Applovin Corp key statistics and ratios

In fiscal 2025, Applovin Corp had an operating margin of 75.8%, debt equal to 166.3% of equity and a current ratio of 3.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Applovin Corp: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	75.7%	61.7%	64.6%	55.4%	80.6%	83.9%	87.9%	88.5%
Operating margin	19.6%	−4.3%	5.4%	−1.7%	41.9%	59.3%	75.8%	77.4%
Net margin	12.0%	−8.6%	1.3%	−6.8%	19.4%	49.0%	60.8%	64.6%
Free-cash-flow margin	19.6%	15.1%	12.9%	14.6%	57.4%	65.0%	72.5%	66.3%
Return on equity	—	—	3.6%	−9.5%	22.6%	134.7%	—	166.5%
Return on assets	—	−5.8%	0.9%	−3.2%	6.4%	28.1%	50.8%	56.8%
Asset turnover	—	0.67	0.67	0.47	0.33	0.57	0.83	0.88
Current ratio	—	1.11	5.05	3.35	1.71	2.19	3.32	4.30
Debt to equity	—	—	152.2%	170.6%	265.5%	325.7%	166.3%	111.1%
Interest cover (operating income ÷ interest)	—	—	—	n/m	2.7x	6.2x	20.7x	26.6x
Effective tax rate	5.7%	—	23.7%	—	8.7%	1.4%	13.1%	15.4%
R&D as % of revenue	4.5%	12.4%	13.1%	18.0%	18.1%	11.6%	4.1%	4.7%
Capital spending as % of revenue	0.3%	0.2%	0.0%	0.0%	0.2%	0.1%	0.0%	0.0%
Free cash flow ÷ net income	163.9%	—	>999%	—	296.4%	132.6%	119.1%	102.7%
Dividends and buybacks ÷ free cash flow	0.0%	0.8%	0.0%	82.2%	109.1%	46.9%	55.2%	54.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Applovin Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	85.5%	84.7%	86.9%	87.7%	87.6%	88.9%	88.9%	88.3%
Operating margin	64.0%	62.9%	72.5%	76.1%	76.8%	76.9%	78.2%	77.7%
Net margin	52.0%	60.0%	49.7%	65.1%	59.5%	66.5%	65.4%	65.8%
Free-cash-flow margin	65.9%	70.1%	71.8%	61.3%	75.0%	79.2%	70.1%	45.2%
Current ratio	2.41	2.19	1.68	2.74	3.25	3.32	3.24	4.30
Debt to equity	374.1%	322.0%	644.7%	300.8%	238.3%	164.6%	148.7%	111.1%
R&D as % of revenue	9.7%	10.6%	4.9%	3.5%	3.1%	5.0%	5.1%	5.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · June 30, 2026

What it owns · $8.3bn

Short-term assets $5.4bnLonger-term assets $2.9bn

What it owes, and who funded it · $8.3bn

Short-term liabilities $1.3bnLonger-term liabilities $3.9bnShareholders' equity $3.2bn

Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.4bn short-term assets against $3.9bn of longer-dated liabilities.
More cash than debt $3.1bn of cash against $3.5bn of debt.
Debt below 40% of shareholders' equity Debt is 111% of equity.
Debt burden no higher than five years ago Debt to equity moved from 150% to 111% over five years.
A year's operating cash flow covers at least 20% of debt $4.5bn of operating cash flow against $3.5bn of debt.
Operating profit covers interest at least five times over Operating income of $5.3bn against $199m of interest.

From Applovin Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

52 /100

Moderate moat

How hard Applovin's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 27.1% of total assets over 5 years.
Pricing power 12 / 20

Gross margin has been a median 74.3%, moving by 13.5 percentage points (standard deviation) across 6 years.
Durability 10 / 20

Operating margin has been a median 34.2%; its worst year was -1.6%.
Cash conversion 20 / 20

Free cash flow was positive in 6 of 6 years, at a median 47.2% of revenue.
Discipline 5 / 20

The diluted share count rose 34.5% over five years; stock-based pay has been a median 6.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Applovin Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Applovin Corp.