AppFolio vs Manhattan Associates
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The short version
- Manhattan Associates is the larger business, with $1.1B of revenue in fiscal 2025 against $951M for AppFolio.
- AppFolio grew revenue faster (19.7%, against 3.8%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against 16.1%).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against 25.1%).
- Investors pay more for each dollar of Manhattan Associates’s earnings: a P/E of 68.4x against 44.4x for AppFolio.
| Latest fiscal year | APPF · FY25 | MANH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $14.1B |
| Revenue | $951M | $1.1B |
| Free cash flow | $239M | $374M |
| Net income | $141M | $220M |
| Growth | ||
| Revenue growth | 19.7% | 3.8% |
| 5-year growth | 25.1% | 13.0% |
| Share count change | −1.2% | −1.8% |
| Profitability | ||
| Gross margin | — | 56.3% |
| Operating margin | 16.1% | 25.9% |
| Net margin | 14.8% | 20.3% |
| FCF margin | 25.1% | 34.6% |
| Return on capital | 50.3% | — |
| Return on equity | 26.5% | 71.7% |
| Balance sheet | ||
| Net debt | −$251M | −$329M |
| Net debt / EBITDA | −1.4x | −1.2x |
| Dividends and buybacks | $146M | $315M |
| Valuation & quality | ||
| P/E | 44.4x | 68.4x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
APPF $106M
MANH $605M
FY17
APPF $144M
MANH $595M
FY18
APPF $190M
MANH $559M
FY19
APPF $256M
MANH $618M
FY20
APPF $310M
MANH $586M
FY21
APPF $359M
MANH $664M
FY22
APPF $472M
MANH $767M
FY23
APPF $620M
MANH $929M
FY24
APPF $794M
MANH $1.0B
FY25
APPF $951M
MANH $1.1B
APPF
MANH
Operating margin
FY16
APPF −8.0%
MANH 32.1%
FY17
APPF 6.5%
MANH 31.2%
FY18
APPF 10.3%
MANH 23.9%
FY19
APPF 2.5%
MANH 18.8%
FY20
APPF 3.2%
MANH 19.5%
FY21
APPF −3.3%
MANH 20.2%
FY22
APPF −15.3%
MANH 19.9%
FY23
APPF 0.2%
MANH 22.6%
FY24
APPF 17.1%
MANH 25.1%
FY25
APPF 16.1%
MANH 25.9%
APPF
MANH
Free cash flow
FY16
APPF $7.3M
MANH $133M
FY17
APPF $27.2M
MANH $158M
FY18
APPF $34.2M
MANH $130M
FY19
APPF $30.8M
MANH $132M
FY20
APPF $29.3M
MANH $138M
FY21
APPF $27.3M
MANH $181M
FY22
APPF $18.8M
MANH $173M
FY23
APPF $51.2M
MANH $241M
FY24
APPF $186M
MANH $286M
FY25
APPF $239M
MANH $374M
APPF
MANH
Return on capital
FY16
APPF −11.1%
MANH —
FY17
APPF 18.9%
MANH —
FY18
APPF 42.7%
MANH 214.3%
FY19
APPF 6.7%
MANH 219.1%
FY20
APPF 6.1%
MANH —
FY21
APPF −4.8%
MANH —
FY22
APPF −40.8%
MANH —
FY23
APPF 0.5%
MANH —
FY24
APPF 83.1%
MANH —
FY25
APPF 50.3%
MANH —
APPF
MANH
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.