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. In the quarter to June 2026, revenue grew 19.3%, EPS grew 17.0% and free cash flow grew 67.6%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
Follow APPF
AppFolio, Inc. (APPF) Beneish M-score
AppFolio, Inc.'s Beneish M-score for fiscal 2025 is −2.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.90 | (1.12) |
| FY2024 | −1.78 | 1.25 |
| FY2023 | −3.04 | 0.54 |
| FY2022 | −3.57 | (1.03) |
| FY2021 | −2.54 | (1.72) |
| FY2020 | −0.82 | 0.91 |
| FY2019 | −1.73 | 1.09 |
| FY2018 | −2.82 | 0.25 |
| FY2017 | −3.08 | 0.28 |
| FY2016 | −3.36 | (1.23) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.27 | — | 1.16 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.15) | — | −0.69 | |
| Leverage index | 1.54 | — | −0.50 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RNG Ringcentral, Inc. compare | −4.4× |
| NAVN Navan, Inc. compare | −3.4× |
| CVLT CommVault Systems, Inc. compare | −3.0× |
| TTAN ServiceTitan Inc. compare | −2.9× |
| APPF AppFolio, Inc. | −2.9× |
| NICE Nice compare | −2.2× |
| DUOL Duolingo, Inc. compare | −1.6× |
| YMM Full Truck Alliance Co. Ltd. Sponsored ADR compare | 0.1× |
| LYFT Lyft, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI