A Business at a Glance
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PART I FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (this “Annual Report”) contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), which statements involve substantial risks and uncertainties. The forward-looking statements made in this Annual Report are intended to qualify for the protection of the safe harbor provided by the PSLRA and are based primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, cash flows and/or prospects. Forward-looking statements include all statements that are not statements of historical fact.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 951M | 951M | 794M | 620M | 472M | 359M |
| Net Income | 141M | 141M | 204M | 2.7M | -68M | 1.0M |
| EPS | $3.88 | $3.88 | $5.55 | $0.07 | $-1.95 | $0.03 |
| Free Cash Flow | 239M | 239M | 186M | 51M | 19M | 27M |
| ROIC | 28.2% | 28.1% | 35.4% | 0.2% | -24.2% | 0.4% |
| Gross Margin | 48.5% | 48.5% | 50.6% | 45.4% | 36.4% | 59.9% |
| Debt/Equity | 0.07 | 0.07 | 0.08 | 0.15 | 0.20 | 0.37 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 153M | 153M | 136M | 963K | -72M | -12M |
| Operating Margin | 16.1% | 16.1% | 17.1% | 0.2% | -15.3% | -3.3% |
| ROE | 26.0% | 26.5% | 50.0% | 1.0% | -24.2% | 0.4% |
| Shares Outstanding | 36M | 36M | 37M | 39M | 35M | 34M |
APPFOLIO INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
APPFOLIO INC trades at 38.4x 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 15.2x 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 2.7%. At current prices, the estimated annualized return to fair value is +38.2%.
APPFOLIO INC (APPF) has a current P/E ratio of 38.4, 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 $5.4B. 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 2.70%.
Based on historical P/E analysis, APPFOLIO INC (APPF) appears fair. The current P/E of 38.4 is 15% below its historical median of 45.0. The estimated fair value CAGR (P/E method) is 23.9%.
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 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.