AppFolio, Inc.APPF
NasdaqGM•Technology•Software - Application
AppFolio, Inc., together with its subsidiaries, provides cloud-based platform for the real estate industry in the United States. The company provides a cloud-based platform that assist with accounting, reporting, marketing, leasing, maintenance, workflow automation, and communication services. It offers AppFolio Property Manager Core, a platform that provides the accounting functionalities for small property management companies, as well as serves as a system of record; AppFolio Property Manager Plus, which offers affordable housing and student housing, advanced accounting, advanced data analysis, and read-only API access services; and AppFolio Property Manager Max that provides customer relationship management tools and full database access through a read and write application programming interface services. The company also provides value-added services, such as electronic payment, tenant screening, maintenance, business optimization, resident, and risk mitigation services. It serves property managers, property investors, potential residents, residents, and vendors. AppFolio, Inc. was incorporated in 2006 and is headquartered in Santa Barbara, California.
AppFolio, Inc. (APPF) reported trailing twelve months revenue of $995.33M as of March 2026, a 20.7% increase year-over-year. Quarterly revenue reached $262.21M, reflecting continued top-line momentum.
AppFolio, Inc. generated $151.96M in TTM net income, with quarterly EBITDA of $55.77M. The operating margin expanded from 15.5% to 19.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.4%) and net margin (16.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.4% a year ago, signaling stronger bottom-line efficiency.
APPF trades at a P/E of 37.2x (a premium multiple) and a P/S of 5.7x. The price-to-book ratio of 12.0x indicates a significant premium over book value.
The company generated $34.07M in free cash flow over the trailing twelve months, a 10.9% decrease year-over-year, indicating cash generation ability. The balance sheet shows $580.56M in total assets with no in long-term debt against $470.23M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~16.7%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 36.4% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~37.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.0% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.