AppFolio
APPF · Application Software
$210.62
3.1%Strategy
MSTR · Application Software
$146.01
0.1%The short version
- AppFolio is the larger business, with $951M of revenue in fiscal 2025 against $477M for Strategy, about 2.0 times as much.
- AppFolio grew revenue faster (19.7%, against 3.0%).
- AppFolio kept more of each dollar of sales as operating profit (16.1% operating margin, against −1,140.8% operating margin).
- AppFolio turned more of its sales into free cash flow (25.1% FCF margin, against −15.8% FCF margin).
- AppFolio earned a higher return on the capital invested in it (50.3%, against −11.4%).
| Latest fiscal year | APPF · FY25 | MSTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $51.5B |
| Revenue | $951M | $477M |
| Free cash flow | $239M | −$75.5M |
| Net income | $141M | −$3.8B |
| Growth | ||
| Revenue growth | 19.7% | 3.0% |
| 5-year growth | 25.1% | −0.2% |
| Share count change | −1.2% | 44.2% |
| Profitability | ||
| Gross margin | — | 68.7% |
| Operating margin | 16.1% | −1,140.8% |
| Net margin | 14.8% | −806.4% |
| FCF margin | 25.1% | −15.8% |
| Return on capital | 50.3% | −11.4% |
| Return on equity | 26.5% | −12.3% |
| Balance sheet | ||
| Net debt | −$251M | $5.9B |
| Net debt / EBITDA | −1.4x | — |
| Dividends and buybacks | $146M | $0.0M |
| Valuation & quality | ||
| P/E | 44.4x | — |
| Piotroski F-score | 4 | 4 |
FY16
APPF $106M
MSTR $514M
FY17
APPF $144M
MSTR $504M
FY18
APPF $190M
MSTR $498M
FY19
APPF $256M
MSTR $486M
FY20
APPF $310M
MSTR $481M
FY21
APPF $359M
MSTR $511M
FY22
APPF $472M
MSTR $499M
FY23
APPF $620M
MSTR $496M
FY24
APPF $794M
MSTR $464M
FY25
APPF $951M
MSTR $477M
APPF
MSTR
FY16
APPF −8.0%
MSTR 21.3%
FY17
APPF 6.5%
MSTR 14.5%
FY18
APPF 10.3%
MSTR 0.8%
FY19
APPF 2.5%
MSTR −0.2%
FY20
APPF 3.2%
MSTR −2.8%
FY21
APPF −3.3%
MSTR −153.6%
FY22
APPF −15.3%
MSTR −255.5%
FY23
APPF 0.2%
MSTR −23.2%
FY24
APPF 17.1%
MSTR −399.8%
FY25
APPF 16.1%
MSTR −1,140.8%
APPF
MSTR
FY16
APPF $7.3M
MSTR $108M
FY17
APPF $27.2M
MSTR $74.3M
FY18
APPF $34.2M
MSTR $3.8M
FY19
APPF $30.8M
MSTR $50.7M
FY20
APPF $29.3M
MSTR $50.0M
FY21
APPF $27.3M
MSTR $91.1M
FY22
APPF $18.8M
MSTR $0.7M
FY23
APPF $51.2M
MSTR $9.8M
FY24
APPF $186M
MSTR −$56.0M
FY25
APPF $239M
MSTR −$75.5M
APPF
MSTR
FY16
APPF −11.1%
MSTR —
FY17
APPF 18.9%
MSTR —
FY18
APPF 42.7%
MSTR —
FY19
APPF 6.7%
MSTR —
FY20
APPF 6.1%
MSTR −2.6%
FY21
APPF −4.8%
MSTR −31.4%
FY22
APPF −40.8%
MSTR −40.1%
FY23
APPF 0.5%
MSTR −2.9%
FY24
APPF 83.1%
MSTR −9.9%
FY25
APPF 50.3%
MSTR −11.4%
APPF
MSTR
Add another company
Compare up to four at once.
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.