Appfolio Inc (APPF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.69	$1.71	+1.2%	—	$281.1M	—
Q1 26	$1.47	$1.61	+9.5%	—	$262.2M	—
Q3 25	$1.45	$1.31	-9.7%	—	$249.4M	—
Q2 25	$1.28	$1.39	+8.6%	—	$235.6M	—
Q1 25	$1.22	$1.21	-0.8%	—	$217.7M	—
Q4 24	$0.94	$0.92	-2.1%	—	$203.7M	—
Q3 24	$1.03	$1.29	+25.2%	—	$205.7M	—
Q2 24	$0.96	$1.14	+18.7%	—	$197.4M	—
Q1 24	$0.89	$1.05	+18.0%	—	$187.4M	—
Q4 23	$0.68	$0.88	+29.4%	—	$171.8M	—
Q3 23	$0.41	$0.6	+46.3%	—	$165.4M	—
Q2 23	$0.12	$0.23	+91.7%	—	$147.1M	—
Q1 23	-$0.05	-$0.01	+80.0%	—	$136.1M	—
Q4 22	-$0.13	-$0.05	+61.5%	—	$124.1M	—
Q3 22	-$0.12	$0.11	+191.7%	—	$125.1M	—
Q2 22	-$0.08	$0.03	+137.5%	—	$117.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.91	—	—	$950.8M	—
FY24	—	$5.63	—	—	$794.2M	—
FY23	—	$0.08	—	—	$620.4M	—
FY22	—	-$1.95	—	—	$471.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$105.6M	$143.8M	$190.1M	$256M	$310.1M	$359.4M	$471.9M	$620.4M	$794.2M	$950.8M
YoY change	+40.8%	+36.2%	+32.2%	+34.7%	+21.1%	+15.9%	+31.3%	+31.5%	+28%	+19.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	105.6M	143.8M	190.1M	256M	310.1M	359.4M	471.9M	620.4M	794.2M	950.8M
Cost of revenue	44.6M	55.3M	73.5M	101.6M	119M	143.9M	191.8M	238.1M	282.1M	345.3M
Gross profit	61M	88.5M	116.5M	154.4M	191M	215.4M	280.1M	382.4M	512.1M	605.5M
Gross margin	57.7%	61.6%	61.3%	60.3%	61.6%	59.9%	59.3%	61.6%	64.5%	63.7%
Research & development	12.6M	16.6M	24.1M	39.5M	48.5M	66M	111.1M	151.4M	160.4M	190.4M
Selling, general & administrative	46.8M	49.9M	58.2M	86M	105.9M	130.5M	208.2M	201.1M	196.6M	239.5M
Operating expenses	59.4M	66.5M	82.3M	125.5M	154.5M	196.5M	319.3M	352.4M	356.9M	429.9M
Operating income	-8.4M	9.3M	19.7M	6.5M	9.8M	-11.9M	-72.4M	963K	135.6M	152.9M
Operating margin	-7.98%	6.49%	10.3%	2.52%	3.16%	-3.31%	-15.3%	0.16%	17.1%	16.1%
Non-operating income, net	-37K	-96K	-56K	16K	188.9M	13.1M	4.5M	3K	697K	38K
Pretax income	-8.2M	9.8M	20.4M	4.8M	196.8M	1.7M	-66.7M	8M	150.3M	161.1M
Income tax	67K	58K	420K	-31.5M	38.4M	706K	1.4M	5.3M	-53.7M	20.2M
Net income	-8.3M	9.7M	20M	36.3M	158.4M	1M	-68.1M	2.7M	204.1M	140.9M
Net margin	-7.84%	6.76%	10.5%	14.2%	51.1%	0.29%	-14.4%	0.44%	25.7%	14.8%
EBITDA	1.5M	22M	34.2M	32.2M	39M	20.4M	-38.4M	30M	155.5M	177.8M
EPS	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
Diluted EPS	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	165.4M	171.8M	187.4M	197.4M	205.7M	203.7M	217.7M	235.6M	249.4M	248.2M	262.2M	281.1M
Cost of revenue	62.7M	61.3M	64.6M	69.6M	71.6M	76.2M	79.5M	83.8M	91.5M	90.5M	95M	102.6M
Gross profit	102.7M	110.6M	122.8M	127.8M	134.1M	127.5M	138.2M	151.7M	157.9M	157.7M	167.2M	178.5M
Gross margin	62.1%	64.3%	65.5%	64.7%	65.2%	62.6%	63.5%	64.4%	63.3%	63.5%	63.8%	63.5%
Research & development	41.6M	34.8M	37.9M	39.5M	40.7M	42.3M	43.8M	46.7M	54M	46M	49.6M	51M
Selling, general & administrative	53.6M	40.5M	45.6M	47.6M	46.5M	56.9M	54.4M	58.7M	63.4M	63M	61.8M	69.6M
Operating expenses	95.2M	75.4M	83.5M	87.1M	87.2M	99.2M	98.2M	105.4M	117.4M	109M	111.5M	120.6M
Operating income	-67K	28.2M	34.1M	36M	42.6M	23M	33.8M	40.5M	35M	43.6M	50.7M	53M
Operating margin	-0.04%	16.4%	18.2%	18.3%	20.7%	11.3%	15.5%	17.2%	14.1%	17.6%	19.4%	18.8%
Non-operating income, net	-249K	286K	—	—	—	—	56K	-11K	-4K	-3K	569K	-1K
Pretax income	1.5M	30.9M	37.1M	39.5M	46.6M	27.2M	36.8M	42M	36.7M	45.6M	53.1M	54.4M
Income tax	-25M	661K	-1.6M	9.8M	13.6M	-75.6M	5.4M	6M	3.1M	5.7M	10.7M	12.9M
Net income	26.4M	30.3M	38.7M	29.7M	33M	102.7M	31.4M	36M	33.6M	39.9M	42.4M	41.5M
Net margin	16%	17.6%	20.6%	15%	16%	50.4%	14.4%	15.3%	13.5%	16.1%	16.2%	14.8%
EBITDA	7.5M	35.2M	39.3M	40.7M	46.9M	28.4M	40.5M	46.9M	41M	49.4M	56.3M	58.5M
EPS	0.74	0.85	1.07	0.82	0.91	2.82	0.86	1	0.94	1.11	1.19	1.17
Diluted EPS	0.72	0.83	1.05	0.81	0.9	2.79	0.86	0.99	0.93	1.1	1.18	1.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	1.4B	2B	3.7B	6.2B	4.2B	3.7B	6.2B	8.9B	8.4B	7B
Enterprise value	—	1.4B	2B	3.8B	6B	4.1B	3.6B	6B	8.7B	8.2B	7B
Shares outstanding	33.6M	33.8M	34.1M	34M	34.3M	34.6M	35M	35.6M	36.3M	36M	36M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	144.6	101.2	103.1	38.9	4.1K	—	2.3K	43.8	59.5	46.5
P/S	—	9.77	10.6	14.6	19.9	11.6	7.82	9.95	11.3	8.81	6.95
P/B	—	16.5	22	28.3	21.6	14.1	13.9	20.8	17.2	15.4	13.7
EV/EBITDA	—	61.7	57.8	117.4	154.9	202.4	-93.4	200.5	56	45.9	36.2
EV/Sales	—	9.45	10.4	14.8	19.5	11.5	7.59	9.68	11	8.59	6.77
Earnings yield	—	0.69%	0.99%	0.97%	2.57%	0.02%	—	0.04%	2.28%	1.68%	2.15%
FCF yield	—	1.19%	1.08%	0.26%	0.05%	0.06%	0.11%	0.75%	2.02%	2.81%	2.84%
PEG	—	—	—	—	—	—	—	—	—	—	2.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.7%	61.6%	61.3%	60.3%	61.6%	59.9%	59.3%	61.6%	64.5%	63.7%	63.5%
Operating margin	-7.98%	6.49%	10.3%	2.52%	3.16%	-3.31%	-15.3%	0.16%	17.1%	16.1%	18.8%
Net margin	-7.84%	6.76%	10.5%	14.2%	51.1%	0.29%	-14.4%	0.44%	25.7%	14.8%	15.1%
ROE	-11.9%	11.4%	21.7%	27.5%	55.4%	0.35%	-25.7%	0.91%	39.3%	26%	32.1%
ROA	-8.94%	8.81%	11.4%	13.9%	40.7%	0.25%	-17.9%	0.66%	32.6%	20.5%	18.7%
ROIC	-19.4%	23.7%	37.8%	3.69%	5%	-3.05%	-45.5%	0.25%	48%	40.6%	44.5%
Return on tangible assets	-19.8%	16.7%	21.7%	89.7%	91.3%	0.54%	-36.1%	1.09%	66.9%	35.6%	43.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.51	2.25	3.83	1.3	4	3.01	3.28	3.9	5.3	3.31	3.83
Quick ratio	1.51	2.25	3.83	1.3	4	3.01	3.28	3.9	5.3	3.31	3.83
Debt / equity	—	—	0.54	0.62	0.14	0.19	0.2	0.15	0.08	0.07	0.07
Debt / assets	—	—	0.28	0.31	0.1	0.14	0.14	0.11	0.07	0.06	0.06
Net debt / EBITDA	—	—	-1.19	1.34	-3.29	-3.28	2.78	-5.57	-1.52	-1.2	-0.91
Effective tax rate	0%	0.59%	2.06%	0%	19.5%	40.7%	0%	66.2%	0%	12.5%	17%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.15	4.25	5.57	7.53	9.05	10.4	13.5	17.4	21.9	26.4	29.1
EPS (basic)	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91	3.91
EPS (diluted)	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88	4.39
Book value per share	2.08	2.51	2.69	3.88	8.34	8.6	7.58	8.34	14.3	15.1	14.9
FCF per share	-0.12	0.49	0.64	0.29	0.09	0.08	0.12	1.3	4.99	6.54	7.49
Cash per share	0.78	1.36	2.66	1.14	4.92	3.54	4.57	5.94	7.68	6.98	6.26
Capex per share	0.13	0.07	0.06	0.24	0.56	0.23	0.19	0.25	0.06	0.1	0.13

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.02%	1.54%	1.11%	3.16%	6.14%	2.25%	1.39%	1.46%	0.25%	0.36%	0.43%
Capex / operating cash flow	52.6%	8.24%	5.55%	21.3%	8.53%	16.4%	-5.5K%	12.9%	1.03%	1.42%	1.65%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$165.4M	$171.8M	$187.4M	$197.4M	$205.7M	$203.7M	$217.7M	$235.6M	$249.4M	$248.2M	$262.2M	$281.1M
YoY change	+32.3%	+38.5%	+37.7%	+34.2%	+24.4%	+18.5%	+16.2%	+19.4%	+21.2%	+21.9%	+20.4%	+19.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	26.2M	45.9M	90.7M	38.7M	168.5M	122.4M	160.1M	211.7M	278.2M	251.2M
Receivables	2.5M	3.4M	5.5M	7.6M	10.1M	12.6M	16.5M	20.7M	24.3M	36.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	32.2M	53.8M	108M	61.8M	199.4M	158.6M	201.5M	272.4M	335.4M	353.3M
Property, plant & equipment	7.1M	6.7M	6.9M	42.5M	57M	30.5M	26.1M	28.4M	24.5M	23.2M
Goodwill & intangibles	50.8M	52.1M	83.9M	219.7M	215.9M	218.1M	192.4M	160M	321.8M	293.1M
Total assets	92.6M	110.2M	175.7M	260.1M	389.5M	408M	381.2M	408.9M	626.7M	689M
Accounts payable	937K	610K	1.5M	1.9M	1M	1.7M	2.5M	1.1M	2.4M	4.1M
Short-term debt	—	—	1.2M	1.2M	—	—	3.4M	3.6M	4.3M	4.9M
Total current liabilities	21.4M	23.9M	28.2M	47.5M	49.8M	52.6M	61.3M	69.8M	63.3M	106.8M
Long-term debt	—	—	48.6M	80.7M	40.1M	55.7M	50.2M	41.1M	37.5M	33.3M
Total liabilities	22.9M	25.2M	83.9M	128.2M	103.6M	110.6M	115.7M	111.6M	107.4M	146.4M
Shareholders' equity	69.7M	85.1M	91.8M	131.9M	285.9M	297.4M	265.5M	297.3M	519.3M	542.6M
Total debt	—	—	49.8M	81.9M	40.1M	55.7M	53.6M	44.7M	41.7M	38.2M
Net debt	—	—	-24.3M	66.1M	-100.1M	-2.1M	-17.2M	-4.8M	-755K	-68.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	191.5M	211.7M	243.5M	281.3M	331.4M	278.2M	210.8M	127.6M	200.1M	251.2M	151.7M	221.7M
Receivables	20.4M	20.7M	26.2M	25.7M	25.6M	24.3M	27.5M	32.5M	34.3M	36.9M	44M	50.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	239.9M	272.4M	306.7M	348.8M	395.1M	335.4M	272M	197.1M	302.8M	353.3M	254.9M	325.2M
Property, plant & equipment	27.1M	28.4M	27.7M	26.7M	25.5M	24.5M	40.4M	39.1M	39.5M	23.2M	37.8M	36.3M
Goodwill & intangibles	166.1M	160M	150.1M	146.8M	144.8M	321.8M	313.1M	305.5M	298.9M	293.1M	288.2M	283.1M
Total assets	378.6M	408.9M	438.8M	479.3M	523.3M	626.7M	564.7M	567.4M	640.5M	689M	580.6M	648.4M
Accounts payable	1.4M	1.1M	1.5M	1.3M	509K	2.4M	4.9M	3.3M	4.1M	4.1M	3.7M	4.8M
Short-term debt	—	3.6M	3.8M	3.9M	3.1M	4.3M	4.4M	4.5M	4.7M	4.9M	5M	5.1M
Total current liabilities	74.1M	69.8M	56.1M	63.3M	63.7M	63.3M	58.6M	67.6M	100.4M	106.8M	72.4M	84.9M
Long-term debt	41.1M	41.1M	40.5M	39.4M	38.4M	37.5M	36.3M	35.2M	34.5M	33.3M	32M	30.7M
Total liabilities	115.9M	111.6M	99.6M	107.9M	110.5M	107.4M	102.6M	111.8M	141.6M	146.4M	110.3M	122.2M
Shareholders' equity	262.7M	297.3M	339.2M	371.4M	412.8M	519.3M	462.1M	455.6M	498.9M	542.6M	470.2M	526.1M
Total debt	41.1M	44.7M	44.3M	43.3M	41.5M	41.7M	40.7M	39.6M	39.2M	38.2M	37M	35.8M
Net debt	-18.8M	-4.8M	-14.9M	-16.3M	-20.9M	-755K	-16.2M	-33.8M	-36.8M	-68.8M	-110.4M	-181.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-8.3M	9.7M	20M	36.3M	158.4M	1M	-68.1M	2.7M	204.1M	140.9M
Depreciation & amortization	9.9M	12.7M	14.6M	25.8M	29.2M	32.2M	34M	28.6M	19.8M	24.9M
Stock-based compensation	4.3M	6.1M	6.3M	8.1M	10.3M	17.2M	43.2M	54.9M	62.1M	70.8M
Change in working capital	2M	-1.8M	-3.3M	-664K	-4M	-1.8M	-7.4M	-8.3M	-5M	-15M
Operating cash flow	8.1M	26.9M	37.8M	38M	223.1M	49.4M	-118K	70M	195.8M	242.1M
Capital expenditure	-4.2M	-2.2M	-2.1M	-8.1M	-19M	-8.1M	-6.5M	-9M	-2M	-3.4M
Investing cash flow	-1.9M	-12.4M	7.7M	-68.9M	172.6M	-85.8M	8.2M	-50.8M	-146.6M	13.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-21.6M	0	-4.2M	0	0	—	—	-145.7M
Financing cash flow	-151K	-1.8M	25.2M	-7.8M	-71.2M	-10M	-10.6M	-28.6M	-47.3M	-188M
Net change in cash	6M	12.7M	70.7M	-38.7M	324.5M	-46.4M	-2.5M	-9.3M	1.9M	67.5M
Free cash flow	-3.9M	16.7M	21.9M	9.8M	3.2M	2.7M	4.1M	46.4M	181M	235.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	26.4M	30.3M	38.7M	29.7M	33M	102.7M	31.4M	36M	33.6M	39.9M	42.4M	41.5M
Depreciation & amortization	7.5M	6.9M	5.2M	4.2M	3.4M	5.5M	6.8M	6.4M	6M	5.8M	5.6M	5.6M
Stock-based compensation	15.8M	13M	14M	15.8M	17.4M	16.4M	16.4M	18.3M	20.8M	15.3M	18M	20.5M
Change in working capital	423K	1.4M	-5.2M	-751K	-2.4M	3.4M	-1.6M	-7.8M	-2M	-3.6M	-9M	-6.6M
Operating cash flow	49.4M	49.5M	50.8M	44.2M	44.3M	125.9M	49.2M	47.7M	86M	65M	34.3M	87.6M
Capital expenditure	-3.8M	-3.1M	-1.4M	-38K	-363K	-195K	-230K	-275K	-936K	-1M	-1.3M	-1.3M
Investing cash flow	5.6M	-31.8M	-21.9M	-36.6M	-44.8M	-43.2M	81.4M	24.6M	-70.7M	-21M	138.5M	-11.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	-95.8M	-50M	0	0	-125M	0
Financing cash flow	-6.5M	-8.8M	-14.1M	-12.4M	-8.6M	-12.2M	-104.8M	-60M	-12.3M	-11.8M	-133.2M	-6.3M
Net change in cash	48.4M	8.9M	14.8M	-4.8M	-9.1M	70.5M	25.7M	12.4M	3M	32.2M	39.7M	70M
Free cash flow	31.8M	26.6M	40.4M	49.4M	55.8M	35.3M	37.6M	51.5M	83.7M	62.6M	32.8M	86.4M

Appfolio Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement