AppFolio vs Asana
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The short version
- AppFolio is the larger business, with $951M of revenue in fiscal 2025 against $791M for Asana.
- AppFolio grew revenue faster (19.7%, against 9.3%).
- AppFolio kept more of each dollar of sales as operating profit (16.1% operating margin, against β25.0%).
- AppFolio turned more of its sales into free cash flow (25.1% FCF margin, against 11.0%).
| Latest fiscal year | APPF Β· FY25 | ASAN Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $2.8B |
| Revenue | $951M | $791M |
| Free cash flow | $239M | $86.6M |
| Net income | $141M | β$189M |
| Growth | ||
| Revenue growth | 19.7% | 9.3% |
| 5-year growth | 25.1% | 28.4% |
| Share count change | β1.2% | 3.2% |
| Profitability | ||
| Gross margin | β | 89.0% |
| Operating margin | 16.1% | β25.0% |
| Net margin | 14.8% | β23.9% |
| FCF margin | 25.1% | 11.0% |
| Return on capital | 50.3% | β |
| Return on equity | 26.5% | β99.1% |
| Balance sheet | ||
| Net debt | β$251M | β |
| Net debt / EBITDA | β1.4x | β |
| Dividends and buybacks | $146M | $132M |
| Valuation & quality | ||
| P/E | 44.4x | β |
| Piotroski F-score | 4 | β |
Revenue
FY17
APPF $144M
ASAN β
FY18
APPF $190M
ASAN β
FY19
APPF $256M
ASAN $76.8M
FY20
APPF $310M
ASAN $143M
FY21
APPF $359M
ASAN $227M
FY22
APPF $472M
ASAN $378M
FY23
APPF $620M
ASAN $547M
FY24
APPF $794M
ASAN $653M
FY25
APPF $951M
ASAN $724M
FY26
APPF β
ASAN $791M
APPF
ASAN
Operating margin
FY17
APPF 6.5%
ASAN β
FY18
APPF 10.3%
ASAN β
FY19
APPF 2.5%
ASAN β67.8%
FY20
APPF 3.2%
ASAN β83.9%
FY21
APPF β3.3%
ASAN β77.3%
FY22
APPF β15.3%
ASAN β70.1%
FY23
APPF 0.2%
ASAN β74.5%
FY24
APPF 17.1%
ASAN β41.4%
FY25
APPF 16.1%
ASAN β36.9%
FY26
APPF β
ASAN β25.0%
APPF
ASAN
Free cash flow
FY17
APPF $27.2M
ASAN β
FY18
APPF $34.2M
ASAN β
FY19
APPF $30.8M
ASAN β$33.0M
FY20
APPF $29.3M
ASAN β$47.0M
FY21
APPF $27.3M
ASAN β$150M
FY22
APPF $18.8M
ASAN β$125M
FY23
APPF $51.2M
ASAN β$165M
FY24
APPF $186M
ASAN β$25.7M
FY25
APPF $239M
ASAN $9.4M
FY26
APPF β
ASAN $86.6M
APPF
ASAN
Return on capital
FY17
APPF 18.9%
ASAN β
FY18
APPF 42.7%
ASAN β
FY19
APPF 6.7%
ASAN β
FY20
APPF 6.1%
ASAN β
FY21
APPF β4.8%
ASAN β
FY22
APPF β40.8%
ASAN β
FY23
APPF 0.5%
ASAN β
FY24
APPF 83.1%
ASAN β
FY25
APPF 50.3%
ASAN β
FY26
APPF β
ASAN β
APPF
ASAN
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.