A Business at a Glance
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APPFOLIO INC
APPF
$6.0B
Mkt Cap
$165.05
+0.67%
APPFOLIO INC (APPF) has a current P/E ratio of 42.5, compared to its historical median P/E of 45.0. The stock is currently considered Fair based on its historical valuation range.
APPFOLIO INC (APPF) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
APPFOLIO INC (APPF) has a market capitalization of $5.9B. It is classified as a mid-cap stock.
APPFOLIO INC (APPF) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.96%.
Based on historical P/E analysis, APPFOLIO INC (APPF) appears fair. The current P/E of 42.5 is 6% below its historical median of 45.0. The estimated fair value CAGR (P/E method) is 19.9%.
APPFOLIO INC (APPF) operates in the Services-Prepackaged Software industry, within the Technology sector.
APPFOLIO INC (APPF) reported annual revenue of $951 million in its most recent fiscal year, based on SEC EDGAR filings.
AppFolio is a cloud-based software platform founded in 2006 that serves property management companies operating across single-family, multifamily, affordable, commercial, student, and community association properties. The company's unified platform functions as a system of record for operational and financial data, a system of action automating complex workflows, and a system of growth driving value across the real estate ecosystem for property managers, owners, investors, residents, and vendors. AppFolio generates revenue through two primary segments: subscription services revenue from customers adopting premium tiers (Plus and Max) and value-added services revenue from ancillary offerings including resident screening, payment processing, and insurance-related risk mitigation. The platform integrates artificial intelligence capabilities, including Realm and agentic AI performers, to automate repetitive tasks and enhance operational efficiency, while the AppFolio Stack marketplace uses APIs to enable third-party integrations. The company's customer-centric approach and integrated ecosystem positioning create long-term customer retention and competitive differentiation in the property management software market.
【Premium tier adoption driving growth】 Management expects 2026 revenue growth fueled by continued adoption of premium care offerings, expansion into new business units, and increasing adoption of AI-native performers and new resident services. The company anticipates 2026 revenue seasonality to remain mostly consistent with 2025, with cost of revenue expected to remain relatively flat as a percentage of revenue while operating expenses as a percentage of revenue are projected to decline modestly as the company scales and leverages AI to drive efficiency across internal operations. Non-GAAP operating margin is expected to expand, reflecting operational leverage and disciplined capital allocation priorities.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1.110 billion–$1.125 billion | FY2026 |
| Non-GAAP operating margin | 26%–28% | FY2026 |
| Diluted weighted average shares outstanding | approximately 36 million | FY2026 |
Revenue (FY2026): “We are raising our guidance for annual revenue to a range of $1.110 billion-$1.125 billion for a full year midpoint growth rate of 17.5%”
Non-GAAP operating margin (FY2026): “We are also raising our guidance for non-GAAP operating margin and expect to deliver between 26%-28% compared to 2025 of 24.7%”
Diluted weighted average shares outstanding (FY2026): “Diluted weighted average shares outstanding is now anticipated to be approximately 36 million for the full year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q4 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 995M | 951M | 794M | 620M | 472M | 359M |
| Net Income | 152M | 141M | 204M | 2.7M | -68M | 1.0M |
| EPS | $4.20 | $3.88 | $5.55 | $0.07 | $-1.95 | $0.03 |
| Free Cash Flow | 235M | 239M | 186M | 51M | 19M | 27M |
| ROIC | 45.1% | 28.1% | 35.4% | 0.2% | -24.2% | 0.4% |
| Gross Margin | - | 48.5% | 50.6% | 45.4% | 36.4% | 59.9% |
| Debt/Equity | 0.00 | 0.07 | 0.08 | 0.15 | 0.20 | 0.37 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 170M | 153M | 136M | 963K | -72M | -12M |
| Operating Margin | 17.1% | 16.1% | 17.1% | 0.2% | -15.3% | -3.3% |
| ROE | 32.3% | 26.5% | 50.0% | 1.0% | -24.2% | 0.4% |
| Shares Outstanding | 36M | 36M | 37M | 39M | 35M | 34M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 48M | 75M | 106M | 144M | 190M | 256M | 310M | 359M | 472M | 620M | 794M | 951M | 995M |
| Gross Margin | 52.7% | 54.8% | 57.7% | 61.6% | 61.3% | 60.3% | 61.6% | 59.9% | 36.4% | 45.4% | 50.6% | 48.5% | N/A |
| R&D | 6.5M | 9.6M | 13M | 17M | 24M | 40M | 49M | 66M | 111M | 151M | 160M | 190M | 196M |
| SG&A | 6.5M | 14M | 18M | 21M | 25M | 34M | 47M | 57M | 101M | 93M | 86M | 96M | 97M |
| EBIT | -8.6M | -15M | -8.4M | 9.3M | 20M | 6.5M | 9.8M | -12M | -72M | 963K | 136M | 153M | 170M |
| Op. Margin | -18.0% | -20.0% | -8.0% | 6.5% | 10.3% | 2.5% | 3.2% | -3.3% | -15.3% | 0.2% | 17.1% | 16.1% | 17.1% |
| Net Income | -8.6M | -16M | -8.3M | 9.7M | 20M | 36M | 158M | 1.0M | -68M | 2.7M | 204M | 141M | 152M |
| Net Margin | -18.1% | -20.9% | -7.8% | 6.8% | 10.5% | 14.2% | 51.1% | 0.3% | -14.4% | 0.4% | 25.7% | 14.8% | 15.3% |
| Non-Recurring | -116K | -67K | -41K | -97K | -22K | 0 | 188M | 380K | 26M | 10M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -33.7% | -147.6% | -11.6% | 22.4% | 48.7% | 22.7% | 68.1% | 0.4% | -24.2% | 0.2% | 35.4% | 28.1% | 45.1% |
| ROE | 18.1% | -147.6% | -11.6% | 12.6% | 22.6% | 32.4% | 75.8% | 0.4% | -24.2% | 1.0% | 50.0% | 26.5% | 32.3% |
| ROA | -65.5% | -27.0% | -9.0% | 9.6% | 14.0% | 16.6% | 48.8% | 0.3% | -17.3% | 0.7% | 39.4% | 21.4% | 26.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 475K | -6.8M | 12M | 29M | 36M | 39M | 48M | 35M | 25M | 60M | 188M | 242M | 238M |
| Free Cash Flow | -1.4M | -11M | 7.3M | 27M | 34M | 31M | 29M | 27M | 19M | 51M | 186M | 239M | 235M |
| Owner Earnings | -4.2M | -14M | -2.7M | 11M | 15M | 8.4M | 11M | -11M | -49M | -21M | 108M | 149M | 144M |
| CapEx | 1.9M | 3.7M | 4.2M | 2.2M | 2.1M | 8.1M | 19M | 8.1M | 6.5M | 9.0M | 2.0M | 3.2M | 3.2M |
| Maint. CapEx | 3.8M | 6.1M | 9.9M | 13M | 15M | 22M | 27M | 29M | 31M | 29M | 20M | 23M | 21M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.8M | 6.1M | 9.9M | 13M | 15M | 22M | 27M | 29M | 31M | 29M | 20M | 23M | 21M |
| CapEx/OCF | N/A | N/A | 36.9% | 7.5% | 5.8% | 20.8% | 39.4% | 22.9% | 25.8% | 15.0% | 1.1% | 1.3% | 1.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 22M | 0 | 4.2M | 0 | 0 | 0 | 0 | 146M | 175M |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.0% | N/A | 0.1% | N/A | N/A | N/A | N/A | 1.7% | 3.0% |
| Stock-Based Comp | 892K | 1.0M | 4.3M | 6.1M | 6.3M | 8.1M | 10M | 17M | 43M | 52M | 60M | 71M | 72M |
| Debt Repayment | 0 | 757K | 0 | 0 | 0 | 420K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -46M | -26M | -46M | -52M | 34M | -83M | N/A | -17M | -4.8M | -755K | -69M | -147M |
| Cash & Equiv. | 5.4M | 12M | 11M | 16M | 74M | 16M | 140M | 58M | 71M | 50M | 43M | 107M | 147M |
| Long-Term Debt | N/A | N/A | N/A | 0 | 49M | 47M | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -0.27 | 0.14 | 0.00 | 0.00 | 0.54 | 0.64 | 0.32 | 0.37 | 0.20 | 0.15 | 0.08 | 0.07 | 0.00 |
| Interest Coverage | -145.1 | -18.8 | -34.2 | 17.4 | 25.0 | 3.9 | 5.3 | -23.7 | -61.1 | 0.1 | N/A | N/A | N/A |
| Equity | -51M | 73M | 70M | 85M | 92M | 132M | 286M | 297M | 266M | 297M | 519M | 543M | 470M |
| Total Assets | 25M | 90M | 93M | 110M | 176M | 260M | 389M | 408M | 381M | 409M | 627M | 689M | 581M |
| Total Liabilities | 14M | 18M | 23M | 25M | 84M | 128M | 104M | 111M | 116M | 112M | 107M | 146M | 110M |
| Intangibles | 3.6M | 4.5M | 3.1M | 1.7M | 5.9M | 21M | 16M | 12M | 4.8M | 2.4M | 49M | 39M | 36M |
| Retained Earnings | -53M | -69M | -77M | -67M | -44M | -8.0M | 150M | 151M | 83M | 86M | 290M | 431M | 473M |
| Working Capital | -5.7M | 11M | 11M | 30M | 80M | 14M | 150M | 106M | 140M | 203M | 272M | 246M | 183M |
| Current Assets | 7.8M | 28M | 32M | 54M | 108M | 62M | 199M | 159M | 201M | 272M | 335M | 353M | 255M |
| Current Liabilities | 14M | 17M | 21M | 24M | 28M | 47M | 50M | 53M | 61M | 70M | 63M | 107M | 72M |
| Per Share Data | |||||||||||||
| EPS | -0.98 | -0.73 | -0.25 | 0.28 | 0.56 | 1.02 | 4.44 | 0.03 | -1.95 | 0.07 | 5.55 | 3.88 | 4.20 |
| Owner EPS | -0.48 | -0.65 | -0.08 | 0.30 | 0.43 | 0.24 | 0.31 | -0.32 | -1.39 | -0.55 | 2.95 | 4.09 | 4.02 |
| Book Value | -5.85 | 3.39 | 2.10 | 2.45 | 2.58 | 3.71 | 8.01 | 8.68 | 7.60 | 7.70 | 14.12 | 14.94 | 13.13 |
| Cash Flow/Share | 0.05 | -0.32 | 0.35 | 0.85 | 1.02 | 1.09 | 1.35 | 1.03 | 0.73 | 1.56 | 5.12 | 6.67 | 4.84 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 8.8M | 21.5M | 33.1M | 34.7M | 35.7M | 35.6M | 35.7M | 34.3M | 34.9M | 38.6M | 36.8M | 36.3M | 35.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 147.0 | 103.0 | 108.9 | 41.5 | N/A | N/A | N/A | 45.0 | 61.2 | 39.3 |
| P/FCF | N/A | N/A | 106.3 | 52.6 | 60.2 | 128.3 | 224.7 | 155.9 | 186.0 | 130.4 | 49.4 | 36.1 | 25.2 |
| EV/EBIT | N/A | N/A | N/A | 148.0 | 102.6 | 613.3 | 654.9 | N/A | N/A | N/A | N/A | N/A | 33.9 |
| Price/Book | N/A | 4.9 | 11.1 | 16.8 | 22.4 | 29.9 | 23.0 | 14.3 | 13.2 | 22.5 | 17.7 | 15.9 | 12.6 |
| Price/Sales | N/A | 4.7 | 5.0 | 8.2 | 10.9 | 12.6 | 16.2 | 13.2 | 8.0 | 9.8 | 10.6 | 9.1 | 5.9 |
| FCF Yield | N/A | -2.9% | 0.9% | 1.9% | 1.7% | 0.8% | 0.4% | 0.6% | 0.5% | 0.8% | 2.0% | 2.8% | 4.0% |
| Market Cap | N/A | 358M | 772M | 1.4B | 2.1B | 4.0B | 6.6B | 4.3B | 3.5B | 6.7B | 9.2B | 8.6B | 5.9B |
| Avg. Price | N/A | 16.45 | 16.02 | 34.07 | 58.08 | 90.57 | 140.55 | 138.34 | 107.55 | 158.23 | 228.96 | 239.21 | 165.05 |
| Year-End Price | N/A | 16.69 | 23.30 | 41.15 | 57.67 | 111.09 | 184.32 | 124.14 | 100.22 | 173.16 | 249.89 | 237.29 | 165.05 |
APPFOLIO INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
APPFOLIO INC trades at 42.5x trailing earnings, compared to its 15-year median P/E of 45.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.8x vs a median of 51.0x. The company's 5-year average ROIC is 8.0% with a gross margin of 48.2%. Total shareholder yield (buybacks) is 3.0%. At current prices, the estimated annualized return to fair value is +37.7%.
APPFOLIO INC (APPF) has a net profit margin of 14.8%. This is a healthy margin.
APPFOLIO INC (APPF) generated $239 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
APPFOLIO INC (APPF) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
APPFOLIO INC (APPF) reported earnings per share (EPS) of $3.88 in its most recent fiscal year.
APPFOLIO INC (APPF) has a return on equity (ROE) of 26.5%. This indicates the company generates strong returns for shareholders.
APPFOLIO INC (APPF) has a 5-year average gross margin of 48.2%. This indicates decent pricing power.
The Ledger Terminal provides 13 years of financial data for APPFOLIO INC (APPF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
APPFOLIO INC (APPF) has a book value per share of $14.94, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 revenue growth fueled by continued adoption of premium care offerings, expansion into new business units, and increasing adoption of AI-native performers and new resident services. The company anticipates 2026 revenue seasonality to remain mostly consistent with 2025, with cost of revenue expected to remain relatively flat as a percentage of revenue while operating expenses as a percentage of revenue are projected to decline modestly as the company scales and leverages AI to drive efficiency across internal operations. Non-GAAP operating margin is expected to expand, reflecting operational leverage and disciplined capital allocation priorities.
Based on recent SEC filings and earnings calls, APPFOLIO INC (APPF) has provided the following forward guidance: Revenue: $1.110 billion–$1.125 billion (FY2026); Non-GAAP operating margin: 26%–28% (FY2026); Diluted weighted average shares outstanding: approximately 36 million (FY2026).