AppLovin Corp vs Full Truck Alliance Co. Ltd., two Software stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither price makes sense without a growth story attached, and the multiples say whose story must be bigger: Full Truck Alliance trades at 256 times trailing earnings, AppLovin at 41, and only one of them is already printing extraordinary economics. AppLovin keeps 64.3 cents of each revenue dollar as net income; Full Truck keeps 34.4 cents, itself excellent, on a freight-matching platform still converting scale into profit, with a 0.4% free-cash yield showing how little of the price current cash covers. Full Truck's 8.1 current ratio is a cash pile waiting for a use. AppLovin's 167.7% return on equity is leverage-and-buyback arithmetic; its 51.4% return on assets is the real number, and it is enormous. One multiple asks for growth from strength, the other for growth from promise.
Comparison updated 2026-07-10.
| Metric | APP | YMM |
|---|---|---|
| Price | $476.75 | $7.68 |
| Market cap | $161.5B | $160.7B |
| Sector | Software | Software |
| Stage | Growth | Growth |
| P/E | 41.0 | 256.0 |
| P/B | 68.33 | 27.74 |
| P/S | 26.20 | 89.99 |
| EV/EBITDA | 33.9 | 263.3 |
| Revenue growth | +92.9% | +25.2% |
| Operating margin | 78.2% | 33.2% |
| Net margin | 64.3% | 34.4% |
| Return on equity | 167.7% | 10.6% |
| Return on assets | 51.4% | 9.7% |
| Return on invested capital | 68.1% | 8.5% |
| FCF yield | 2.7% | 0.4% |
| Debt / equity | 1.49 | 0.00 |
| Current ratio | 3.24 | 8.09 |
| Altman Z (solvency) | 8.29 | 6.92 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.