Detailed financial statements for AppFolio Inc. (APPF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
AppFolio Inc. reported revenue of $950.8M in the most recent fiscal year, growing at a 5-year CAGR of 25.1%. Net income reached $140.9M, with a -2.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.3%, operating margin 18.8%, net margin 15.6%. Free cash flow grew at 136.7% CAGR over 5 years.
At $213.25 (closing price, October 30, 2026), APPF trades at a P/E of 44.99 and an ROE of 32.03%. Market capitalisation stands at $7.6B.
Balance sheet quality for APPF: current ratio of 3.2, net cash position of $180.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $238.9M represents 170% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $105.6M | $143.8M | $190.1M | $256.0M | $310.1M | $359.4M | $471.9M | $620.4M | $794.2M | $950.8M |
| Cost of Revenue | $44.6M | $55.3M | $73.5M | $101.6M | $119.0M | $143.9M | $191.8M | $238.1M | $301.6M | $368.0M |
| Gross Profit | $61.0M | $88.5M | $116.5M | $154.4M | $191.0M | $215.4M | $280.1M | $382.4M | $492.6M | $582.8M |
| Research & Development | $12.6M | $16.6M | $24.1M | $39.5M | $48.5M | $66.0M | $111.1M | $151.4M | $160.4M | $190.4M |
| Selling, General & Admin | $46.8M | $49.9M | $58.2M | $86.0M | $105.9M | $130.5M | $208.2M | $201.1M | $196.6M | $239.5M |
| Operating Expenses | $69.4M | $79.2M | $96.9M | $147.9M | $181.2M | $227.3M | $352.4M | $381.4M | $356.9M | $429.9M |
| Operating Income | -$8.4M | $9.3M | $19.7M | $6.5M | $9.8M | -$11.9M | -$72.4M | $963,000 | $135.6M | $152.9M |
| EBITDA | $1.5M | $22.0M | $34.2M | $32.2M | $227.9M | $34.0M | -$30.4M | $36.6M | $171.9M | $186.0M |
| Interest Expense | $246,000 | $535,000 | 0 | $1.7M | $1.8M | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$8.2M | $9.8M | $20.4M | $4.8M | $196.8M | $1.7M | -$66.7M | $8.0M | $150.3M | $161.1M |
| Income Tax | $67,000 | $58,000 | $420,000 | -$31.5M | $38.4M | $706,000 | $1.4M | $5.3M | -$53.7M | $20.2M |
| Net Income | -$8.3M | $9.7M | $20.0M | $36.3M | $158.4M | $1.0M | -$68.1M | $2.7M | $204.1M | $140.9M |
| EPS | $-0.25 | $0.29 | $0.59 | $1.07 | $4.62 | $0.03 | $-1.95 | $0.08 | $5.63 | $3.91 |
| EPS (Diluted) | $-0.25 | $0.28 | $0.56 | $1.02 | $4.44 | $0.03 | $-1.95 | $0.07 | $5.55 | $3.88 |
| Shares Outstanding (Diluted) | 33.6 M | 35.2 M | 35.6 M | 35.6 M | 35.7 M | 35.7 M | 35.0 M | 36.4 M | 36.8 M | 36.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $248.2M | $262.2M | $281.1M | $295.7M |
| Gross Profit | $152.5M | $167.2M | $178.5M | $190.1M |
| Operating Income | $43.6M | $50.7M | $53.0M | $57.4M |
| EBITDA | $51.4M | $58.7M | $56.2M | $64.6M |
| Net Income | $39.9M | $42.4M | $41.5M | $46.0M |
| EPS | $1.11 | $1.19 | $1.17 | $1.30 |
| EPS (Diluted) | $1.10 | $1.18 | $1.17 | $1.29 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.7M | $16.1M | $74.1M | $15.8M | $140.3M | $57.8M | $70.8M | $49.5M | $42.8M | $107.2M |
| Short-term Investments | $15.5M | $29.8M | $16.6M | $22.9M | $28.3M | $64.6M | $89.3M | $162.2M | $235.7M | $144.3M |
| Receivables | $2.5M | $3.4M | $5.5M | $7.6M | $10.1M | $12.6M | $16.5M | $20.7M | $24.3M | $64.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $32.2M | $53.8M | $108.0M | $61.8M | $199.4M | $158.6M | $201.5M | $272.4M | $335.4M | $342.1M |
| Property, Plant & Equipment | $7.1M | $6.7M | $6.9M | $42.5M | $57.0M | $72.2M | $49.6M | $47.6M | $42.0M | $39.2M |
| Goodwill | $6.7M | $6.7M | $15.5M | $58.4M | $56.1M | $56.1M | $56.1M | $56.1M | $96.4M | $96.4M |
| Intangible Assets | $18.6M | $19.3M | $26.4M | $51.4M | $51.8M | $52.9M | $40.1M | $23.9M | $64.5M | $50.1M |
| Total Assets | $92.6M | $110.2M | $175.7M | $260.1M | $389.5M | $408.0M | $381.2M | $408.9M | $626.7M | $722.3M |
| Accounts Payable | $937,000 | $610,000 | $1.5M | $1.9M | $1.0M | $1.7M | $2.5M | $1.1M | $2.4M | $4.1M |
| Short-term Debt | 0 | 0 | $1.2M | $4.0M | $1.8M | $1.9M | $3.4M | $3.6M | $4.3M | $4.9M |
| Total Current Liabilities | $21.4M | $23.9M | $28.2M | $47.5M | $49.8M | $52.6M | $61.3M | $69.8M | $63.3M | $106.8M |
| Long-term Debt | 0 | 0 | $48.6M | $47.4M | 0 | 0 | 0 | 0 | 0 | $33.3M |
| Total Liabilities | $22.9M | $25.2M | $83.9M | $128.2M | $103.6M | $110.6M | $115.7M | $111.6M | $107.4M | $179.7M |
| Retained Earnings | -$77.0M | -$67.2M | -$44.3M | -$8.0M | $150.4M | $151.4M | $83.3M | $86.0M | $290.0M | $431.0M |
| Total Equity | $69.7M | $85.1M | $91.8M | $131.9M | $285.9M | $297.4M | $265.5M | $297.3M | $519.3M | $542.6M |
| Total Debt | 0 | 0 | $49.8M | $84.7M | $42.0M | $57.6M | $53.6M | $44.7M | $41.7M | $71.4M |
| Net Debt | -$26.2M | -$45.9M | -$40.9M | $46.0M | -$126.5M | -$64.8M | -$106.5M | -$167.0M | -$236.8M | -$180.0M |
| Working Capital | $10.9M | $29.9M | $79.8M | $14.3M | $149.5M | $106.0M | $140.1M | $202.6M | $272.1M | $235.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $76.3M | $107.2M | $147.4M | $217.4M |
| Total Assets | $640.5M | $722.3M | $580.6M | $648.4M |
| Total Liabilities | $141.6M | $179.7M | $110.3M | $122.2M |
| Total Equity | $498.9M | $542.6M | $470.2M | $526.1M |
| Total Debt | $39.2M | $71.4M | $37.0M | $35.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.3M | $9.7M | $20.0M | $36.3M | $158.4M | $1.0M | -$68.1M | $2.7M | $204.1M | $140.9M |
| Depreciation & Amortization | $9.9M | $12.7M | $14.6M | $25.8M | $29.2M | $32.2M | $36.3M | $28.6M | $21.6M | $24.9M |
| Stock-based Compensation | $4.3M | $6.1M | $6.3M | $8.1M | $10.3M | $17.2M | 0 | $54.9M | 0 | $70.8M |
| Change in Working Capital | $5.0M | $739,000 | -$4.8M | $194,000 | $8.9M | -$2.4M | -$765,000 | -$18.0M | -$12.7M | -$17.4M |
| Operating Cash Flow | $11.5M | $29.4M | $36.3M | $38.9M | $48.3M | $35.4M | $25.4M | $60.3M | $188.2M | $242.1M |
| Capital Expenditure | -$15.4M | -$12.7M | -$14.4M | -$29.1M | -$45.1M | -$32.7M | -$6.5M | -$13.9M | -$2.0M | -$3.2M |
| Acquisitions | $11.2M | $10.5M | -$14.4M | -$54.0M | $191.4M | $12.9M | $5.1M | $629,000 | -$77.4M | -$906,000 |
| Stock Repurchased | -$111,000 | -$1.8M | -$21.6M | 0 | -$4.2M | 0 | 0 | 0 | 0 | -$189.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.9M | $16.7M | $21.9M | $9.8M | $3.2M | $2.7M | $18.8M | $46.4M | $186.1M | $238.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $86.0M | $65.0M | $34.3M | $87.6M |
| Capital Expenditure | -$2.3M | -$1.3M | -$231,000 | $3,000 |
| Free Cash Flow | $83.7M | $63.7M | $34.1M | $87.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $20.8M | $15.3M | $18.0M | $20.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +36.2% | +32.2% | +34.7% | +21.1% | +15.9% | +31.3% | +31.5% | +28.0% | +19.7% | |
| Net Income Growth (YoY) | +217.3% | +105.5% | +81.7% | +336.6% | -99.4% | -6,726.4% | +104.0% | +7,452.5% | -30.9% | |
| EPS Growth (YoY) | +216.0% | +103.4% | +81.4% | +331.8% | -99.4% | -6,665.7% | +103.9% | +7,327.4% | -30.6% | |
| Shares Change (YoY) | +4.7% | +1.2% | +0.0% | +0.4% | -0.0% | -1.9% | +4.0% | +1.0% | -1.2% | |
| FCF Growth (YoY) | +527.2% | +30.9% | -55.2% | -67.2% | -17.0% | +604.3% | +146.6% | +301.0% | +28.4% | |
| Gross Margin | 57.7% | 61.6% | 61.3% | 60.3% | 61.6% | 59.9% | 59.3% | 61.6% | 62.0% | 61.3% |
| Operating Margin | -8.0% | 6.5% | 10.3% | 2.5% | 3.2% | -3.3% | -15.3% | 0.2% | 17.1% | 16.1% |
| EBITDA Margin | 1.4% | 15.3% | 18.0% | 12.6% | 73.5% | 9.5% | -6.4% | 5.9% | 21.6% | 19.6% |
| Net Margin | -7.8% | 6.8% | 10.5% | 14.2% | 51.1% | 0.3% | -14.4% | 0.4% | 25.7% | 14.8% |
| FCF Margin | -3.7% | 11.6% | 11.5% | 3.8% | 1.0% | 0.7% | 4.0% | 7.5% | 23.4% | 25.1% |
| Effective Tax Rate | -0.8% | 0.6% | 2.1% | -652.3% | 19.5% | 40.7% | -2.1% | 66.2% | -35.8% | 12.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $0.48 | $0.61 | $0.28 | $0.09 | $0.07 | $0.54 | $1.27 | $5.06 | $6.58 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 33.1 M | 33.8 M | 34.1 M | 34.0 M | 34.3 M | 34.6 M | 35.0 M | 35.6 M | 36.3 M | 36.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 32.03% |
| Return on Invested Capital | 26.63% |
| Return on Assets | 23.73% |
| Gross Margin | 63.32% |
| Operating Margin | 18.83% |
| Net Margin | 15.62% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 4.00 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 31.22 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -95.40 | 143.10 | 100.37 | 102.76 | 38.97 | 4,076.09 | -54.04 | 2,285.49 | 43.82 | 59.50 |
| P/B | 11.34 | 16.51 | 22.00 | 28.34 | 21.58 | 14.08 | 13.89 | 20.76 | 17.22 | 15.44 |
| P/S | 7.48 | 9.77 | 10.63 | 14.61 | 19.90 | 11.65 | 7.82 | 9.95 | 11.26 | 8.81 |
| Gross Margin | 57.7% | 61.6% | 61.3% | 60.3% | 61.6% | 59.9% | 59.3% | 61.6% | 62.0% | 61.3% |
| Operating Margin | -8.0% | 6.5% | 10.3% | 2.5% | 3.2% | -3.3% | -15.3% | 0.2% | 17.1% | 16.1% |
| Net Margin | -7.8% | 6.8% | 10.5% | 14.2% | 51.1% | 0.3% | -14.4% | 0.4% | 25.7% | 14.8% |
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Explore sector: Technology · Software - Application
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