NASDAQ : APPF
AppFolio, Inc. — Financial statements
Technology · Software - Application · United States
Last price 213.25 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.56B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
AppFolio, Inc. (APPF) reported revenue of 1.09B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.09B | 950.82M | 794.20M | 620.45M | 471.88M | 359.37M |
| Cost of Revenue | 393.69M | 345.34M | 282.07M | 235.71M | 191.83M | 143.94M |
| Gross Profit | 693.53M | 605.48M | 512.13M | 384.74M | 280.06M | 215.43M |
| Selling, General & Admin | 269.00M | 239.49M | 196.57M | 199.03M | 186.17M | 130.48M |
| Research & Development | 199.70M | 190.42M | 160.38M | 147.96M | 111.12M | 65.98M |
| Operating Expenses | 488.82M | 452.56M | 376.49M | 375.97M | 330.40M | 227.30M |
| Operating Income | 204.71M | 152.92M | 135.64M | 8.77M | -50.35M | -11.88M |
| Interest & Investment Income | 7.47M | 8.16M | 13.98M | 7.03M | 1.18M | 501.00K |
| Other Non Operating Income (Expenses) | -36.00K | 38.00K | 697.00K | 3.00K | 313.00K | -36.00K |
| EBT Excluding Unusual Items | 212.15M | 161.11M | 150.32M | 15.80M | -48.85M | -11.41M |
| Merger & Restructuring Charges | -12.08M | |||||
| Gain (Loss) on Sale of Investments | 600.00K | 12.77M | ||||
| Gain (Loss) on Sale of Assets | 4.16M | 380.00K | ||||
| Asset Writedown | -22.02M | |||||
| Other Unusual Items | 4.28M | |||||
| Pretax Income | 212.75M | 161.11M | 150.32M | 8.00M | -66.72M | 1.73M |
| Income Tax Expense | 42.89M | 20.19M | -53.75M | 5.29M | 1.40M | 706.00K |
| Net Income | 169.86M | 140.92M | 204.07M | 2.70M | -68.12M | 1.03M |
| Preferred Dividends & Other Adjustments | 12.00K | |||||
| Net Income to Common | 169.86M | 140.92M | 204.06M | 2.70M | -68.12M | 1.03M |
| Shares Outstanding (Basic) | 35.62M | 36.01M | 36.25M | 35.63M | 35.01M | 34.58M |
| Shares Outstanding (Diluted) | 35.76M | 36.33M | 36.78M | 36.42M | 35.01M | 35.70M |
| EPS (Basic) | 4.77 | 3.91 | 5.63 | 0.08 | -1.95 | 0.03 |
| EPS (Diluted) | 4.75 | 3.88 | 5.55 | 0.07 | -1.95 | 0.03 |
| Free Cash Flow | 282.10M | 238.95M | 186.14M | 51.24M | 18.82M | 27.29M |
| Free Cash Flow Per Share | 7.89 | 6.58 | 5.06 | 1.41 | 0.54 | 0.76 |
| Gross Margin | 63.79% | 63.68% | 64.48% | 62.01% | 59.35% | 59.95% |
| Operating Margin | 18.83% | 16.08% | 17.08% | 1.41% | -10.67% | -3.31% |
| Profit Margin | 15.62% | 14.82% | 25.69% | 0.43% | -14.44% | 0.29% |
| Free Cash Flow Margin | 25.95% | 25.13% | 23.44% | 8.26% | 3.99% | 7.59% |
| EBITDA | 216.62M | 167.37M | 142.99M | 18.55M | -43.13M | -4.35M |
| EBITDA Margin | 19.92% | 17.60% | 18.00% | 2.99% | -9.14% | -1.21% |
| D&A For EBITDA | 11.91M | 14.45M | 7.34M | 9.79M | 7.22M | 7.53M |
| EBIT | 204.71M | 152.92M | 135.64M | 8.77M | -50.35M | -11.88M |
| EBIT Margin | 18.83% | 16.08% | 17.08% | 1.41% | -10.67% | -3.31% |
| Effective Tax Rate | 20.16% | 12.53% | 66.21% | 40.72% | ||
| Advertising Expenses | 14.30M | 10.60M | 8.60M | 9.20M | 9.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 258.54M | 106.97M | 42.50M | 49.51M | 70.77M | 57.85M |
| Short-Term Investments | 48.74M | 144.26M | 235.75M | 162.20M | 89.30M | 64.60M |
| Cash & Short-Term Investments | 307.28M | 251.22M | 278.25M | 211.71M | 160.07M | 122.45M |
| Accounts Receivable | 52.53M | 36.87M | 24.35M | 20.71M | 16.50M | 12.60M |
| Other Receivables | 10.55M | 27.13M | 1.09M | |||
| Receivables | 63.09M | 64.01M | 25.43M | 20.71M | 16.50M | 12.60M |
| Prepaid Expenses | 17.89M | 15.71M | 12.43M | 25.89M | 12.30M | 9.30M |
| Restricted Cash | 250.00K | |||||
| Other Current Assets | 19.12M | 22.38M | 19.29M | 13.80M | 12.60M | 14.25M |
| Total Current Assets | 407.37M | 353.31M | 335.40M | 272.36M | 201.47M | 158.59M |
| Property, Plant & Equipment | 34.54M | 39.15M | 41.95M | 47.65M | 49.59M | 72.19M |
| Long-Term Investments | 87.67M | 77.03M | 2.03M | 25.16M | 61.08M | |
| Goodwill | 96.41M | 96.41M | 96.41M | 56.06M | 56.06M | 56.15M |
| Other Intangible Assets | 42.27M | 50.15M | 64.49M | 23.92M | 40.15M | 52.92M |
| Long-Term Deferred Tax Assets | 32.21M | 58.82M | 76.91M | |||
| Long-Term Deferred Charges | 11.70M | 11.60M | 6.90M | 7.20M | 7.70M | 6.00M |
| Other Long-Term Assets | 3.49M | 2.48M | 2.58M | 1.71M | 1.08M | 1.09M |
| Total Assets | 715.67M | 688.97M | 626.68M | 408.89M | 381.22M | 408.02M |
| Accounts Payable | 5.66M | 4.12M | 2.38M | 1.14M | 2.47M | 1.70M |
| Accrued Expenses | 71.75M | 87.23M | 48.72M | 50.29M | 49.98M | 43.35M |
| Current Portion of Leases | 4.41M | 4.87M | 4.27M | 3.63M | 3.36M | 1.87M |
| Current Unearned Revenue | 9.86M | 6.66M | 5.46M | |||
| Other Current Liabilities | 10.21M | 3.96M | 2.45M | 14.71M | 5.54M | 5.71M |
| Total Current Liabilities | 101.88M | 106.85M | 63.28M | 69.77M | 61.34M | 52.64M |
| Long-Term Leases | 24.88M | 33.29M | 37.48M | 41.11M | 50.24M | 55.73M |
| Long-Term Deferred Tax Liabilities | 697.00K | |||||
| Other Long-Term Liabilities | 6.40M | 6.25M | 6.63M | 4.09M | 2.26M | |
| Total Liabilities | 133.16M | 146.39M | 107.39M | 111.58M | 115.67M | 110.64M |
| Common Stock | 4.00K | 4.00K | 4.00K | 4.00K | 4.00K | 4.00K |
| Additional Paid-In Capital | 324.11M | 284.05M | 254.82M | 236.99M | 209.70M | 171.93M |
| Retained Earnings | 560.92M | 430.97M | 290.05M | 85.98M | 83.28M | 151.40M |
| Treasury Stock | -302.45M | -172.48M | -25.76M | -25.76M | -25.76M | -25.76M |
| Comprehensive Income & Other | -68.00K | 30.00K | 173.00K | 99.00K | -1.68M | -194.00K |
| Shareholders' Equity | 582.51M | 542.58M | 519.29M | 297.31M | 265.55M | 297.38M |
| Total Liabilities & Equity | 715.67M | 688.97M | 626.68M | 408.89M | 381.22M | 408.02M |
| Total Debt | 29.29M | 38.16M | 41.75M | 44.74M | 53.59M | 57.61M |
| Net Cash (Debt) | 277.99M | 213.06M | 236.50M | 166.97M | 106.47M | 64.84M |
| Net Cash Per Share | 7.77 | 5.87 | 6.43 | 4.58 | 3.04 | 1.82 |
| Filing Date Shares Outstanding | 35.46M | 35.99M | 36.40M | 35.87M | 35.40M | 34.84M |
| Total Common Shares Outstanding | 35.46M | 35.99M | 36.40M | 35.87M | 35.31M | 34.83M |
| Working Capital | 305.49M | 246.47M | 272.12M | 202.59M | 140.12M | 105.95M |
| Book Value Per Share | 16.43 | 15.08 | 14.26 | 8.29 | 7.52 | 8.54 |
| Tangible Book Value | 443.83M | 396.02M | 358.39M | 217.33M | 169.34M | 188.31M |
| Tangible Book Value Per Share | 12.52 | 11.00 | 9.84 | 6.06 | 4.80 | 5.41 |
| Machinery | 11.22M | 11.82M | 13.72M | 15.08M | 13.34M | |
| Construction In Progress | 19.00K | 357.00K | 5.50M | 544.00K | 5.23M | |
| Leasehold Improvements | 32.14M | 28.79M | 24.21M | 23.62M | 22.68M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 169.86M | 140.92M | 204.07M | 2.70M | -68.12M | 1.03M |
| Depreciation & Amortization | 14.30M | 16.67M | 9.37M | 11.92M | 10.41M | 10.73M |
| Other Amortization | 21.02M | 19.32M | 22.18M | 28.71M | 23.60M | 21.50M |
| Loss (Gain) From Sale of Assets | -4.16M | -380.00K | ||||
| Asset Writedown & Restructuring Costs | 22.02M | |||||
| Loss (Gain) From Sale of Investments | -12.77M | |||||
| Stock-Based Compensation | 74.39M | 70.79M | 60.33M | 52.36M | 43.23M | 17.15M |
| Other Operating Activities | 24.73M | 16.02M | -85.16M | -7.88M | -858.00K | 499.00K |
| Change in Accounts Receivable | -18.54M | -12.53M | -3.38M | -4.21M | -4.20M | -2.10M |
| Change in Accounts Payable | 1.55M | 1.77M | 1.56M | -1.56M | 1.18M | 497.00K |
| Change in Other Net Operating Assets | -3.66M | -10.86M | -20.81M | -21.77M | 2.26M | -768.00K |
| Operating Cash Flow | 283.66M | 242.10M | 188.16M | 60.28M | 25.36M | 35.39M |
| Capital Expenditures | -1.56M | -3.15M | -2.02M | -9.04M | -6.54M | -8.10M |
| Cash Acquisitions | -906.00K | -77.42M | ||||
| Divestitures | 5.12M | 402.00K | ||||
| Sale (Purchase) of Intangibles | -4.56M | -3.44M | -5.17M | -4.83M | -14.69M | -24.61M |
| Investment in Securities | 65.46M | 17.75M | -67.15M | -41.72M | 9.64M | -78.14M |
| Investing Cash Flow | 59.41M | 10.24M | -151.76M | -55.58M | -6.47M | -110.46M |
| Issuance of Common Stock | 2.09M | 1.08M | 3.92M | 2.60M | 4.47M | 2.61M |
| Repurchase of Common Stock | -162.71M | -188.97M | -47.33M | -28.56M | -10.64M | -9.96M |
| Financing Cash Flow | -160.63M | -187.89M | -43.40M | -25.96M | -6.16M | -7.35M |
| Net Cash Flow | 182.44M | 64.46M | -7.00M | -21.26M | 12.74M | -82.42M |
| Free Cash Flow | 282.10M | 238.95M | 186.14M | 51.24M | 18.82M | 27.29M |
| Free Cash Flow Margin | 25.95% | 25.13% | 23.44% | 8.26% | 3.99% | 7.59% |
| Free Cash Flow Per Share | 7.89 | 6.58 | 5.06 | 1.41 | 0.54 | 0.76 |
| Levered Free Cash Flow | 235.81M | 193.78M | 165.84M | 73.52M | 26.51M | 6.74M |
| Unlevered Free Cash Flow | 235.81M | 193.78M | 165.84M | 73.52M | 26.51M | 6.74M |
| Cash Income Tax Paid | 28.84M | 28.84M | 14.02M | 8.09M | 3.34M | 9.32M |
| Change in Working Capital | -20.65M | -21.61M | -22.64M | -27.54M | -765.00K | -2.37M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.56B | 8.36B | 8.86B | 6.20B | 3.71B | 4.20B |
| Enterprise Value | 7.28B | 8.20B | 8.57B | 6.05B | 3.62B | 4.09B |
| Last Close Price | 213.25 | 232.65 | 246.72 | 173.24 | 105.38 | 121.06 |
| PE Ratio | 44.90 | 59.30 | 43.42 | 2,292.90 | 4,082.59 | |
| Forward PE | 26.72 | 38.35 | 48.39 | 54.69 | 192.27 | 292.91 |
| PS Ratio | 6.95 | 8.79 | 11.16 | 9.98 | 7.85 | 11.68 |
| PB Ratio | 12.98 | 15.40 | 17.06 | 20.84 | 13.95 | 14.11 |
| P/TBV Ratio | 17.04 | 21.10 | 24.72 | 28.51 | 21.88 | 22.29 |
| P/FCF Ratio | 26.80 | 34.97 | 47.60 | 120.91 | 196.83 | 153.80 |
| P/OCF Ratio | 26.66 | 34.52 | 47.09 | 102.77 | 146.08 | 118.59 |
| PEG Ratio | 1.11 | 4.95 | 4.95 | 4.95 | 4.95 | 4.95 |
| EV/Sales Ratio | 6.70 | 8.62 | 10.79 | 9.75 | 7.68 | 11.39 |
| EV/EBITDA Ratio | 33.62 | 48.97 | 59.94 | 325.97 | ||
| EV/EBIT Ratio | 35.58 | 53.60 | 63.19 | 690.02 | ||
| EV/FCF Ratio | 25.82 | 34.30 | 46.05 | 118.03 | 192.46 | 150.06 |
| Debt / Equity Ratio | 0.05 | 0.07 | 0.08 | 0.15 | 0.20 | 0.19 |
| Debt / EBITDA Ratio | 0.13 | 0.22 | 0.28 | 1.81 | 24.83 | |
| Debt / FCF Ratio | 0.10 | 0.16 | 0.22 | 0.87 | 2.85 | 2.11 |
| Net Debt / Equity Ratio | -0.48 | -0.39 | -0.46 | -0.56 | -0.40 | -0.22 |
| Net Debt / EBITDA Ratio | -1.28 | -1.27 | -1.65 | -9.00 | 2.47 | 14.92 |
| Net Debt / FCF Ratio | -0.98 | -0.89 | -1.27 | -3.26 | -5.66 | -2.38 |
| Asset Turnover | 1.60 | 1.45 | 1.53 | 1.57 | 1.20 | 0.90 |
| Quick Ratio | 3.63 | 2.95 | 4.80 | 3.33 | 2.88 | 2.56 |
| Current Ratio | 4.00 | 3.31 | 5.30 | 3.90 | 3.28 | 3.01 |
| Return on Equity (ROE) | 31.41% | 26.54% | 49.98% | 0.96% | -24.20% | 0.35% |
| Return on Assets (ROA) | 18.87% | 14.53% | 16.37% | 1.39% | -7.97% | -1.86% |
| Return on Invested Capital (ROIC) | 50.70% | 43.69% | 65.66% | 2.05% | -25.71% | -3.59% |
| Return on Capital Employed (ROCE) | 33.40% | 26.30% | 24.10% | 2.60% | -15.70% | -3.30% |
| Earnings Yield | 2.23% | 1.69% | 2.30% | 0.04% | -1.84% | 0.02% |
| FCF Yield | 3.73% | 2.86% | 2.10% | 0.83% | 0.51% | 0.65% |
| Buyback Yield / Dilution | 2.00% | 1.24% | -1.00% | -4.02% | 1.94% | 0.03% |