AppFolio vs GitLab
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KIRAβs take AI analyst
I put AppFolio and GitLab side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
AppFolio
APPF
5/8
Operating marginNet marginFCF marginReturn on equityShare count change
GitLab
GTLB
2/8
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | APPF FY25 | GTLB 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.