AppFolio, Inc.
- Open
- 223.20
- Day high
- 227.61
- Day low
- 223.20
- Prev close
- 225.28
- Volume
- 271K
- Mkt cap
- $7.9B
- P/E (TTM)
- 50.9
- EPS (TTM)
- $4.41
- P/B
- 15.1
- P/S
- 7.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$16.5M over the last 3 months (0 open-market buys, 167 sales)
- 🏛Institutions accumulating (13F)
AppFolio, Inc. (APPF) is a Technology company listed on NASDAQ. The stock is down 19% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 167 sales (SEC Form 4). Drillr has 1 published research article covering APPF.
AppFolio, Inc. (APPF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APPF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $1.69 | $1.71 | +1.1% | $281M | +1.2% |
| Apr 23, 2026 | $1.44 | $1.61 | +11.8% | $262M | +1.6% |
| Jan 29, 2026 | $1.22 | $1.39 | +14.3% | $248M | -3.5% |
| Oct 30, 2025 | $1.46 | $1.31 | -10.0% | $249M | +1.1% |
| Jul 31, 2025 | $1.28 | $1.38 | +7.7% | $236M | +2.1% |
| Apr 24, 2025 | $1.22 | $1.21 | -0.8% | $218M | -1.7% |
| Jan 30, 2025 | $0.92 | $0.92 | +0.0% | $204M | +1.1% |
| Oct 24, 2024 | $1.02 | $1.30 | +27.5% | $206M | +2.7% |
| Jul 25, 2024 | $0.92 | $1.12 | +21.7% | $197M | +3.4% |
| Apr 25, 2024 | $0.89 | $1.06 | +19.1% | $187M | +4.8% |
| Jan 25, 2024 | $0.72 | $0.88 | +22.2% | $172M | +5.6% |
| Oct 26, 2023 | $0.41 | $0.60 | +46.3% | $165M | +5.7% |
APPF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 551 | $218.46 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 701 | $219.35 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 78 | $220.06 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 702 | $216.43 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 22 | $220.06 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 198 | $216.44 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 199 | $219.35 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 35 | $221.41 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 694 | $224.13 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 1,947 | $218.45 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 1,006 | $222.43 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 365 | $221.37 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 178 | $215.37 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 622 | $215.37 |
| Aug 24, 2026 | DUCA MAURICE J10 percent owner | Sell | 452 | $217.68 |
Source: APPF SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full APPF insider & 13F page →AppFolio, Inc. company profile
Overview
AppFolio, Inc. (NASDAQ:APPF) is a cloud-based software company founded in 2006 and headquartered in Santa Barbara, California. The company went public in June 2015 and has established itself as a leading provider of property management software solutions for the real estate industry. AppFolio serves over 20,000 property management companies across the United States, helping them manage approximately 8.8 million rental units through its comprehensive cloud-based platform.
Business
AppFolio operates in the property management software industry, providing cloud-based business management solutions specifically designed for real estate professionals. The company's core offering is AppFolio Property Manager, a comprehensive platform that automates and streamlines the day-to-day operations of property management companies. The property management industry involves the oversight of residential and commercial rental properties on behalf of property owners. Property managers handle tasks such as tenant screening, rent collection, maintenance coordination, financial reporting, and lease management. Traditionally, these processes were managed through disparate systems or manual processes, creating inefficiencies and limiting scalability. AppFolio's platform addresses these challenges by providing an integrated solution that handles all aspects of property management operations. The software includes features for tenant and owner portals, accounting and financial reporting, maintenance management, marketing and leasing tools, and payment processing. The platform is designed to be user-friendly while providing the depth of functionality needed to manage large portfolios efficiently. The company operates through two primary business segments: 1. Core Solutions Revenue (approximately 22% of total revenue): This includes subscription fees for the AppFolio Property Manager platform and its various tiers, including the standard version, AppFolio Property Manager Plus for mid-market customers, and AppFolio Property Manager Max for large enterprise clients. The company also offers AppFolio Investment Management for real estate investment firms. 2. Value-Added Services Revenue (approximately 78% of total revenue): This segment includes transaction-based services such as electronic payment processing, tenant screening services, insurance products, and other ancillary services that property managers can offer to their tenants and property owners through the AppFolio platform.
Revenue model
AppFolio generates revenue through a combination of subscription-based software licensing and transaction-based value-added services. The company's business model is designed to grow alongside its customers' businesses, creating multiple revenue streams that scale with portfolio size and transaction volume. The Core Solutions revenue stream operates on a Software-as-a-Service (SaaS) model, where property management companies pay monthly or annual subscription fees based on the number of units they manage and the tier of service they select. This creates predictable, recurring revenue that typically grows as customers add more properties to their portfolios or upgrade to higher-tier services with additional features. The Value-Added Services segment generates revenue through transaction fees and commissions. When tenants pay rent through AppFolio's electronic payment system, the company earns processing fees. Similarly, AppFolio receives revenue from tenant screening services, insurance products, and other services facilitated through its platform. This revenue model benefits from increased transaction volumes and higher rent payments over time. The company's paying customers are primarily property management companies ranging from small independent operators managing a few dozen units to large institutional property managers overseeing tens of thousands of units. AppFolio has been expanding its focus toward larger customers, who typically generate higher average revenue per user (ARPU) and have more complex needs that justify premium service tiers. Several factors influence AppFolio's margins and profitability. Positive margin drivers include the scalable nature of cloud software, increasing automation through AI capabilities that reduce support costs, growing transaction volumes from existing customers, and the ability to charge premium prices for specialized features. The company's recent focus on AI-powered tools like Realm-X has enabled customers to save significant time, justifying higher subscription fees. Margin pressures come from customer acquisition costs, the need for continuous product development and innovation, payment processing costs that fluctuate with transaction volumes, and competitive pressure in the property management software market. Additionally, economic factors such as interest rate changes can affect the real estate market, potentially impacting customer growth and transaction volumes.
Competitive moat
AppFolio's competitive moat is moderately strong, built primarily on switching costs, network effects, and product integration depth. The company benefits from high customer switching costs once property management companies have integrated AppFolio's platform into their daily operations. Migrating tenant data, financial records, lease agreements, and established workflows to a competing platform represents a significant operational disruption and expense that most customers prefer to avoid. The platform creates network effects through its marketplace features and integration ecosystem. As more property managers use AppFolio, the company can negotiate better rates with service providers and attract more third-party integrations, making the platform more valuable for all users. The AppFolio Stack marketplace, which connects over 3 million units to various service providers, exemplifies this network effect. AppFolio's investment in AI capabilities through its Realm-X suite provides a technological differentiation that strengthens its moat. The AI-powered features, which 89% of new customers now use, deliver measurable time savings and operational improvements that create additional switching costs. The company's ability to leverage data from millions of managed units to improve its AI algorithms creates a data advantage that smaller competitors cannot easily replicate. However, the moat faces several challenges. The property management software market includes established competitors like Yardi Systems and RealPage, as well as newer entrants offering specialized solutions. Large technology companies could potentially enter this market with significant resources. Additionally, the relatively standardized nature of property management processes means that core functionality can be replicated, though the integration depth and ecosystem effects provide some protection. The strength of AppFolio's moat varies by customer segment. For smaller property managers, the switching costs and ease of use provide solid protection. For larger enterprise customers, the moat is stronger due to deeper integration requirements and customization needs, but these customers also have more resources to evaluate and potentially switch to alternatives if compelling value propositions emerge.
Risks & safety
AppFolio demonstrates a strong margin of safety with robust financial health and reasonable valuation metrics for a growing SaaS company. • Cash and Liquidity: Strong current ratio of 4.64x with $57 million in cash and short-term investments, plus $38 million in quarterly free cash flow generation providing substantial liquidity cushion • Debt and Solvency: Very low debt-to-equity ratio of 0.088, indicating minimal financial leverage and low solvency risk • Profitability Trends: Positive and improving free cash flow margins (17.6% in Q1 2025), with non-GAAP operating margins expanding to 24.5-26.5% range • Valuation Metrics: Forward P/E ratio of approximately 44x based on 2024 earnings, which is reasonable for a growing SaaS company with 16-17% revenue growth guidance • Growth Sustainability: Recurring revenue model with 6% customer growth and expanding ARPU providing visibility into future cash flows • Market Position: Leading position in a fragmented market with high switching costs providing some downside protection • Capital Allocation: Active share repurchase program ($300 million authorized) demonstrates management confidence and returns cash to shareholders
Recent development
Over the past few years, AppFolio has undergone significant strategic evolution, transitioning from a traditional property management software provider to an AI-powered platform company. The most significant development has been the launch and expansion of Realm-X, the company's generative AI suite that includes AI Assistant, AI Messages, and workflow automation tools. This AI initiative has become central to the company's differentiation strategy, with 89% of new customers now using AI-powered capabilities and existing customers reporting average time savings of 9-12 hours per week. The company has also executed a successful market expansion strategy, moving upmarket to serve larger property management companies through tiered product offerings. AppFolio introduced Property Manager Plus and Property Manager Max to address the needs of mid-market and enterprise customers respectively, with approximately 20% of customer units now on these higher-tier plans. This upmarket expansion has contributed to improved average revenue per user and overall profitability. Strategic acquisitions have enhanced AppFolio's resident experience capabilities. The company acquired LiveEasy to improve resident onboarding processes and launched FolioSpace, a next-generation resident interface that modernizes the tenant experience. These initiatives address the growing importance of resident satisfaction in property management operations. Operationally, AppFolio has demonstrated significant efficiency improvements, expanding non-GAAP operating margins from 12.2% in 2023 to 25% in 2024. This improvement came through a combination of revenue growth, operational discipline, and the scalable benefits of AI automation. The company has also strengthened its leadership team with key promotions and new hires, including a new Chief Revenue Officer and promotions in technology and marketing leadership roles. The development of the AppFolio Stack marketplace has created an ecosystem approach, connecting over 3 million units to various service providers and creating additional value for customers while generating partnership revenues for AppFolio.
APPF company profile · for informational purposes only — not investment advice.
Track APPF with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free