AI & Infrastructure CapexAI 与基础设施资本开支
AppLovin Corporation
APP 6.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally. It operates through two segments, Advertising and Apps.
Read the full description查看完整介绍
AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally. It operates through two segments, Advertising and Apps. The company offers Axon Ads Manager, a suite of marketing solutions that enables developers to automate, optimize, and manage marketing efforts; MAX, an in-app bidding technology that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform; and Wurl, a connected TV platform, which distributes streaming video for content companies, provides advertising and publishing solutions. It serves individuals, small and independent businesses, enterprises, advertisers and advertising networks, mobile app publishers, and indie studio developers. The company was incorporated in 2011 and is headquartered in Palo Alto, California.
Products and services产品与服务 from the vendor summary — not yet written up来自供应商简介——尚未整理成文
- The company offers Axon Ads Manager, a suite of marketing solutions that enables developers to automate, optimize, and manage marketing efforts
- MAX, an in-app bidding technology that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction
- Adjust, a measurement and analytics marketing platform
Company facts公司资料
- Founded成立时间
- 2011
- Headquarters总部
- Palo Alto, California
- Employees员工人数
- 876
- Industry行业
- Advertising Agencies
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
What's working
- IN $280-320 | 🆕 ADDED TO THE WATCHLIST 9/28 — it was held and analyzed but had NO watchlist entry, so every scan that reads this file was blind to it and its zone lived only in report frontmatter (the same invisibility the MANH row documents). ANALYZED 9/28 — ACCUMULATE [6.5]. FV $300-440. Entry $280-320. Trim 25x fwd.
Red flags
- The binary is legal, not operational: the Brownback action's motion to dismiss has been fully briefed since Feb 2026 and is undated — it can land any week; a Rosen/second class action lead-plaintiff deadline falls 2026-11-16 (class period Feb 12 - Aug 5 2026); and the SEC data-collection investigation is undisclosed in every SEC filing, with the last independent status confirmation dating to Feb 2026
Watch
- No open-market insider purchase has ever occurred — any would be a genuine signal. ⏳ Q3 FY26 print 2026-11-04 (CONFIRMED date, not estimated) — sequential revenue against the +7-8% guide is the single untested claim
🆕 2026-09-28 加入观察名单——它一直被持有、也被分析过，但此前在本文件里没有任何条目，所以每一次读取本文件的扫描都对它视而不见，它的买入区间只活在报告的 frontmatter 里（和 MANH 条目所记录的是同一种「隐形」问题）。 2026-09-28 分析——ACCUMULATE [6.5]。 ** 合理价值 $300-440。 买入区间 $280-320。 减持 25x 前瞻。 ** 🚩 这里的二元风险是法律层面的，不是经营层面的： Brownback 案的驳回动议自 2026 年 2 月起就已完成全部书面陈述，且没有日期——它可能在任何一周落地；Rosen 及第二起集体诉讼的首席原告截止日在 2026-11-16（集体期间为 2026 年 2 月 12 日至 8 月 5 日）；而 SEC 的数据收集调查在所有 SEC 文件中都未被披露，最后一次独立的状态确认要追溯到 2026 年 2 月。 ⚠️ 历史上从未出现过一次公开市场的内部人买入——一旦出现，那会是一个真正的信号。 ⏳ Q3 FY26 财报 2026-11-04（日期已确认，非估算）——环比收入对比 +7-8% 的指引，是唯一未经检验的主张。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 204%
- Revenue growth营收增长
- +53%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- Moat — 6.5/10, held The three claimed edges have very different durabilities, and only one is a moat.
- A genuine two-sided network effect with switching costs: publishers integrate once, advertisers bid where the inventory already is.
- If the edge depends on signal extracted contrary to platform terms, it is not a moat — it is an arbitrage that any one of Apple, Google or Meta can close unilaterally.
- Prior reports cited ROIC 14.8% → 42.0% → 70.3% and GM 80.8% → 88.9% as evidence of a strengthening moat.
- Moat sees 50-60% of the headline ROIC/margin improvement as a divestiture artifact.