AppLovin Corporation

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $4.528B TTM FCF base (operating cash flow approx. equals FCF given negligible capex); growth 30% yr1 decelerating to 13% by yr5, then 11%/9%/8%/7%/6% yrs 6-10; 12% discount rate; 4% terminal growth; $462M net debt; 334.65M shares outstanding.

Reasoning: AppLovin's AI-driven ad-tech platform (AXON/MAX) produced TTM revenue of $6.83B and FCF of $4.528B (net income $4.41B); growth is decelerated well below the trailing 60%+ pace to reflect intensifying competition from Meta/Google and scale effects, while still crediting the durable AI-optimization advertising moat.