APPFNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
APPFOLIO INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$211.91−0.22 (-0.10%)
Close on Oct 19, 2026
- Market cap
- $7.51B
- P/E (TTM)
- 48.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
63.7%+2.1 pts over 5 years
Operating margin
16.1%+12.9 pts over 5 years
Net margin
14.8%−36.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.7% | +26.3% | +25.1% | +28.9% | |
| Gross profit | +18.2% | +29.3% | +26.0% | +30.9% | |
| Operating income | +12.7% | – | +73.3% | – | |
| Net income | -30.9% | – | -2.3% | – | |
| EPS, diluted | -30.1% | – | -2.7% | – | |
| Free cash flow | +28.4% | +133.3% | +52.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -11.6% | 75.8% | 26.5% | |
| Return on assets | -9.0% | 48.8% | 21.4% | |
| Current ratio | 1.51 | 4.00 | 3.31 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | – | – | |
| Capex to revenue | 4.0% | 6.1% | 0.3% | |
| Diluted shares | 34M | 36M | 36M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Appfolio generated $551.30M from operations and spent $174.58M on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$551.30M
Used
$174.58M
Capital expenditure$28.86M17%Dividends$00%Share buybacks$145.72M83%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.8%
×Asset turnover1.45×
×Equity multiplier1.24×
=Return on equity, FY202526.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.8% | 1.45× | 1.24× | 26.5% |
| FY2024 | 25.7% | 1.53× | 1.27× | 50.0% |
| FY2023 | 0.4% | 1.57× | 1.40× | 1.0% |
| FY2022 | -14.4% | 1.20× | 1.40× | -24.2% |
| FY2021 | 0.3% | 0.90× | 1.37× | 0.4% |
| FY2020 | 51.1% | 0.95× | 1.55× | 75.8% |
| FY2019 | 14.2% | 1.17× | 1.95× | 32.4% |
| FY2018 | 10.5% | 1.33× | 1.62× | 22.6% |
| FY2017 | 6.8% | 1.42× | 1.31× | 12.6% |
| FY2016 | -7.8% | 1.15× | 1.29× | -11.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$140.92M
- Cash generatingOperating cash flow above zero$242.11M
- Return on assets improvedROA up on the prior year49.9% → 22.5%
- Earnings backed by cashOperating cash flow above net income$242.11M vs $140.92M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.30 → 3.31
- No dilutionShare count did not rise37M → 36M
- Gross margin improvedGross margin up on the prior year64.48% → 63.68%
- More efficientAsset turnover rose1.94 → 1.52