Applovin Corp - Ordinary Shares - Class A
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+ FollowMarket Cap$131.34B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Record Q3 performance (and beats guidance): strong growth + exceptional margins
- Revenue: $2.18B, +55% YoY, also +14% sequentially (exceeded high end of guidance by ~$100M).
- Profitability: Net income $1.44B (+72% YoY); 66% net margin; Adjusted EBITDA $1.84B (+59% YoY) with 84% adjusted EBITDA margin (also above high end of guidance).
- Cash flow: Free cash flow $1.4B = 77% of Adjusted EBITDA, improved vs 53% in Q2 (Q2 timing of cash taxes cited).
Model transition is working; “headroom” remains for future upside (especially where data is sparse)
- Adam emphasized a partial rollout of next-generation models (after architectural changes from last quarter) with more room to optimize vs the prior generation.
- Advertisers saw more spend deployed profitably and budgets stepped up; gaming re-accelerated ~50% YoY alongside the rollout.
- Key expectation: transition is not fully complete, and the new architecture gives meaningfully more optimization room, particularly where data is sparser (e.g., newer/smaller advertisers, newer categories—relevant to consumer).
Q4 2026 outlook (moderating sequential growth, still strong full-year trajectory)
- Revenue guidance: $2.365B–$2.395B (~43%–44% YoY, 8%–10% sequential).
- Adjusted EBITDA guidance: $1.995B–$2.025B (~43%–45% YoY).
- CFO framing: guidance includes normal seasonality, model impacts already live, and expected higher data center/training costs; sequential deceleration is not attributed to demand weakness.
- At the midpoint, company implies full-year 2026 revenue and EBITDA growth >50% (confidence supported by already-live model improvements).
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$127.08
67.7% downside
Current Fair Value
67.7% downsideOvervalued by 67.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $131.34 Billion |
|---|---|
| Enterprise Value | $131.69 Billion |
| Earnings per Share | $9.84 |
| Beta | 2.51 |
| Outstanding Shares | 333,628,000 |
Return
| Return on Equity | 151.98% |
|---|---|
| Return on Assets | 58.41% |
| Return on Invested Capital | 87.84% |
Valuation & Multiples
| P/E Ratio | 26.24 |
|---|---|
| PEG | 36.34 |
| Price to Sales | 18.75 |
| Price to Book Ratio | 43.74 |
| Enterprise Value to Revenue | 18.08 |
| Enterprise Value to EBIT | 21.17 |
| Enterprise Value to Net Income | 26 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 1.07 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$4.30
Est. $4.03Revenue
$2.18 B
Est. $2.07 BNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$4.66
Consensus analyst estimateRevenue Estimate
$2.38 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.42, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.4197▲ 59.11% |
|---|---|
| Total Calls | 215,400▼ 97.94% |
| Total Puts | 305,800▼ 96.47% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.61%▼ 60.26% |
|---|---|
| Total Invested | $7.44B▼ 93.67% |
| Investors Holding | 625▼ 944.00% |
About Applovin Corp
902 employees
CEO: Adam Foroughi
AppLovin’s global technology platform provides developers a powerful, integrated set of solutions to grow their businesses. AppLovin enables developers to market, monetize, analyze and publish their apps. Its studios create popular, imme...