Research / Stock / APP

APP

AppLovin Corp

FY2025Mkt cap 105.1B

310.54

+11.95 +4.00%

close 2026-08-25

APP reports no free cash flow we can read, so this model is discounting net income instead. That is a different model — net income carries non-cash charges and ignores capital spending — and its answer should be read as a rougher one.

Assumptions

FCF growth rate

21.9%

Market is pricing 21.9%— you agree

Actually grew +60.8%/yrFCF, 2019–2024 — the market is pricing 38.9pts SLOWER than history

Projection years

10 yrs

Terminal growth

3.00%

Discount rate (WACC)

14.39%

14.4% derived for this company beta 2.22 (1254d vs the S&P 500) · cost of equity 14.7% = 4.7% risk-free + 2.22 × 4.5% premium · 3% debt at 5.7%, taxed at 13%

Fair value DCF model

$310.44

-0.0%

At the market's assumptions

Current price $310.54Enterprise value 105.0B

Bear $221.96 (16.9% growth)Bull $433.81 (26.9%)

market $310.54

Today's market price is inside the range · band = your growth ±5pts, same model · the market itself prices 21.9%

Y10

Present value of each projected year, Y1–Y10

46% the 10 forecast years54% terminal value

Same industry · Internet Services · trailing P/E for context

GOOGLP/E 324.24T GOOGP/E 324.20T METAP/E 241.47Tthis P/E: 32

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Assumptions

Fair valuei DCF model

Same industryi · Internet Services · trailing P/E for context

Assumptions

Fair valuei DCF model

Same industryi · Internet Services · trailing P/E for context

Fair value DCF model

Same industry · Internet Services · trailing P/E for context

Fair value DCF model

Same industry · Internet Services · trailing P/E for context