APPFOLIO INC APPF
Unless otherwise stated in this Annual Report, references to "AppFolio," "we," "us," and "our" refer to AppFolio, Inc. and its consolidated subsidiaries.
Founded in 2006, AppFolio is a technology leader powering the future of real estate. We provide a cloud-based platform, the AppFolio Platform, on which our customers operate their businesses. Our primary customers are property management companies who manage a variety of property types, including single family, multifamily, affordable, commercial, student, and community associations. We help our customers navigate an increasingly interconnected and growing network of stakeholders in their business ecosystems, including property managers, property investors, potential residents, residents, and vendors. We also provide key functionality related to critical transactions across the real estate lifecycle, including screening potential residents, sending and receiving payments, and providing insurance-related risk mitigation services. Our services enable our customers to connect communities, increase operational efficiency, deliver exceptional customer experiences, and improve financial and operational performance. We believe our customer-centric culture leads to long-term customer retention and, ultimately, our long-term success.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $950.8M | $794.2M | $620.4M | $471.9M | $359.4M | $310.1M | $256.0M | $190.1M | $143.8M | $105.6M |
| Cost of revenue | — | — | — | — | $143.9M | $119.0M | $101.6M | $73.5M | $55.3M | $44.6M |
| Gross profit | — | — | — | — | $215.4M | $191.0M | $154.4M | $116.5M | $88.5M | $61.0M |
| R&D | $190.4M | $160.4M | $151.4M | $111.1M | $66.0M | $48.5M | $39.5M | $24.1M | $16.6M | $12.6M |
| SG&A | $95.6M | $86.0M | $93.5M | $100.8M | $57.3M | $47.5M | $34.5M | $24.9M | $21.2M | $18.0M |
| Total operating expenses | $797.9M | $658.6M | $619.5M | $544.3M | $371.2M | $300.3M | $249.6M | $170.4M | $134.5M | $114.0M |
| Operating income | $152.9M | $135.6M | $963.0K | -$72.4M | -$11.9M | $9.8M | $6.5M | $19.7M | $9.3M | -$8.4M |
| Interest expense | — | — | $7.0M | $1.2M | $501.0K | $1.8M | $1.7M | $787.0K | $535.0K | $246.0K |
| Pre-tax income | $161.1M | $150.3M | $8.0M | -$66.7M | $1.7M | $196.8M | $4.8M | $20.4M | $9.8M | -$8.2M |
| Income tax | $20.2M | $53.7M | $5.3M | $1.4M | $706.0K | $38.4M | $31.5M | $420.0K | $58.0K | $67.0K |
| Net income | $140.9M | $204.1M | $2.7M | -$68.1M | $1.0M | $158.4M | $36.3M | $20.0M | $9.7M | -$8.3M |
| EPS, basic | 3.91 | 5.63 | 0.08 | -1.95 | 0.03 | 4.62 | 1.07 | 0.59 | 0.29 | -0.25 |
| EPS, diluted | 3.88 | 5.55 | 0.07 | -1.95 | 0.03 | 4.44 | 1.02 | 0.56 | 0.28 | -0.25 |
| Shares, diluted (wtd. avg.) | $36.3M | $36.8M | $36.4M | $35.0M | $35.7M | $35.7M | $35.6M | $35.6M | $35.2M | $33.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $107.0M | $42.5M | $49.5M | $71.0M | $58.3M | $140.7M | $16.2M | $74.5M | $16.5M | $11.1M |
| Short-term investments | — | — | — | — | $64.6M | $28.3M | $22.9M | $16.6M | $29.8M | — |
| Receivables | $36.9M | $24.3M | $20.7M | $16.5M | $12.6M | $10.1M | $7.6M | $5.5M | $3.4M | $2.5M |
| Total current assets | $353.3M | $335.4M | $272.4M | $201.5M | $158.6M | $199.4M | $61.8M | $108.0M | $53.8M | $32.2M |
| Property, plant and equipment | $23.2M | $24.5M | $28.4M | $26.1M | $30.5M | $26.4M | $14.7M | $6.9M | $6.7M | $7.1M |
| Goodwill | $96.4M | $96.4M | $56.1M | $56.1M | $56.1M | $56.1M | $58.4M | $15.5M | $6.7M | $6.7M |
| Other intangibles | $38.8M | $49.1M | $2.4M | $4.8M | $11.7M | $16.4M | $21.4M | $5.9M | $1.7M | $3.1M |
| Total assets | $689.0M | $626.7M | $408.9M | $381.2M | $408.0M | $389.5M | $260.1M | $175.7M | $110.2M | $92.6M |
| Accounts payable | $4.1M | $2.4M | $1.1M | $2.5M | $1.7M | $1.0M | $1.9M | $1.5M | $610.0K | $937.0K |
| Short-term debt | — | — | — | — | — | $0 | $1.2M | $1.2M | $0 | — |
| Total current liabilities | $106.8M | $63.3M | $69.8M | $61.3M | $52.6M | $49.8M | $47.5M | $28.2M | $23.9M | $21.4M |
| Long-term debt | — | — | — | — | — | — | $47.4M | $48.6M | $0 | — |
| Total liabilities | $146.4M | $107.4M | $111.6M | $115.7M | $110.6M | $103.6M | $128.2M | $83.9M | $25.2M | $22.9M |
| Retained earnings | $431.0M | $290.0M | $86.0M | $83.3M | $151.4M | $150.4M | -$8.0M | -$44.3M | -$64.3M | -$77.0M |
| Total equity | $542.6M | $519.3M | $297.3M | $265.5M | $297.4M | $285.9M | $131.9M | $91.8M | $85.1M | $69.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $242.1M | $188.2M | $60.3M | $25.4M | $35.4M | $48.3M | $38.9M | $36.3M | $29.4M | $11.5M |
| Depreciation and amortisation | $22.7M | $19.5M | $29.0M | $30.8M | $29.0M | $26.8M | $22.4M | $14.6M | $12.7M | $9.9M |
| Stock-based compensation | $70.8M | $60.3M | $52.4M | $43.2M | $17.2M | $10.3M | $8.1M | $6.3M | $6.1M | $4.3M |
| Capital expenditure | $3.2M | $2.0M | $9.0M | $6.5M | $8.1M | $19.0M | $8.1M | $2.1M | $2.2M | $4.2M |
| Investing cash flow | $10.2M | -$151.8M | -$55.6M | -$6.5M | -$110.5M | $146.5M | -$89.9M | -$4.6M | -$22.8M | -$13.1M |
| Financing cash flow | -$187.9M | -$43.4M | -$26.0M | -$6.2M | -$7.3M | -$70.4M | -$7.3M | $26.3M | -$1.1M | $201.0K |
| Buybacks | $145.7M | $0 | $0 | $0 | $0 | $4.2M | $0 | $21.6M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001433195-26-000031.
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