Pricing Log in Create free account
Friday 6 November 2026 Export APPF’s income statement to Excel — free account

AppFolio, Inc.

APPF Technology Software Application

AppFolio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $950.8 million, up 19.7% from fiscal 2024.

Revenue
+18.6%
EPS
+38.3%
Free cash flow
+14.5%

Quarter to September 2026, against a year earlier

232.54 4.31 −1.82%
Market cap
$8.3B
P/E
48.8×
Fwd P/E
44.1×
Dividend yield
—
F-score
5/9
Altman Z
37.76
Beneish M
−2.90
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Value Added Services
  • Subscription Services
  • Other

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 46.34
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 2 3 6 18 — — —
Insider Ownership 35.86%

Capital & Financial Ratios $m

Size
Market Cap 8,270.00
Revenue ttm 1,087.22
Net income ttm 169.86
Free cash flow ttm 277.61
Net debt Q (307.28)
Valuation
P/E 48.75 (above 35: high)
Forward P/E 44.10 (above 35: high)
Price / sales 7.58
Forward P/S Powerpack
Price / FCF 31.45
Price / book 14.15 (above 6: high)
Financial health
Current ratio Q 4.00 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +18.58% (above 0%: growing)
Operating income growth Q +63.82% (above 0%: growing)
EPS, this year +29.31% (at or above 15%: strong)
EPS, next year A +21.42% (at or above 15%: strong)
Revenue, next year A +18.32% (at or above 10%: strong)
EPS, past 5 yrs −2.66% (below 0%: weak)
EPS, next 5 yrs A +24.25% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.4×, against a ten-year median of 10.8×; over the ten years it ranged from 3.2× in 2016 to 20.1× in 2020.
P/E against its own 10 years 33.65%
10-year low 10-year high
P/S against its own 10 years 16.94%
10-year low 10-year high
P/B against its own 10 years 27.21%
10-year low 10-year high
EV/Sales against its own 10 years 16.06%
10-year low 10-year high
EV/FCF against its own 10 years 13.33%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 212 278 251 307
Receivables 21 24 37 53
Inventory — — — —
Other — — — —
272 335 353 407
2023 2024 2025 Q'26
Payables 1 2 4 6
ST’ Debt — — — —
Other 11 16 22 24
70 63 107 102

Compound Annual Growth %

10y 5y 3y
Sales 28.92% 25.12% 26.31%
Cash Flow 0.00% 38.04% 112.12%
Earnings 0.00% (2.31%) 0.00%
Book Value 22.26% 13.67% 26.89%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.78 Actual 1.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.22 1.39 Beat by 0.17
Q1 FY26 1.44 1.61 Beat by 0.17
Q2 FY26 1.67 1.71 Beat by 0.04
Q3 FY26 1.78 1.82 Beat by 0.04
Q4 FY26 1.81 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.18 1.17 1.29 — —
’25 0.86 0.99 0.93 1.10 3.88
’24 1.05 0.81 0.90 2.79 5.55
’23 (0.99) (0.53) 0.72 0.83 0.07
’22 (0.41) (0.86) (0.12) (0.56) (1.95)
’21 0.01 0.06 0.00 (0.04) 0.03
’20 0.06 0.54 3.86 (0.01) 4.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 262 281 296 — —
’25 218 236 249 248 951
’24 187 197 206 204 794
’23 136 147 165 172 620
’22 105 117 125 124 472
’21 79 89 96 96 359
’20 72 81 84 72 310
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 34 88 97 — —
’25 38 53 86 65 242
’24 43 51 58 37 188
’23 2 (9) 37 31 60
’22 (2) 6 16 6 25
’21 (4) 15 16 9 35
’20 3 24 18 3 48
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 33 86 96 — —
’25 38 52 84 63 236
’24 40 49 56 35 181
’23 0 (12) 32 27 46
’22 (8) (1) 12 1 4
’21 (12) 7 7 0 3
’20 (12) 12 9 (6) 3
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.6% a year for ten years.

Implied
14.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 106 144 190 256 310 359 472 620 794 951 1,087 +27.7% 1,125 1,318 1,534 +17.3%
Gross margin, % 57.73 61.56 61.30 60.30 61.61 59.95 59.35 61.63 64.48 63.68 63.79 +5.9 pt
EBT (8) 10 20 5 197 2 (67) 8 150 161 213 n/m
EBT margin, % (7.78) 6.80 10.73 1.88 63.48 0.48 (14.14) 1.29 18.93 16.94 19.57 +24.7 pt
Net income (8) 10 20 36 158 1 (68) 3 204 141 170 n/m
Per share, $
Per share, $ Revenue 3.15 4.25 5.57 7.53 9.05 10.39 13.48 17.41 21.91 26.40 30.68 +26.7%
Earnings (0.25) 0.29 0.59 1.07 4.62 0.03 (1.95) 0.08 5.63 3.91 4.77 n/m
Cash flow 0.34 0.87 1.06 1.14 1.41 1.02 0.72 1.69 5.19 6.72 8.00 +39.2%
Capex (0.46) (0.37) (0.42) (0.85) (1.32) (0.95) (0.61) (0.39) (0.20) (0.18) (0.17) (9.7%)
Free cash flow (0.12) 0.49 0.64 0.29 0.09 0.08 0.12 1.30 4.99 6.54 7.83 n/m
Book value 2.08 2.51 2.69 3.88 8.34 8.60 7.58 8.34 14.32 15.07 16.44 +24.6%
Shares, m 34 34 34 34 34 35 35 36 36 36 36 +0.8%
Valuation, ×
Valuation, × P/E 0.00 142.07 100.37 102.76 38.98 4,062.42 0.00 2,417.29 43.90 59.50 48.75 696.7
P/S 7.31 9.70 10.63 14.61 19.90 11.65 7.95 9.72 11.26 8.81 7.58 11.2
P/B 11.08 16.39 22.00 28.34 21.58 14.08 14.13 20.28 17.22 15.44 14.15 18.1
EV/Sales 7.15 9.45 10.42 14.65 19.67 11.58 7.82 9.53 11.03 8.65 7.39 11.0
EV/FCF (192.87) 81.34 314.91 (650.02) (493.51) (322.50) (322.54) 191.75 52.98 37.39 30.64 (130.3)
Cash, $m
Cash, $m Operating cash flow 12 29 36 39 48 35 25 60 188 242 284 +40.3%
Capex (15) (13) (14) (29) (45) (33) (21) (14) (7) (7) (6) (9.0%)
Free cash flow (4) 17 22 10 3 3 4 46 181 236 278 n/m
Balance, $m
Balance, $m Working capital 11 30 80 14 150 106 140 203 272 246 305 +41.5%
Net debt (26) (46) (41) 10 (169) (122) (160) (212) (278) (251) (307) +28.6%
Shareholders’ equity 70 85 92 132 286 297 266 297 519 543 583 +25.6%
Returns, %
Returns, % ROA (9.05) 9.58 13.96 16.65 48.77 0.26 (17.26) 0.68 39.41 21.42 25.05 +30.5 pt
ROIC (12.10) 14.90 24.11 2.85 5.21 (4.24) (42.88) 0.70 35.17 32.80 46.49 +44.9 pt
ROE (11.63) 12.56 22.57 32.42 75.81 0.35 (24.20) 0.96 49.98 26.54 31.42 +38.2 pt
People
People Employees 626 672 916 1,240 1,335 1,600 1,785 1,504 1,634 1,702 — +11.8%
Revenue/emp, $m 0.17 0.21 0.21 0.21 0.23 0.22 0.26 0.41 0.49 0.56 — +14.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

AppFolio provides a cloud-based platform that property management companies use to run their businesses. Its customers manage single-family and multifamily rentals, affordable and student housing, commercial properties and community associations. Founded in 2007, AppFolio is headquartered in Goleta. Shane Trigg is its chief executive officer.

The platform combines accounting and operating records with tools for marketing properties, handling leases, managing maintenance and communicating with residents and owners. It also supports transactions such as collecting rent, screening rental applicants and arranging insurance-related protection. Property managers use it to work with residents, property owners and investors, prospective tenants and vendors.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Value Added Services 722 75.89%
Subscription Services 211 22.24%
Other 18 1.87%
Gross margin 63.68%
Operating margin 16.08%
Pre-tax margin 16.94%

Revenue by segment since 2013

AppFolio, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESTC Elastic N.V. $8.9B 23.4× 376× +15.13% (above 0%: growing) n/m +26.14% (above 0%: growing) 74.50% (4.93%) Compare
PCTY Paylocity Holding Corporation $8.9B 34.1× 28.6× +10.98% (above 0%: growing) +28.41% (above 0%: growing) +10.54% (above 0%: growing) 67.54% 18.98% Compare
YMM Full Truck Alliance Co. Ltd. Sponsored ADR $8.3B 15.2× 11.9× +10.22% (above 0%: growing) +11.76% (above 0%: growing) +10,172.78% (above 0%: growing) 72.62% 43.95% Compare
APPF AppFolio, Inc. $8.3B 48.8× 44.1× +18.58% (above 0%: growing) +38.30% (above 0%: growing) +14.46% (above 0%: growing) 64.29% 19.42%
TTAN ServiceTitan Inc. $7.9B — (loss-making) — (loss-making) +20.91% (above 0%: growing) n/m +47.10% (above 0%: growing) 71.41% (9.41%) Compare
QNT Quantinuum Inc. $7.9B — — — n/m — (28.93%) (6,939.56%) Compare
YOU CLEAR Secure, Inc. $7.6B 28.9× 24.5× +27.77% (above 0%: growing) +156.72% (above 0%: growing) −94.18% (below 0%: shrinking) 68.55% 28.32% Compare
IDCC InterDigital, Inc. $7.4B 23.5× 35.8× +17.46% (above 0%: growing) +18.71% (above 0%: growing) −64.24% (below 0%: shrinking) 100.00% 51.37% Compare
DUOL Duolingo, Inc. $7.4B 50.7× 48.1× +13.73% (above 0%: growing) −90.88% (below 0%: shrinking) +15.63% (above 0%: growing) 72.86% 7.83% Compare
Median of peers $7.9B 26.2× 32.2× +15.13% +18.71% +15.63% 72.02% 13.41%

All 230 Software Application stocks →

From the latest earnings call

Updated

  • CFO Timothy Eaton said new customer acquisition contributed to growth, while unit expansion among existing customers was slower than a year earlier.
  • CEO Shane Trigg said AppFolio is expanding its AI tools and banking integrations, including automated transaction matching through its Column partnership.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 66.50%
Held by the ten largest 34.35%
Holder Shares Stake Change
Vanguard 2.74m 7.73% +6.42k
BlackRock 2.65m 7.47% +98.83k
Principal Financial 1.61m 4.53% +99.25k
Ashe Capital Management, LP 1.05m 2.96% 0.00
State Street 766.13k 2.16% +44.47k
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 721.83k 2.04% +78.60k
LONDON CO OF VIRGINIA 703.15k 1.99% +703.15k
T. Rowe Price 700.36k 1.98% +186.92k
Nellore Capital Management LLC 654.87k 1.85% +18.56k
Morgan Stanley 581.83k 1.64% +274.54k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 3.40% of the votes
Maurice Duca 44.80% of the votes
Klaus Schauser 17.60% of the votes
BlackRock, Inc. 1.70% of the votes
The Vanguard Group 1.70% of the votes
Ashe Capital Management, LP 1.00% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

AppFolio, Inc. (APPF) Latest News

5 Nov

Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Moby

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

20 Oct

Impact 4 · · Simply Wall St.

19 Oct

Impact 3 · · Zacks

16 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

7 Oct

Impact 3 · · Zacks
Impact 3 · · Proactive Investors

3 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 4 · · GlobeNewswire

24 Sep

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Zacks

20 Sep

Impact 4 · · Insider Monkey

26 Aug

Impact 3 ·

20 Aug

Impact 3 ·

APPF metrics, ten years each

stockrow.com/APPF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com