Key Takeaways APP trades at 34X forward earnings, well above the industry average of 22.5X, driven by AXON's performance. AXON ad spend has quadrupled since Q2 2023, reaching $10B annual run rate and boosting top-line growth. In Q1 2025, APP saw 40% revenue growth and 1600 bps margin expansion, reinforcing its premium valuation.AppLovin Corporation (APP) continues to command a premium valuation, trading at 34X forward earnings compared to the industry’s 22.5X, a level that may raise eyebrows in a sector w ...