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AppFolio (APPF) Financials

AppFolio logo
$167.17 -5.59 (-3.24%)
Closing price 04:00 PM Eastern
Extended Trading
$167.20 +0.04 (+0.02%)
As of 04:38 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for AppFolio

Annual Income Statements for AppFolio

This table shows AppFolio's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -16 -8.28 9.72 20 36 158 1.03 -68 2.70 204 141
Consolidated Net Income / (Loss)		 -16 -8.28 9.72 20 36 158 1.03 -68 2.70 204 141
Net Income / (Loss) Continuing Operations		 -16 -8.28 9.72 20 36 158 1.03 -68 2.70 204 141
Total Pre-Tax Income 		-16 -8.21 9.77 20 4.82 197 1.73 -67 8.00 150 161
Total Operating Income		 -15 -8.42 9.34 20 6.46 9.78 -12 -72 0.96 136 153
Total Gross Profit		 41 61 89 117 154 310 359 472 620 794 951
Total Revenue		 75 106 144 190 256 310 359 472 620 794 951
Operating Revenue		 75 106 144 190 256 310 359 472 620 794 951
Total Cost of Revenue		 34 45 55 74 102 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 56 69 79 97 148 300 371 544 619 659 798
Selling, General & Admin Expense		 14 18 21 25 34 47 57 101 93 86 96
Marketing Expense		 26 29 29 33 52 58 73 107 108 111 144
Research & Development Expense		 9.55 13 17 24 40 49 66 111 151 160 190
Depreciation Expense		 6.10 9.94 13 15 22 27 31 33 29 20 23
Other Operating Expenses / (Income)		 - - - - - 119 144 192 238 282 345
Total Other Income / (Expense), net		 -0.59 0.21 0.44 0.73 -1.64 187 14 5.65 7.03 15 8.20
Interest & Investment Income		 - - - - - - - 1.18 7.03 14 8.16
Other Income / (Expense), net		 0.01 -0.04 -0.10 -0.06 0.02 189 13 4.47 0.00 0.70 0.04
Income Tax Expense		 0.08 0.07 0.06 0.42 -31 38 0.71 1.40 5.30 -54 20
Basic Earnings per Share		 ($0.73) ($0.25) $0.29 $0.59 $1.07 $4.62 $0.03 ($1.95) $0.08 $5.63 $3.91
Weighted Average Basic Shares Outstanding		 21.34M 33.56M 33.85M 34.13M 34.02M 34.26M 34.58M 35.01M 35.63M 36.25M 36.01M
Diluted Earnings per Share		 ($0.73) ($0.25) $0.28 $0.56 $1.02 $4.44 $0.03 ($1.95) $0.07 $5.55 $3.88
Weighted Average Diluted Shares Outstanding		 21.34M 33.56M 35.15M 35.56M 35.57M 35.71M 35.70M 35.01M 36.42M 36.78M 36.33M
Weighted Average Basic & Diluted Shares Outstanding		 21.34M 33.10M 33.50M 43.40M 34.16M 34.40M 34.84M 35.40M 35.87M 36.40M 35.99M

Quarterly Income Statements for AppFolio

This table shows AppFolio's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 26 30 39 30 33 103 31 36 34 40 42
Consolidated Net Income / (Loss)		 26 30 39 30 33 103 31 36 34 40 42
Net Income / (Loss) Continuing Operations		 26 30 39 30 33 103 31 36 34 40 42
Total Pre-Tax Income 		1.47 31 37 40 47 27 37 42 37 46 53
Total Operating Income		 -0.07 28 34 36 43 23 34 41 35 44 51
Total Gross Profit		 165 172 187 197 206 204 218 236 249 248 262
Total Revenue		 165 172 187 197 206 204 218 236 249 248 262
Operating Revenue		 165 172 187 197 206 204 218 236 249 248 262
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 166 144 153 161 163 181 184 195 214 205 211
Selling, General & Admin Expense		 24 19 21 20 21 23 23 22 27 23 24
Marketing Expense		 30 22 24 27 25 33 31 37 36 40 38
Research & Development Expense		 42 35 38 40 41 42 44 47 54 46 50
Depreciation Expense		 7.57 6.93 5.21 4.67 4.33 5.34 6.26 5.85 5.44 5.11 5.02
Other Operating Expenses / (Income)		 63 61 65 70 72 76 79 84 91 91 95
Total Other Income / (Expense), net		 1.54 2.69 2.99 3.48 4.01 4.20 3.01 1.46 1.69 2.05 2.35
Interest & Investment Income		 1.79 - 2.99 3.48 4.01 - 2.95 1.47 1.69 2.05 1.78
Other Income / (Expense), net		 -0.25 0.29 0.00 0.00 0.00 0.70 0.06 -0.01 -0.00 -0.00 0.57
Income Tax Expense		 -25 0.66 -1.58 9.84 14 -76 5.41 5.99 3.09 5.71 11
Basic Earnings per Share		 $0.74 $0.86 $1.07 $0.82 $0.91 $2.83 $0.86 $1.00 $0.94 $1.11 $1.19
Weighted Average Basic Shares Outstanding		 35.69M 35.63M 36.09M 36.24M 36.31M 36.25M 36.30M 35.92M 35.89M 36.01M 35.70M
Diluted Earnings per Share		 $0.72 $0.87 $1.05 $0.81 $0.90 $2.79 $0.86 $0.99 $0.93 $1.10 $1.18
Weighted Average Diluted Shares Outstanding		 36.48M 36.42M 36.67M 36.74M 36.76M 36.78M 36.65M 36.20M 36.26M 36.33M 35.81M
Weighted Average Basic & Diluted Shares Outstanding		 35.76M 35.87M 36.21M 36.27M 36.33M 36.40M 36.03M 35.85M 35.92M 35.99M 35.36M

Annual Cash Flow Statements for AppFolio

This table details how cash moves in and out of AppFolio's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 6.65 -1.36 5.41 58 -58 124 -82 13 -21 -7.01 64
Net Cash From Operating Activities		 -6.84 12 29 36 39 48 35 25 60 188 242
Net Cash From Continuing Operating Activities		 -6.84 12 29 36 39 48 35 25 60 188 242
Net Income / (Loss) Continuing Operations		 -16 -8.28 9.72 20 36 158 1.03 -68 2.70 204 141
Consolidated Net Income / (Loss)		 -16 -8.28 9.72 20 36 158 1.03 -68 2.70 204 141
Depreciation Expense		 6.10 9.94 13 15 22 26 29 31 29 20 23
Amortization Expense		 0.46 0.31 0.00 0.00 4.13 3.70 3.20 3.19 12 12 13
Non-Cash Adjustments To Reconcile Net Income		 0.21 4.50 6.22 6.56 5.44 -178 5.77 59 45 49 64
Changes in Operating Assets and Liabilities, net		 2.06 5.04 0.74 -4.84 -29 38 -3.64 0.77 -28 -96 0.79
Net Cash From Investing Activities		 -59 -13 -23 -4.64 -90 147 -110 -6.47 -56 -152 10
Net Cash From Continuing Investing Activities		 -59 -13 -23 -4.64 -90 147 -110 -6.47 -56 -152 10
Purchase of Property, Plant & Equipment		 -11 -15 -13 -14 -29 -45 -33 -21 -14 -7.19 -6.60
Acquisitions		 -4.06 -0.00 0.00 -14 -54 - - 0.00 0.00 -77 -0.91
Purchase of Investments		 -74 -32 -27 -30 -25 -44 -241 -79 -195 -317 -304
Sale and/or Maturity of Investments		 30 34 16 54 18 44 151 89 153 250 322
Net Cash From Financing Activities		 73 0.20 -1.13 26 -7.27 -70 -7.35 -6.16 -26 -43 -188
Net Cash From Continuing Financing Activities		 73 0.20 -1.13 26 -7.27 -70 -7.35 -6.16 -26 -43 -188
Repurchase of Common Equity		 -4.21 0.00 0.00 -22 0.00 -4.19 - - 0.00 0.00 -146
Issuance of Common Equity		 80 - - - - - - - 0.00 0.00 0.95
Other Financing Activities, net		 -1.86 0.24 -1.13 -2.09 -5.60 -17 -7.35 -6.16 -26 -43 -43
Cash Income Taxes Paid		 0.09 0.03 0.03 0.08 0.55 0.09 9.32 3.34 8.09 14 29

Quarterly Cash Flow Statements for AppFolio

This table details how cash moves in and out of AppFolio's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 35 -10 9.71 0.43 2.78 -20 14 17 2.62 31 40
Net Cash From Operating Activities		 37 31 43 51 58 37 38 53 86 65 34
Net Cash From Continuing Operating Activities		 37 31 43 51 58 37 38 53 86 65 34
Net Income / (Loss) Continuing Operations		 26 30 39 30 33 103 31 36 34 40 42
Consolidated Net Income / (Loss)		 26 30 39 30 33 103 31 36 34 40 42
Depreciation Expense		 6.98 6.39 5.21 4.20 3.91 4.99 6.26 5.85 5.44 5.11 5.02
Amortization Expense		 0.51 0.51 3.02 0.53 0.49 0.49 3.22 3.21 3.29 3.62 3.73
Non-Cash Adjustments To Reconcile Net Income		 17 12 11 12 16 11 14 17 19 13 16
Changes in Operating Assets and Liabilities, net		 -14 -18 -15 4.33 4.64 -83 -17 -9.51 24 2.94 -33
Net Cash From Investing Activities		 4.31 -33 -23 -38 -46 -44 81 24 -72 -22 138
Net Cash From Continuing Investing Activities		 4.31 -33 -23 -38 -46 -44 81 24 -72 -22 138
Purchase of Property, Plant & Equipment		 -5.00 -4.54 -2.55 -1.44 -1.95 -1.25 -0.87 -1.12 -2.27 -2.34 -1.54
Acquisitions		 - - 0.00 - - - -0.91 - - - 0.00
Purchase of Investments		 -35 -87 -57 -94 -114 -52 -62 -77 -103 -62 -43
Sale and/or Maturity of Investments		 45 58 37 58 69 86 145 102 33 42 183
Net Cash From Financing Activities		 -5.83 -8.38 -10 -12 -8.57 -12 -105 -60 -11 -12 -132
Net Cash From Continuing Financing Activities		 -5.83 -8.38 -10 -12 -8.57 -12 -105 -60 -11 -12 -132
Repurchase of Common Equity		 - - 0.00 - - - -96 -50 - - -125
Issuance of Common Equity		 - - - - - - 0.01 - - - 1.00
Other Financing Activities, net		 -5.83 -8.38 -10 -12 -8.57 -12 -9.08 -9.90 -12 -12 -8.16

Annual Balance Sheets for AppFolio

This table presents AppFolio's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 90 93 110 176 260 389 408 381 409 627 689
Total Current Assets		 28 32 54 108 62 199 159 201 272 335 353
Cash & Equivalents		 12 11 16 74 16 140 58 71 50 43 107
Short-Term Investments		 10 15 30 17 23 28 65 89 162 236 144
Accounts Receivable		 2.05 2.51 3.39 5.52 7.56 10 13 17 21 24 37
Prepaid Expenses		 3.16 3.54 4.55 12 16 21 24 25 40 33 65
Plant, Property, & Equipment, net		 6.11 7.08 6.70 6.87 15 26 30 26 28 24 23
Total Noncurrent Assets		 57 53 50 61 184 164 219 154 108 267 312
Long-Term Investments		 34 27 22 11 12 6.77 - - - 2.03 77
Goodwill		 6.74 6.74 6.74 16 58 56 56 56 56 96 96
Intangible Assets		 15 19 19 26 51 52 53 40 24 64 50
Noncurrent Deferred & Refundable Income Taxes		 - - - 0.00 28 12 - - 0.00 77 59
Other Noncurrent Operating Assets		 1.18 1.22 1.24 7.69 34 37 110 57 28 27 30
Total Liabilities & Shareholders' Equity		 90 93 110 176 260 389 408 381 409 627 689
Total Liabilities		 18 23 25 84 128 104 111 116 112 107 146
Total Current Liabilities		 17 21 24 28 47 50 53 61 70 63 107
Accounts Payable		 2.37 0.94 0.61 1.48 1.93 1.04 1.70 2.47 1.14 2.38 4.12
Accrued Expenses		 3.34 4.04 4.29 8.28 11 14 13 16 22 15 21
Current Employee Benefit Liabilities		 5.16 7.55 11 12 18 19 30 34 36 30 60
Other Current Liabilities		 1.08 1.19 1.22 1.45 11 4.45 7.59 8.89 11 16 22
Total Noncurrent Liabilities		 0.88 1.54 1.26 56 81 54 58 54 42 44 40
Other Noncurrent Operating Liabilities		 0.88 1.54 1.26 7.08 33 40 58 54 41 44 40
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 73 70 85 92 132 286 297 266 297 519 543
Total Preferred & Common Equity		 73 70 85 92 132 286 297 266 297 519 543
Total Common Equity		 73 70 85 92 132 286 297 266 297 519 543
Common Stock		 142 147 153 158 162 161 172 210 237 255 284
Retained Earnings		 -69 -77 -67 -44 -8.03 150 151 83 86 290 431
Treasury Stock		 - - 0.00 -22 -22 -26 -26 -26 -26 -26 -172
Accumulated Other Comprehensive Income / (Loss)		 -0.15 -0.05 -0.21 -0.18 0.03 0.06 -0.19 -1.68 0.10 0.17 0.03

Quarterly Balance Sheets for AppFolio

This table presents AppFolio's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 385 371 351 379 439 479 523 565 567 640 581
Total Current Assets		 177 212 209 240 307 349 395 272 197 303 255
Cash & Equivalents		 67 104 25 60 59 60 62 57 73 76 147
Short-Term Investments		 72 65 139 132 184 222 269 154 54 124 4.24
Accounts Receivable		 15 17 20 20 26 26 26 27 33 34 44
Prepaid Expenses		 23 26 25 28 37 42 38 34 37 68 59
Plant, Property, & Equipment, net		 28 26 27 27 28 27 25 23 23 23 22
Total Noncurrent Assets		 180 133 115 112 104 104 103 269 348 315 303
Long-Term Investments		 45 - - - - - - - 77 77 78
Goodwill		 56 56 56 56 56 56 56 96 96 96 96
Intangible Assets		 42 35 30 27 19 17 16 60 56 53 48
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - 82 90 60 51
Other Noncurrent Operating Assets		 37 42 29 29 29 30 30 30 28 29 31
Total Liabilities & Shareholders' Equity		 385 371 351 379 439 479 523 565 567 640 581
Total Liabilities		 113 130 125 116 100 108 110 103 112 142 110
Total Current Liabilities		 58 80 75 74 56 63 64 59 68 100 72
Accounts Payable		 1.51 0.74 1.53 1.35 1.53 1.26 0.51 4.93 3.25 4.11 3.74
Accrued Expenses		 16 18 19 20 14 16 15 16 18 19 21
Current Employee Benefit Liabilities		 29 47 31 42 29 32 34 22 26 52 25
Other Current Liabilities		 11 14 9.69 11 12 14 15 16 20 25 22
Total Noncurrent Liabilities		 55 50 51 42 44 45 47 44 44 41 38
Other Noncurrent Operating Liabilities		 55 50 51 42 44 45 47 44 44 41 38
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 272 241 226 263 339 371 413 462 456 499 470
Total Preferred & Common Equity		 272 241 226 263 339 371 413 462 456 499 470
Total Common Equity		 272 241 226 263 339 371 413 462 456 499 470
Common Stock		 197 219 223 233 240 243 251 262 271 280 295
Retained Earnings		 103 48 29 56 125 154 187 321 357 391 473
Treasury Stock		 -26 -26 -26 -26 -26 -26 -26 -122 -172 -172 -298
Accumulated Other Comprehensive Income / (Loss)		 -2.55 -0.92 -0.59 -0.01 -0.12 -0.18 0.48 -0.03 -0.07 -0.07 -0.01

Annual Metrics And Ratios for AppFolio

This table displays calculated financial ratios and metrics derived from AppFolio's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 57.28% 40.82% 36.20% 32.17% 34.69% 21.11% 15.90% 31.31% 31.48% 28.01% 19.72%
EBITDA Growth		 -73.09% 121.13% 1,130.40% 55.78% -5.65% 606.72% -85.32% -201.29% 187.33% 427.61% 12.53%
EBIT Growth		 -72.79% 43.59% 209.21% 112.14% -66.95% 2,967.47% -99.38% -5,606.97% 101.42% 14,013.98% 12.19%
NOPAT Growth		 -75.29% 43.86% 257.39% 107.46% 152.48% -83.80% -189.44% -619.40% 100.64% 56,493.74% -27.36%
Net Income Growth		 -81.74% 47.15% 217.33% 105.51% 81.71% 336.59% -99.35% -6,726.36% 103.97% 7,452.48% -30.94%
EPS Growth		 25.51% 65.75% 212.00% 100.00% 82.14% 335.29% -99.32% -6,600.00% 103.59% 7,828.57% -30.09%
Operating Cash Flow Growth		 -1,540.84% 268.03% 155.40% 23.48% 7.22% 24.20% -26.73% -28.33% 137.66% 212.13% 28.67%
Free Cash Flow Firm Growth		 -64.49% 66.65% 238.55% -139.41% -1,027.07% 165.13% -364.27% 126.34% 7.47% -143.41% 415.40%
Invested Capital Growth		 154.21% 5.26% -0.32% 136.73% 226.86% -14.74% 58.12% -39.70% -18.84% 225.34% -10.33%
Revenue Q/Q Growth		 0.00% 7.77% 7.38% 7.02% 7.11% 1.66% 6.89% 6.42% 8.34% 4.18% 4.91%
EBITDA Q/Q Growth		 0.00% 216.69% 23.03% 2.22% 0.95% -0.82% 34.42% -279.51% 270.58% -3.87% 20.43%
EBIT Q/Q Growth		 0.00% 23.92% 66.17% 1.43% -27.75% -0.89% 122.64% -57.55% 102.04% -3.45% 14.97%
NOPAT Q/Q Growth		 0.00% 24.11% 67.21% 0.59% 21.11% -24.32% -38.03% -21.10% 100.98% 53.00% -29.22%
Net Income Q/Q Growth		 0.00% 23.90% 66.09% 0.36% 5.16% -3.02% -44.31% -36.92% 105.72% 55.06% -30.83%
EPS Q/Q Growth		 0.00% -733.33% 75.00% -1.75% 5.15% -3.06% -40.00% -36.36% 105.15% 52.89% -30.34%
Operating Cash Flow Q/Q Growth		 -49.37% 595.70% 3.66% 11.88% 10.85% -20.42% 19.80% -10.10% 71.35% 2.95% 13.30%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 11.22% 45.27% 10.01% -26.77% -192.74% 356.76% 220.46% -107.97% 225.08%
Invested Capital Q/Q Growth		 0.00% -15.54% -1.80% -7.54% 0.49% 7.76% 43.47% 20.66% 20.35% 241.91% -3.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 54.78% 57.73% 61.56% 61.30% 60.30% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -11.25% 1.69% 15.26% 17.98% 12.60% 73.50% 9.31% -7.18% 4.77% 19.66% 19.87%
Operating Margin		 -20.01% -7.98% 6.49% 10.34% 2.52% 3.16% -3.31% -15.34% 0.16% 17.08% 16.08%
EBIT Margin		 -20.00% -8.01% 6.42% 10.31% 2.53% 64.08% 0.34% -14.39% 0.16% 17.17% 16.09%
Profit (Net Income) Margin		 -20.90% -7.84% 6.76% 10.51% 14.17% 51.09% 0.29% -14.44% 0.44% 25.69% 14.82%
Tax Burden Percent		 100.48% 100.82% 99.41% 97.94% 752.27% 80.48% 59.28% 102.10% 33.79% 135.75% 87.47%
Interest Burden Percent		 103.97% 97.09% 105.79% 104.02% 74.46% 99.07% 140.63% 98.26% 827.85% 110.25% 105.33%
Effective Tax Rate		 0.00% 0.00% 0.59% 2.06% -652.27% 19.52% 40.72% 0.00% 66.21% -35.75% 12.53%
Return on Invested Capital (ROIC)		 -94.32% -35.95% 55.25% 68.19% 57.37% 6.55% -4.93% -36.13% 0.34% 101.14% 59.01%
ROIC Less NNEP Spread (ROIC-NNEP)		 -77.69% -31.59% 54.53% 67.00% 102.72% -163.08% -10.35% -23.77% -0.94% 92.34% 56.65%
Return on Net Nonoperating Assets (RNNOA)		 57.19% 24.32% -42.69% -45.61% -24.94% 69.26% 5.28% 11.93% 0.62% -51.16% -32.47%
Return on Equity (ROE)		 -37.13% -11.63% 12.56% 22.57% 32.42% 75.81% 0.35% -24.20% 0.96% 49.98% 26.54%
Cash Return on Invested Capital (CROIC)		 -181.39% -41.07% 55.57% -13.03% -48.93% 22.46% -49.97% 13.41% 21.14% -4.82% 69.90%
Operating Return on Assets (OROA)		 -25.88% -9.24% 9.11% 13.71% 2.97% 61.17% 0.31% -17.21% 0.24% 26.33% 23.25%
Return on Assets (ROA)		 -27.03% -9.05% 9.58% 13.96% 16.65% 48.77% 0.26% -17.26% 0.68% 39.41% 21.42%
Return on Common Equity (ROCE)		 -9.34% -11.63% 12.56% 22.57% 32.42% 75.81% 0.35% -24.20% 0.96% 49.98% 26.54%
Return on Equity Simple (ROE_SIMPLE)		 -21.55% -11.88% 11.42% 21.74% 27.50% 55.40% 0.35% -25.65% 0.91% 39.30% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -5.90 9.28 19 49 7.87 -7.04 -51 0.33 184 134
NOPAT Margin		 -14.01% -5.58% 6.45% 10.13% 18.99% 2.54% -1.96% -10.74% 0.05% 23.19% 14.07%
Net Nonoperating Expense Percent (NNEP)		 -16.63% -4.35% 0.72% 1.19% -45.35% 169.63% 5.42% -12.36% 1.28% 8.81% 2.36%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -19.08% 0.11% 33.07% 24.65%
Cost of Revenue to Revenue		 45.22% 42.27% 38.44% 38.70% 39.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 19.13% 17.03% 14.74% 13.10% 13.47% 15.31% 15.94% 21.36% 15.06% 10.83% 10.05%
R&D to Revenue		 12.74% 11.97% 11.53% 12.69% 15.43% 15.65% 18.36% 23.55% 24.40% 20.19% 20.03%
Operating Expenses to Revenue		 74.79% 65.71% 55.06% 50.96% 57.77% 96.84% 103.31% 115.34% 99.84% 82.92% 83.92%
Earnings before Interest and Taxes (EBIT)		 -15 -8.46 9.24 20 6.48 199 1.23 -68 0.97 136 153
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.44 1.78 22 34 32 228 33 -34 30 156 189
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.73 11.53 16.56 22.08 28.38 21.62 14.11 13.95 20.84 17.26 15.40
Price to Tangible Book Value (P/TBV)		 9.52 18.14 23.87 40.63 169.27 34.73 22.29 21.88 28.51 25.01 21.10
Price to Revenue (P/Rev)		 6.53 7.61 9.80 10.67 14.63 19.93 11.68 7.85 9.99 11.29 8.79
Price to Earnings (P/E)		 0.00 0.00 145.00 101.58 103.22 39.02 4,082.59 0.00 2,292.90 43.93 59.30
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.69% 0.98% 0.97% 2.56% 0.02% 0.00% 0.04% 2.28% 1.69%
Enterprise Value to Invested Capital (EV/IC)		 27.08 44.63 79.94 49.78 28.85 54.28 23.29 33.61 69.90 31.32 37.46
Enterprise Value to Revenue (EV/Rev)		 5.77 7.11 9.32 10.40 14.62 19.37 11.34 7.51 9.64 10.98 8.44
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 421.09 61.10 57.82 116.07 26.35 121.76 0.00 202.17 55.86 42.49
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 145.09 100.82 577.88 30.23 3,304.50 0.00 6,194.33 63.98 52.49
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 144.46 102.65 77.01 762.75 0.00 0.00 18,390.22 47.37 60.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 65.29 45.64 54.49 96.25 124.33 115.13 139.77 99.26 46.36 33.16
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 143.64 0.00 0.00 222.44 0.00 188.63 296.25 0.00 50.67
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.54 0.37 0.00 0.00 0.00 0.00 0.07 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.53 0.36 0.00 0.00 0.00 0.00 0.07 0.00
Financial Leverage		 -0.74 -0.77 -0.78 -0.68 -0.24 -0.42 -0.51 -0.50 -0.66 -0.55 -0.57
Leverage Ratio		 1.37 1.29 1.31 1.62 1.95 1.55 1.37 1.40 1.40 1.27 1.24
Compound Leverage Factor		 1.43 1.25 1.39 1.68 1.45 1.54 1.92 1.38 11.62 1.40 1.31
Debt to Total Capital		 0.00% 0.00% 0.00% 35.16% 26.91% 0.00% 0.00% 0.00% 0.00% 6.73% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.86% 0.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 34.31% 26.24% 0.00% 0.00% 0.00% 0.00% 6.73% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 64.84% 73.09% 100.00% 100.00% 100.00% 100.00% 93.27% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 1.46 1.51 0.00 0.00 0.00 0.00 0.24 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 -1.53 -0.07 0.00 0.00 0.00 0.00 -1.54 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 1.42 1.47 0.00 0.00 0.00 0.00 0.24 0.00
Debt to NOPAT		 0.00 0.00 0.00 2.59 1.00 0.00 0.00 0.00 0.00 0.20 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 -2.71 -0.05 0.00 0.00 0.00 0.00 -1.31 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 2.52 0.97 0.00 0.00 0.00 0.00 0.20 0.00
Altman Z-Score		 15.88 20.87 34.64 16.15 18.62 39.29 24.48 20.62 35.73 53.24 37.67
Noncontrolling Interest Sharing Ratio		 74.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.63 1.51 2.25 3.83 1.30 4.00 3.01 3.28 3.90 5.30 3.31
Quick Ratio		 1.44 1.34 2.06 3.41 0.97 3.59 2.57 2.88 3.33 4.78 2.70
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -20 -6.74 9.33 -3.68 -41 27 -71 19 20 -8.77 158
Operating Cash Flow to CapEx		 -60.19% 74.64% 231.83% 251.76% 133.72% 107.14% 108.17% 119.49% 434.75% 2,618.41% 3,671.04%
Free Cash Flow to Firm to Interest Expense		 -33.94 0.00 0.00 0.00 -25.06 14.60 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -11.50 0.00 0.00 0.00 23.51 26.12 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -30.61 0.00 0.00 0.00 5.93 1.74 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.29 1.15 1.42 1.33 1.17 0.95 0.90 1.20 1.57 1.53 1.45
Accounts Receivable Turnover		 46.30 46.32 48.76 42.70 39.15 35.20 31.73 32.43 33.35 35.25 31.06
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 17.18 16.02 20.88 28.02 23.69 15.06 12.63 16.68 22.78 30.06 39.86
Accounts Payable Turnover		 15.21 27.00 71.47 70.35 59.65 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 7.88 7.88 7.49 8.55 9.32 10.37 11.50 11.25 10.95 10.35 11.75
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 23.99 13.52 5.11 5.19 6.12 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -16.11 -5.64 2.38 3.36 3.20 10.37 11.50 11.25 10.95 10.35 11.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 16 17 17 40 130 111 175 105 86 279 214
Invested Capital Turnover		 6.73 6.44 8.56 6.73 3.02 2.58 2.52 3.37 6.49 4.36 4.19
Increase / (Decrease) in Invested Capital		 9.70 0.84 -0.05 23 90 -19 64 -69 -20 193 -25
Enterprise Value (EV)		 433 751 1,340 1,976 3,743 6,005 4,074 3,545 5,984 8,723 8,029
Market Capitalization		 490 804 1,409 2,028 3,745 6,180 4,197 3,705 6,195 8,964 8,357
Book Value per Share		 $2.17 $2.07 $2.51 $2.68 $3.87 $8.33 $8.58 $7.55 $8.31 $14.29 $15.10
Tangible Book Value per Share		 $1.53 $1.31 $1.74 $1.46 $0.65 $5.18 $5.43 $4.82 $6.08 $9.86 $11.02
Total Capital		 73 70 85 142 181 286 297 266 297 557 543
Total Debt		 0.00 0.00 0.00 50 49 0.00 0.00 0.00 0.00 37 0.00
Total Long-Term Debt		 0.00 0.00 0.00 49 47 0.00 0.00 0.00 0.00 37 0.00
Net Debt		 -57 -53 -68 -52 -2.20 -175 -122 -160 -212 -241 -328
Capital Expenditures (CapEx)		 11 15 13 14 29 45 33 21 14 7.19 6.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12 -15 -16 -9.71 -23 -19 -16 -20 -9.11 -6.13 -4.76
Debt-free Net Working Capital (DFNWC)		 11 11 30 81 16 150 106 140 203 272 246
Net Working Capital (NWC)		 11 11 30 80 14 150 106 140 203 272 246
Net Nonoperating Expense (NNE)		 5.17 2.38 -0.44 -0.72 12 -151 -8.07 17 -2.38 -20 -7.17
Net Nonoperating Obligations (NNO)		 -57 -53 -68 -52 -2.20 -175 -122 -160 -212 -241 -328
Total Depreciation and Amortization (D&A)		 6.56 10 13 15 26 29 32 34 29 20 36
Debt-free, Cash-free Net Working Capital to Revenue		 -15.60% -14.50% -11.11% -5.11% -9.04% -6.12% -4.59% -4.23% -1.47% -0.77% -0.50%
Debt-free Net Working Capital to Revenue		 14.14% 10.28% 20.81% 42.61% 6.07% 48.23% 29.48% 29.69% 32.65% 34.26% 25.92%
Net Working Capital to Revenue		 14.14% 10.28% 20.81% 41.98% 5.60% 48.23% 29.48% 29.69% 32.65% 34.26% 25.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.73) ($0.25) $0.29 $0.59 $1.07 $4.62 $0.03 ($1.95) $0.08 $5.63 $3.91
Adjusted Weighted Average Basic Shares Outstanding		 33.57M 33.74M 33.85M 34.13M 34.02M 34.26M 34.58M 35.01M 35.63M 36.25M 36.01M
Adjusted Diluted Earnings per Share		 ($0.73) ($0.25) $0.28 $0.56 $1.02 $4.44 $0.03 ($1.95) $0.07 $5.55 $3.88
Adjusted Weighted Average Diluted Shares Outstanding		 33.57M 33.74M 35.15M 35.56M 35.57M 35.71M 35.70M 35.01M 36.42M 36.78M 36.33M
Adjusted Basic & Diluted Earnings per Share		 ($0.73) ($0.25) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.34M 33.56M 34.07M 33.91M 34.16M 34.40M 34.84M 35.40M 35.87M 36.40M 35.99M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -5.90 9.28 19 4.52 7.87 -7.04 -51 0.67 95 134
Normalized NOPAT Margin		 -14.01% -5.58% 6.45% 10.13% 1.77% 2.54% -1.96% -10.74% 0.11% 11.96% 14.07%
Pre Tax Income Margin		 -20.80% -7.78% 6.80% 10.73% 1.88% 63.48% 0.48% -14.14% 1.29% 18.93% 16.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -25.21 0.00 0.00 0.00 3.92 107.45 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -17.65 0.00 0.00 0.00 29.39 4.26 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -44.32 0.00 0.00 0.00 -13.67 83.07 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -36.76 0.00 0.00 0.00 11.80 -20.12 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -26.89% 0.00% 0.00% 107.99% 0.00% 2.65% 0.00% 0.00% 0.00% 0.00% 103.41%

Quarterly Metrics And Ratios for AppFolio

This table displays calculated financial ratios and metrics derived from AppFolio's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 35,989,928.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 35,989,928.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 32.27% 38.51% 37.71% 34.20% 24.36% 18.53% 16.15% 19.35% 21.20% 21.86% 20.45%
EBITDA Growth		 51.04% 407.37% 306.82% 578.60% 554.79% -17.77% 2.34% 13.37% -12.24% 63.49% 38.67%
EBIT Growth		 91.22% 244.51% 228.59% 5,015.14% 13,570.89% -17.07% -0.74% 12.42% -17.68% 84.20% 51.65%
NOPAT Growth		 78.01% 297.87% 291.39% 57.05% 2,605.81% 214.30% -18.93% 28.38% 6.43% -56.11% 40.70%
Net Income Growth		 735.39% 253.64% 210.12% 256.95% 24.81% 239.41% -18.83% 21.29% 1.94% -61.15% 35.18%
EPS Growth		 700.00% 255.36% 206.06% 252.83% 25.00% 220.69% -18.10% 22.22% 3.33% -60.57% 37.21%
Operating Cash Flow Growth		 129.69% 412.79% 2,630.71% 651.13% 57.17% 17.26% -10.45% 3.49% 48.88% 77.73% -10.83%
Free Cash Flow Firm Growth		 -48.04% -14.38% -53.65% -102.00% 31.45% -323.23% -1,204.34% -12,000.05% -645.18% 194.39% 140.17%
Invested Capital Growth		 -18.64% -18.84% 33.59% 45.33% 14.52% 225.34% 162.64% 178.69% 172.14% -10.33% -4.14%
Revenue Q/Q Growth		 12.49% 3.86% 9.08% 5.31% 4.23% -1.01% 6.89% 8.21% 5.85% -0.47% 5.65%
EBITDA Q/Q Growth		 19.43% 393.85% 10.96% 3.69% 15.24% -37.98% 48.70% 14.41% -11.69% 19.52% 14.83%
EBIT Q/Q Growth		 56.89% 9,126.90% 19.51% 5.69% 18.15% -44.43% 43.05% 19.69% -13.48% 24.35% 17.77%
NOPAT Q/Q Growth		 -106.99% 2,395.92% 28.62% -23.88% 11.48% 187.98% -66.82% 20.53% -7.57% 18.76% 6.35%
Net Income Q/Q Growth		 239.91% 14.46% 27.74% -23.27% 11.26% 211.26% -69.45% 14.65% -6.49% 18.63% 6.29%
EPS Q/Q Growth		 235.85% 20.83% 20.69% -22.86% 11.11% 210.00% -69.18% 15.12% -6.06% 18.28% 7.27%
Operating Cash Flow Q/Q Growth		 498.23% -15.16% 37.75% 18.43% 13.57% -36.70% 5.19% 36.86% 63.38% -24.44% -47.23%
Free Cash Flow Firm Q/Q Growth		 -71.14% 214.87% -75.83% -109.09% 2,001.05% -634.72% -19.57% 0.45% 14.35% 158.09% -18.89%
Invested Capital Q/Q Growth		 14.76% 20.35% 11.77% -5.86% -9.57% 241.91% -9.77% -0.10% -11.70% -3.32% 12.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 4.34% 20.62% 20.97% 20.65% 22.83% 14.30% 19.90% 21.04% 17.55% 21.08% 22.91%
Operating Margin		 -0.04% 16.43% 18.19% 18.25% 20.69% 11.27% 15.52% 17.20% 14.05% 17.56% 19.35%
EBIT Margin		 -0.19% 16.60% 18.19% 18.25% 20.69% 11.61% 15.54% 17.19% 14.05% 17.56% 19.57%
Profit (Net Income) Margin		 15.98% 17.62% 20.63% 15.03% 16.04% 50.44% 14.42% 15.27% 13.49% 16.08% 16.18%
Tax Burden Percent		 1,796.54% 97.86% 104.26% 75.09% 70.86% 378.34% 85.30% 85.73% 91.60% 87.49% 79.89%
Interest Burden Percent		 -465.82% 108.43% 108.78% 109.65% 109.43% 114.79% 108.73% 103.62% 104.82% 104.70% 103.48%
Effective Tax Rate		 -1,696.54% 2.14% -4.26% 24.91% 29.14% -278.34% 14.70% 14.27% 8.40% 12.51% 20.11%
Return on Invested Capital (ROIC)		 -5.26% 104.44% 152.29% 130.18% 146.50% 186.04% 62.90% 74.57% 76.98% 64.44% 62.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 -19.96% 103.02% 150.78% 129.01% 145.41% 179.03% 61.77% 74.06% 76.47% 63.85% 61.68%
Return on Net Nonoperating Assets (RNNOA)		 14.04% -68.05% -107.27% -96.17% -112.56% -99.20% -35.02% -43.51% -51.04% -36.59% -29.12%
Return on Equity (ROE)		 8.79% 36.39% 45.02% 34.01% 33.94% 86.84% 27.88% 31.06% 25.93% 27.85% 33.42%
Cash Return on Invested Capital (CROIC)		 -21.15% 21.14% 51.40% 111.36% 144.21% -4.82% 12.62% 14.81% 32.16% 69.90% 63.35%
Operating Return on Assets (OROA)		 -0.29% 26.07% 30.19% 31.73% 34.98% 17.82% 25.54% 28.34% 21.89% 25.38% 34.02%
Return on Assets (ROA)		 23.98% 27.67% 34.24% 26.13% 27.12% 77.37% 23.69% 25.18% 21.02% 23.24% 28.12%
Return on Common Equity (ROCE)		 8.79% 36.39% 45.02% 34.01% 33.94% 86.84% 27.88% 31.06% 25.93% 27.85% 33.42%
Return on Equity Simple (ROE_SIMPLE)		 -18.00% 0.00% 22.55% 33.67% 31.88% 0.00% 42.58% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.20 28 36 27 30 87 29 35 32 38 41
NOPAT Margin		 -0.73% 16.08% 18.96% 13.71% 14.66% 42.65% 13.24% 14.74% 12.87% 15.36% 15.46%
Net Nonoperating Expense Percent (NNEP)		 14.71% 1.42% 1.51% 1.17% 1.09% 7.02% 1.13% 0.51% 0.51% 0.59% 0.85%
Return On Investment Capital (ROIC_SIMPLE)		 - 9.30% - - - 15.60% 6.24% 7.62% 6.43% 7.03% 8.62%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 14.45% 11.08% 11.27% 10.26% 10.28% 11.51% 10.73% 9.31% 11.01% 9.21% 9.28%
R&D to Revenue		 25.14% 20.28% 20.22% 20.02% 19.76% 20.77% 20.10% 19.81% 21.67% 18.51% 18.93%
Operating Expenses to Revenue		 100.04% 83.57% 81.81% 81.75% 79.31% 88.73% 84.48% 82.80% 85.95% 82.44% 80.65%
Earnings before Interest and Taxes (EBIT)		 -0.32 29 34 36 43 24 34 41 35 44 51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.17 35 39 41 47 29 43 50 44 52 60
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 24.78 20.84 26.01 23.85 20.68 17.26 17.32 18.21 19.81 15.40 12.08
Price to Tangible Book Value (P/TBV)		 36.25 28.51 33.40 29.72 25.08 25.01 26.20 27.39 28.29 21.10 17.42
Price to Revenue (P/Rev)		 11.37 9.99 13.14 12.27 11.20 11.29 9.71 9.62 10.91 8.79 5.71
Price to Earnings (P/E)		 0.00 2,292.90 115.38 70.83 64.88 43.93 40.68 40.85 48.51 59.30 37.38
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.04% 0.87% 1.41% 1.54% 2.28% 2.46% 2.45% 2.06% 1.69% 2.68%
Enterprise Value to Invested Capital (EV/IC)		 88.83 69.90 89.68 95.20 100.75 31.32 31.02 32.23 43.33 37.46 22.63
Enterprise Value to Revenue (EV/Rev)		 11.03 9.64 12.77 11.88 10.77 10.98 9.45 9.38 10.60 8.44 5.48
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 202.17 97.61 69.91 50.52 55.86 49.60 49.65 61.23 42.49 26.50
Enterprise Value to EBIT (EV/EBIT)		 0.00 6,194.33 139.37 87.21 58.12 63.98 57.28 57.57 72.21 52.49 31.98
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 18,390.22 127.95 76.04 68.19 47.37 43.91 43.45 50.84 60.03 37.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 179.59 99.26 84.40 53.01 44.90 46.36 42.44 43.64 44.96 33.16 22.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 296.25 199.54 101.28 74.59 0.00 356.06 320.40 197.09 50.67 34.96
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.70 -0.66 -0.71 -0.75 -0.77 -0.55 -0.57 -0.59 -0.67 -0.57 -0.47
Leverage Ratio		 1.43 1.40 1.40 1.39 1.34 1.27 1.25 1.27 1.28 1.24 1.23
Compound Leverage Factor		 -6.65 1.52 1.52 1.52 1.46 1.46 1.36 1.31 1.34 1.30 1.27
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 6.73% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 6.73% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 93.27% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.24 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -1.54 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.24 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.20 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -1.31 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.20 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 35.93 35.95 56.04 52.17 49.36 52.65 49.72 47.45 44.71 37.15 34.41
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.24 3.90 5.47 5.51 6.20 5.30 4.64 2.92 3.01 3.31 3.52
Quick Ratio		 2.86 3.33 4.81 4.85 5.60 4.78 4.07 2.37 2.33 2.70 2.70
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 15 48 11 -1.04 20 -106 -127 -126 -108 63 51
Operating Cash Flow to CapEx		 734.55% 686.85% 1,687.78% 3,527.67% 2,968.65% 2,918.28% 4,441.69% 4,712.89% 3,785.52% 2,777.35% 2,234.40%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.50 1.57 1.66 1.74 1.69 1.53 1.64 1.65 1.56 1.45 1.74
Accounts Receivable Turnover		 32.50 33.35 30.82 31.58 33.19 35.25 30.74 29.63 30.25 31.06 27.87
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 20.91 22.78 25.11 27.08 28.98 30.06 32.26 34.97 37.47 39.86 43.41
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 11.23 10.95 11.84 11.56 11.00 10.35 11.87 12.32 12.07 11.75 13.10
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 11.23 10.95 11.84 11.56 11.00 10.35 11.87 12.32 12.07 11.75 13.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 71 86 96 90 81 279 251 251 222 214 241
Invested Capital Turnover		 7.22 6.49 8.03 9.50 9.99 4.36 4.75 5.06 5.98 4.19 4.04
Increase / (Decrease) in Invested Capital		 -16 -20 24 28 10 193 156 161 140 -25 -10
Enterprise Value (EV)		 6,318 5,984 8,580 8,575 8,207 8,723 7,795 8,092 9,606 8,029 5,451
Market Capitalization		 6,510 6,195 8,824 8,857 8,539 8,964 8,005 8,297 9,883 8,357 5,680
Book Value per Share		 $7.37 $8.31 $9.40 $10.26 $11.38 $14.29 $12.69 $12.65 $13.91 $15.10 $13.07
Tangible Book Value per Share		 $5.04 $6.08 $7.32 $8.23 $9.39 $9.86 $8.39 $8.41 $9.75 $11.02 $9.06
Total Capital		 263 297 339 371 413 557 462 456 499 543 470
Total Debt		 0.00 0.00 0.00 0.00 0.00 37 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 37 0.00 0.00 0.00 0.00 0.00
Net Debt		 -192 -212 -244 -281 -331 -241 -211 -205 -277 -328 -229
Capital Expenditures (CapEx)		 5.00 4.54 2.55 1.44 1.95 1.25 0.87 1.12 2.27 2.34 1.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -26 -9.11 7.10 4.12 0.08 -6.13 2.59 1.98 2.18 -4.76 31
Debt-free Net Working Capital (DFNWC)		 166 203 251 285 331 272 213 130 202 246 183
Net Working Capital (NWC)		 166 203 251 285 331 272 213 130 202 246 183
Net Nonoperating Expense (NNE)		 -28 -2.63 -3.12 -2.61 -2.84 -16 -2.57 -1.25 -1.54 -1.79 -1.88
Net Nonoperating Obligations (NNO)		 -192 -212 -244 -281 -331 -241 -211 -205 -277 -328 -229
Total Depreciation and Amortization (D&A)		 7.49 6.90 5.22 4.73 4.40 5.48 9.48 9.06 8.72 8.73 8.75
Debt-free, Cash-free Net Working Capital to Revenue		 -4.50% -1.47% 1.06% 0.57% 0.01% -0.77% 0.31% 0.23% 0.24% -0.50% 3.11%
Debt-free Net Working Capital to Revenue		 28.94% 32.65% 37.31% 39.53% 43.48% 34.26% 25.88% 15.02% 22.33% 25.92% 18.34%
Net Working Capital to Revenue		 28.94% 32.65% 37.31% 39.53% 43.48% 34.26% 25.88% 15.02% 22.33% 25.92% 18.34%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.74 $0.86 $1.07 $0.82 $0.91 $2.83 $0.86 $1.00 $0.94 $1.11 $1.19
Adjusted Weighted Average Basic Shares Outstanding		 35.69M 35.63M 36.09M 36.24M 36.31M 36.25M 36.30M 35.92M 35.89M 36.01M 35.70M
Adjusted Diluted Earnings per Share		 $0.72 $0.87 $1.05 $0.81 $0.90 $2.79 $0.86 $0.99 $0.93 $1.10 $1.18
Adjusted Weighted Average Diluted Shares Outstanding		 36.48M 36.42M 36.67M 36.74M 36.76M 36.78M 36.65M 36.20M 36.26M 36.33M 35.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.76M 35.87M 36.21M 36.27M 36.33M 36.40M 36.03M 35.85M 35.92M 35.99M 35.36M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.05 28 24 27 30 16 29 35 32 38 41
Normalized NOPAT Margin		 -0.03% 16.08% 12.73% 13.71% 14.66% 7.89% 13.24% 14.74% 12.87% 15.36% 15.46%
Pre Tax Income Margin		 0.89% 18.00% 19.78% 20.01% 22.64% 13.33% 16.90% 17.81% 14.73% 18.38% 20.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 103.41% 115.14%

Financials Breakdown Chart

Key Financial Trends

Here are the most important trends for APPF over the last four years, based on quarterly cash flow, income statement, and balance sheet data provided.

  • Revenue growth and gross margin expansion: Operating revenue rose from about $124.1M in 2022 Q4 to $171.8M (2023 Q4), $203.7M (2024 Q4), and $248.2M (2025 Q4), with gross profit tracking this growth (roughly $124.1M in 2022 Q4 to $171.8M in 2023 Q4, $203.7M in 2024 Q4, and $248.2M in 2025 Q4).
  • Improving operating profitability: Total Operating Income swung from a negative in 2022 Q4 (about -$19.95M) to positive levels in 2023 Q4 (~$28.24M), then to about $22.96M in 2024 Q4 and $43.58M in 2025 Q4, indicating stronger profitability trends over time.
  • Strong operating cash flow: Net cash from continuing operating activities grew from about $6.08M in 2022 Q4 to roughly $64.99M in 2025 Q4, signaling robust cash generation from core operations.
  • Cash and liquidity improving alongside equity growth: Cash and equivalents rose to about $76.1M by 2025 Q3 (versus roughly $57M in 2024 Q4), and total equity (Total Common Equity) climbed to about $498.9M in 2025 Q3, supporting a stronger balance sheet and liquidity foundation.
  • Net income volatility but generally positive in recent years: Net income moved from negative in 2022 to positive in 2023–2025, though quarterly results fluctuate (e.g., 2025 Q4 net income of ~$39.9M versus 2024 Q4 of ~$102.7M).
  • Asset mix includes sizable goodwill and intangibles: Balance sheets show meaningful goodwill and intangible assets, along with significant noncurrent assets, which can influence future depreciation/amortization and impairment considerations.
  • Operating expense structure remains high versus revenue in some quarters: Marketing and RD expenses, along with other operating costs, constitute a notable portion of revenue, impacting margins in several periods.
  • Significant quarterly earnings swing in 2025: 2025 Q4 net income dropped notably from 2024 Q4 (about $39.9M vs $102.7M), raising questions about drivers behind the year-end swing.
  • Investing cash flow remains negative due to securities and capex: Net cash from investing activities has been negative in multiple quarters (e.g., heavy purchases of investments and PP&E), which reduces cash despite strong operating cash flow.
  • Stock repurchases affecting cash and liquidity: Financing activities include sizable repurchases of common equity in early 2025 (e.g., Q1 2025: ~-$95.8M), which reduces cash and may impact balance-sheet flexibility.
05/06/26 08:06 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About AppFolio's Financials

When does AppFolio's financial year end?

According to the most recent income statement we have on file, AppFolio's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has AppFolio's net income changed over the last 10 years?

AppFolio's net income appears to be on an upward trend, with a most recent value of $140.92 million in 2025, falling from -$15.67 million in 2015. The previous period was $204.07 million in 2024. See where experts think AppFolio is headed by visiting AppFolio's forecast page.

What is AppFolio's operating income?
AppFolio's total operating income in 2025 was $152.92 million, based on the following breakdown:
  • Total Gross Profit: $950.82 million
  • Total Operating Expenses: $797.91 million
How has AppFolio's revenue changed over the last 10 years?

Over the last 10 years, AppFolio's total revenue changed from $74.98 million in 2015 to $950.82 million in 2025, a change of 1,168.2%.

How much debt does AppFolio have?

AppFolio's total liabilities were at $146.39 million at the end of 2025, a 36.3% increase from 2024, and a 723.1% increase since 2015.

How much cash does AppFolio have?

In the past 10 years, AppFolio's cash and equivalents has ranged from $10.70 million in 2016 to $140.26 million in 2020, and is currently $106.97 million as of their latest financial filing in 2025.

How has AppFolio's book value per share changed over the last 10 years?

Over the last 10 years, AppFolio's book value per share changed from 2.17 in 2015 to 15.10 in 2025, a change of 596.6%.


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Financial statements for NASDAQ:APPF last updated on 4/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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