Appfolio IncAppfolio Inc
Appfolio Inc

Appfolio Inc

APPF
Information Technology·Software

AppFolio, Inc., provides industry-specific cloud-based business software solutions, services, and data analytics for the real estate industry. The firm offers AppFolio Property Manager, a property management solution designed to address the operational and business requirements of property management companies and their business ecosystems, and AppFolio Investment Management, a cloud-based software solution for real estate investment managers of various sizes that provides tools and services designed to streamline their real estate investment management businesses. It also provides services that are designed to enhance, automate, and streamline processes and workflows for property management businesses, such as artificial intelligence leasing assistant, tenant screening, electronic payment, utility management, maintenance contact center, tenant debt collection, and mailing services. The company was founded by Brian Donahoo, Klaus Schauser and Jonathan Walker in 2006 and is headquartered in Santa Barbara, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$950.8M+19.7% YoY
Net income
$140.9M−30.9% YoY
Free cash flow
$239M+28.4% YoY

Market

Listed stock
APPFPriceNasdaq
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Financial performance

Revenue
$950.8M+19.7% YoY
Operating income
$152.9M+12.7% YoY
Net income
$140.9M−30.9% YoY
Free cash flow
$239M+28.4% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $359.4M, 2022 $471.9M, 2023 $620.4M, 2024 $794.2M, 2025 $950.8M. Operating income: 2021 $-11.9M, 2022 $-72.4M, 2023 $963K, 2024 $135.6M, 2025 $152.9M. Net income: 2021 $1M, 2022 $-68.1M, 2023 $2.7M, 2024 $204.1M, 2025 $140.9M. Free cash flow: 2021 $27.3M, 2022 $18.8M, 2023 $51.2M, 2024 $186.1M, 2025 $239M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
19.7%−828 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-11.9M, 2022-12-31 $-72.4M, 2023-12-31 $963K, 2024-12-31 $135.6M, 2025-12-31 $152.9M. Net income: 2021-12-31 $1M, 2022-12-31 $-68.1M, 2023-12-31 $2.7M, 2024-12-31 $204.1M, 2025-12-31 $140.9M. Free cash flow: 2021-12-31 $27.3M, 2022-12-31 $18.8M, 2023-12-31 $51.2M, 2024-12-31 $186.1M, 2025-12-31 $239M

Growth heatmap

2022202320242025CAGR
Revenue
+31.3%
+31.5%
+28.0%
+19.7%
+27.5%
Gross profit
-189.0%
-39.2%
-12.9%
-22.0%
No data
Operating income
-509.3%
+101.3%
+13985.6%
+12.7%
No data
Free cash flow
-31.0%
+172.2%
+263.3%
+28.4%
+72.0%

Earnings quality

Operating cash flow
$242.1M+28.7% YoY
Net income
$140.9M−30.9% YoY
Free cash flow
$239M+28.4% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 172%, 2024-12-31 92%, 2023-12-31 2231%, 2022-12-31 -37%, 2021-12-31 3443%. Free cash flow: 2025-12-31 170%, 2024-12-31 91%, 2023-12-31 1896%, 2022-12-31 -28%, 2021-12-31 2654%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
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No data
EV / EBITDA
No data
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Free cash flow yield
No data
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