Applovin Corp (APP) is overvalued and Magnite Inc (MGNI) is overvalued.
Both trade above our estimate of their intrinsic value. MGNI is the closer of the two: -32%, against -51% for APP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 15.2% (average of 3 methods) values the shares at $217.75; the price of $328.73 is 51% above that value, and 59% of that value comes from beyond year five.
Leak Score 56/100 on 8 of 12 signals
Discounting its cash flows at 13.7% (average of 3 methods) values the shares at $18.84; the price of $24.80 is 32% above that value, and 64% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | APP | MGNI |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $328.73 | $24.80 |
| Intrinsic value | $217.75 | $18.84 |
| Margin of safety | -51% | -32% |
| Leak Score | 56/100 (8/12) | 27/100 (3/12) |
| Market cap | $110.0B | $3.6B |
| Revenue growth, 5 years | 30.4% | 26.4% |
| Operating margin | 77.7% | 15.7% |
| Net margin | 64.6% | 22.5% |
| Return on equity | 203.7% | 19.6% |
| Debt to equity | 1.11 | 0.45 |
| P/E | 25.3x | 22.7x |
| Forward P/E | 16.4x | 18.4x |
| P/B | 34.9x | 3.8x |