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AppFolio

APPF Nasdaq Application Software Financials FY2016–FY2025

AppFolio's revenue rose 19.7% to $951 million in fiscal 2025. Its operating margin was 16.1%, down from 17.1% a year earlier. Free cash flow was $239 million, up 28.4%. It paid out $146 million in dividends and buybacks, 61% of free cash flow. The diluted share count fell 1.2%.

Last close · Oct 23, 2026

$210.62

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$951M
19.7% vs prior year
Operating margin Operating income as a share of revenue.
16.1%
1.0 pts
Net income Profit after all expenses, interest and tax.
$141M
31.0%
Free cash flow Cash from operations minus capital spending.
$239M
28.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
50.3%
32.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
44.4x
On $4.74 EPS (TTM)

About these figures. AppFolio's only borrowing was a term loan of about US$50 million in 2018–19, repaid in 2020; its balance sheets show no debt in other years, so debt is zero then.

What AppFolio does

No business description yet.

Legal name
AppFolio, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001433195-26-000011
0001433195

Revenue and margins

AppFolio had $951M of revenue in fiscal 2025, up 19.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $239M in fiscal 2025, 25.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AppFolio returned $146M to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count fell 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AppFolio yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $251M and divides by 36.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 44.4x · peers 47.6x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably AppFolio can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $122M$160M$212M$278M$251M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −7.1x—−7.1x−1.8x−1.4x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 3.0x3.3x3.9x5.3x3.3x
Quick ratio 3.0x3.3x3.9x5.3x3.3x
Total assets $408M$381M$409M$627M$689M
Total liabilities $111M$116M$112M$107M$146M
Shareholders' equity $297M$266M$297M$519M$543M
Net debt (− = net cash) −$122M−$160M−$212M−$278M−$251M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$12.2M

3 insiders

Of sales under plans

100%

$12.2M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Maurice J Duca10% owner Sold plan 2,656 $221.85 $0.6M Form 4
Aug 20, 2026 Maurice J Duca10% owner Sold plan 7,200 $217.77 $1.6M Form 4
Aug 19, 2026 Maurice J Duca10% owner Sold plan 199 $207.94 $0.0M Form 4
Aug 19, 2026 Maurice J Duca10% owner Sold plan 7,001 $213.52 $1.5M Form 4
Aug 19, 2026 Timothy Mathias EatonChief Financial Officer Sold plan 373 $202.61 $0.1M Form 4
Aug 18, 2026 Maurice J Duca10% owner Sold plan 7,857 $203.41 $1.6M Form 4
Aug 17, 2026 Maurice J Duca10% owner Sold plan 5,100 $195.88 $1.0M Form 4
Aug 17, 2026 Maurice J Duca10% owner Sold plan 5,600 $195.89 $1.1M Form 4
Aug 14, 2026 Maurice J Duca10% owner Sold plan 10,700 $202.13 $2.2M Form 4
Aug 14, 2026 William Shane TriggChief Executive Officer, Director Sold plan 2,057 $205.00 $0.4M Form 4
Aug 13, 2026 Maurice J Duca10% owner Sold plan 4,007 $198.22 $0.8M Form 4
Aug 13, 2026 Maurice J Duca10% owner Sold plan 6,693 $198.93 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 85 / 84 / 8
Accruals ratio −14.6%3.1%−15.4%
Altman Z'' 6.7510.899.77

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AppFolio APPF $7.5B 19.7% 16.1% 25.1% 50.3% 44.4x 4
GitLab GTLB $9.5B 25.8% −7.4% 23.2% — — 4 Compare →
Manhattan Associates MANH $14.1B 3.8% 25.9% 34.6% — 68.5x 6 Compare →
Asana ASAN $2.8B 9.3% −25.0% 11.0% — — — Compare →
Dolby DLB $5.9B 5.9% 19.6% 32.3% 11.4% 26.7x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $106M $144M $190M $256M $310M $359M $472M $620M $794M $951M
Gross profit $61.0M $88.5M $117M $154M $191M $215M — — — —
Research and development $12.6M $16.6M $24.1M $39.5M $48.5M $66.0M $111M $151M $160M $190M
Operating income −$8.4M $9.3M $19.7M $6.5M $9.8M −$11.9M −$72.4M $1.0M $136M $153M
Interest expense $0.2M $0.2M $0.1M $2.2M $1.8M $0.0M $0.0M — — —
Pretax income −$8.2M $9.8M $20.4M $4.8M $197M $1.7M −$66.7M $8.0M $150M $161M
Income tax $0.1M $0.1M $0.4M −$31.5M $38.4M $0.7M $1.4M $5.3M −$53.7M $20.2M
Net income −$8.3M $9.7M $20.0M $36.3M $158M $1.0M −$68.1M $2.7M $204M $141M
Diluted EPS −$0.25 $0.28 $0.56 $1.02 $4.44 $0.03 −$1.95 $0.07 $5.55 $3.88
Diluted shares 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $11.5M $29.4M $36.3M $38.9M $48.3M $35.4M $25.4M $60.3M $188M $242M
Capital expenditure $4.2M $2.2M $2.1M $8.1M $19.0M $8.1M $6.5M $9.0M $2.0M $3.2M
Free cash flow $7.3M $27.2M $34.2M $30.8M $29.3M $27.3M $18.8M $51.2M $186M $239M
Depreciation and amortization $9.9M $12.7M $14.6M $22.4M $26.8M $29.0M $30.8M $29.0M $19.5M $22.7M
Stock-based compensation $4.3M $6.1M $6.3M $8.1M $10.3M $17.2M $43.2M $52.4M $60.3M $70.8M
Acquisitions $0.0M $0.0M $14.4M $54.0M $0.0M $0.0M $0.0M $0.0M $77.4M $0.9M
Share buybacks $0.0M $0.0M $21.6M $0.0M $4.2M $0.0M $0.0M $0.0M $0.0M $146M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $21.6M $0.0M $4.2M $0.0M $0.0M $0.0M $0.0M $146M
Balance sheet
Cash and short-term investments $10.7M $45.9M $90.7M $38.7M $169M $122M $160M $212M $278M $251M
Total debt $0.0M $0.0M $49.8M $48.6M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $32.2M $53.8M $108M $61.8M $199M $159M $202M $272M $335M $353M
Current liabilities $21.4M $23.9M $28.2M $47.5M $49.8M $52.6M $61.3M $69.8M $63.3M $107M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $7.1M $6.7M $6.9M $14.7M $26.4M $30.5M $26.1M $28.4M $24.5M $23.2M
Total assets $92.6M $110M $176M $260M $390M $408M $381M $409M $627M $689M
Total liabilities $22.9M $25.2M $83.9M $128M $104M $111M $116M $112M $107M $146M
Shareholders' equity $69.7M $85.1M $91.8M $132M $286M $297M $266M $297M $519M $543M
Margins
Gross margin 57.7% 61.6% 61.3% 60.3% 61.6% 60.0% — — — —
Operating margin −8.0% 6.5% 10.3% 2.5% 3.2% −3.3% −15.3% 0.2% 17.1% 16.1%
EBITDA margin 1.4% 15.3% 18.0% 11.3% 11.8% 4.8% −8.8% 4.8% 19.5% 18.5%
Net margin −7.8% 6.8% 10.5% 14.2% 51.1% 0.3% −14.4% 0.4% 25.7% 14.8%
FCF margin 6.9% 18.9% 18.0% 12.0% 9.4% 7.6% 4.0% 8.3% 23.4% 25.1%
Returns
Return on capital −11.1% 18.9% 42.7% 6.7% 6.1% −4.8% −40.8% 0.5% 83.1% 50.3%
Return on capital employed −11.6% 11.9% 16.8% 3.6% 3.5% −3.4% −21.4% 0.3% 30.1% 26.7%
Return on equity −11.6% 12.6% 22.6% 32.4% 75.8% 0.4% −24.2% 1.0% 50.0% 26.5%
Return on assets −9.1% 9.6% 14.0% 16.7% 48.8% 0.3% −17.3% 0.7% 39.4% 21.4%
Growth
Revenue growth 40.8% 36.2% 32.2% 34.7% 21.1% 15.9% 31.3% 31.5% 28.0% 19.7%
Net income growth — — 105.5% 81.7% 336.6% −99.4% −6,726.4% — 7,452.5% −30.9%
EPS growth — — 100.0% 82.1% 335.3% −99.3% −6,600.0% — 7,828.6% −30.1%
FCF growth — 274.2% 25.8% −9.8% −5.0% −6.7% −31.0% 172.2% 263.3% 28.4%
Share count change 57.3% 4.7% 1.2% 0.0% 0.4% −0.0% −1.9% 4.0% 1.0% −1.2%
Financial health
Net debt / EBITDA −7.1x −2.1x −1.2x 0.3x −4.6x −7.1x — −7.1x −1.8x −1.4x
Debt / equity 0.0x 0.0x 0.5x 0.4x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −44.1x 51.3x 166.6x 3.0x 5.4x — — — — —
Current ratio 1.5x 2.3x 3.8x 1.3x 4.0x 3.0x 3.3x 3.9x 5.3x 3.3x
Quick ratio 1.5x 2.3x 3.8x 1.3x 4.0x 3.0x 3.3x 3.9x 5.3x 3.3x
Capital allocation
Capex / revenue 4.0% 1.5% 1.1% 3.2% 6.1% 2.3% 1.4% 1.5% 0.3% 0.3%
Stock comp / revenue 4.1% 4.2% 3.3% 3.2% 3.3% 4.8% 9.2% 8.4% 7.6% 7.5%
Payouts / FCF 0.0% 0.0% 63.1% 0.0% 14.3% 0.0% 0.0% 0.0% 0.0% 61.0%
Quality scores
Piotroski F-score 4.0 7.0 6.0 5.0 6.0 4.0 5.0 6.0 5.0 4.0
Altman Z'' 0.6 3.9 4.1 1.5 6.9 5.5 4.3 6.8 10.9 9.8
Accruals ratio −21.6% −19.4% −11.4% −1.2% 33.9% −8.6% −23.7% −14.6% 3.1% −15.4%

Source: SEC EDGAR XBRL filings (CIK 0001433195). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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