(APPF) Appfolio - Overview

Sector: Technology | Industry: Software - Application | Exchange: NASDAQ (USA) | Market Cap: 5.364m USD | Total Return: -25.5% in 12m

Property Management, Real Estate, Accounting, Data Analysis
Total Rating 57
Safety 69
Buy Signal -0.57
Software - Application
Industry Rotation: +9.1
Market Cap: 5.36B
Avg Turnover: 54.5M
Risk 3d forecast
Volatility40.4%
VaR 5th Pctl6.22%
VaR vs Median-8.02%
Reward TTM
Sharpe Ratio-0.61
Rel. Str. IBD8.6
Rel. Str. Peer Group28.5
Character TTM
Beta0.474
Beta Downside0.882
Hurst Exponent0.605
Drawdowns 3y
Max DD55.38%
CAGR/Max DD0.07
CAGR/Mean DD0.24
EPS (Earnings per Share) EPS (Earnings per Share) of APPF over the last years for every Quarter: "2021-03": 0.01, "2021-06": 0.06, "2021-09": -0.0041, "2021-12": -0.04, "2022-03": -0.12, "2022-06": 0.03, "2022-09": 0.11, "2022-12": -0.05, "2023-03": -0.01, "2023-06": 0.23, "2023-09": 0.6, "2023-12": 0.88, "2024-03": 1.06, "2024-06": 1.12, "2024-09": 1.29, "2024-12": 0.92, "2025-03": 1.21, "2025-06": 1.39, "2025-09": 1.31, "2025-12": 1.39, "2026-03": 1.61,
EPS CAGR: 189.24%
EPS Trend: 92.5%
Last SUE: 1.28
Qual. Beats: 2
Revenue Revenue of APPF over the last years for every Quarter: 2021-03: 78.921, 2021-06: 89.04, 2021-09: 95.809, 2021-12: 95.6, 2022-03: 105.296, 2022-06: 117.45, 2022-09: 125.079, 2022-12: 124.058, 2023-03: 136.1, 2023-06: 147.075, 2023-09: 165.44, 2023-12: 171.83, 2024-03: 187.43, 2024-06: 197.375, 2024-09: 205.733, 2024-12: 203.664, 2025-03: 217.702, 2025-06: 235.575, 2025-09: 249.353, 2025-12: 248.192, 2026-03: 262.214,
Rev. CAGR: 23.88%
Rev. Trend: 98.6%
Last SUE: 1.17
Qual. Beats: 1

Warnings

Fakeout Below Avwap Earnings

Tailwinds

Confidence

Description: APPF Appfolio

AppFolio, Inc. (APPF) operates a cloud-based software-as-a-service (SaaS) platform tailored for the United States real estate industry. Its core offerings automate essential property management functions, including accounting, leasing, maintenance, and resident communications. The company utilizes a tiered subscription model, scaling from basic accounting for small firms to advanced data analysis and API integration for large-scale enterprise portfolios.

The business model relies on a combination of recurring subscription fees and high-margin value-added services, such as electronic payment processing and tenant screening. In the broader application software sector, vertical SaaS providers like AppFolio benefit from high switching costs and deep integration into their clients daily operational workflows. For a deeper look into the companys fundamentals and valuation metrics, consider reviewing the detailed analysis on ValueRay.

Headquartered in Santa Barbara, California, AppFolio serves a diverse ecosystem of property managers, investors, and vendors. Its specialized modules for student and affordable housing allow the company to capture specific niches within the fragmented real estate technology market.

Headlines to Watch Out For
  • High-margin Value-Added Services growth drives overall revenue and profitability expansion
  • Real estate market volatility impacts property management software adoption and renewals
  • Artificial intelligence integration improves operational efficiency and scales subscription margins
  • Shift toward larger enterprise property managers increases average revenue per customer
  • Interest rate fluctuations influence electronic payment volumes and resident screening demand
Piotroski VR‑10 (Strict) 8.5
Net Income: 152.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.40 > 0.02 and ΔFCF/TA 8.43 > 1.0
NWC/Revenue: 18.34% < 20% (prev 25.88%; Δ -7.54% < -1%)
CFO/TA 0.41 > 3% & CFO 237.9m > Net Income 152.0m
Net Debt (-110.4m) to EBITDA (196.1m): -0.56 < 3
Current Ratio: 3.52 > 1.5 & < 3
Outstanding Shares: last quarter (35.8m) vs 12m ago -2.28% < -2%
Gross Margin: 63.24% > 18% (prev 0.63%; Δ 6.26k% > 0.5%)
Asset Turnover: 173.8% > 50% (prev 146.0%; Δ 27.82% > 0%)
Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM)
Altman Z'' 10.00
A: 0.31 (Total Current Assets 254.9m - Total Current Liabilities 72.4m) / Total Assets 580.6m
B: 0.82 (Retained Earnings 473.4m / Total Assets 580.6m)
C: 0.30 (EBIT TTM 173.6m / Avg Total Assets 572.6m)
D: 4.29 (Book Value of Equity 473.4m / Total Liabilities 110.3m)
Altman-Z'' Score: 11.26 = AAA
Beneish M -2.27
DSRI: 1.85 (Receivables 61.3m/27.5m, Revenue 995.3m/824.5m)
GMI: 0.99 (GM 63.24% / 62.77%)
AQI: 1.11 (AQ_t 0.50 / AQ_t-1 0.45)
SGI: 1.21 (Revenue 995.3m / 824.5m)
TATA: -0.15 (NI 152.0m - CFO 237.9m) / TA 580.6m)
Beneish M-Score: -2.27 (Cap -4..+1) = BBB
What is the price of APPF shares? As of May 20, 2026, the stock is trading at USD 159.82 with a total of 352,669 shares traded.
Over the past week, the price has changed by +2.86%, over one month by +0.72%, over three months by -9.39% and over the past year by -25.53%.
Is APPF a buy, sell or hold? Appfolio has received a consensus analysts rating of 3.88. Therefore, it is recommended to buy APPF.
  • StrongBuy: 3
  • Buy: 2
  • Hold: 2
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the APPF price?
Analysts Target Price 229.3 43.4%
Appfolio (APPF) - Fundamental Data Overview as of 18 May 2026
P/E Trailing = 36.1191
P/E Forward = 128.2051
P/S = 5.389
P/B = 12.5266
P/EG = 7.4481
Revenue TTM = 995.3m USD
EBIT TTM = 173.6m USD
EBITDA TTM = 196.1m USD
Long Term Debt = 37.0m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 5.00m USD (from shortTermDebt, last quarter)
Debt = 37.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -110.4m USD (from netDebt column, last quarter)
Enterprise Value = 5.25b USD (5.36b + Debt 37.0m - CCE 151.7m)
 Interest Coverage Ratio = unknown (Ebit TTM 173.6m / Interest Expense TTM 0.0)
 EV/FCF = 22.45x (Enterprise Value 5.25b / FCF TTM 233.8m)
FCF Yield = 4.45% (FCF TTM 233.8m / Enterprise Value 5.25b)
FCF Margin = 23.49% (FCF TTM 233.8m / Revenue TTM 995.3m)
Net Margin = 15.27% (Net Income TTM 152.0m / Revenue TTM 995.3m)
Gross Margin = 63.24% ((Revenue TTM 995.3m - Cost of Revenue TTM 365.9m) / Revenue TTM)
Gross Margin QoQ = 63.78% (prev 61.46%)
Tobins Q-Ratio = 9.04 (Enterprise Value 5.25b / Total Assets 580.6m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 37.0m)
Taxrate = 20.11% (10.7m / 53.1m)
NOPAT = 138.7m (EBIT 173.6m * (1 - 20.11%))
Current Ratio = 3.52 (Total Current Assets 254.9m / Total Current Liabilities 72.4m)
Debt / Equity = 0.08 (Debt 37.0m / totalStockholderEquity, last quarter 470.2m)
Debt / EBITDA = -0.56 (Net Debt -110.4m / EBITDA 196.1m)
Debt / FCF = -0.47 (Net Debt -110.4m / FCF TTM 233.8m)
Total Stockholder Equity = 491.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 26.54% (Net Income 152.0m / Total Assets 580.6m)
RoE = 30.90% (Net Income TTM 152.0m / Total Stockholder Equity 491.8m)
RoCE = 32.83% (EBIT 173.6m / Capital Employed (Equity 491.8m + L.T.Debt 37.0m))
RoIC = 28.20% (NOPAT 138.7m / Invested Capital 491.8m)
WACC = 7.60% (E(5.36b)/V(5.40b) * Re(7.65%) + D(37.0m)/V(5.40b) * Rd(0.0%) * (1-Tc(0.20)))
Discount Rate = 7.65% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: -46.67 | Cagr: -0.96%
[DCF] Terminal Value 82.92% ; FCFF base≈212.3m ; Y1≈261.8m ; Y5≈446.7m
[DCF] Fair Price = 352.9 (EV 8.37b - Net Debt -110.4m = Equity 8.48b / Shares 24.0m; r=7.60% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 92.49 | EPS CAGR: 189.2% | SUE: 1.28 | # QB: 2
Revenue Correlation: 98.62 | Revenue CAGR: 23.88% | SUE: 1.17 | # QB: 1
EPS current Quarter (2026-06-30): EPS=1.69 | Chg30d=+2.40% | Revisions=+27% | Analysts=7
EPS next Quarter (2026-09-30): EPS=1.78 | Chg30d=+2.37% | Revisions=+27% | Analysts=7
EPS current Year (2026-12-31): EPS=6.81 | Chg30d=+3.77% | Revisions=+64% | GrowthEPS=+28.6% | GrowthRev=+17.8%
EPS next Year (2027-12-31): EPS=8.23 | Chg30d=+3.36% | Revisions=+64% | GrowthEPS=+20.9% | GrowthRev=+16.8%
[Analyst] Revisions Ratio: +64%