AppLovin Corp

APP · Technology · $144.3B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power85

Median gross margin 75.7% over 7y, stable.

Returns on capital40

Median ROIC 10.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety97

Net debt/EBITDA 0.2x, interest coverage 21x.

Capital discipline60

Owner earnings +58.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

853% above value

Owner earnings (normalized): $841.5M
Est. intrinsic value / share: $44.77
Recent price: $426.45
Discount to value: 853% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell APP. See the disclaimer.