AppFolio
APPF · Application Software
$210.62
3.1%Dolby
DLB · Application Software
$62.85
0.7%The short version
- Dolby is the larger business, with $1.3B of revenue in fiscal 2025 against $951M for AppFolio.
- AppFolio grew revenue faster (19.7%, against 5.9%).
- Dolby kept more of each dollar of sales as operating profit (19.6% operating margin, against 16.1% operating margin).
- Dolby turned more of its sales into free cash flow (32.3% FCF margin, against 25.1% FCF margin).
- AppFolio earned a higher return on the capital invested in it (50.3%, against 11.4%).
- Investors pay more for each dollar of AppFolio’s earnings: a P/E of 44.4x against 26.7x for Dolby.
| Latest fiscal year | APPF · FY25 | DLB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $5.9B |
| Revenue | $951M | $1.3B |
| Free cash flow | $239M | $436M |
| Net income | $141M | $255M |
| Growth | ||
| Revenue growth | 19.7% | 5.9% |
| 5-year growth | 25.1% | 3.0% |
| Share count change | −1.2% | 0.2% |
| Profitability | ||
| Gross margin | — | 88.1% |
| Operating margin | 16.1% | 19.6% |
| Net margin | 14.8% | 18.9% |
| FCF margin | 25.1% | 32.3% |
| Return on capital | 50.3% | 11.4% |
| Return on equity | 26.5% | 10.0% |
| Balance sheet | ||
| Net debt | −$251M | −$703M |
| Net debt / EBITDA | −1.4x | −2.0x |
| Dividends and buybacks | $146M | $252M |
| Valuation & quality | ||
| P/E | 44.4x | 26.7x |
| Piotroski F-score | 4 | 5 |
FY16
APPF $106M
DLB $1.0B
FY17
APPF $144M
DLB $1.1B
FY18
APPF $190M
DLB $1.1B
FY19
APPF $256M
DLB $1.2B
FY20
APPF $310M
DLB $1.2B
FY21
APPF $359M
DLB $1.3B
FY22
APPF $472M
DLB $1.3B
FY23
APPF $620M
DLB $1.3B
FY24
APPF $794M
DLB $1.3B
FY25
APPF $951M
DLB $1.3B
APPF
DLB
FY16
APPF −8.0%
DLB 22.6%
FY17
APPF 6.5%
DLB 22.9%
FY18
APPF 10.3%
DLB 17.4%
FY19
APPF 2.5%
DLB 20.7%
FY20
APPF 3.2%
DLB 18.8%
FY21
APPF −3.3%
DLB 26.9%
FY22
APPF −15.3%
DLB 16.5%
FY23
APPF 0.2%
DLB 16.6%
FY24
APPF 17.1%
DLB 20.3%
FY25
APPF 16.1%
DLB 19.6%
APPF
DLB
FY16
APPF $7.3M
DLB $259M
FY17
APPF $27.2M
DLB $278M
FY18
APPF $34.2M
DLB $279M
FY19
APPF $30.8M
DLB $231M
FY20
APPF $29.3M
DLB $278M
FY21
APPF $27.3M
DLB $393M
FY22
APPF $18.8M
DLB $271M
FY23
APPF $51.2M
DLB $337M
FY24
APPF $186M
DLB $297M
FY25
APPF $239M
DLB $436M
APPF
DLB
FY16
APPF −11.1%
DLB 13.4%
FY17
APPF 18.9%
DLB 12.9%
FY18
APPF 42.7%
DLB 6.6%
FY19
APPF 6.7%
DLB 17.4%
FY20
APPF 6.1%
DLB 15.6%
FY21
APPF −4.8%
DLB 23.2%
FY22
APPF −40.8%
DLB 12.7%
FY23
APPF 0.5%
DLB 11.9%
FY24
APPF 83.1%
DLB 12.5%
FY25
APPF 50.3%
DLB 11.4%
APPF
DLB
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.