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Software - Application · Technology · Fiscal year ends Dec 31
Appfolio reported revenue of $951M in the fiscal year ended Dec 2025, up 19.7% from the year before. Operating income was $153M, an operating margin of 16.1%, and net income was $141M. Operating cash flow of $242M less capital expenditure of $3M left free cash flow of $239M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 359 | 472 | 620 | 794 | 951 |
| Cost of revenue | 144 | 192 | 238 | 282 | 345 |
| Gross profit | 215 | 280 | 382 | 512 | 605 |
| Research & development | 66.0 | 111 | 151 | 160 | 190 |
| Selling, general & admin | 130 | 208 | 201 | 197 | 239 |
| Operating income | −11.9 | −72.4 | 1.0 | 136 | 153 |
| Net interest incomeBanks | 0.5 | 1.2 | 7.0 | – | – |
| Pre-tax income | 1.7 | −66.7 | 8.0 | 150 | 161 |
| Income tax | 0.7 | 1.4 | 5.3 | −53.7 | 20.2 |
| Net income | 1.0 | −68.1 | 2.7 | 204 | 141 |
| Diluted EPS | 0.03 | −1.95 | 0.07 | 5.55 | 3.88 |
| Diluted shares | 35.7 | 35.0 | 36.4 | 36.8 | 36.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 57.8 | 70.8 | 49.5 | 42.5 | 107 |
| Receivables | 12.6 | 16.5 | 20.7 | 24.3 | 36.9 |
| Current assets | 159 | 201 | 272 | 335 | 353 |
| Net PP&E | 30.5 | 26.1 | 28.4 | 24.5 | 23.2 |
| Goodwill | 56.1 | 56.1 | 56.1 | 96.4 | 96.4 |
| Total assets | 408 | 381 | 409 | 627 | 689 |
| Payables | 1.7 | 2.5 | 1.1 | 2.4 | 4.1 |
| Deferred revenue | 2.5 | 0.9 | – | – | – |
| Current liabilities | 52.6 | 61.3 | 69.8 | 63.3 | 107 |
| Total liabilities | 111 | 116 | 112 | 107 | 146 |
| Shareholders' equity | 297 | 266 | 297 | 519 | 543 |
| Backlog (remaining obligations) | – | 15.0 | – | – | 93.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 35.4 | 25.4 | 60.3 | 188 | 242 |
| Capital expenditure | 8.1 | 6.5 | 9.0 | 2.0 | 3.2 |
| Free cash flow | 27.3 | 18.8 | 51.2 | 186 | 239 |
| Depreciation & amortisation | 29.0 | 30.8 | 29.0 | 19.5 | 22.7 |
| Stock-based compensation | 17.2 | 43.2 | 52.4 | 60.3 | 70.8 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 77.4 | 0.9 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 146 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.3% | 31.5% | 28.0% | 19.7% |
| Operating income growth (YoY) | – | – | – | 13985.6% | 12.7% |
| EPS growth (YoY) | – | −6600.0% | – | 7828.6% | −30.1% |
| Gross margin | 59.9% | 59.3% | 61.6% | 64.5% | 63.7% |
| Operating margin | −3.3% | −15.3% | 0.2% | 17.1% | 16.1% |
| Net margin | 0.3% | −14.4% | 0.4% | 25.7% | 14.8% |
| Return on equityBlank when equity is negative | 0.3% | −25.7% | 0.9% | 39.3% | 26.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.3% | −22.6% | 0.3% | 24.1% | 26.3% |
| Free cash flow margin | 7.6% | 4.0% | 8.3% | 23.4% | 25.1% |
| Cash conversion (CFO ÷ net income) | 34.4x | −0.37x | 22.3x | 0.92x | 1.72x |
| Receivable days | 13 | 13 | 12 | 11 | 14 |
| Payable days | 4 | 5 | 2 | 3 | 4 |
| Current ratio | 3.01x | 3.28x | 3.90x | 5.30x | 3.31x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.