AppFolio, Inc. APPF

Information TechnologySoftware & IT ServicesUnited States of America

Last close 213.25 USD on Nov 1, 2026, −8.3% year to date

Quant rating

Quant rating B Rank 132 of 389 in Information Technology

Growth B 64 of 389
Valuation C 196 of 389
Quality A 8 of 389
Revisions D 325 of 389
Momentum B 146 of 389

Wall Street consensus Buy (2.00)Average target 242.11 USD +13.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.6B
Enterprise value: 7.3B
52-week range: 142.69 – 264.56
3-year range: 142.69 – 321.25
Dividend yield: –
Beta (5 years): 0.88
Shares outstanding: 35.5M
Next earnings: Jan 27, 2027

About the company

AppFolio, Inc. is a technology company focusing on the real estate industry. It provides a cloud-based platform on which its customers operate their businesses. It also provides key functionality related to critical transactions across the real estate lifecycle, including screening potential residents, sending and receiving payments, and providing insurance-related risk mitigation services. Its platform is AppFolio Realm, a suite of AI-powered tools that assist with leasing, maintenance, accounting, and other business-critical tasks. AppFolio Realm includes generative AI to answer questions, perform tasks and automate common workflows. The platform also includes Stack, its partner ecosystem that allows customers to connect its platform with specialized technology and services offered by third parties. Its platform is offered as a service and made available via three subscription plans: AppFolio Property Manager Core, AppFolio Property Manager Plus, and AppFolio Property Manager Max.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	951	794	620	472	359	–
Revenue growth	19.7%	28.0%	31.5%	31.3%	15.9%	25.1%
EPS (basic, normalized)	5.29	4.37	1.71	−0.02	0.03	–
EPS growth	21.1%	155.6%	–	–	–	–
Gross margin	63.7%	64.5%	61.6%	59.3%	59.9%	61.8%
Net margin	14.8%	25.7%	0.4%	−14.4%	0.3%	5.4%
ROE	26.5%	50.0%	1.0%	−24.2%	0.4%	10.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	307
Current ratio	4.00x
Long-term debt (mil)	0
Net debt (mil)	−307
Total equity (mil)	583
Net debt / equity	−0.53x
Net debt / EBITDA	−1.25x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	951	+19.7%	7.6x	246	+12.6%	29.4x	5.29	+21.1%	40.3x
2026	1,126	+18.4%	6.4x	316	+28.3%	23.0x	6.85	+29.5%	31.1x
2027	1,318	+17.0%	5.5x	392	+24.1%	18.5x	8.32	+21.4%	25.6x
2028	1,530	+16.1%	4.7x	476	+21.4%	15.2x	10.14	+22.0%	21.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,126	+0.2%	+0.2%	+0.5%	6.85	−0.6%	−0.6%	+0.7%
2027	1,318	−0.1%	0.0%	+0.7%	8.32	−1.3%	−1.2%	+1.1%
2028	1,530	−0.8%	−0.8%	+0.4%	10.14	−2.3%	−3.2%	+5.6%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	187	197	206	204	218	236	249	248	262	281
Sales mean (mil)	179	191	199	200	220	231	245	247	258	277
Surprise	+4.9%	+3.6%	+3.3%	+1.8%	−1.2%	+1.9%	+1.6%	+0.7%	+1.6%	+1.4%
EPS reported	1.06	1.12	1.29	0.92	1.21	1.38	1.31	1.39	1.61	1.71
EPS mean	0.89	0.96	1.03	0.94	1.22	1.28	1.45	1.25	1.47	1.69
Surprise	+18.7%	+17.0%	+24.9%	−2.3%	−1.2%	+7.5%	−9.7%	+10.8%	+9.2%	+1.2%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
APPF AppFolio, Inc.	7.6B	−1.25x	14.8%	12.98x	31.1x	25.6x	23.0x	18.5x
RNG RingCentral, Inc.	6.9B	1.70x	1.7%	36.76x	16.0x	14.7x	10.8x	10.2x
Mean		0.22x	8.3%	24.87x	23.5x	20.2x	16.9x	14.3x
Median		0.22x	8.3%	24.87x	23.5x	20.2x	16.9x	14.3x

Technical analysis

1M+7.8%
3M+19.6%
1Y−12.7%
3Y+13.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AppFolio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	951	794	620	472	359	310
Cost of revenue	345	282	238	192	144	119
Gross profit	605	512	382	280	215	191
Selling, general & administrative expenses	228	187	187	178	130	106
Research & development	190	160	151	111	66.0	48.5
Depreciation/amortization	22.7	19.5	29.0	33.1	30.8	26.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	4.3	22.0	–	–
Other operating expenses	11.1	10.0	9.5	8.1	0	0
Operating income	153	136	1.0	−72.4	−11.9	9.8
Net interest income (expense)	8.2	14.0	7.0	1.2	0.5	−1.8
Gain (loss) on sale of assets	–	–	–	4.2	188	188
Other non-operating income (expense)	0	0.7	0	0.3	−175	1.2
Net income before taxes	161	150	8.0	−66.7	1.7	197
Provision for taxes	20.2	−53.7	5.3	1.4	0.7	38.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	141	204	2.7	−68.1	1.0	158
Extraordinary items	–	–	–	–	–	–
Net income	141	204	2.7	−68.1	1.0	158
EBIT, normalized	153	136	5.3	−50.4	−11.9	9.8
EBITDA, normalized	176	155	34.3	−17.3	19.0	36.6
Basic EPS, normalized	5.29	4.37	1.71	−0.02	0.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AppFolio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	251	278	212	160	122	169
Receivables	64.0	24.3	20.7	16.5	12.6	10.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	26.7	32.6	39.9	24.9	18.7	16.8
Other current assets	11.4	0.2	0	0	4.9	4.0
Total current assets	353	335	272	201	159	199
Property, plant & equipment	39.2	42.0	47.6	49.6	72.2	57.0
Goodwill	96.4	96.4	56.1	56.1	56.1	56.1
Intangibles	50.1	64.5	23.9	40.1	52.9	51.8
Long-term investments	77.0	–	0	25.2	61.1	6.8
Note receivable	–	–	–	–	–	–
Other long-term assets	72.9	88.4	8.9	8.8	7.1	18.4
Total assets	689	627	409	381	408	389
Liabilities
Accounts payable	4.1	2.4	1.1	2.5	1.7	1.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	85.5	49.1	60.9	53.3	45.2	34.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	17.2	11.8	7.7	5.5	5.7	14.0
Total current liabilities	107	63.3	69.8	61.3	52.6	49.8
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	39.5	44.1	41.8	54.3	58.0	53.8
Total liabilities	146	107	112	116	111	104
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	284	255	237	210	172	161
Retained earnings (accumulated deficit)	431	290	86.0	83.3	151	150
Treasury stock	−172	−25.8	−25.8	−25.8	−25.8	−25.8
Other equity	0	0.2	0.1	−1.7	−0.2	0.1
Total equity	543	519	297	266	297	286
Total liabilities & shareholders' equity	689	627	409	381	408	389

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AppFolio, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	141	204	2.7	−68.1	1.0	158
Depreciation, depletion & amortization	22.7	17.8	26.5	30.8	29.0	26.8
Deferred taxes	18.1	−76.9	–	−1.0	0.2	29.0
Non-cash items	82.0	55.9	49.1	64.4	7.5	−175
Changes in working capital	−21.6	−12.7	−18.0	−0.8	−2.4	8.9
Cash from operations	242	188	60.3	25.4	35.4	48.3
Investing activities
Capital expenditures	−6.6	−7.2	−13.9	−21.2	−32.7	−45.1
Other investing cash flows	16.8	−145	−41.7	14.8	−77.7	192
Cash from investing	10.2	−152	−55.6	−6.5	−110	147
Financing activities
Financing cash flow items	−43.2	−47.3	−28.6	−10.6	−10.0	−18.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−145	3.9	2.6	4.5	2.6	−52.2
Cash from financing	−188	−43.4	−26.0	−6.2	−7.3	−70.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	64.5	−7.0	−21.3	12.7	−82.4	124
Free cash flow	236	181	46.4	4.1	2.7	3.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.