WallStSmart

Applovin Corp (APP)vsSpotify Technology SA (SPOT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Spotify Technology SA generates 194% more annual revenue ($18.11B vs $6.16B). APP leads profitability with a 64.3% profit margin vs 18.4%. APP appears more attractively valued with a PEG of 1.09. APP earns a higher WallStSmart Score of 77/100 (B+).

APP

Strong Buy

77

out of 100

Grade: B+

Growth: 10.0Profit: 10.0Value: 4.0Quality: 8.0
Piotroski: 6/9Altman Z: 3.74

SPOT

Buy

64

out of 100

Grade: C+

Growth: 8.0Profit: 8.0Value: 4.0Quality: 8.0
Piotroski: 4/9Altman Z: 2.66
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

APPSignificantly Overvalued (-39.6%)

Margin of Safety

-39.6%

Fair Value

$242.81

Current Price

$315.44

$72.63 premium

UndervaluedFair: $242.81Overvalued
SPOTSignificantly Overvalued (-58.9%)

Margin of Safety

-58.9%

Fair Value

$306.66

Current Price

$512.82

$206.16 premium

UndervaluedFair: $306.66Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

APP6 strengths · Avg: 10.0/10
Return on EquityProfitability
139.4%10/10

Every $100 of equity generates 139 in profit

Profit MarginProfitability
64.3%10/10

Keeps 64 of every $100 in revenue as profit

Operating MarginProfitability
78.1%10/10

Strong operational efficiency at 78.1%

Revenue GrowthGrowth
59.0%10/10

Revenue surging 59.0% year-over-year

EPS GrowthGrowth
113.1%10/10

Earnings expanding 113.1% YoY

Altman Z-ScoreHealth
3.7410/10

Safe zone — low bankruptcy risk

SPOT4 strengths · Avg: 9.8/10
Return on EquityProfitability
35.6%10/10

Every $100 of equity generates 36 in profit

EPS GrowthGrowth
222.4%10/10

Earnings expanding 222.4% YoY

Debt/EquityHealth
0.0610/10

Conservative balance sheet, low leverage

Market CapQuality
$102.43B9/10

Large-cap with strong market position

Areas to Watch

APP3 concerns · Avg: 3.0/10
P/E RatioValuation
35.6x4/10

Premium valuation, high expectations priced in

Debt/EquityHealth
1.113/10

Elevated debt levels

Price/BookValuation
44.9x2/10

Trading at 44.9x book value

SPOT3 concerns · Avg: 4.0/10
PEG RatioValuation
1.794/10

Expensive relative to growth rate

P/E RatioValuation
27.1x4/10

Moderate valuation

Price/BookValuation
11.4x4/10

Trading at 11.4x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : APP

The strongest argument for APP centers on Return on Equity, Profit Margin, Operating Margin. Profitability is solid with margins at 64.3% and operating margin at 78.1%. Revenue growth of 59.0% demonstrates continued momentum.

Bull Case : SPOT

The strongest argument for SPOT centers on Return on Equity, EPS Growth, Debt/Equity. Profitability is solid with margins at 18.4% and operating margin at 13.7%. Revenue growth of 13.9% demonstrates continued momentum.

Bear Case : APP

The primary concerns for APP are P/E Ratio, Debt/Equity, Price/Book.

Bear Case : SPOT

The primary concerns for SPOT are PEG Ratio, P/E Ratio, Price/Book.

Key Dynamics to Monitor

APP profiles as a growth stock while SPOT is a mature play — different risk/reward profiles.

APP carries more volatility with a beta of 2.53 — expect wider price swings.

APP is growing revenue faster at 59.0% — sustainability is the question.

SPOT generates stronger free cash flow (910M), providing more financial flexibility.

Bottom Line

APP scores higher overall (77/100 vs 64/100), backed by strong 64.3% margins and 59.0% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Applovin Corp

COMMUNICATION SERVICES · ADVERTISING AGENCIES · USA

AppLovin Corporation is committed to creating a software-based platform for mobile application developers to improve the marketing and monetization of their applications globally. The company is headquartered in Palo Alto, California.

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Spotify Technology SA

COMMUNICATION SERVICES · INTERNET CONTENT & INFORMATION · USA

Spotify Technology SA, provides audio streaming services worldwide. The company is headquartered in Luxembourg, Luxembourg.

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