Published: November 28, 2025
Key Points
- AppLovin Corporation (NASDAQ: APP) is trading around $595 per share this afternoon, up roughly 1.5% on the day and more than 80% year to date, vastly outpacing the S&P 500. [1]
- The move comes on the back of a blowout Q3 2025: revenue up 68–77% year over year to about $1.41 billion, EPS of $2.45, and free cash flow of $1.05 billion. [2]
- AppLovin is aggressively pivoting into AI-driven advertising with its Axon Ads Manager self-serve platform, positioning itself as an alternative to Meta and Google. [3]
- At the same time, the company is under SEC and multi-state scrutiny over data-collection and alleged unauthorized app installs, creating a major overhang for the stock. [4]
- Wall Street remains broadly bullish: most analyst aggregators show a “Buy” to “Strong Buy” consensus, with 12‑month price targets clustered roughly between $650 and $700+, implying double‑digit upside from current levels. [5]
AppLovin stock price today (APP): what the market is saying
As of late trading on Friday, November 28, 2025, AppLovin Corporation’s Class A shares are changing hands at approximately $595.24, up $8.87 on the session — a gain of about 1.5% versus the prior close.
Intraday, APP has traded between roughly $584 and $596, on volume north of 1.2 million shares, on pace to be a solid but not extreme volume day.
On a longer view, the stock’s trajectory is even more striking:
- 52‑week high: $745.61
- 52‑week low: $200.50
- Market cap: about $198 billion
- P/E ratio: ~71x
- PEG ratio: ~3.1
- Beta: around 2.5, highlighting high volatility vs. the broader market. [6]
According to data compiled by Barchart, APP has gained 81% year to date and nearly 78% over the past 12 months, compared with mid‑teens percentage gains for the S&P 500 over the same periods — a massive outperformance for a stock already in “mega‑cap” territory. [7]
In other words, today’s modest bounce is happening in the context of a multi‑year, AI‑driven rerating that has already pushed AppLovin into the upper echelon of U.S. tech names.
Earnings momentum: Q3 2025 set the tone
Much of the enthusiasm around AppLovin stock today still traces back to the company’s third‑quarter 2025 earnings, released on November 5.
According to AppLovin’s own filings and subsequent earnings‑call commentary: [8]
- Revenue jumped to about $1.405 billion, up 68% year over year.
- Net income nearly doubled to roughly $836 million, up over 90% vs. the prior year. [9]
- GAAP EPS came in around $2.45, beating consensus estimates in the low‑$2.30s. [10]
- Adjusted EBITDA vaulted to about $1.16 billion, with margins in the low‑80% range — unusually high even by software standards. [11]
- Free cash flow for the quarter was approximately $1.05 billion, with nearly all operating cash flow flowing through to FCF. [12]
That operational strength allowed AppLovin to ramp up capital returns:
- The company repurchased and withheld about 1.3 million shares in Q3 at a cost of roughly $571 million.
- The share repurchase authorization was topped up by another $3.2 billion, leaving $3.3 billion still available as of late October. [13]
Those numbers put AppLovin in rarefied air even within the current AI/software boom. One widely cited analysis pegged the company’s Rule of 40 score (revenue growth plus free cash flow margin) at around 143, outpacing many other high‑flying software names this quarter. [14]
Unsurprisingly, the Q3 print triggered multiple price‑target hikes from Wall Street firms and fueled the stock’s sharp rebound from an October sell‑off.
Axon Ads Manager and the AI ad‑tech story
Under the hood, today’s rally is less about mobile games and more about Axon, AppLovin’s AI‑driven advertising platform that aims to be a genuine third pole alongside Meta and Google in performance marketing.
Key pieces of the Axon story:
- In early October, AppLovin rebranded its ad platform as Axon and launched Axon Ads Manager, a self‑service, invite‑only campaign manager. [15]
- Axon Ads Manager integrates third‑party attribution and AI‑driven audience targeting, pitching itself as an “ROI‑first” alternative to the incumbent ad giants. [16]
- The platform already supports a billion‑dollar e‑commerce ad run rate, with brands like Wayfair and Ashley Furniture reportedly running six‑figure daily budgets and ramping spend. [17]
On the Q3 2025 earnings call, CEO Adam Foroughi highlighted that:
- Self‑serve Axon advertisers were already growing their spend at roughly 50% week over week (albeit from a small base).
- The company is layering in more AI agents to automate onboarding, campaign management, and even generative AI ad creatives, with a broader rollout planned into 2026. [18]
Independent research outlets have echoed the importance of this pivot. A Simply Wall St write‑up today framed AppLovin’s investment case squarely around sustained AI‑driven ad efficiency and the potential to expand beyond mobile gaming into a broader performance‑marketing platform — while also warning that dependence on third‑party mobile ecosystems remains a critical risk. [19]
For traders and long‑term investors alike, Axon is now central to the APP stock narrative: if AppLovin can continue onboarding advertisers at scale while keeping its AI models ahead of rivals, the top‑line growth implied by today’s valuation could be achievable. If not, the stock’s premium multiple will be harder to defend.
A premium, leveraged growth story
Even after October’s volatility and today’s more modest move, APP trades at rich valuation levels:
- P/E (trailing): ~71x
- PEG ratio: ~3.15
- Market cap: about $198 billion
- Debt‑to‑equity: roughly 2.38, with current and quick ratios both at 3.25 — indicating solid liquidity but a meaningful debt load. [20]
Third‑party research estimates show operating margins above 75% and free cash flow margins in the mid‑70s in recent quarters, supported by the highly scalable nature of Axon’s AI infrastructure. [21]
That combination — very high profitability plus very high growth — helps justify the lofty multiples, but it also leaves little room for error:
- Any slowdown in ad spend, especially in gaming or e‑commerce, could hit revenue harder than for more diversified ad platforms. [22]
- A recession or tighter marketing budgets could compress both growth and multiples at the same time.
In short, today’s price action is happening in a high‑beta, high‑expectations name that can move sharply in either direction on new information.
Regulatory and short‑seller overhang: the big risk to the bull case
If Axon is the upside story, regulatory and reputational risk is the dark cloud hanging over AppLovin — and it is very much in focus for today’s investors.
SEC probe into data practices
On October 6, 2025, Bloomberg and Reuters reported that the U.S. Securities and Exchange Commission is investigating AppLovin’s data‑collection practices, following a whistleblower complaint and several short‑seller reports. [23]
According to those reports and subsequent coverage:
- The SEC’s cyber and emerging‑technology enforcement teams are examining whether AppLovin violated platform partners’ service agreements (e.g., large mobile platforms) to deliver more targeted ads. [24]
- Short sellers, including Fuzzy Panda Research, Culper Research, and Muddy Waters, have alleged that AppLovin improperly harvested data from partners like Meta, and used aggressive app‑install tactics beyond what users consented to. [25]
- AppLovin has denied wrongdoing, saying it regularly works with regulators and has hired law firm Quinn Emanuel to investigate the short‑seller claims. [26]
The initial SEC‑probe headlines triggered a single‑day 14% plunge in APP shares — one of its sharpest drops of the year — even as the stock remained up triple digits year to date and had just been added to the S&P 500. [27]
Array shutdown and state‑level scrutiny
The SEC inquiry isn’t the only issue:
- Several reports indicate that multiple state attorneys general are also taking an early look at AppLovin’s practices, especially around children’s data and compliance with COPPA (the U.S. Children’s Online Privacy Protection Act). [28]
- In mid‑October, AppLovin confirmed it had shut down its “Array” product, a mobile software layer used by partners like Samsung and T‑Mobile to push app recommendations and installs. Investigative coverage linked Array to unwanted app downloads on user phones; the company said the product was discontinued for economic reasons and denied any non‑consensual installs. [29]
For now, AppLovin has not been formally charged with wrongdoing, and the company stresses its commitment to privacy and compliance. But from a market perspective, the risk is binary: either the investigations wind down with limited impact, or they culminate in fines, product changes, or restrictions that could dent growth and margins.
That regulatory uncertainty is a key reason APP’s valuation is debated, even among bullish analysts.
How Wall Street sees APP today
Despite the controversy, Wall Street has largely doubled down on the long‑term AI ad‑tech story.
Different analyst aggregators tell a broadly similar story:
- MarketBeat tracks 26 analysts on APP, with a “Moderate Buy” consensus: 1 sell, 4 hold, and 21 buy ratings. The average 12‑month price target is about $658, implying around 10–11% upside from current levels. [30]
- A Barchart/Barchart.com summary cites a “Strong Buy” consensus and a mean target near $697, roughly 19% above the latest price. [31]
- StockAnalysis.com shows an average target around $709, with analysts expecting high‑teens percentage upside over the next year and labeling the stock a “Strong Buy.” [32]
Recent individual calls have been particularly aggressive:
- Analysts at firms including Benchmark, BTIG, Wells Fargo, RBC, Bank of America, Piper Sandler, Citigroup, and Goldman Sachs have either initiated coverage or raised targets into a $650–$860 range over the past two months. [33]
Put simply, the sell‑side view is that:
- AppLovin’s AI‑driven Axon platform and e‑commerce ad run rate justify continued double‑digit revenue growth. [34]
- Industry‑leading margins and free cash flow can support large‑scale buybacks and potentially acquisitions. [35]
- Regulatory risks are material but manageable — at least in the base case reflected in their models. [36]
Not all observers agree, though. Some independent research, including recent notes on Seeking Alpha and valuation‑focused platforms, argue that APP now prices in a very optimistic growth path, leaving the stock vulnerable if Axon adoption or AI effectiveness stumble, or if regulators impose costly remedies. [37]
What today’s move means for investors
For anyone following APP stock on November 28, 2025, today’s modest gain is less about a single headline and more about the ongoing tug‑of‑war between two narratives:
- The bull case:
- AppLovin has morphed from a mobile‑gaming‑heavy business into a hyper‑profitable AI advertising platform, with Axon providing a genuine alternative to Meta and Google for performance marketers. [38]
- Earnings momentum is strong, with Q4 guidance calling for continued revenue and EBITDA growth at hefty margins. [39]
- The company is aggressively returning cash to shareholders via buybacks while maintaining plenty of balance‑sheet flexibility. [40]
- The bear (or cautious) case:
- The stock trades at a premium multiple on both earnings and cash flow, leaving little room for execution missteps. [41]
- Ongoing SEC and state investigations, plus high‑profile short‑seller reports and the Array controversy, create real tail risks that are difficult to model. [42]
- The business remains heavily dependent on mobile platforms and app‑store ecosystems whose rules can change in ways that impact targeting, measurement, and profitability. [43]
Bottom line
On November 28, 2025, AppLovin stock remains a high‑conviction AI growth play for many institutions, but also one of the more controversial names in large‑cap tech. Today’s price around $595 reflects both soaring fundamentals and a meaningful regulatory discount — and how that balance evolves will likely determine where APP trades next.
As always, this article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Investors considering APP should carefully evaluate their own risk tolerance, time horizon, and diversification needs, and consider speaking with a qualified financial professional before making any investment decisions.
References
1. markets.financialcontent.com, 2. investors.applovin.com, 3. www.investing.com, 4. www.reuters.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. markets.financialcontent.com, 8. investors.applovin.com, 9. investors.applovin.com, 10. stockstory.org, 11. investors.applovin.com, 12. investors.applovin.com, 13. investors.applovin.com, 14. www.barrons.com, 15. www.emarketer.com, 16. www.emarketer.com, 17. www.emarketer.com, 18. www.investing.com, 19. simplywall.st, 20. www.marketbeat.com, 21. stockstory.org, 22. www.investing.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.investopedia.com, 28. nypost.com, 29. www.adweek.com, 30. www.marketbeat.com, 31. markets.financialcontent.com, 32. stockanalysis.com, 33. www.gurufocus.com, 34. www.emarketer.com, 35. investors.applovin.com, 36. www.reuters.com, 37. seekingalpha.com, 38. stockstory.org, 39. investors.applovin.com, 40. investors.applovin.com, 41. www.marketbeat.com, 42. www.reuters.com, 43. simplywall.st
