APP
AppLovin Corporation
APP offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVDA
NVIDIA Corporation
NVDA has the edge over APP overall, supported by lower modeled downside and stronger modeled upside.
APP Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
APP's revenue, profitability, cash flow and balance sheet are all currently strong.
NVDA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
NVDA's revenue, profitability, cash flow and balance sheet are all currently strong.
APP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $394 | — |
| Current | 26x | $394 | — |
| Cheap | 42x | $618 | +57% |
| Fair | 66x | $978 | +148% |
| Expensive | 137x | $2,040 | +418% |
Historical ranges are pointers, not guarantees.
APP's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 20x next year's earnings.
NVDA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $166 | — |
| Current | 21x | $166 | — |
| Cheap | 44x | $345 | +108% |
| Fair | 65x | $511 | +207% |
| Expensive | 93x | $734 | +342% |
Historical ranges are pointers, not guarantees.
NVDA has the edge over APP in the historical PE scenario, which offers more potential upside but is not a forecast.
APP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
APP has the edge over NVDA on the outlook, with more favorable profitability expectations.
NVDA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for NVDA, but weaker profitability.
APP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.62 | +32% |
| Q3 2026 | $14.86 | +81% |
| Q2 2026 | $13.01 | +85% |
| Q1 2026 | $11.64 | +110% |
| Q4 2025 | $9.75 | +115% |
| Q3 2025 | $8.23 | +151% |
| Q2 2025 | $7.03 | +202% |
| Q1 2025 | $5.53 | +233% |
| Q4 2024 | $4.53 | +362% |
APP has the edge over NVDA on earnings, with stronger typical year-over-year growth.
NVDA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.77 | +74% |
| Q3 2026 | $7.91 | +125% |
| Q2 2026 | $6.53 | +111% |
| Q1 2026 | $4.90 | +67% |
| Q4 2025 | $4.03 | +59% |
| Q3 2025 | $3.51 | +65% |
| Q2 2025 | $3.10 | +81% |
| Q1 2025 | $2.94 | +147% |
| Q4 2024 | $2.54 | +234% |
NVDA's earnings per share have climbed steadily: $7.91 over the past year, up 125% from the year before, and higher year over year for 13 quarters in a row.
APP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +55% |
| Q2 2026 | $1.9B | +53% |
| Q1 2026 | $1.8B | +24% |
| Q4 2025 | $1.7B | +21% |
| Q3 2025 | $1.4B | +17% |
| Q2 2025 | $1.3B | +17% |
| Q1 2025 | $1.5B | +40% |
| Q4 2024 | $1.4B | +44% |
APP's revenue has grown year over year for 13 quarters in a row: $2.2B last quarter, up 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 78% | +1.4 points |
| Q2 2026 | 78% | +1.6 points |
| Q1 2026 | 78% | +33 points |
| Q4 2025 | 77% | +33 points |
| Q3 2025 | 77% | +32 points |
| Q2 2025 | 76% | +40 points |
| Q1 2025 | 45% | +13 points |
| Q4 2024 | 44% | +16 points |
APP has the edge over NVDA on profitability, with a higher operating margin.
NVDA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $96.2B | +106% |
| Q2 2026 | $81.6B | +85% |
| Q1 2026 | $68.1B | +73% |
| Q4 2025 | $57B | +62% |
| Q3 2025 | $46.7B | +56% |
| Q2 2025 | $44.1B | +69% |
| Q1 2025 | $39.3B | +78% |
| Q4 2024 | $35.1B | +94% |
NVDA has the edge over APP on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 66% | +5.4 points |
| Q2 2026 | 66% | +17 points |
| Q1 2026 | 65% | +3.9 points |
| Q4 2025 | 63% | +0.8 points |
| Q3 2025 | 61% | -1.2 points |
| Q2 2025 | 49% | -16 points |
| Q1 2025 | 61% | -0.5 points |
| Q4 2024 | 62% | +4.9 points |
NVDA's operating margin was 66% last quarter, up 5.4 points from the same quarter a year ago, near the top of its range since 2019.
APP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +36% |
| Q2 2026 | $869M | +13% |
| Q1 2026 | $1.3B | +55% |
| Q3 2025 | $1.1B | +91% |
| Q2 2025 | $772.2M | +70% |
| Q1 2025 | $831.7M | +112% |
| Q3 2024 | $550.7M | +177% |
| Q2 2024 | $454.5M | +101% |
APP generated $4.9B in free cash flow over the past year, up 53% from the year before.
NVDA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21.4B | +59% |
| Q2 2026 | $48.6B | +86% |
| Q1 2026 | $34.9B | +124% |
| Q4 2025 | $22.1B | +32% |
| Q3 2025 | $13.5B | -0.3% |
| Q2 2025 | $26.2B | +75% |
| Q1 2025 | $15.6B | +38% |
| Q3 2024 | $13.5B | +113% |
NVDA's free cash flow has been positive every quarter for six years: $127B over the past year, up 76% from the year before.
APP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -2.3M shares |
| 1 year | -1.8% | -6.2M shares |
| 3 years | -6.2% | -22.1M shares |
| 5 years | -13% | -49.6M shares |
| Available history | +67% | +134M shares |
APP has the edge over NVDA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.3B |
| Q2 2026 | $551.2M |
| Q1 2026 | $981.7M |
| Q4 2025 | $417.6M |
| Q3 2025 | $501.9M |
| Q2 2025 | $271.5M |
| Q1 2025 | $1B |
| Q4 2024 | $625,000 |
APP spent $3.2B buying back its own shares over the past year, up 82% from the year before.
NVDA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -106M shares |
| 1 year | -1% | -247M shares |
| 3 years | -2.8% | -705M shares |
| 5 years | -4.1% | -1B shares |
| Available history | -1.8% | -435M shares |
NVDA has 24.3B diluted shares, down 1% from a year ago, with $55.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.7B |
| Q2 2026 | $19.3B |
| Q1 2026 | $3.8B |
| Q4 2025 | $12.5B |
| Q3 2025 | $9.7B |
| Q2 2025 | $14.1B |
| Q1 2025 | $7.8B |
| Q4 2024 | $11B |
NVDA spent $55.3B buying back its own shares over the past year, up 30% from the year before.
APP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
APP's net debt is less than a year of its operating earnings (EBITDA).
NVDA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.0x | Very low |
| Q4 2024 | -0.0x | Net Cash |
NVDA's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
APP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.4 | Neutral |
| Stochastic | 56.4 | Neutral |
APP's weekly RSI is 53 (neutral) and its Stochastic is 56 (neutral).
NVDA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 18.1 | Oversold |
NVDA's weekly RSI is 33 (neutral) and its Stochastic is 18 (oversold).
APP PE vs Technology Sector
| Metric | APP | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 4.9% below |
| PE % | 7 | 42 | 35 pts below |
APP is trading at 26x earnings, in line with the Technology sector's median of 28x.
NVDA PE vs Technology Sector
| Metric | NVDA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 0 | 35 | 35 pts below |
NVDA has the edge over APP on valuation relative to its sector.
APP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $299.5 | 31% above |
| 20 week MA | $344.0 | 14% above |
| 50 week MA | $443.5 | 11% below |
| 100 week MA | $429.4 | 8.3% below |
| 200 week MA | $250.0 | 57% above |
APP has the edge over NVDA on trend strength, trading above more of its moving averages.
NVDA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $208.9 | 20% below |
| 20 week MA | $212.0 | 22% below |
| 50 week MA | $199.9 | 17% below |
| 100 week MA | $175.1 | 5.1% below |
| 200 week MA | $123.6 | 34% above |
NVDA has fallen below most of its moving averages, though it's still 34% above its 200-week average.
APP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $61.0 | $93.8 | +54% |
| 2022 | $93.8 | $9.84 | -90% |
| 2023 | $9.84 | $39.9 | +305% |
| 2024 | $39.9 | $335.2 | +741% |
| 2025 | $335.2 | $714.2 | +113% |
| 2026 YTD | $714.2 | $393.7 | -45% |
APP's yearly returns have swung widely, from +741% in 2024 to −90% in 2022. It's down 45% so far in 2026.
NVDA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.92 | $13.0 | +119% |
| 2021 | $13.0 | $29.6 | +128% |
| 2022 | $29.6 | $15.2 | -49% |
| 2023 | $15.2 | $49.5 | +226% |
| 2024 | $49.5 | $137.0 | +177% |
| 2025 | $137.0 | $190.5 | +39% |
| 2026 YTD | $190.5 | $166.2 | -13% |
NVDA has the edge over APP on returns for 2026, with the stronger performance.