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Cloud software that property managers use to run leasing, rent collection, maintenance and accounting.
Cloud software that property managers use to run leasing, rent collection, maintenance and accounting.
Customers pay a monthly fee per managed unit, but faster-growing income comes from value-added services such as online rent payments, tenant screening and renters' insurance, where AppFolio takes a cut of each transaction. Growth depends on managers adding units and taking more of these services.
In one line: Property-management software, a smaller vertical Intuit.
Moat: narrow (switching costs, distribution, installed base). Deeply embedded in daily leasing/accounting workflows; migrating tenant/owner data is disruptive.
Headquarters: Santa Barbara, California, US · Founded: 2006 · Employees: 1,702
Size AppFolio (APPF) is a United States Information Technology company (Information Technology Services) with a market value of $8.18B, the 872nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $230.74 on 6 Nov 2026.
Performance Over six months the shares gained 38.5%, against +13.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 20.0% over the last twelve months (peer median +15.3%); the operating margin is 18.8% (peer median 8.6%).
Valuation It trades at 28.9× forward earnings against a peer median of 20.1× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.0 points above its cost of capital (9.2% WACC).
Backlog Backlog (remaining performance obligations) was $161M at 30 Sep 2026 — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 11.1% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.09B | $951M | $794M | $620M | $472M |
| Revenue growth | — | +20% | +28% | +31% | — |
| Gross profit | $673M | $583M | $493M | $356M | $247M |
| EBITDA | $227M | $178M | $157M | $44.2M | -$36.1M |
| Net income | $170M | $141M | $204M | $2.70M | -$68.1M |
| Free cash flow | $282M | $239M | $186M | $51.2M | $18.8M |
| Capital expenditure | $6.12M | $6.59M | $7.19M | $13.9M | $21.2M |
| Total debt | $29.3M | $38.2M | $41.7M | $44.7M | $53.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APPF | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | -1.6% | 3rd highest of 21 |
| 6-month return | +38.5% | +13.5% | 6th highest of 21 |
| Distance from 52-week high | -10.6% | -23.7% | 7th highest of 21 |
| Revenue growth (TTM) | +20.0% | +15.3% | 10th highest of 21 |
| Operating margin | 18.8% | 8.6% | 2nd highest of 21 |
| Forward P/E | 28.9× | 20.1× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 18.5% | 8.5% | 6th most demanding of 17 |
| Growth delivered (Del g) | +25.1% | +10.3% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -6.7 pp | -0.5 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | +44.0 pp | +3.6 pp | 2nd highest of 21 |
| EV / EBITDA | 34.8× | 14.8× | 2nd most expensive of 13 |
| Net debt / EBITDA | -1.2× | -0.3× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% | +5.9% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 35.7× | 27.6% | +22.2% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% | +11.4% |
AppFolio reported $161M of remaining performance obligations at 30 Sep 2026 and up 41% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.16.