Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
AppLovin Corp., FCFE calculation
US$ in thousands
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).
The financial data indicates significant fluctuations and an overall upward trend in cash flow measures over the analyzed periods.
- Net Cash Provided by Operating Activities
- This metric showed a consistent increase each year. Starting at approximately $361.9 million at the end of 2021, it rose to about $412.8 million by the end of 2022, more than doubled to approximately $1.1 billion by the end of 2023, and nearly doubled again to around $2.1 billion by the end of 2024. This trend reflects a strong and improving ability of the company to generate cash from its core operations over the period.
- Free Cash Flow to Equity (FCFE)
- The FCFE values exhibit more volatility but also display a notable upward trajectory by the end of the period. Initially, FCFE was significantly high at approximately $1.95 billion at the end of 2021. It then decreased sharply to around $362.2 million at the end of 2022, followed by a recovery to about $929.7 million by the end of 2023. By the end of 2024, FCFE surged to approximately $2.4 billion, reaching the highest level recorded in the data. This pattern indicates periods of reduced free cash flow generation capacity after 2021, but with a robust recovery and strong cash flow generation for equity holders by 2024.
Overall, the data suggests growing operational efficiency and liquidity, as reflected in increasing net cash from operations. Despite some variability in free cash flow to equity, the significant rise by the final year points to improved cash availability for shareholders, possibly enabling further investment, debt reduction, or dividend distribution. The trends denote strengthening financial health and enhanced capacity to generate shareholder value from operational cash flows over the four-year span.
Price to FCFE Ratio, Current
AppLovin Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, 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. | |
| P/FCFE, Sector | |
| Software & Services | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
AppLovin Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||
| Selected Financial Data (US$) | |||||
| Free cash flow to equity (FCFE) (in thousands)2 | |||||
| FCFE per share3 | |||||
| Share price1, 4 | |||||
| Valuation Ratio | |||||
| P/FCFE5 | |||||
| Benchmarks | |||||
| P/FCFE, Competitors6 | |||||
| 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. | |||||
| P/FCFE, Sector | |||||
| Software & Services | |||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of AppLovin Corp. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. It started at $44.55, declined sharply to $13.50, then experienced a rebound to $58.99, followed by a substantial surge reaching $320.49 by the end of the latest period. This indicates heightened market optimism or potentially favorable developments impacting the company's valuation.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed variability as well, starting at $5.20, declining markedly to $0.96, then recovering to $2.72, and ultimately increasing to $7.14. This pattern suggests fluctuations in the company's ability to generate cash flows available to equity holders, with a strong improvement evident in the final period.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio, which measures the valuation against free cash flow per share, rose consistently over the periods, beginning at 8.57, climbing to 14.03, then to 21.70, and reaching 44.88. This persistent increase implies that the market price is growing faster than the FCFE per share, reflecting elevated investor expectations, possibly anticipating future growth or profitability not yet captured in current cash flows.
- Overall Insights
- The combination of substantial share price growth alongside moderate improvement in FCFE per share suggests a market increasingly willing to pay a premium for the company's future cash flow potential. However, the rising P/FCFE ratio highlights a growing valuation multiple, which may indicate increased risk or speculative enthusiasm from investors. Monitoring future cash flow generation relative to the high valuation will be critical to assess sustainability.