.45 billion to US$7.28 billion. This represents a decline of roughly 58%. Subsequently, EV experiences a considerable increase, rising to US$22.96 billion by the end of 2023. The growth continues through 2024 and 2025, reaching US$111.88 billion and US$140.11 billion respectively. This indicates a period of significant value creation in the latter part of the observed timeframe.
Equity and Debt Relationship: Total equity and debt generally follows the trend of enterprise value, though with less volatility. It decreases from US$20.02 billion in 2021 to US$8.36 billion in 2022, then increases steadily to US$142.59 billion by 2025. The relationship between total equity and debt and enterprise value suggests that changes in debt levels contribute to the fluctuations in overall enterprise value.
Common Equity vs. Total Equity: Common equity (market value) and total equity are identical across all reported years. This suggests that there are no significant differences between book value and market capitalization of the equity, or that the company has no preferred equity outstanding. The pattern of common equity mirrors that of enterprise value, with a sharp decline in 2022 followed by substantial growth in subsequent years.

The most prominent feature of this financial information is the dramatic recovery and growth in enterprise value following the decline in 2022. This suggests a significant shift in market perception or underlying business performance during the 2023-2025 period. The consistent relationship between total equity and debt and enterprise value highlights the importance of debt financing in the company’s valuation.

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AppLovin Corp. (NASDAQ:APP)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)