AppFolio vs GitLab
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The short version
- GitLab is the larger business, with $955M of revenue in fiscal 2026 against $951M for AppFolio.
- GitLab grew revenue faster (25.8%, against 19.7%).
- AppFolio kept more of each dollar of sales as operating profit (16.1% operating margin, against β7.4%).
- AppFolio turned more of its sales into free cash flow (25.1% FCF margin, against 23.2%).
| Latest fiscal year | APPF Β· FY25 | GTLB Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.5B | $9.5B |
| Revenue | $951M | $955M |
| Free cash flow | $239M | $222M |
| Net income | $141M | β$56.0M |
| Growth | ||
| Revenue growth | 19.7% | 25.8% |
| 5-year growth | 25.1% | 44.4% |
| Share count change | β1.2% | 3.9% |
| Profitability | ||
| Gross margin | β | 87.4% |
| Operating margin | 16.1% | β7.4% |
| Net margin | 14.8% | β5.9% |
| FCF margin | 25.1% | 23.2% |
| Return on capital | 50.3% | β |
| Return on equity | 26.5% | β6.3% |
| Balance sheet | ||
| Net debt | β$251M | β$1.3B |
| Net debt / EBITDA | β1.4x | β |
| Dividends and buybacks | $146M | $0.0M |
| Valuation & quality | ||
| P/E | 44.4x | β |
| Piotroski F-score | 4 | 4 |
Revenue
FY17
APPF $144M
GTLB β
FY18
APPF $190M
GTLB β
FY19
APPF $256M
GTLB β
FY20
APPF $310M
GTLB $81.2M
FY21
APPF $359M
GTLB $152M
FY22
APPF $472M
GTLB $253M
FY23
APPF $620M
GTLB $424M
FY24
APPF $794M
GTLB $580M
FY25
APPF $951M
GTLB $759M
FY26
APPF β
GTLB $955M
APPF
GTLB
Operating margin
FY17
APPF 6.5%
GTLB β
FY18
APPF 10.3%
GTLB β
FY19
APPF 2.5%
GTLB β
FY20
APPF 3.2%
GTLB β158.0%
FY21
APPF β3.3%
GTLB β140.6%
FY22
APPF β15.3%
GTLB β51.0%
FY23
APPF 0.2%
GTLB β49.8%
FY24
APPF 17.1%
GTLB β32.3%
FY25
APPF 16.1%
GTLB β18.8%
FY26
APPF β
GTLB β7.4%
APPF
GTLB
Free cash flow
FY17
APPF $27.2M
GTLB β
FY18
APPF $34.2M
GTLB β
FY19
APPF $30.8M
GTLB β
FY20
APPF $29.3M
GTLB β$60.2M
FY21
APPF $27.3M
GTLB β$73.6M
FY22
APPF $18.8M
GTLB β$53.4M
FY23
APPF $51.2M
GTLB β$83.5M
FY24
APPF $186M
GTLB $33.4M
FY25
APPF $239M
GTLB β$67.7M
FY26
APPF β
GTLB $222M
APPF
GTLB
Return on capital
FY17
APPF 18.9%
GTLB β
FY18
APPF 42.7%
GTLB β
FY19
APPF 6.7%
GTLB β
FY20
APPF 6.1%
GTLB β
FY21
APPF β4.8%
GTLB β
FY22
APPF β40.8%
GTLB β
FY23
APPF 0.5%
GTLB β
FY24
APPF 83.1%
GTLB β
FY25
APPF 50.3%
GTLB β
FY26
APPF β
GTLB β
APPF
GTLB
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.