The company maintains a conservative capital structure with a debt-to-equity ratio of 0.07 as of 2026Q1, providing significant operational flexibility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 254.94M | 342.15M | 335.4M | 272.36M | 201.47M | 158.59M | 199.35M | 61.79M | 108M | 53.84M | 32.22M | 27.51M | 7.81M | 12.71M |
| Cash & Short-Term Investments | 151.65M | 251.47M | 278.5M | 211.71M | 160.07M | 122.45M | 168.52M | 38.69M | 90.71M | 45.91M | 26.17M | 22.3M | 5.41M | 11.27M |
| Cash Only | 147.41M | 107.22M | 42.75M | 49.51M | 70.77M | 57.85M | 140.26M | 15.81M | 74.08M | 16.11M | 10.7M | 12.06M | 5.41M | 11.27M |
| Short-Term Investments | 4.24M | 144.26M | 235.75M | 162.2M | 89.3M | 64.6M | 28.26M | 22.88M | 16.63M | 29.8M | 15.47M | 10.23M | 0 | 0 |
| Accounts Receivable | 43.97M | 64.01M | 24.35M | 20.71M | 16.5M | 12.6M | 10.06M | 7.56M | 5.52M | 3.39M | 2.51M | 2.05M | 1.19M | 790K |
| Days Sales Outstanding | 16.03 | 24.57 | 11.19 | 12.18 | 12.77 | 12.79 | 11.84 | 10.78 | 10.59 | 8.6 | 8.68 | 9.97 | 9.12 | 10.86 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 59.32M | 10.96M | 32.81M | 39.94M | 24.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 325.62M | 380.12M | 291.28M | 136.53M | 179.75M | 249.42M | 190.13M | 198.31M | 67.74M | 56.41M | 60.36M | 62.98M | 17.63M | 14.99M |
| Property, Plant & Equipment | 37.81M | 39.15M | 41.95M | 47.65M | 49.59M | 72.19M | 57M | 42.55M | 6.87M | 6.7M | 7.08M | 6.11M | 2.62M | 1.74M |
| Fixed Asset Turnover | 25.59x | 24.29x | 18.93x | 13.02x | 9.51x | 4.98x | 5.44x | 6.02x | 27.66x | 21.48x | 14.92x | 12.28x | 18.17x | 15.22x |
| Goodwill | 96.41M | 96.41M | 96.41M | 56.06M | 56.06M | 56.15M | 56.15M | 58.42M | 15.55M | 6.74M | 6.74M | 6.74M | 5M | 5M |
| Intangible Assets | 36.27M | 50.15M | 64.49M | 23.92M | 40.15M | 52.92M | 51.82M | 51.4M | 26.38M | 19.33M | 18.64M | 14.54M | 9.12M | 7.35M |
| Long-Term Investments | 308.77M | 77.03M | 0 | 0 | 25.16M | 61.08M | 6.77M | 12.09M | 11.26M | 22.4M | 26.69M | 34.42M | 0 | 0 |
| Other Non-Current Assets | 26.66M | 25.25M | 11.52M | 8.91M | 8.79M | 7.09M | 6.21M | 6.28M | 7.69M | 1.24M | 1.22M | 1.18M | 882K | 905K |
| Total Assets | 580.56M | 722.27M | 626.68M | 408.89M | 381.22M | 408.02M | 389.48M | 260.1M | 175.74M | 110.25M | 92.58M | 90.48M | 25.43M | 27.71M |
| Asset Turnover | 1.59x | 1.32x | 1.27x | 1.52x | 1.24x | 0.88x | 0.80x | 0.98x | 1.08x | 1.30x | 1.14x | 0.83x | 1.87x | 0.96x |
| Asset Growth % | 58.82% | 15.25% | 53.26% | 7.26% | -6.57% | 4.76% | 49.74% | 48% | 59.41% | 19.08% | 2.32% | 255.75% | -8.2% | - |
| Total Current Liabilities | 72.36M | 106.85M | 63.28M | 69.77M | 61.34M | 52.64M | 49.8M | 47.47M | 28.21M | 23.91M | 21.36M | 16.91M | 13.53M | 5.82M |
| Accounts Payable | 3.74M | 4.12M | 2.38M | 1.14M | 2.47M | 1.7M | 1.04M | 1.93M | 1.48M | 610K | 937K | 2.37M | 2.09M | 217K |
| Days Payables Outstanding | 3.8 | 4.09 | 2.88 | 1.75 | 4.71 | 4.32 | 3.19 | 6.92 | 7.35 | 4.03 | 7.66 | 25.5 | 33.79 | 5.82 |
| Short-Term Debt | 0 | 4.87M | 4.27M | 3.63M | 3.36M | 1.87M | 1.84M | 4.03M | 1.21M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 2.51M | 2.26M | 4.59M | 3.41M | 7.08M | 7.64M | 4.95M | 3.77M | 2.82M |
| Other Current Liabilities | 72.36M | 38.08M | 26.47M | 29.43M | 21.14M | 16.35M | 16.68M | 19.15M | 9.73M | 5.51M | 5.24M | 1.08M | 4.52M | 725K |
| Current Ratio | 3.52x | 3.20x | 5.30x | 3.90x | 3.28x | 3.01x | 4.00x | 1.30x | 3.83x | 2.25x | 1.51x | 1.63x | 0.58x | 2.18x |
| Quick Ratio | 3.52x | 3.20x | 5.30x | 3.90x | 3.28x | 3.01x | 4.00x | 1.30x | 3.83x | 2.25x | 1.51x | 1.63x | 0.58x | 2.18x |
| Cash Conversion Cycle | 12.23 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 37.98M | 72.84M | 44.11M | 41.81M | 54.33M | 57.99M | 53.76M | 106.23M | 55.68M | 1.26M | 1.54M | 879K | 207K | 2.68M |
| Long-Term Debt | 31.98M | 33.29M | 0 | 0 | 0 | 0 | 0 | 47.38M | 48.6M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 103M | 33.29M | 37.48M | 41.11M | 50.24M | 55.73M | 40.15M | 33.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 33.3M | 33.3M | 0 | 0 | 0 | 1.68M | 13.61M | 25.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.99M | -27.03M | 6.63M | 697K | 4.09M | 583K | 0 | 14K | 7.08M | 1.26M | 1.54M | 879K | 199K | 2.55M |
| Total Liabilities | 110.33M | 179.69M | 107.39M | 111.58M | 115.67M | 110.64M | 103.56M | 128.15M | 83.89M | 25.17M | 22.9M | 17.78M | 76.9M | 71.67M |
| Total Debt | 31.98M | 71.45M | 41.75M | 44.74M | 53.59M | 57.61M | 41.99M | 84.72M | 49.81M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -115.43M | -35.77M | -1M | -4.77M | -17.18M | -240K | -98.27M | 68.91M | -24.26M | -16.11M | -10.7M | -12.06M | -5.41M | -11.27M |
| Debt / Equity | 0.07x | 0.13x | 0.08x | 0.15x | 0.20x | 0.19x | 0.15x | 0.64x | 0.54x | - | - | - | - | - |
| Debt / EBITDA | 0.17x | 0.41x | 0.27x | 1.51x | - | 2.60x | 1.04x | 2.57x | 1.46x | - | - | - | - | - |
| Net Debt / EBITDA | -0.60x | -0.20x | -0.01x | -0.16x | - | -0.01x | -2.44x | 2.09x | -0.71x | -0.73x | -7.08x | - | - | - |
| Interest Coverage | - | - | - | - | - | - | 107.45x | 3.92x | - | 17.45x | -34.24x | -25.22x | - | - |
| Total Equity | 470.23M | 542.58M | 519.29M | 297.31M | 265.55M | 297.38M | 285.92M | 131.95M | 91.85M | 85.08M | 69.68M | 72.7M | -51.47M | -43.96M |
| Equity Growth % | 49.76% | 4.48% | 74.66% | 11.96% | -10.71% | 4.01% | 116.69% | 43.66% | 7.95% | 22.1% | -4.15% | 241.25% | -17.08% | - |
| Book Value per Share | 13.13 | 14.94 | 14.12 | 8.16 | 7.58 | 8.33 | 8.01 | 3.71 | 2.58 | 2.42 | 2.08 | 3.41 | -2.00 | -1.71 |
| Total Shareholders' Equity | 470.23M | 542.58M | 519.29M | 297.31M | 265.55M | 297.38M | 285.92M | 131.95M | 91.85M | 85.08M | 69.68M | 72.7M | -51.47M | -43.96M |
| Common Stock | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 1K | 1K |
| Retained Earnings | 473.39M | 430.97M | 290.05M | 85.98M | 83.28M | 151.4M | 150.37M | -8.03M | -44.32M | -67.25M | -76.96M | -68.68M | -53.01M | -44.39M |
| Treasury Stock | 0 | -172.48M | -25.76M | -25.76M | -25.76M | -25.76M | -25.76M | -21.56M | -21.56M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -12K | 30K | 173K | 99K | -1.68M | -194K | 56K | 33K | -178K | -209K | -51K | -153K | -1.95M | -1.2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Transaction volume sensitivity
As reported in recent financial statements, AppFolio has expanded its total equity from $297.3 million in 2023Q4 to $470.2 million by 2026Q1, reflecting a consistent accumulation of retained earnings that signals a maturing business model capable of self-funding its ongoing operational requirements.
The steady growth in retained earnings suggests that the company is successfully converting its service-heavy revenue streams into tangible balance sheet value. This trajectory indicates that the firm is moving past its initial cash-burning phase, though investors should monitor whether this accumulation continues to outpace the capital requirements of its up-market expansion strategy.
Based on the company's reported figures, the debt-to-equity ratio remains low at 0.07 as of 2026Q1, demonstrating a disciplined approach to capital structure that minimizes interest rate sensitivity and provides significant headroom for potential strategic investments or future liquidity needs.
The minimal reliance on debt suggests that management prioritizes financial independence, which is particularly prudent given the inherent volatility of transaction-based revenue. This conservative posture likely provides a buffer against macroeconomic shocks, though it may also imply that the company is not fully optimizing its cost of capital.
According to quarterly filings, the current ratio stood at 3.52 in 2026Q1, indicating a substantial liquidity cushion that allows the firm to navigate seasonal fluctuations in rental market transaction volumes without needing to access external financing or compromise its core operational activities.
The high current ratio reflects a strong working capital position, which is essential for a business model that relies on processing high volumes of third-party payments. This liquidity profile appears sufficient to cover short-term obligations, though the efficiency of this cash management warrants ongoing scrutiny as the company scales.
As evidenced by the balance sheet, goodwill has increased from $56.1 million in 2024Q2 to $96.4 million in 2026Q1, representing a growing portion of total assets that may introduce impairment risks if the underlying acquisitions fail to deliver the anticipated synergies in the competitive PropTech landscape.
The rising goodwill balance suggests that inorganic growth is playing a larger role in the company's expansion, which may obscure the organic performance of the core platform. Investors should be cautious, as any future write-downs could negatively impact book value and signal that the company overpaid for its recent strategic integrations.
Quick answers to the most common questions about buying APPF stock.
As of 2025, AppFolio, Inc. (APPF) had total assets of $722.3M including $342.1M in current assets.
AppFolio, Inc. (APPF) carries total debt of $71.4M, offset by $251.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AppFolio, Inc. (APPF) has total shareholders' equity (book value) of $542.6M ($14.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AppFolio, Inc. (APPF) reported a current ratio of 3.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.