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APPF

AppFolio, Inc.

APPF

AppFolio, Inc. • NASDAQ
$228.28 ▲ 0.05% (+0.12)
Market Cap $8.20 B
52w High $326.04
52w Low $190.24
Dividend Yield 0%
P/E 40.98
Volume 49.53K
Outstanding Shares 35.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $249.353M ▲ $122.831M ▲ $33.646M ▼ 13.493% ▼ $0.94 ▼ $42.168M ▼
Q2-2025 $235.575M ▲ $111.236M ▲ $35.98M ▲ 15.273% ▲ $1 ▲ $46.869M ▲
Q1-2025 $217.702M ▲ $104.421M ▲ $31.383M ▼ 14.416% ▼ $0.86 ▼ $40.539M ▲
Q4-2024 $203.664M ▼ $99.181M ▲ $102.734M ▲ 50.443% ▲ $2.82 ▲ $32.49M ▼
Q3-2024 $205.733M $91.534M $33.006M 16.043% $0.91 $46.968M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $200.399M ▲ $640.465M ▲ $141.597M ▲ $498.868M ▲
Q2-2025 $127.816M ▼ $567.403M ▲ $111.757M ▲ $455.646M ▼
Q1-2025 $211.064M ▼ $564.733M ▼ $102.614M ▼ $462.119M ▼
Q4-2024 $278.499M ▼ $626.678M ▲ $107.388M ▼ $519.29M ▲
Q3-2024 $331.618M $523.297M $110.47M $412.827M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $33.646M ▼ $86.007M ▲ $-72.013M ▼ $-11.379M ▲ $2.615M ▼ $83.735M ▲
Q2-2025 $35.98M ▲ $52.643M ▲ $23.765M ▼ $-59.863M ▲ $16.545M ▲ $52.368M ▲
Q1-2025 $31.383M ▼ $38.465M ▲ $80.794M ▲ $-104.83M ▼ $14.429M ▲ $38.235M ▲
Q4-2024 $102.734M ▲ $36.566M ▼ $-44.264M ▲ $-12.215M ▼ $-19.913M ▼ $36.371M ▼
Q3-2024 $33.006M $57.77M $-46.426M $-8.566M $2.778M $55.824M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Core Solutions
Core Solutions
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲
Other Services
Other Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Value Added Services
Value Added Services
 $0 ▲$160.00M ▲$180.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement AppFolio’s income statement shows a business that has scaled meaningfully over the last five years while steadily improving profitability. Revenue has grown each year, and gross profit has risen along with it, indicating the core software business is expanding and maintaining healthy economics. After a period of break-even and small losses, operating income has turned clearly positive, suggesting better cost discipline and operating leverage as the platform scales. Net income has been somewhat bumpy over the years but has now moved into solid profit territory, which points to a more mature and efficient business model than earlier in the decade.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and increasingly solid. Total assets have grown, and shareholder equity has risen steadily, showing that the company has been building its financial foundation rather than relying heavily on borrowing. Debt levels are modest and fairly stable, which limits financial risk and interest burden. Cash has come down from earlier peak levels but remains reasonable given the company’s positive cash generation. Overall, the balance sheet portrays a capital-light software business with low leverage and growing underlying value.

Cash Flow

Cash Flow Cash flow trends are a key strength. Operating cash flow has been consistently positive and has grown over time, showing that reported profits are supported by real cash coming into the business. Free cash flow has improved from roughly break-even to clearly positive, helped by modest capital spending needs. This suggests AppFolio can fund its growth and product investment largely from its own operations, without depending heavily on external financing. The cash profile fits an asset-light SaaS company with increasingly efficient operations and good cash conversion.

Competitive Edge

Competitive Edge AppFolio occupies a strong position in the property management software niche, especially among small and mid-sized operators, and is pushing steadily into larger, more complex portfolios. Its main edge is a unified, easy-to-use, cloud-native platform that handles many day-to-day needs in one place, making it deeply embedded in customers’ workflows and hard to replace. High switching costs and a reputation for user-friendliness help keep customers loyal. At the same time, it faces serious competition from large, established players like Yardi and RealPage, particularly at the high end of the market, so continued differentiation and proof of value to bigger clients are critical. The sector itself is relatively sticky but tied to the health of the real estate and rental markets, which adds some macro sensitivity.

Innovation and R&D

Innovation and R&D Innovation is one of AppFolio’s core strengths. The company has leaned into being an “AI-first” platform, especially with its Realm-X suite of AI agents that automate leasing, maintenance, and resident communications. These tools aim to move customers from simply managing tasks to optimizing property performance, which can deepen reliance on AppFolio over time. The firm is also expanding its ecosystem through integrations and partnerships, adding more functionality without overwhelming users. The flip side is that staying ahead in AI and software requires continual, meaningful R&D spending and flawless execution, especially around data quality, security, and user trust, in a competitive and fast-moving technology landscape.

Summary

Overall, AppFolio looks like a scaled, focused software company with improving profitability, a conservative balance sheet, and strong cash generation. Its competitive edge rests on an integrated, user-friendly, and increasingly AI-driven platform that creates high switching costs in a sticky customer base. Financial trends point to a business that has moved past its early investment-heavy phase into a more efficient and profitable one, while still investing in innovation. Key things to watch include its ability to win larger customers, maintain its technology lead, and navigate the cyclical nature of real estate while preserving its growing margins and cash flow strength.

NEWS

November 14, 2025 · 1:25 PM UTC

SnapInspect Launches Property Inspection and Maintenance Software in AppFolio Stack™ Marketplace for Property Managers

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October 20, 2025 · 11:00 AM UTC

AppFolio Announces Winners of 2025 FUTUREist Awards, Recognizing Businesses and Leaders Shaping a Brighter Future for Their Teams, Communities, and the Broader Industry

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October 16, 2025 · 4:05 PM UTC

AppFolio, Inc. Announces Date of Third Quarter 2025 Financial Results Conference Call

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October 14, 2025 · 1:00 PM UTC

AppFolio Introduces Real Estate Performance Management: A New Method for Success in the Age of AI

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October 9, 2025 · 3:09 PM UTC

Lynch Carpenter Investigates Claims in AppFolio Data Breach

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