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

APPF •

TechnologyApplication SoftwareVertical industry SaaS applications

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 $951M +19.7%
EBITDA $176M +13.1%
Net Income $141M -30.9%
EPS (Diluted) 3.88 -30.1%
Gross Margin 61.3% -1.2%
EBITDA Margin 18.46% -5.5%
Operating Margin 16.08% -5.8%
Net Margin 14.82% -42.3%
ROE 26.54% -46.9%
ROIC 23.24% -7.4%
Debt/Equity 0.06 -23.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 25.8%
✓FCF machine: 25.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 25.1%
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)
✗Trading more than 30% below 52-week high
✗Expensive at 11.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y28.92%

5Y25.12%

3Y26.31%

TTM19.72%

Profit (Net Income) CAGR

10Y-

5Y-2.31%

3Y-

TTM-30.94%

EPS CAGR

10Y-

5Y-2.66%

3Y-

TTM-30.09%

ROCE

10Y Avg5.64%

5Y Avg6.44%

3Y Avg19.02%

Latest26.7%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	105.59M	143.8M	190.07M	256.01M	310.06M	359.37M	471.88M	620.45M	794.2M	950.82M
Revenue Growth %	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%	19.72%
Cost of Goods Sold+	44.63M	55.28M	73.55M	101.64M	119.03M	143.94M	191.83M	238.08M	301.61M	367.99M
COGS % of Revenue	42.27%	38.44%	38.7%	39.7%	38.39%	40.05%	40.65%	38.37%	37.98%	38.7%
Gross Profit+	60.96M	88.52M	116.52M	154.37M	191.03M	215.43M	280.06M	382.37M	492.59M	582.83M
Gross Margin %	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%	61.3%
Gross Profit Growth %	48.41%	45.22%	31.63%	32.48%	23.75%	12.77%	30%	36.53%	28.83%	18.32%
Operating Expenses+	69.38M	79.19M	96.87M	147.91M	181.24M	227.3M	352.43M	381.41M	356.95M	429.91M
OpEx % of Revenue	65.71%	55.06%	50.96%	57.77%	58.46%	63.25%	74.69%	61.47%	44.94%	45.21%
Selling, General & Admin	46.81M	49.91M	58.18M	86.01M	105.92M	130.48M	208.19M	201.05M	196.57M	239.49M
SG&A % of Revenue	44.33%	34.71%	30.61%	33.59%	34.16%	36.31%	44.12%	32.4%	24.75%	25.19%
Research & Development	12.64M	16.58M	24.11M	39.51M	48.53M	65.98M	111.12M	151.36M	160.38M	190.42M
R&D % of Revenue	11.97%	11.53%	12.69%	15.43%	15.65%	18.36%	23.55%	24.4%	20.19%	20.03%
Other Operating Expenses	-37K	-96K	-56K	22.39M	26.79M	30.84M	33.12M	28.99M	0	0
Operating Income+	-8.42M	9.34M	19.66M	6.46M	9.78M	-11.88M	-72.37M	963K	135.64M	152.92M
Operating Margin %	-7.98%	6.49%	10.34%	2.52%	3.16%	-3.31%	-15.34%	0.16%	17.08%	16.08%
Operating Income Growth %	43.86%	210.83%	110.56%	-67.13%	51.42%	-221.41%	-509.28%	101.33%	13985.57%	12.73%
EBITDA+	1.51M	22.03M	34.23M	32.99M	40.27M	22.17M	-36.06M	29.59M	155.19M	175.57M
EBITDA Margin %	1.43%	15.32%	18.01%	12.88%	12.99%	6.17%	-7.64%	4.77%	19.54%	18.46%
EBITDA Growth %	116.99%	1357.28%	55.36%	-3.64%	22.09%	-44.96%	-262.7%	182.06%	424.38%	13.13%
D&A (Non-Cash Add-back)	9.94M	12.7M	14.58M	26.52M	30.49M	34.04M	36.31M	28.63M	19.55M	22.65M
EBIT	-8.42M	9.34M	19.66M	6.48M	198.68M	-11.88M	-72.37M	963K	150.32M	161.11M
Net Interest Income+	246K	535K	787K	-1.65M	-1.85M	501K	1.18M	7.03M	13.98M	8.16M
Interest Income	0	0	787K	0	0	501K	1.18M	7.03M	13.98M	8.16M
Interest Expense	246K	535K	0	1.65M	1.85M	0	0	0	0	0
Other Income/Expense	209K	439K	731K	-1.64M	187.05M	13.61M	5.65M	7.03M	14.68M	8.2M
Pretax Income+	-8.21M	9.77M	20.39M	4.82M	196.83M	1.73M	-66.72M	8M	150.32M	161.11M
Pretax Margin %	-7.78%	6.8%	10.73%	1.88%	63.48%	0.48%	-14.14%	1.29%	18.93%	16.94%
Income Tax+	67K	58K	420K	-31.46M	38.43M	706K	1.4M	5.29M	-53.75M	20.19M
Effective Tax Rate %	100.82%	99.41%	97.94%	752.27%	80.48%	59.28%	102.1%	33.79%	135.75%	87.47%
Net Income+	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M	140.92M
Net Margin %	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%	14.82%
Net Income Growth %	47.15%	217.33%	105.51%	81.71%	336.59%	-99.35%	-6726.36%	103.97%	7452.48%	-30.94%
Net Income (Continuing)	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M	140.92M
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)+	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88
EPS Growth %	65.75%	212%	100%	82.14%	335.29%	-99.35%	-6870.83%	103.81%	7379.78%	-30.09%
EPS (Basic)	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
Diluted Shares Outstanding	33.56M	35.15M	35.56M	35.57M	35.71M	35.7M	35.01M	36.42M	36.78M	36.33M
Basic Shares Outstanding	33.12M	33.85M	34.13M	34.02M	34.26M	34.58M	35.01M	35.63M	36.25M	36.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	32.22M	53.84M	108M	61.79M	199.35M	158.59M	201.47M	272.36M	335.4M	353.31M
Cash & Short-Term Investments	26.17M	45.91M	90.71M	38.69M	168.52M	122.45M	160.07M	211.71M	278.5M	251.22M
Cash Only	10.7M	16.11M	74.08M	15.81M	140.26M	57.85M	70.77M	49.51M	42.75M	106.97M
Short-Term Investments	15.47M	29.8M	16.63M	22.88M	28.26M	64.6M	89.3M	162.2M	235.75M	144.26M
Accounts Receivable	2.51M	3.39M	5.52M	7.56M	10.06M	12.6M	16.5M	20.71M	24.35M	36.87M
Days Sales Outstanding	8.68	8.6	10.59	10.78	11.84	12.79	12.77	12.18	11.19	14.15
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	24.9M	39.94M	32.81M	0
Total Non-Current Assets+	60.36M	56.41M	67.74M	198.31M	190.13M	249.42M	179.75M	136.53M	291.28M	335.65M
Property, Plant & Equipment	7.08M	6.7M	6.87M	42.55M	57M	72.19M	49.59M	47.65M	41.95M	39.15M
Fixed Asset Turnover	14.92x	21.48x	27.66x	6.02x	5.44x	4.98x	9.51x	13.02x	18.93x	24.29x
Goodwill	6.74M	6.74M	15.55M	58.42M	56.15M	56.15M	56.06M	56.06M	96.41M	96.41M
Intangible Assets	18.64M	19.33M	26.38M	51.4M	51.82M	52.92M	40.15M	23.92M	64.49M	50.15M
Long-Term Investments	26.69M	22.4M	11.26M	12.09M	6.77M	61.08M	25.16M	0	0	77.03M
Other Non-Current Assets	1.22M	1.24M	7.69M	6.28M	6.21M	7.09M	8.79M	8.91M	11.52M	72.91M
Total Assets+	92.58M	110.25M	175.74M	260.1M	389.48M	408.02M	381.22M	408.89M	626.68M	688.97M
Asset Turnover	1.14x	1.30x	1.08x	0.98x	0.80x	0.88x	1.24x	1.52x	1.27x	1.38x
Asset Growth %	2.32%	19.08%	59.41%	48%	49.74%	4.76%	-6.57%	7.26%	53.26%	9.94%
Total Current Liabilities+	21.36M	23.91M	28.21M	47.47M	49.8M	52.64M	61.34M	69.77M	63.28M	106.85M
Accounts Payable	937K	610K	1.48M	1.93M	1.04M	1.7M	2.47M	1.14M	2.38M	4.12M
Days Payables Outstanding	7.66	4.03	7.35	6.92	3.19	4.32	4.71	1.75	2.88	4.09
Short-Term Debt	0	0	1.21M	4.03M	1.84M	1.87M	3.36M	3.63M	4.27M	0
Deferred Revenue (Current)	7.64M	7.08M	3.41M	4.59M	2.26M	2.51M	0	0	0	0
Other Current Liabilities	5.24M	5.51M	9.73M	19.15M	16.68M	16.35M	21.14M	29.43M	26.47M	22.12M
Current Ratio	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x	3.31x
Quick Ratio	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x	3.31x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.54M	1.26M	55.68M	106.23M	53.76M	57.99M	54.33M	41.81M	44.11M	39.54M
Long-Term Debt	0	0	48.6M	47.38M	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	33.31M	40.15M	55.73M	50.24M	41.11M	37.48M	33.29M
Deferred Tax Liabilities	0	0	0	25.53M	13.61M	1.68M	0	0	0	0
Other Non-Current Liabilities	1.54M	1.26M	7.08M	14K	0	583K	4.09M	697K	6.63M	6.25M
Total Liabilities	22.9M	25.17M	83.89M	128.15M	103.56M	110.64M	115.67M	111.58M	107.39M	146.39M
Total Debt+	0	0	49.81M	84.72M	41.99M	57.61M	53.59M	44.74M	41.75M	33.29M
Net Debt	-10.7M	-16.11M	-24.26M	68.91M	-98.27M	-240K	-17.18M	-4.77M	-1M	-73.68M
Debt / Equity	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x	0.06x
Debt / EBITDA	-	-	1.46x	2.57x	1.04x	2.60x	-	1.51x	0.27x	0.19x
Net Debt / EBITDA	-7.08x	-0.73x	-0.71x	2.09x	-2.44x	-0.01x	-	-0.16x	-0.01x	-0.42x
Interest Coverage	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-	-
Total Equity+	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M	542.58M
Equity Growth %	-4.15%	22.1%	7.95%	43.66%	116.69%	4.01%	-10.71%	11.96%	74.66%	4.48%
Book Value per Share	2.08	2.42	2.58	3.71	8.01	8.33	7.58	8.16	14.12	14.94
Total Shareholders' Equity	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M	542.58M
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K	542.58M
Retained Earnings	-76.96M	-67.25M	-44.32M	-8.03M	150.37M	151.4M	83.28M	85.98M	290.05M	0
Treasury Stock	0	0	-21.56M	-21.56M	-25.76M	-25.76M	-25.76M	-25.76M	-25.76M	0
Accumulated OCI	-51K	-209K	-178K	33K	56K	-194K	-1.68M	99K	173K	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	11.5M	29.37M	36.27M	38.89M	48.3M	35.39M	25.36M	60.28M	188.16M	242.1M
Operating CF Margin %	10.89%	20.42%	19.08%	15.19%	15.58%	9.85%	5.38%	9.72%	23.69%	25.46%
Operating CF Growth %	268.03%	155.4%	23.48%	7.22%	24.2%	-26.73%	-28.33%	137.66%	212.13%	28.67%
Net Income	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.06M	140.92M
Depreciation & Amortization	9.94M	12.7M	14.58M	25.77M	29.21M	32.23M	36.31M	28.63M	21.57M	24.87M
Stock-Based Compensation	4.3M	6.1M	6.34M	8.06M	10.31M	17.15M	0	54.85M	0	70.79M
Deferred Taxes	447K	58K	164K	-31.45M	29M	250K	-993K	-490K	-76.94M	18.14M
Other Non-Cash Items	63K	63K	60K	32K	-187.53M	-12.9M	58.94M	-7.39M	52.12M	4.73M
Working Capital Changes	5.04M	739K	-4.84M	194K	8.91M	-2.37M	-765K	-18.02M	-12.65M	-17.35M
Change in Receivables	-463K	-876K	-908K	-2.03M	-2.78M	-2.1M	-4.2M	-4.21M	-3.38M	-12.53M
Change in Inventory	3.72M	2.27M	47K	0	0	0	0	0	0	0
Change in Payables	-904K	-100K	614K	511K	-903K	497K	1.18M	-1.56M	1.56M	1.77M
Cash from Investing+	-13.06M	-22.83M	-4.64M	-89.87M	146.51M	-110.46M	-6.47M	-55.58M	-151.76M	10.24M
Capital Expenditures	-15.41M	-12.67M	-14.41M	-8.08M	-19.04M	-8.1M	-21.23M	-9.04M	-7.19M	-3.15M
CapEx % of Revenue	14.59%	8.81%	7.58%	3.16%	6.14%	2.25%	4.5%	1.46%	0.9%	0.33%
Acquisitions	11.17M	10.46M	-14.44M	-54M	191.43M	12.92M	5.12M	629K	-77.42M	-906K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-11.17M	-10.46M	11.9M	-21M	-26.04M	-24.61M	40K	-4.83M	0	-3.44M
Cash from Financing+	201K	-1.13M	26.35M	-7.27M	-70.36M	-7.35M	-6.16M	-25.96M	-43.4M	-187.89M
Debt Issued (Net)	-40K	0	50M	-1.25M	-48.81M	0	0	0	0	-4.26M
Equity Issued (Net)	0	0	-1000K	0	-1000K	0	1000K	0	1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-111K	-1.8M	-21.56M	0	-4.19M	0	0	0	0	-188.97M
Other Financing	241K	-1.13M	1.03M	-6.02M	-17.35M	-7.35M	-10.64M	-25.96M	-47.33M	-38.98M
Net Change in Cash	-1.36M	5.41M	57.97M	-58.26M	124.45M	-82.42M	12.92M	-21.26M	-6.75M	64.46M
Free Cash Flow+	-3.91M	16.7M	21.86M	9.8M	3.22M	2.67M	18.82M	46.42M	186.14M	238.95M
FCF Margin %	-3.7%	11.61%	11.5%	3.83%	1.04%	0.74%	3.99%	7.48%	23.44%	25.13%
FCF Growth %	78.55%	527.16%	30.89%	-55.15%	-67.17%	-16.96%	604.26%	146.57%	301.02%	28.37%
FCF per Share	-0.12	0.48	0.61	0.28	0.09	0.07	0.54	1.27	5.06	6.58
FCF Conversion (FCF/Net Income)	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x	1.72x
Interest Paid	191K	182K	118K	2.17M	1.81M	9.32M	0	8.09M	0	0
Taxes Paid	27K	30K	82K	545K	85K	1.62M	0	8.09M	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.63%	12.56%	22.57%	32.42%	75.81%	0.35%	-24.2%	0.96%	49.98%	26.54%
Return on Invested Capital (ROIC)	-10.56%	10.94%	21.59%	3.61%	3.78%	-3.68%	-19.9%	0.27%	25.09%	23.24%
Gross Margin	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%	61.3%
Net Margin	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%	14.82%
Debt / Equity	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x	0.06x
Interest Coverage	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-	-
FCF Conversion	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x	1.72x
Revenue Growth	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%	19.72%

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

APPF •

TechnologyApplication SoftwareVertical industry SaaS applications

Revenue $951M +19.7%
EBITDA $176M +13.1%
Net Income $141M -30.9%
EPS (Diluted) 3.88 -30.1%
Gross Margin 61.3% -1.2%
EBITDA Margin 18.46% -5.5%
Operating Margin 16.08% -5.8%
Net Margin 14.82% -42.3%
ROE 26.54% -46.9%
ROIC 23.24% -7.4%
Debt/Equity 0.06 -23.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 25.8%
✓FCF machine: 25.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 25.1%
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)
✗Trading more than 30% below 52-week high
✗Expensive at 11.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y28.92%

5Y25.12%

3Y26.31%

TTM19.72%

Profit (Net Income) CAGR

10Y-

5Y-2.31%

3Y-

TTM-30.94%

EPS CAGR

10Y-

5Y-2.66%

3Y-

TTM-30.09%

ROCE

10Y Avg5.64%

5Y Avg6.44%

3Y Avg19.02%

Latest26.7%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	105.59M	143.8M	190.07M	256.01M	310.06M	359.37M	471.88M	620.45M	794.2M	950.82M
Revenue Growth %	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%	19.72%
Cost of Goods Sold+	44.63M	55.28M	73.55M	101.64M	119.03M	143.94M	191.83M	238.08M	301.61M	367.99M
COGS % of Revenue	42.27%	38.44%	38.7%	39.7%	38.39%	40.05%	40.65%	38.37%	37.98%	38.7%
Gross Profit+	60.96M	88.52M	116.52M	154.37M	191.03M	215.43M	280.06M	382.37M	492.59M	582.83M
Gross Margin %	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%	61.3%
Gross Profit Growth %	48.41%	45.22%	31.63%	32.48%	23.75%	12.77%	30%	36.53%	28.83%	18.32%
Operating Expenses+	69.38M	79.19M	96.87M	147.91M	181.24M	227.3M	352.43M	381.41M	356.95M	429.91M
OpEx % of Revenue	65.71%	55.06%	50.96%	57.77%	58.46%	63.25%	74.69%	61.47%	44.94%	45.21%
Selling, General & Admin	46.81M	49.91M	58.18M	86.01M	105.92M	130.48M	208.19M	201.05M	196.57M	239.49M
SG&A % of Revenue	44.33%	34.71%	30.61%	33.59%	34.16%	36.31%	44.12%	32.4%	24.75%	25.19%
Research & Development	12.64M	16.58M	24.11M	39.51M	48.53M	65.98M	111.12M	151.36M	160.38M	190.42M
R&D % of Revenue	11.97%	11.53%	12.69%	15.43%	15.65%	18.36%	23.55%	24.4%	20.19%	20.03%
Other Operating Expenses	-37K	-96K	-56K	22.39M	26.79M	30.84M	33.12M	28.99M	0	0
Operating Income+	-8.42M	9.34M	19.66M	6.46M	9.78M	-11.88M	-72.37M	963K	135.64M	152.92M
Operating Margin %	-7.98%	6.49%	10.34%	2.52%	3.16%	-3.31%	-15.34%	0.16%	17.08%	16.08%
Operating Income Growth %	43.86%	210.83%	110.56%	-67.13%	51.42%	-221.41%	-509.28%	101.33%	13985.57%	12.73%
EBITDA+	1.51M	22.03M	34.23M	32.99M	40.27M	22.17M	-36.06M	29.59M	155.19M	175.57M
EBITDA Margin %	1.43%	15.32%	18.01%	12.88%	12.99%	6.17%	-7.64%	4.77%	19.54%	18.46%
EBITDA Growth %	116.99%	1357.28%	55.36%	-3.64%	22.09%	-44.96%	-262.7%	182.06%	424.38%	13.13%
D&A (Non-Cash Add-back)	9.94M	12.7M	14.58M	26.52M	30.49M	34.04M	36.31M	28.63M	19.55M	22.65M
EBIT	-8.42M	9.34M	19.66M	6.48M	198.68M	-11.88M	-72.37M	963K	150.32M	161.11M
Net Interest Income+	246K	535K	787K	-1.65M	-1.85M	501K	1.18M	7.03M	13.98M	8.16M
Interest Income	0	0	787K	0	0	501K	1.18M	7.03M	13.98M	8.16M
Interest Expense	246K	535K	0	1.65M	1.85M	0	0	0	0	0
Other Income/Expense	209K	439K	731K	-1.64M	187.05M	13.61M	5.65M	7.03M	14.68M	8.2M
Pretax Income+	-8.21M	9.77M	20.39M	4.82M	196.83M	1.73M	-66.72M	8M	150.32M	161.11M
Pretax Margin %	-7.78%	6.8%	10.73%	1.88%	63.48%	0.48%	-14.14%	1.29%	18.93%	16.94%
Income Tax+	67K	58K	420K	-31.46M	38.43M	706K	1.4M	5.29M	-53.75M	20.19M
Effective Tax Rate %	100.82%	99.41%	97.94%	752.27%	80.48%	59.28%	102.1%	33.79%	135.75%	87.47%
Net Income+	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M	140.92M
Net Margin %	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%	14.82%
Net Income Growth %	47.15%	217.33%	105.51%	81.71%	336.59%	-99.35%	-6726.36%	103.97%	7452.48%	-30.94%
Net Income (Continuing)	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.07M	140.92M
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)+	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88
EPS Growth %	65.75%	212%	100%	82.14%	335.29%	-99.35%	-6870.83%	103.81%	7379.78%	-30.09%
EPS (Basic)	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
Diluted Shares Outstanding	33.56M	35.15M	35.56M	35.57M	35.71M	35.7M	35.01M	36.42M	36.78M	36.33M
Basic Shares Outstanding	33.12M	33.85M	34.13M	34.02M	34.26M	34.58M	35.01M	35.63M	36.25M	36.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	32.22M	53.84M	108M	61.79M	199.35M	158.59M	201.47M	272.36M	335.4M	353.31M
Cash & Short-Term Investments	26.17M	45.91M	90.71M	38.69M	168.52M	122.45M	160.07M	211.71M	278.5M	251.22M
Cash Only	10.7M	16.11M	74.08M	15.81M	140.26M	57.85M	70.77M	49.51M	42.75M	106.97M
Short-Term Investments	15.47M	29.8M	16.63M	22.88M	28.26M	64.6M	89.3M	162.2M	235.75M	144.26M
Accounts Receivable	2.51M	3.39M	5.52M	7.56M	10.06M	12.6M	16.5M	20.71M	24.35M	36.87M
Days Sales Outstanding	8.68	8.6	10.59	10.78	11.84	12.79	12.77	12.18	11.19	14.15
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	24.9M	39.94M	32.81M	0
Total Non-Current Assets+	60.36M	56.41M	67.74M	198.31M	190.13M	249.42M	179.75M	136.53M	291.28M	335.65M
Property, Plant & Equipment	7.08M	6.7M	6.87M	42.55M	57M	72.19M	49.59M	47.65M	41.95M	39.15M
Fixed Asset Turnover	14.92x	21.48x	27.66x	6.02x	5.44x	4.98x	9.51x	13.02x	18.93x	24.29x
Goodwill	6.74M	6.74M	15.55M	58.42M	56.15M	56.15M	56.06M	56.06M	96.41M	96.41M
Intangible Assets	18.64M	19.33M	26.38M	51.4M	51.82M	52.92M	40.15M	23.92M	64.49M	50.15M
Long-Term Investments	26.69M	22.4M	11.26M	12.09M	6.77M	61.08M	25.16M	0	0	77.03M
Other Non-Current Assets	1.22M	1.24M	7.69M	6.28M	6.21M	7.09M	8.79M	8.91M	11.52M	72.91M
Total Assets+	92.58M	110.25M	175.74M	260.1M	389.48M	408.02M	381.22M	408.89M	626.68M	688.97M
Asset Turnover	1.14x	1.30x	1.08x	0.98x	0.80x	0.88x	1.24x	1.52x	1.27x	1.38x
Asset Growth %	2.32%	19.08%	59.41%	48%	49.74%	4.76%	-6.57%	7.26%	53.26%	9.94%
Total Current Liabilities+	21.36M	23.91M	28.21M	47.47M	49.8M	52.64M	61.34M	69.77M	63.28M	106.85M
Accounts Payable	937K	610K	1.48M	1.93M	1.04M	1.7M	2.47M	1.14M	2.38M	4.12M
Days Payables Outstanding	7.66	4.03	7.35	6.92	3.19	4.32	4.71	1.75	2.88	4.09
Short-Term Debt	0	0	1.21M	4.03M	1.84M	1.87M	3.36M	3.63M	4.27M	0
Deferred Revenue (Current)	7.64M	7.08M	3.41M	4.59M	2.26M	2.51M	0	0	0	0
Other Current Liabilities	5.24M	5.51M	9.73M	19.15M	16.68M	16.35M	21.14M	29.43M	26.47M	22.12M
Current Ratio	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x	3.31x
Quick Ratio	1.51x	2.25x	3.83x	1.30x	4.00x	3.01x	3.28x	3.90x	5.30x	3.31x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.54M	1.26M	55.68M	106.23M	53.76M	57.99M	54.33M	41.81M	44.11M	39.54M
Long-Term Debt	0	0	48.6M	47.38M	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	33.31M	40.15M	55.73M	50.24M	41.11M	37.48M	33.29M
Deferred Tax Liabilities	0	0	0	25.53M	13.61M	1.68M	0	0	0	0
Other Non-Current Liabilities	1.54M	1.26M	7.08M	14K	0	583K	4.09M	697K	6.63M	6.25M
Total Liabilities	22.9M	25.17M	83.89M	128.15M	103.56M	110.64M	115.67M	111.58M	107.39M	146.39M
Total Debt+	0	0	49.81M	84.72M	41.99M	57.61M	53.59M	44.74M	41.75M	33.29M
Net Debt	-10.7M	-16.11M	-24.26M	68.91M	-98.27M	-240K	-17.18M	-4.77M	-1M	-73.68M
Debt / Equity	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x	0.06x
Debt / EBITDA	-	-	1.46x	2.57x	1.04x	2.60x	-	1.51x	0.27x	0.19x
Net Debt / EBITDA	-7.08x	-0.73x	-0.71x	2.09x	-2.44x	-0.01x	-	-0.16x	-0.01x	-0.42x
Interest Coverage	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-	-
Total Equity+	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M	542.58M
Equity Growth %	-4.15%	22.1%	7.95%	43.66%	116.69%	4.01%	-10.71%	11.96%	74.66%	4.48%
Book Value per Share	2.08	2.42	2.58	3.71	8.01	8.33	7.58	8.16	14.12	14.94
Total Shareholders' Equity	69.68M	85.08M	91.85M	131.95M	285.92M	297.38M	265.55M	297.31M	519.29M	542.58M
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K	542.58M
Retained Earnings	-76.96M	-67.25M	-44.32M	-8.03M	150.37M	151.4M	83.28M	85.98M	290.05M	0
Treasury Stock	0	0	-21.56M	-21.56M	-25.76M	-25.76M	-25.76M	-25.76M	-25.76M	0
Accumulated OCI	-51K	-209K	-178K	33K	56K	-194K	-1.68M	99K	173K	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	11.5M	29.37M	36.27M	38.89M	48.3M	35.39M	25.36M	60.28M	188.16M	242.1M
Operating CF Margin %	10.89%	20.42%	19.08%	15.19%	15.58%	9.85%	5.38%	9.72%	23.69%	25.46%
Operating CF Growth %	268.03%	155.4%	23.48%	7.22%	24.2%	-26.73%	-28.33%	137.66%	212.13%	28.67%
Net Income	-8.28M	9.72M	19.97M	36.28M	158.4M	1.03M	-68.12M	2.7M	204.06M	140.92M
Depreciation & Amortization	9.94M	12.7M	14.58M	25.77M	29.21M	32.23M	36.31M	28.63M	21.57M	24.87M
Stock-Based Compensation	4.3M	6.1M	6.34M	8.06M	10.31M	17.15M	0	54.85M	0	70.79M
Deferred Taxes	447K	58K	164K	-31.45M	29M	250K	-993K	-490K	-76.94M	18.14M
Other Non-Cash Items	63K	63K	60K	32K	-187.53M	-12.9M	58.94M	-7.39M	52.12M	4.73M
Working Capital Changes	5.04M	739K	-4.84M	194K	8.91M	-2.37M	-765K	-18.02M	-12.65M	-17.35M
Change in Receivables	-463K	-876K	-908K	-2.03M	-2.78M	-2.1M	-4.2M	-4.21M	-3.38M	-12.53M
Change in Inventory	3.72M	2.27M	47K	0	0	0	0	0	0	0
Change in Payables	-904K	-100K	614K	511K	-903K	497K	1.18M	-1.56M	1.56M	1.77M
Cash from Investing+	-13.06M	-22.83M	-4.64M	-89.87M	146.51M	-110.46M	-6.47M	-55.58M	-151.76M	10.24M
Capital Expenditures	-15.41M	-12.67M	-14.41M	-8.08M	-19.04M	-8.1M	-21.23M	-9.04M	-7.19M	-3.15M
CapEx % of Revenue	14.59%	8.81%	7.58%	3.16%	6.14%	2.25%	4.5%	1.46%	0.9%	0.33%
Acquisitions	11.17M	10.46M	-14.44M	-54M	191.43M	12.92M	5.12M	629K	-77.42M	-906K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-11.17M	-10.46M	11.9M	-21M	-26.04M	-24.61M	40K	-4.83M	0	-3.44M
Cash from Financing+	201K	-1.13M	26.35M	-7.27M	-70.36M	-7.35M	-6.16M	-25.96M	-43.4M	-187.89M
Debt Issued (Net)	-40K	0	50M	-1.25M	-48.81M	0	0	0	0	-4.26M
Equity Issued (Net)	0	0	-1000K	0	-1000K	0	1000K	0	1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-111K	-1.8M	-21.56M	0	-4.19M	0	0	0	0	-188.97M
Other Financing	241K	-1.13M	1.03M	-6.02M	-17.35M	-7.35M	-10.64M	-25.96M	-47.33M	-38.98M
Net Change in Cash	-1.36M	5.41M	57.97M	-58.26M	124.45M	-82.42M	12.92M	-21.26M	-6.75M	64.46M
Free Cash Flow+	-3.91M	16.7M	21.86M	9.8M	3.22M	2.67M	18.82M	46.42M	186.14M	238.95M
FCF Margin %	-3.7%	11.61%	11.5%	3.83%	1.04%	0.74%	3.99%	7.48%	23.44%	25.13%
FCF Growth %	78.55%	527.16%	30.89%	-55.15%	-67.17%	-16.96%	604.26%	146.57%	301.02%	28.37%
FCF per Share	-0.12	0.48	0.61	0.28	0.09	0.07	0.54	1.27	5.06	6.58
FCF Conversion (FCF/Net Income)	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x	1.72x
Interest Paid	191K	182K	118K	2.17M	1.81M	9.32M	0	8.09M	0	0
Taxes Paid	27K	30K	82K	545K	85K	1.62M	0	8.09M	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.63%	12.56%	22.57%	32.42%	75.81%	0.35%	-24.2%	0.96%	49.98%	26.54%
Return on Invested Capital (ROIC)	-10.56%	10.94%	21.59%	3.61%	3.78%	-3.68%	-19.9%	0.27%	25.09%	23.24%
Gross Margin	57.73%	61.56%	61.3%	60.3%	61.61%	59.95%	59.35%	61.63%	62.02%	61.3%
Net Margin	-7.84%	6.76%	10.51%	14.17%	51.09%	0.29%	-14.44%	0.44%	25.69%	14.82%
Debt / Equity	-	-	0.54x	0.64x	0.15x	0.19x	0.20x	0.15x	0.08x	0.06x
Interest Coverage	-34.24x	17.45x	-	3.91x	5.29x	-	-	-	-	-
FCF Conversion	-1.39x	3.02x	1.82x	1.07x	0.30x	34.43x	-0.37x	22.31x	0.92x	1.72x
Revenue Growth	40.82%	36.2%	32.17%	34.69%	21.11%	15.9%	31.31%	31.48%	28.01%	19.72%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Dividend History

Earnings History

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Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare APPF vs Peers

vs SAP

vs UBER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios