AppFolio, Inc. (APPF) 10-Year Financial Performance & Capital Metrics

APPF • • Industrial / General

TechnologyApplication SoftwareReal Estate & Property ManagementProperty Management Systems

AboutAppFolio, Inc., together with its subsidiaries, provides cloud business management solutions for the real estate industry. The company offers AppFolio Property Manager, a platform to leverage process automation, easy to use interface, and the optimization of common workflows for property management companies, as well as completes and records critical transactions in the system and give its customers access to the data they need to run their business; AppFolio Property Manager Plus, which offers customizable workflows that allow customers to digitize their existing processes, performance insights, intelligent revenue management, and integrations through selected partners and dedicated strategic account managers; and AppFolio Investment Management, a solution that is designed to enable real estate investment management organizations to manage investor relationships through enhancing transparency and streamlining certain business processes. It also provides value added services that are designed to enhance, automate, and streamline processes and workflows for property management businesses, such as electronic payment, tenant screening, and insurance services. AppFolio, Inc. was incorporated in 2006 and is headquartered in Santa Barbara, California.Show more

Revenue $794M +28.0%
EBITDA $155M +424.4%
Net Income $204M +7452.5%
EPS (Diluted) 5.55 +7379.8%
Gross Margin 62.02% +0.6%
EBITDA Margin 19.54% +309.6%
Operating Margin 17.08% +10904.7%
Net Margin 25.69% +5800.0%
ROE 49.98% +5105.7%
ROIC 25.09% +9298.4%
Debt/Equity 0.08 -46.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 41.3%
✓FCF machine: 23.4% free cash flow margin
✓Strong 5Y sales CAGR of 25.4%
✓Healthy 5Y average net margin of 12.6%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 15.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y32.49%

5Y25.41%

3Y30.26%

TTM18.88%

Profit (Net Income) CAGR

10Y-

5Y41.26%

3Y483.35%

TTM54.82%

EPS CAGR

10Y-

5Y40.33%

3Y477.61%

TTM55.15%

ROCE

10Y Avg-0.54%

5Y Avg1.81%

3Y Avg2.97%

Latest30.06%

Peer Comparison

Property Management Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
APPFAppFolio, Inc.	5.07B	219.67	39.58	28.01%	22.48%	40.84%	3.67%	0.08
PRCHPorch Group, Inc.	957.83M	9.09	-27.55	1.75%	6.91%	291.7%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	74.98M	105.59M	143.8M	190.07M	256.01M	310.06M	359.37M	471.88M	620.45M	794.2M
Revenue Growth %	0.57%	0.41%	0.36%	0.32%	0.35%	0.21%	0.16%	0.31%	0.31%	0.28%
Cost of Goods Sold+	33.9M	44.63M	55.28M	73.55M	101.64M	119.03M	143.94M	191.83M	238.08M	301.61M
COGS % of Revenue	0.45%	0.42%	0.38%	0.39%	0.4%	0.38%	0.4%	0.41%	0.38%	0.38%
Gross Profit+	41.07M	60.96M	88.52M	116.52M	154.37M	191.03M	215.43M	280.06M	382.37M	492.59M
Gross Margin %	0.55%	0.58%	0.62%	0.61%	0.6%	0.62%	0.6%	0.59%	0.62%	0.62%
Gross Profit Growth %	0.64%	0.48%	0.45%	0.32%	0.32%	0.24%	0.13%	0.3%	0.37%	0.29%
Operating Expenses+	56.08M	69.38M	79.19M	96.87M	147.91M	181.24M	227.3M	352.43M	381.41M	356.95M
OpEx % of Revenue	0.75%	0.66%	0.55%	0.51%	0.58%	0.58%	0.63%	0.75%	0.61%	0.45%
Selling, General & Admin	40.42M	46.81M	49.91M	58.18M	86.01M	105.92M	130.48M	208.19M	201.05M	196.57M
SG&A % of Revenue	0.54%	0.44%	0.35%	0.31%	0.34%	0.34%	0.36%	0.44%	0.32%	0.25%
Research & Development	9.55M	12.64M	16.58M	24.11M	39.51M	48.53M	65.98M	111.12M	151.36M	160.38M
R&D % of Revenue	0.13%	0.12%	0.12%	0.13%	0.15%	0.16%	0.18%	0.24%	0.24%	0.2%
Other Operating Expenses	5K	-37K	-96K	-56K	22.39M	26.79M	30.84M	33.12M	28.99M	0
Operating Income+	-15M	-8.42M	9.34M	19.66M	6.46M	9.78M	-11.88M	-72.37M	963K	135.64M
Operating Margin %	-0.2%	-0.08%	0.06%	0.1%	0.03%	0.03%	-0.03%	-0.15%	0%	0.17%
Operating Income Growth %	-0.75%	0.44%	2.11%	1.11%	-0.67%	0.51%	-2.21%	-5.09%	1.01%	139.86%
EBITDA+	-8.9M	1.51M	22.03M	34.23M	32.99M	40.27M	22.17M	-36.06M	29.59M	155.19M
EBITDA Margin %	-0.12%	0.01%	0.15%	0.18%	0.13%	0.13%	0.06%	-0.08%	0.05%	0.2%
EBITDA Growth %	-0.87%	1.17%	13.57%	0.55%	-0.04%	0.22%	-0.45%	-2.63%	1.82%	4.24%
D&A (Non-Cash Add-back)	6.1M	9.94M	12.7M	14.58M	26.52M	30.49M	34.04M	36.31M	28.63M	19.55M
EBIT	-15M	-8.42M	9.34M	19.66M	6.48M	198.68M	-11.88M	-72.37M	963K	150.32M
Net Interest Income+	-595K	246K	535K	787K	-1.65M	-1.85M	501K	1.18M	7.03M	13.98M
Interest Income	0	0	0	787K	0	0	501K	1.18M	7.03M	13.98M
Interest Expense	595K	246K	535K	0	1.65M	1.85M	0	0	0	0
Other Income/Expense	-590K	209K	439K	731K	-1.64M	187.05M	13.61M	5.65M	7.03M	14.68M
Pretax Income+	-15.59M	-8.21M	9.77M	20.39M	4.82M	196.83M	1.73M	-66.72M	8M	150.32M
Pretax Margin %	-0.21%	-0.08%	0.07%	0.11%	0.02%	0.63%	0%	-0.14%	0.01%	0.19%
Income Tax+	75K	67K	58K	420K	-31.46M	38.43M	706K	1.4M	5.29M	-53.75M
Effective Tax Rate %	1%	1.01%	0.99%	0.98%	7.52%	0.8%	0.59%	1.02%	0.34%	1.36%
Net Income+	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M
Net Margin %	-0.21%	-0.08%	0.07%	0.11%	0.14%	0.51%	0%	-0.14%	0%	0.26%
Net Income Growth %	-0.82%	0.47%	2.17%	1.06%	0.82%	3.37%	-0.99%	-67.26%	1.04%	74.52%
Net Income (Continuing)	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.73	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55
EPS Growth %	-1.21%	0.66%	2.12%	1%	0.82%	3.35%	-0.99%	-68.71%	1.04%	73.8%
EPS (Basic)	-0.73	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63
Diluted Shares Outstanding	21.34M	33.56M	35.15M	35.56M	35.57M	35.71M	35.7M	35.01M	36.42M	36.78M
Basic Shares Outstanding	21.34M	33.12M	33.85M	34.13M	34.02M	34.26M	34.58M	35.01M	35.63M	36.25M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.51M	32.22M	53.84M	108M	61.79M	199.35M	158.59M	201.47M	272.36M	335.4M
Cash & Short-Term Investments	22.3M	26.17M	45.91M	90.71M	38.69M	168.52M	122.45M	160.07M	211.71M	278.5M
Cash Only	12.06M	10.7M	16.11M	74.08M	15.81M	140.26M	57.85M	70.77M	49.51M	42.75M
Short-Term Investments	10.23M	15.47M	29.8M	16.63M	22.88M	28.26M	64.6M	89.3M	162.2M	235.75M
Accounts Receivable	2.05M	2.51M	3.39M	5.52M	7.56M	10.06M	12.6M	16.5M	20.71M	24.35M
Days Sales Outstanding	9.97	8.68	8.6	10.59	10.78	11.84	12.79	12.77	12.18	11.19
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	24.9M	39.94M	32.81M
Total Non-Current Assets+	62.98M	60.36M	56.41M	67.74M	198.31M	190.13M	249.42M	179.75M	136.53M	291.28M
Property, Plant & Equipment	6.11M	7.08M	6.7M	6.87M	42.55M	57M	72.19M	49.59M	47.65M	41.95M
Fixed Asset Turnover	12.28x	14.92x	21.48x	27.66x	6.02x	5.44x	4.98x	9.51x	13.02x	18.93x
Goodwill	6.74M	6.74M	6.74M	15.55M	58.42M	56.15M	56.15M	56.06M	56.06M	96.41M
Intangible Assets	14.54M	18.64M	19.33M	26.38M	51.4M	51.82M	52.92M	40.15M	23.92M	64.49M
Long-Term Investments	34.42M	26.69M	22.4M	11.26M	12.09M	6.77M	61.08M	25.16M	0	0
Other Non-Current Assets	1.18M	1.22M	1.24M	7.69M	6.28M	6.21M	7.09M	8.79M	8.91M	11.52M
Total Assets+	90.48M	92.58M	110.25M	175.74M	260.1M	389.48M	408.02M	381.22M	408.89M	626.68M
Asset Turnover	0.83x	1.14x	1.30x	1.08x	0.98x	0.80x	0.88x	1.24x	1.52x	1.27x
Asset Growth %	2.56%	0.02%	0.19%	0.59%	0.48%	0.5%	0.05%	-0.07%	0.07%	0.53%
Total Current Liabilities+	16.91M	21.36M	23.91M	28.21M	47.47M	49.8M	52.64M	61.34M	69.77M	63.28M
Accounts Payable	2.37M	937K	610K	1.48M	1.93M	1.04M	1.7M	2.47M	1.14M	2.38M
Days Payables Outstanding	25.5	7.66	4.03	7.35	6.92	3.19	4.32	4.71	1.75	2.88
Short-Term Debt	0	0	0	1.21M	4.03M	1.84M	1.87M	3.36M	3.63M	4.27M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	1.08M	5.24M	5.51M	9.73M	19.15M	16.68M	16.35M	21.14M	29.43M	26.47M
Current Ratio	1.63x	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x
Quick Ratio	1.63x	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	879K	1.54M	1.26M	55.68M	106.23M	53.76M	57.99M	54.33M	41.81M	44.11M
Long-Term Debt	0	0	0	48.6M	47.38M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	33.31M	40.15M	55.73M	50.24M	41.11M	37.48M
Deferred Tax Liabilities	0	0	0	0	25.53M	13.61M	1.68M	0	0	0
Other Non-Current Liabilities	879K	1.54M	1.26M	7.08M	14K	0	583K	4.09M	697K	6.63M
Total Liabilities	17.78M	22.9M	25.17M	83.89M	128.15M	103.56M	110.64M	115.67M	111.58M	107.39M
Total Debt+	0	0	0	49.81M	84.72M	41.99M	57.61M	53.59M	44.74M	41.75M
Net Debt	-12.06M	-10.7M	-16.11M	-24.26M	68.91M	-98.27M	-240K	-17.18M	-4.77M	-1M
Debt / Equity	-	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x
Debt / EBITDA	-	-	-	1.46x	2.57x	1.04x	2.60x	-	1.51x	0.27x
Net Debt / EBITDA	-	-7.08x	-0.73x	-0.71x	2.09x	-2.44x	-0.01x	-	-0.16x	-0.01x
Interest Coverage	-25.22x	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-
Total Equity+	72.7M	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M
Equity Growth %	2.41%	-0.04%	0.22%	0.08%	0.44%	1.17%	0.04%	-0.11%	0.12%	0.75%
Book Value per Share	3.41	2.08	2.42	2.58	3.71	8.01	8.33	7.58	8.16	14.12
Total Shareholders' Equity	72.7M	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K	4K
Retained Earnings	-68.68M	-76.96M	-67.25M	-44.32M	-8.03M	150.37M	151.4M	83.28M	85.98M	290.05M
Treasury Stock	0	0	0	-21.56M	-21.56M	-25.76M	-25.76M	-25.76M	-25.76M	-25.76M
Accumulated OCI	-153K	-51K	-209K	-178K	33K	56K	-194K	-1.68M	99K	173K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.84M	11.5M	29.37M	36.27M	38.89M	48.3M	35.39M	25.36M	60.28M	188.16M
Operating CF Margin %	-0.09%	0.11%	0.2%	0.19%	0.15%	0.16%	0.1%	0.05%	0.1%	0.24%
Operating CF Growth %	-15.41%	2.68%	1.55%	0.23%	0.07%	0.24%	-0.27%	-0.28%	1.38%	2.12%
Net Income	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.06M
Depreciation & Amortization	6.1M	9.94M	12.7M	14.58M	25.77M	29.21M	32.23M	36.31M	28.63M	21.57M
Stock-Based Compensation	1.01M	4.3M	6.1M	6.34M	8.06M	10.31M	17.15M	0	54.85M	0
Deferred Taxes	-798K	447K	58K	164K	-31.45M	29M	250K	-993K	-490K	-76.94M
Other Non-Cash Items	456K	63K	63K	60K	32K	-187.53M	-12.9M	58.94M	-7.39M	52.12M
Working Capital Changes	2.06M	5.04M	739K	-4.84M	194K	8.91M	-2.37M	-765K	-18.02M	-12.65M
Change in Receivables	-746K	-463K	-876K	-908K	-2.03M	-2.78M	-2.1M	-4.2M	-4.21M	-3.38M
Change in Inventory	2.07M	3.72M	2.27M	47K	0	0	0	0	0	0
Change in Payables	-439K	-904K	-100K	614K	511K	-903K	497K	1.18M	-1.56M	1.56M
Cash from Investing+	-59.37M	-13.06M	-22.83M	-4.64M	-89.87M	146.51M	-110.46M	-6.47M	-55.58M	-151.76M
Capital Expenditures	-11.39M	-15.41M	-12.67M	-14.41M	-8.08M	-19.04M	-8.1M	-21.23M	-9.04M	-7.19M
CapEx % of Revenue	0.15%	0.15%	0.09%	0.08%	0.03%	0.06%	0.02%	0.04%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-51.63M	-11.17M	-10.46M	11.9M	-21M	-26.04M	-24.61M	40K	-4.83M	0
Cash from Financing+	72.86M	201K	-1.13M	26.35M	-7.27M	-70.36M	-7.35M	-6.16M	-25.96M	-43.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.69M	241K	-1.13M	1.03M	-6.02M	-17.35M	-7.35M	-10.64M	-25.96M	-47.33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-18.23M	-3.91M	16.7M	21.86M	9.8M	3.22M	2.67M	18.82M	46.42M	186.14M
FCF Margin %	-0.24%	-0.04%	0.12%	0.12%	0.04%	0.01%	0.01%	0.04%	0.07%	0.23%
FCF Growth %	-2.04%	0.79%	5.27%	0.31%	-0.55%	-0.67%	-0.17%	6.04%	1.47%	3.01%
FCF per Share	-0.85	-0.12	0.48	0.61	0.28	0.09	0.07	0.54	1.27	5.06
FCF Conversion (FCF/Net Income)	0.44x	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x
Interest Paid	797K	191K	182K	118K	2.17M	1.81M	9.32M	0	8.09M	0
Taxes Paid	91K	27K	30K	82K	545K	85K	1.62M	0	8.09M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-147.6%	-11.63%	12.56%	22.57%	32.42%	75.81%	0.35%	-24.2%	0.96%	49.98%
Return on Invested Capital (ROIC)	-599.32%	-10.56%	10.94%	21.59%	3.61%	3.78%	-3.68%	-19.9%	0.27%	25.09%
Gross Margin	54.78%	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%
Net Margin	-20.9%	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%
Debt / Equity	-	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x
Interest Coverage	-25.22x	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-
FCF Conversion	0.44x	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x
Revenue Growth	57.28%	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Value Plus Services	38M	56.97M	80.85M	113.07M	153.99M	195.15M	241.29M	327.64M	454.1M	605.01M
Value Plus Services Growth	-	49.92%	41.92%	39.86%	36.19%	26.72%	23.65%	35.79%	38.60%	33.23%
Core Solutions	32.12M	43.77M	57.13M	70.55M	88.58M	100.94M	105.15M	132.54M	156.69M	180.6M
Core Solutions Growth	-	36.29%	30.51%	23.48%	25.56%	13.95%	4.17%	26.05%	18.22%	15.26%
Other Services	4.86M	4.85M	5.82M	6.45M	13.44M	13.97M	12.93M	11.71M	9.65M	8.59M
Other Services Growth	-	-0.29%	20.18%	10.75%	108.33%	3.98%	-7.44%	-9.49%	-17.52%	-11.07%

Frequently Asked Questions

Valuation & Price

AppFolio, Inc. (APPF) has a price-to-earnings (P/E) ratio of 39.6x. This suggests investors expect higher future growth.

Growth & Financials

AppFolio, Inc. (APPF) reported $906.3M in revenue for fiscal year 2024. This represents a 3315% increase from $26.5M in 2013.

AppFolio, Inc. (APPF) grew revenue by 28.0% over the past year. This is strong growth.

Yes, AppFolio, Inc. (APPF) is profitable, generating $203.7M in net income for fiscal year 2024 (25.7% net margin).

Dividend & Returns

AppFolio, Inc. (APPF) has a return on equity (ROE) of 50.0%. This is excellent, indicating efficient use of shareholder capital.

AppFolio, Inc. (APPF) generated $210.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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AppFolio, Inc. (APPF) 10-Year Financial Performance & Capital Metrics

APPF • • Industrial / General

TechnologyApplication SoftwareReal Estate & Property ManagementProperty Management Systems

Revenue $794M +28.0%
EBITDA $155M +424.4%
Net Income $204M +7452.5%
EPS (Diluted) 5.55 +7379.8%
Gross Margin 62.02% +0.6%
EBITDA Margin 19.54% +309.6%
Operating Margin 17.08% +10904.7%
Net Margin 25.69% +5800.0%
ROE 49.98% +5105.7%
ROIC 25.09% +9298.4%
Debt/Equity 0.08 -46.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 41.3%
✓FCF machine: 23.4% free cash flow margin
✓Strong 5Y sales CAGR of 25.4%
✓Healthy 5Y average net margin of 12.6%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 15.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y32.49%

5Y25.41%

3Y30.26%

TTM18.88%

Profit (Net Income) CAGR

10Y-

5Y41.26%

3Y483.35%

TTM54.82%

EPS CAGR

10Y-

5Y40.33%

3Y477.61%

TTM55.15%

ROCE

10Y Avg-0.54%

5Y Avg1.81%

3Y Avg2.97%

Latest30.06%

Peer Comparison

Property Management Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
APPFAppFolio, Inc.	5.07B	219.67	39.58	28.01%	22.48%	40.84%	3.67%	0.08
PRCHPorch Group, Inc.	957.83M	9.09	-27.55	1.75%	6.91%	291.7%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	74.98M	105.59M	143.8M	190.07M	256.01M	310.06M	359.37M	471.88M	620.45M	794.2M
Revenue Growth %	0.57%	0.41%	0.36%	0.32%	0.35%	0.21%	0.16%	0.31%	0.31%	0.28%
Cost of Goods Sold+	33.9M	44.63M	55.28M	73.55M	101.64M	119.03M	143.94M	191.83M	238.08M	301.61M
COGS % of Revenue	0.45%	0.42%	0.38%	0.39%	0.4%	0.38%	0.4%	0.41%	0.38%	0.38%
Gross Profit+	41.07M	60.96M	88.52M	116.52M	154.37M	191.03M	215.43M	280.06M	382.37M	492.59M
Gross Margin %	0.55%	0.58%	0.62%	0.61%	0.6%	0.62%	0.6%	0.59%	0.62%	0.62%
Gross Profit Growth %	0.64%	0.48%	0.45%	0.32%	0.32%	0.24%	0.13%	0.3%	0.37%	0.29%
Operating Expenses+	56.08M	69.38M	79.19M	96.87M	147.91M	181.24M	227.3M	352.43M	381.41M	356.95M
OpEx % of Revenue	0.75%	0.66%	0.55%	0.51%	0.58%	0.58%	0.63%	0.75%	0.61%	0.45%
Selling, General & Admin	40.42M	46.81M	49.91M	58.18M	86.01M	105.92M	130.48M	208.19M	201.05M	196.57M
SG&A % of Revenue	0.54%	0.44%	0.35%	0.31%	0.34%	0.34%	0.36%	0.44%	0.32%	0.25%
Research & Development	9.55M	12.64M	16.58M	24.11M	39.51M	48.53M	65.98M	111.12M	151.36M	160.38M
R&D % of Revenue	0.13%	0.12%	0.12%	0.13%	0.15%	0.16%	0.18%	0.24%	0.24%	0.2%
Other Operating Expenses	5K	-37K	-96K	-56K	22.39M	26.79M	30.84M	33.12M	28.99M	0
Operating Income+	-15M	-8.42M	9.34M	19.66M	6.46M	9.78M	-11.88M	-72.37M	963K	135.64M
Operating Margin %	-0.2%	-0.08%	0.06%	0.1%	0.03%	0.03%	-0.03%	-0.15%	0%	0.17%
Operating Income Growth %	-0.75%	0.44%	2.11%	1.11%	-0.67%	0.51%	-2.21%	-5.09%	1.01%	139.86%
EBITDA+	-8.9M	1.51M	22.03M	34.23M	32.99M	40.27M	22.17M	-36.06M	29.59M	155.19M
EBITDA Margin %	-0.12%	0.01%	0.15%	0.18%	0.13%	0.13%	0.06%	-0.08%	0.05%	0.2%
EBITDA Growth %	-0.87%	1.17%	13.57%	0.55%	-0.04%	0.22%	-0.45%	-2.63%	1.82%	4.24%
D&A (Non-Cash Add-back)	6.1M	9.94M	12.7M	14.58M	26.52M	30.49M	34.04M	36.31M	28.63M	19.55M
EBIT	-15M	-8.42M	9.34M	19.66M	6.48M	198.68M	-11.88M	-72.37M	963K	150.32M
Net Interest Income+	-595K	246K	535K	787K	-1.65M	-1.85M	501K	1.18M	7.03M	13.98M
Interest Income	0	0	0	787K	0	0	501K	1.18M	7.03M	13.98M
Interest Expense	595K	246K	535K	0	1.65M	1.85M	0	0	0	0
Other Income/Expense	-590K	209K	439K	731K	-1.64M	187.05M	13.61M	5.65M	7.03M	14.68M
Pretax Income+	-15.59M	-8.21M	9.77M	20.39M	4.82M	196.83M	1.73M	-66.72M	8M	150.32M
Pretax Margin %	-0.21%	-0.08%	0.07%	0.11%	0.02%	0.63%	0%	-0.14%	0.01%	0.19%
Income Tax+	75K	67K	58K	420K	-31.46M	38.43M	706K	1.4M	5.29M	-53.75M
Effective Tax Rate %	1%	1.01%	0.99%	0.98%	7.52%	0.8%	0.59%	1.02%	0.34%	1.36%
Net Income+	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M
Net Margin %	-0.21%	-0.08%	0.07%	0.11%	0.14%	0.51%	0%	-0.14%	0%	0.26%
Net Income Growth %	-0.82%	0.47%	2.17%	1.06%	0.82%	3.37%	-0.99%	-67.26%	1.04%	74.52%
Net Income (Continuing)	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.73	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55
EPS Growth %	-1.21%	0.66%	2.12%	1%	0.82%	3.35%	-0.99%	-68.71%	1.04%	73.8%
EPS (Basic)	-0.73	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63
Diluted Shares Outstanding	21.34M	33.56M	35.15M	35.56M	35.57M	35.71M	35.7M	35.01M	36.42M	36.78M
Basic Shares Outstanding	21.34M	33.12M	33.85M	34.13M	34.02M	34.26M	34.58M	35.01M	35.63M	36.25M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.51M	32.22M	53.84M	108M	61.79M	199.35M	158.59M	201.47M	272.36M	335.4M
Cash & Short-Term Investments	22.3M	26.17M	45.91M	90.71M	38.69M	168.52M	122.45M	160.07M	211.71M	278.5M
Cash Only	12.06M	10.7M	16.11M	74.08M	15.81M	140.26M	57.85M	70.77M	49.51M	42.75M
Short-Term Investments	10.23M	15.47M	29.8M	16.63M	22.88M	28.26M	64.6M	89.3M	162.2M	235.75M
Accounts Receivable	2.05M	2.51M	3.39M	5.52M	7.56M	10.06M	12.6M	16.5M	20.71M	24.35M
Days Sales Outstanding	9.97	8.68	8.6	10.59	10.78	11.84	12.79	12.77	12.18	11.19
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	24.9M	39.94M	32.81M
Total Non-Current Assets+	62.98M	60.36M	56.41M	67.74M	198.31M	190.13M	249.42M	179.75M	136.53M	291.28M
Property, Plant & Equipment	6.11M	7.08M	6.7M	6.87M	42.55M	57M	72.19M	49.59M	47.65M	41.95M
Fixed Asset Turnover	12.28x	14.92x	21.48x	27.66x	6.02x	5.44x	4.98x	9.51x	13.02x	18.93x
Goodwill	6.74M	6.74M	6.74M	15.55M	58.42M	56.15M	56.15M	56.06M	56.06M	96.41M
Intangible Assets	14.54M	18.64M	19.33M	26.38M	51.4M	51.82M	52.92M	40.15M	23.92M	64.49M
Long-Term Investments	34.42M	26.69M	22.4M	11.26M	12.09M	6.77M	61.08M	25.16M	0	0
Other Non-Current Assets	1.18M	1.22M	1.24M	7.69M	6.28M	6.21M	7.09M	8.79M	8.91M	11.52M
Total Assets+	90.48M	92.58M	110.25M	175.74M	260.1M	389.48M	408.02M	381.22M	408.89M	626.68M
Asset Turnover	0.83x	1.14x	1.30x	1.08x	0.98x	0.80x	0.88x	1.24x	1.52x	1.27x
Asset Growth %	2.56%	0.02%	0.19%	0.59%	0.48%	0.5%	0.05%	-0.07%	0.07%	0.53%
Total Current Liabilities+	16.91M	21.36M	23.91M	28.21M	47.47M	49.8M	52.64M	61.34M	69.77M	63.28M
Accounts Payable	2.37M	937K	610K	1.48M	1.93M	1.04M	1.7M	2.47M	1.14M	2.38M
Days Payables Outstanding	25.5	7.66	4.03	7.35	6.92	3.19	4.32	4.71	1.75	2.88
Short-Term Debt	0	0	0	1.21M	4.03M	1.84M	1.87M	3.36M	3.63M	4.27M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	1.08M	5.24M	5.51M	9.73M	19.15M	16.68M	16.35M	21.14M	29.43M	26.47M
Current Ratio	1.63x	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x
Quick Ratio	1.63x	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	879K	1.54M	1.26M	55.68M	106.23M	53.76M	57.99M	54.33M	41.81M	44.11M
Long-Term Debt	0	0	0	48.6M	47.38M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	33.31M	40.15M	55.73M	50.24M	41.11M	37.48M
Deferred Tax Liabilities	0	0	0	0	25.53M	13.61M	1.68M	0	0	0
Other Non-Current Liabilities	879K	1.54M	1.26M	7.08M	14K	0	583K	4.09M	697K	6.63M
Total Liabilities	17.78M	22.9M	25.17M	83.89M	128.15M	103.56M	110.64M	115.67M	111.58M	107.39M
Total Debt+	0	0	0	49.81M	84.72M	41.99M	57.61M	53.59M	44.74M	41.75M
Net Debt	-12.06M	-10.7M	-16.11M	-24.26M	68.91M	-98.27M	-240K	-17.18M	-4.77M	-1M
Debt / Equity	-	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x
Debt / EBITDA	-	-	-	1.46x	2.57x	1.04x	2.60x	-	1.51x	0.27x
Net Debt / EBITDA	-	-7.08x	-0.73x	-0.71x	2.09x	-2.44x	-0.01x	-	-0.16x	-0.01x
Interest Coverage	-25.22x	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-
Total Equity+	72.7M	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M
Equity Growth %	2.41%	-0.04%	0.22%	0.08%	0.44%	1.17%	0.04%	-0.11%	0.12%	0.75%
Book Value per Share	3.41	2.08	2.42	2.58	3.71	8.01	8.33	7.58	8.16	14.12
Total Shareholders' Equity	72.7M	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K	4K
Retained Earnings	-68.68M	-76.96M	-67.25M	-44.32M	-8.03M	150.37M	151.4M	83.28M	85.98M	290.05M
Treasury Stock	0	0	0	-21.56M	-21.56M	-25.76M	-25.76M	-25.76M	-25.76M	-25.76M
Accumulated OCI	-153K	-51K	-209K	-178K	33K	56K	-194K	-1.68M	99K	173K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.84M	11.5M	29.37M	36.27M	38.89M	48.3M	35.39M	25.36M	60.28M	188.16M
Operating CF Margin %	-0.09%	0.11%	0.2%	0.19%	0.15%	0.16%	0.1%	0.05%	0.1%	0.24%
Operating CF Growth %	-15.41%	2.68%	1.55%	0.23%	0.07%	0.24%	-0.27%	-0.28%	1.38%	2.12%
Net Income	-15.67M	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.06M
Depreciation & Amortization	6.1M	9.94M	12.7M	14.58M	25.77M	29.21M	32.23M	36.31M	28.63M	21.57M
Stock-Based Compensation	1.01M	4.3M	6.1M	6.34M	8.06M	10.31M	17.15M	0	54.85M	0
Deferred Taxes	-798K	447K	58K	164K	-31.45M	29M	250K	-993K	-490K	-76.94M
Other Non-Cash Items	456K	63K	63K	60K	32K	-187.53M	-12.9M	58.94M	-7.39M	52.12M
Working Capital Changes	2.06M	5.04M	739K	-4.84M	194K	8.91M	-2.37M	-765K	-18.02M	-12.65M
Change in Receivables	-746K	-463K	-876K	-908K	-2.03M	-2.78M	-2.1M	-4.2M	-4.21M	-3.38M
Change in Inventory	2.07M	3.72M	2.27M	47K	0	0	0	0	0	0
Change in Payables	-439K	-904K	-100K	614K	511K	-903K	497K	1.18M	-1.56M	1.56M
Cash from Investing+	-59.37M	-13.06M	-22.83M	-4.64M	-89.87M	146.51M	-110.46M	-6.47M	-55.58M	-151.76M
Capital Expenditures	-11.39M	-15.41M	-12.67M	-14.41M	-8.08M	-19.04M	-8.1M	-21.23M	-9.04M	-7.19M
CapEx % of Revenue	0.15%	0.15%	0.09%	0.08%	0.03%	0.06%	0.02%	0.04%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-51.63M	-11.17M	-10.46M	11.9M	-21M	-26.04M	-24.61M	40K	-4.83M	0
Cash from Financing+	72.86M	201K	-1.13M	26.35M	-7.27M	-70.36M	-7.35M	-6.16M	-25.96M	-43.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.69M	241K	-1.13M	1.03M	-6.02M	-17.35M	-7.35M	-10.64M	-25.96M	-47.33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-18.23M	-3.91M	16.7M	21.86M	9.8M	3.22M	2.67M	18.82M	46.42M	186.14M
FCF Margin %	-0.24%	-0.04%	0.12%	0.12%	0.04%	0.01%	0.01%	0.04%	0.07%	0.23%
FCF Growth %	-2.04%	0.79%	5.27%	0.31%	-0.55%	-0.67%	-0.17%	6.04%	1.47%	3.01%
FCF per Share	-0.85	-0.12	0.48	0.61	0.28	0.09	0.07	0.54	1.27	5.06
FCF Conversion (FCF/Net Income)	0.44x	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x
Interest Paid	797K	191K	182K	118K	2.17M	1.81M	9.32M	0	8.09M	0
Taxes Paid	91K	27K	30K	82K	545K	85K	1.62M	0	8.09M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-147.6%	-11.63%	12.56%	22.57%	32.42%	75.81%	0.35%	-24.2%	0.96%	49.98%
Return on Invested Capital (ROIC)	-599.32%	-10.56%	10.94%	21.59%	3.61%	3.78%	-3.68%	-19.9%	0.27%	25.09%
Gross Margin	54.78%	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%
Net Margin	-20.9%	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%
Debt / Equity	-	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x
Interest Coverage	-25.22x	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-
FCF Conversion	0.44x	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x
Revenue Growth	57.28%	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Value Plus Services	38M	56.97M	80.85M	113.07M	153.99M	195.15M	241.29M	327.64M	454.1M	605.01M
Value Plus Services Growth	-	49.92%	41.92%	39.86%	36.19%	26.72%	23.65%	35.79%	38.60%	33.23%
Core Solutions	32.12M	43.77M	57.13M	70.55M	88.58M	100.94M	105.15M	132.54M	156.69M	180.6M
Core Solutions Growth	-	36.29%	30.51%	23.48%	25.56%	13.95%	4.17%	26.05%	18.22%	15.26%
Other Services	4.86M	4.85M	5.82M	6.45M	13.44M	13.97M	12.93M	11.71M	9.65M	8.59M
Other Services Growth	-	-0.29%	20.18%	10.75%	108.33%	3.98%	-7.44%	-9.49%	-17.52%	-11.07%

Frequently Asked Questions

Valuation & Price

AppFolio, Inc. (APPF) has a price-to-earnings (P/E) ratio of 39.6x. This suggests investors expect higher future growth.

Growth & Financials

AppFolio, Inc. (APPF) reported $906.3M in revenue for fiscal year 2024. This represents a 3315% increase from $26.5M in 2013.

AppFolio, Inc. (APPF) grew revenue by 28.0% over the past year. This is strong growth.

Yes, AppFolio, Inc. (APPF) is profitable, generating $203.7M in net income for fiscal year 2024 (25.7% net margin).

Dividend & Returns

AppFolio, Inc. (APPF) has a return on equity (ROE) of 50.0%. This is excellent, indicating efficient use of shareholder capital.

AppFolio, Inc. (APPF) generated $210.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.