Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Return on Equity (ROE) since 2021
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
AppLovin Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The valuation metrics exhibit a period of extreme volatility and significant expansion between 2022 and 2026, characterized by a sharp correction in early 2022 followed by a substantial increase in valuation multiples, particularly concerning sales and book value.
- Price to Earnings (P/E) Ratio
- A period of extreme volatility is observed, starting with a peak of 508.94 in June 2023. This was followed by a consistent downward trend through March 2024, reaching a low of 40.75. Subsequently, the ratio fluctuated, peaking again at 73.67 in September 2025 before stabilizing near 39.74 by March 2026.
- Price to Operating Profit (P/OP) Ratio
- An aggressive compression is evident in the early stages, with the ratio falling from 1,412.13 in March 2022 to 45.96 by March 2023. The multiple reached its lowest point of 18.93 in June 2024. A subsequent recovery period saw the ratio rise to 59.84 in September 2025, eventually settling at 33.14 by the end of the analyzed period.
- Price to Sales (P/S) Ratio
- A V-shaped trajectory is noted, with the ratio declining from 5.30 in March 2022 to a trough of 1.80 in December 2022. Following this low, a sustained expansion occurred, culminating in a peak of 40.14 in September 2025. The ratio subsequently corrected to 25.55 by March 2026, indicating a significantly higher valuation relative to revenue than in the 2022 period.
- Price to Book Value (P/BV) Ratio
- The most dramatic escalation is seen in the book value multiple. After hitting a low of 2.67 in December 2022, the ratio grew exponentially, peaking at 178.46 in March 2025. A sharp correction followed, with the ratio decreasing to 66.64 by March 2026, though it remains substantially elevated compared to the initial figures of 2022.
The divergence between the compressing operating profit multiples and the expanding sales and book value multiples suggests a shift in market valuation drivers. The extreme peaks in P/S and P/BV ratios between 2024 and 2025 indicate a period of speculative expansion or a significant change in the company's asset base and revenue growth expectations, followed by a moderate normalization toward the first quarter of 2026.
Price to Earnings (P/E)
AppLovin Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to AppLovin (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to AppLovinQ1 2026
+ Net income (loss) attributable to AppLovinQ4 2025
+ Net income (loss) attributable to AppLovinQ3 2025
+ Net income (loss) attributable to AppLovinQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AppLovin Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory reflects a significant transition from a period of net losses to a phase of aggressive earnings growth and valuation expansion. Initial quarterly data indicates a period of negative earnings per share (EPS), which precluded the calculation of a price-to-earnings (P/E) ratio. This phase coincided with a decline in share price, reaching a minimum in late 2022.
- Earnings per Share (EPS) Growth
- A pivotal shift occurred in June 2023, when EPS turned positive. From that point, a consistent and accelerating upward trend is observed, with EPS rising from 0.06 in June 2023 to 11.80 by March 2026. This represents a substantial expansion in profitability over a three-year period.
- P/E Ratio Dynamics
- The P/E ratio initially appeared extremely high at 508.94 in June 2023, a common occurrence when a company first achieves profitability on a small basis. A period of rapid compression followed, with the ratio dropping to 27.16 by June 2024 as earnings growth outpaced the increase in share price. Subsequently, the ratio exhibited volatility, peaking again at 73.67 in September 2025 before stabilizing toward 39.74 by March 2026.
- Share Price Correlation
- The share price demonstrates a strong positive correlation with the growth in EPS. After the transition to profitability, the price rose from 29.41 in June 2023 to a peak of 617.05 in September 2025. The fluctuations in the P/E ratio during the latter half of the period suggest that market sentiment shifted between aggressive growth pricing and a more normalized valuation based on realized earnings.
The overall analysis indicates that the valuation has shifted from being speculative and driven by the prospect of profitability to being supported by strong, scalable earnings. The convergence of the P/E ratio toward the 40 range in the final quarters suggests a stabilization of the company's market valuation relative to its current earning power.
Price to Operating Profit (P/OP)
AppLovin Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AppLovin Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio reveals a significant transition from an unsustainable valuation peak to a period of operational scaling, followed by a market re-rating. The trajectory is characterized by a sharp contraction in the valuation multiple as operating profitability improved from negligible levels to substantial per-share gains.
- Valuation Compression Phase
- Between March 2022 and June 2024, a drastic reduction in the P/OP ratio is observed, falling from a peak of 1,412.13 to a low of 18.93. This compression was driven by two primary factors: an initial decline in share price during 2022 and a subsequent, aggressive increase in operating profit per share starting in early 2023. The ratio's descent indicates a shift from a valuation based on speculative growth to one grounded in realized operational performance.
- Operating Profit Growth Trajectory
- Operating profit per share demonstrates a consistent and accelerating upward trend. After reaching a low of -0.13 US$ in December 2022, the metric grew steadily, surpassing 1.00 US$ by September 2023 and reaching 14.14 US$ by March 2026. This sustained growth provided the fundamental support necessary to sustain higher share prices in the latter half of the analyzed period.
- Market Re-rating and Expansion
- Following the trough in June 2024, the P/OP ratio experienced a secondary expansion, peaking at 59.84 in September 2025. This increase suggests that share price appreciation began to outpace the growth of operating profits, reflecting increased market optimism or the pricing in of future growth expectations. The share price surged from 67.19 US$ in June 2024 to 617.05 US$ in September 2025, driving the multiple upward.
- Stabilization Trend
- Toward the end of the period, from September 2025 to March 2026, the P/OP ratio shows signs of stabilization, settling between 33.14 and 33.47. This convergence suggests that the market valuation has reached a relative equilibrium with the company's operating profit generation capabilities, moving away from the extreme volatility observed in previous years.
Price to Sales (P/S)
AppLovin Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AppLovin Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a three-phase evolution in valuation, characterized by an initial period of compression, a subsequent phase of aggressive expansion, and a final period of stabilization.
- Share Price Trajectory
- An initial downward trend is observed from March 31, 2022, to December 31, 2022, where the share price declined from 39.46 to a low of 13.50. Following this trough, a sustained and accelerating upward trajectory occurred, peaking at 617.05 by September 30, 2025. A correction followed in late 2025, with the price stabilizing between 412.00 and 468.83 in the final two quarters.
- Sales per Share Growth
- Unlike the volatility seen in the share price, sales per share exhibited consistent and linear growth throughout the entire period. Starting at 7.45 in March 2022, the metric increased steadily to 18.35 by March 31, 2026. This indicates a persistent improvement in underlying revenue generation per share, regardless of market sentiment.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio underwent significant fluctuations, reflecting a shifting market valuation of the company's revenue. The ratio contracted from 5.30 in early 2022 to a minimum of 1.80 by December 31, 2022, suggesting a period of undervaluation or diminished investor confidence. A substantial re-rating began in 2023 and intensified throughout 2024 and 2025, with the ratio climbing to a peak of 40.14 by September 30, 2025. This suggests that the share price grew at a rate far exceeding the growth in sales per share during this window.
- Valuation Stabilization
- Following the peak in September 2025, a correction in the P/S ratio is evident, falling to 25.35 in December 2025 and remaining nearly flat at 25.55 by March 31, 2026. This indicates a transition from a period of hyper-expansion in valuation to a more stable, albeit elevated, plateau.
Price to Book Value (P/BV)
AppLovin Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (deficit) (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AppLovin Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 to March 2026 reveals a period of extreme expansion in the Price to Book Value (P/BV) ratio, characterized by a significant divergence between market valuation and the underlying book value of the equity.
- Share Price Trajectory
- A volatile price path is observed, starting with a decline from 39.46 USD in March 2022 to a low of 13.50 USD in December 2022. This was followed by a sustained and aggressive upward trend, accelerating sharply in 2024 and culminating in a peak of 617.05 USD in September 2025, before settling into a range between 412.00 USD and 468.83 USD by early 2026.
- Book Value Per Share (BVPS) Fluctuations
- BVPS exhibited a general downward trend during the first half of the period, decreasing from 5.32 USD in March 2022 to a minimum of 1.70 USD in March 2024. A recovery phase ensued thereafter, with the value climbing steadily to reach 7.04 USD by March 2026, indicating a strengthening of the net asset base in the latter part of the observed timeframe.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio experienced a dramatic escalation, reflecting a shift in market sentiment from value-oriented pricing to aggressive growth expectations. After reaching a nadir of 2.67 in December 2022, the ratio grew exponentially, surpassing 100.00 in March 2025 and peaking at 178.46. This peak represents a state where the market price was nearly 180 times the accounting value per share. A subsequent correction is evident in late 2025 and early 2026, where the ratio stabilized significantly, ending at 66.64 in March 2026.
- Correlation and Valuation Insights
- The data indicates that the surge in the P/BV ratio was primarily driven by the exponential increase in share price rather than changes in book value. The period between March 2024 and March 2025 was particularly critical, as the P/BV ratio jumped from 32.03 to 178.46, coinciding with the lowest observed BVPS (1.70 USD). The eventual stabilization of the ratio in 2026 appears to be a result of both a moderation in share price and a simultaneous increase in the book value per share.