Question 1

What is AppLovin's P/FCF ratio?

Accepted Answer

AppLovin (APP) P/FCF ratio is 42.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for AppLovin?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For AppLovin specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is AppLovin's P/FCF ratio high or low?

Accepted Answer

AppLovin's P/FCF ratio of 42.9× is above its own 5-year average of 40.3× and above the sector median of 21.6×. That places the current reading at the 53th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is AppLovin's historical P/FCF ratio range?

Accepted Answer

In the available daily series, AppLovin (APP) P/FCF ratio has ranged from a low of 9.1× in 2023 to a high of 142.3× in 2021. The 5-year average is 40.3× and the 5-year median is 33.0×.

Question 7

What was AppLovin's P/FCF ratio in 2025?

Accepted Answer

AppLovin (APP) P/FCF ratio at the end of 2025 was 57.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does AppLovin's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$227.86B	$3.94B	57.8×	+5.3×	Dec 31, 2025
2024	$109.83B	$2.09B	52.5×	+39.7×	Dec 31, 2024
2023	$13.43B	$1.05B	12.8×	+3.2×	Dec 31, 2023
2022	$3.90B	$406.16M	9.6×	-76.3×	Dec 31, 2022
2021	$30.62B	$356.39M	85.9×	+20.4×	Dec 31, 2021
2020	$14.39B	$219.64M	65.5×	—	Dec 31, 2020
2019	$13.10B	—	—	—	Dec 31, 2019


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P/FCF Ratio for AppLovin (APP)

P/FCF Ratio daily chart for AppLovin (APP)

Historical P/FCF Ratio for AppLovin (APP) from 2019 to 2025

About P/FCF Ratio at AppLovin (APP)

AppLovin P/FCF Ratio by Year

AppLovin P/FCF Ratio 2025: 57.8×

AppLovin P/FCF Ratio 2024: 52.5×

AppLovin P/FCF Ratio 2023: 12.8×

AppLovin P/FCF Ratio 2022: 9.6×

AppLovin P/FCF Ratio 2021: 85.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

AppLovin (APP) Key Financials

P/FCF Ratio daily chart for AppLovin (APP)

Historical P/FCF Ratio for AppLovin (APP) from 2019 to 2025

About P/FCF Ratio at AppLovin (APP)

AppLovin P/FCF Ratio by Year

AppLovin P/FCF Ratio 2025: 57.8×

AppLovin P/FCF Ratio 2024: 52.5×

AppLovin P/FCF Ratio 2023: 12.8×

AppLovin P/FCF Ratio 2022: 9.6×

AppLovin P/FCF Ratio 2021: 85.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is AppLovin's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for AppLovin?

+Is AppLovin's P/FCF ratio high or low?

+What is AppLovin's historical P/FCF ratio range?

+What was AppLovin's P/FCF ratio in 2025?

+Why does AppLovin's P/FCF ratio change over time?

AppLovin (APP) Key Financials