APFF · Appfolio Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $950.82M | $794.20M | $620.45M | $471.88M | $359.37M | $310.06M |
| Cost of Revenue | - | - | - | - | $143.94M | $119.03M |
| Gross Profit | - | - | - | - | $215.43M | $191.03M |
| R&D | $190.42M | $160.38M | $151.36M | $111.12M | $65.98M | $48.53M |
| SG&A | $95.59M | $85.97M | $93.45M | $100.79M | $57.28M | $47.48M |
| Total Operating Expenses | $797.90M | $658.56M | $619.48M | $544.25M | $371.25M | $300.27M |
| D&A | $22.65M | $17.79M | $26.50M | $33.12M | $30.84M | $26.79M |
| Operating Income | $152.92M | $135.64M | $963.0K | ($72.37M) | ($11.88M) | $9.78M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $20.19M | ($53.75M) | $5.29M | $1.40M | $706.0K | $38.43M |
| Net Income | $140.92M | $204.07M | $2.70M | ($68.12M) | $1.03M | $158.40M |
| EPS - Basic | $3.91 | $5.63 | $0.08 | ($1.95) | $0.03 | $4.62 |
| EPS - Diluted | $3.88 | $5.55 | $0.07 | ($1.95) | $0.03 | $4.44 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $106.97M | $42.50M | $49.51M | $70.77M | $57.85M | $140.26M |
| Accounts Receivable | $36.87M | $24.35M | $20.71M | $16.50M | $12.60M | $10.06M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $4.12M | $2.38M | $1.14M | $2.47M | $1.70M | $1.04M |
| Current Assets | $353.31M | $335.40M | $272.36M | $201.47M | $158.59M | $199.35M |
| Total Assets | $688.97M | $626.68M | $408.89M | $381.22M | $408.02M | $389.48M |
| Current Liabilities | $106.85M | $63.28M | $69.77M | $61.34M | $52.64M | $49.80M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $146.39M | $107.39M | $111.58M | $115.67M | $110.64M | $103.56M |
| Stockholders' Equity | $542.58M | $519.29M | $297.31M | $265.55M | $297.38M | $285.92M |
| Retained Earnings | $430.97M | $290.05M | $85.98M | $83.28M | $151.40M | $150.37M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $242.10M | $188.16M | $60.28M | $25.36M | $35.39M | $48.30M |
| Investing Cash Flow | $10.24M | ($151.76M) | ($55.58M) | ($6.47M) | ($110.46M) | $146.51M |
| Financing Cash Flow | ($187.89M) | ($43.40M) | ($25.96M) | ($6.16M) | ($7.35M) | ($70.36M) |
| CapEx | $3.15M | $2.02M | $9.04M | $6.54M | $8.10M | $19.04M |
| Free Cash Flow | $238.95M | $186.14M | $51.24M | $18.82M | $27.29M | $29.26M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | 59.9% | 61.6% |
| Operating margin | 16.1% | 17.1% | 0.2% | -15.3% | -3.3% | 3.2% |
| EBITDA margin | 18.5% | 19.3% | 4.4% | -8.3% | 5.3% | 11.8% |
| Net margin | 14.8% | 25.7% | 0.4% | -14.4% | 0.3% | 51.1% |
| Free cash flow margin | 25.1% | 23.4% | 8.3% | 4.0% | 7.6% | 9.4% |
| FCF / Net income | 1.70 | 0.91 | 18.96 | -0.28 | 26.54 | 0.18 |
| R&D / Revenue | 20.0% | 20.2% | 24.4% | 23.5% | 18.4% | 15.7% |
| SG&A / Revenue | 10.1% | 10.8% | 15.1% | 21.4% | 15.9% | 15.3% |
| Effective tax rate | 12.5% | -35.8% | 66.2% | - | 40.7% | 19.5% |
| Return on assets | 20.5% | 32.6% | 0.7% | -17.9% | 0.3% | 40.7% |
| Return on equity | 26.0% | 39.3% | 0.9% | -25.7% | 0.3% | 55.4% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.31 | 5.30 | 3.90 | 3.28 | 3.01 | 4.00 |
| Quick ratio | 3.31 | 5.30 | 3.90 | 3.28 | 3.01 | 4.00 |
| Cash ratio | 1.00 | 0.67 | 0.71 | 1.15 | 1.10 | 2.82 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.27 | 1.21 | 1.38 | 1.44 | 1.37 | 1.36 |
| Liabilities / Assets | 0.21 | 0.17 | 0.27 | 0.30 | 0.27 | 0.27 |
| Efficiency | ||||||
| Asset turnover | 1.38 | 1.27 | 1.52 | 1.24 | 0.88 | 0.80 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 14d | 11d | 12d | 13d | 13d | 12d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | 4d | 3d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 19.7% | 28.0% | 31.5% | 31.3% | 15.9% | 21.1% |
| Revenue CAGR (3y) | 26.3% | 30.3% | 26.0% | 22.6% | 50.4% | 29.2% |
| Revenue CAGR (5y) | 25.1% | 25.4% | 42.5% | 26.8% | 27.8% | 32.8% |
| Gross profit growth (YoY) | - | - | - | - | 12.8% | 23.7% |
| Operating income growth (YoY) | 12.7% | 13985.6% | - | -509.3% | - | 51.4% |
| Net income growth (YoY) | -30.9% | 7452.5% | - | - | -99.4% | 336.6% |
| EPS growth (YoY) | -30.1% | 7828.6% | - | - | -99.3% | 335.3% |
| EPS CAGR (3y) | - | 469.8% | -74.9% | - | -62.3% | - |
| EPS CAGR (5y) | -2.7% | 40.3% | -34.0% | - | - | - |
| FCF growth (YoY) | 28.4% | 263.3% | 172.2% | -31.0% | -6.7% | -5.0% |
| FCF CAGR (5y) | 52.2% | 43.3% | 8.4% | -7.1% | 30.3% | - |
| Book value growth (YoY) | 4.5% | 74.7% | 12.0% | -10.7% | 4.0% | 116.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$950.82M totalValue Added Services$721.55M · 75.9%
Subscription Services$211.46M · 22.2%
Other Services$17.82M · 1.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
4.41
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing APPFOLIO INC against the 5 most active filers in the same SIC group.