AppLovin (APP) EV to FCF (2021 - 2026)
AppLovin's (APP) EV to FCF stood at 18.98 in Q3 2026, down 73.6% from 71.93 a year earlier and down 49.4% from the prior quarter.
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Analysis
AppLovin (APP) EV to FCF (2021 - 2026) Analysis & Trends
On a TTM basis, AppLovin's EV to FCF came in at 17.29 as of Sep 30, 2026, down 75.7% year-over-year; for FY2025, it came in at 56.78, up 8.7% from FY2024.
- Annual EV to FCF has increased for three straight years.
- Across earlier years, EV to FCF came in at 52.25 in FY2024 (+323.5%), 12.34 in FY2023 (+78.0%), 6.93 in FY2022 (-92.6%) and 93.87 in FY2021.
- The Q3 2026 figure is the lowest quarterly EV to FCF since Q4 2023.
- On a year-over-year basis, EV to FCF has declined for three consecutive quarters, with growth averaging 76.8% over the last eight quarters.
- Peak year-over-year performance for EV to FCF in the last five years was growth of 322.6% in Q4 2024, against a decline of 92.6% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 37.48 (Q2 2026), 29.59 (Q1 2026) and 56.78 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 3,555.16 Bn | 3,290.06 Bn | 76.16 Bn |
| 2 | Meta Platforms | 1,645.02 Bn | 1,309.54 Bn | 51.23 Bn |
| 3 | Netflix | 259.98 Bn | 221.27 Bn | 6.80 Bn |
| 4 | Alibaba Group Holding | 242.36 Bn | 241.21 Bn | - |
| 5 | Shopify | 192.37 Bn | 171.18 Bn | 1.78 Bn |
| 6 | Uber Technologies | 142.90 Bn | 113.72 Bn | 6.42 Bn |
| 7 | AppLovin | 130.75 Bn | 119.27 Bn | 1.94 Bn |
| 8 | Spotify Technology | 122.74 Bn | 105.49 Bn | - |
| 9 | Booking Holdings | 122.04 Bn | 55.79 Bn | - |
| 10 | PDD Holdings | 111.67 Bn | 111.67 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 18.98 |
| Jun 30, 2026 | 37.48 |
| Mar 31, 2026 | 29.59 |
| Dec 31, 2025 | 56.78 |
| Sep 30, 2025 | 71.93 |
| Jun 30, 2025 | 41.11 |
| Mar 31, 2025 | 35.11 |
| Dec 31, 2024 | 52.13 |
| Sep 30, 2024 | 24.82 |
| Jun 30, 2024 | 19.68 |
| Mar 31, 2024 | 19.23 |
| Dec 31, 2023 | 12.34 |
| Sep 30, 2023 | 14.93 |
| Jun 30, 2023 | 9.50 |
| Mar 31, 2023 | 6.28 |
| Dec 31, 2022 | 6.93 |
| Sep 30, 2022 | 18.89 |
| Jun 30, 2022 | 41.97 |
| Mar 31, 2022 | 72.18 |
| Dec 31, 2021 | 93.87 |
API Access
AppLovin EV to FCF API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-fcf&ticker=APP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "ticker": "APP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-fcf&ticker=APP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();