APPF
APPFOLIO INC
Next earnings Jul 29, 2026 · consensus $1.72 EPS, $283M rev
Last earnings -3.9% on 2026-04-23
$170.90
▲ +9.15%$170.90▼ -24.82%
over 1Y
L $143.34H $321.25
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+9.2%
1W+18.0%
1M-2.1%
3M+8.8%
YTD-25.8%
1Y-24.8%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 16 analysts
Buy
Property-management SaaS compounding ~20% with a 26% ROE and rising cash flow — quality growth, but 39x leaves little slack.
Revenue $951M · FY2025
The read
The fundamentals carry the rating, but the price is rich (~79% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
AppFolio is a vertical-SaaS leader for real-estate/property management, combining subscription software with high-margin Value Added Services (electronic payments, tenant screening, risk mitigation). The business is executing well: FY2025 revenue grew 19.7% to $951M, property-management units under management rose 8% to 9.4 million, and the model throws off strong cash — operating cash flow climbed 28.7% to $242M (25.5% of revenue). ROE is an excellent 26.0% and the balance sheet is pristine (0.27x liabilities/equity, $107M cash, minimal debt).
The optical decline in GAAP net income (-30.9% to $141M, EPS -30.1%) overstates any deterioration: GAAP operating income actually rose 12.7% to $152.9M, and non-GAAP operating income grew to $234.9M (24.7% of revenue) — the prior-year net income was flattered by below-the-line items. Retained earnings grew 48.6%, and the company even repurchased $146M of stock. R&D rose 18.7% to $190M, funding continued platform and payments expansion.
Is APPF a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~90d expiry
- Long call 171 @ ~21.27 est
- Short call 188 @ ~14.69 est
debit $658max +$1,042max −$658BE 177.58
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $359M | $472M | $620M | $794M | $951M |
| Gross profit | — | — | — | — | — |
| Operating income | -$11.9M | -$72.4M | $963K | $136M | $153M |
| Net income | $1.03M | -$68.1M | $2.70M | $204M | $141M |
| Diluted EPS | $0.03 | -$1.95 | $0.07 | $5.55 | $3.88 |
| Net margin | 0.3% | -14.4% | 0.4% | 25.7% | 14.8% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$5.98B
EV / EBITDA34.1
EV / Sales6.3
EV / FCF25.0
P / FCF25.3
PEG (trailing)—
Earnings yield2.3%
FCF yield4.0%
Quality & risk
ROIC (est.)20.5%
Free cash flow$239M
Total debt$47.4M
Net cash$59.6M
Altman Z-Score28.19 safe
Piotroski F-Score6/8
Capital returns
Buyback yield2.4%
Dividend yield (est.)—
Shareholder yield2.4%
Shares Δ YoY-0.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗3Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗3Period ending 2026-06-292026-07-01open ↗8-K/APeriod ending 2026-01-122026-07-01open ↗8-KPeriod ending 2026-06-262026-07-01open ↗144Filing2026-06-30open ↗4Period ending 2026-06-122026-06-15open ↗
Frequently asked
- Is APPFOLIO INC (APPF) a buy?
- APPF currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Property-management SaaS compounding ~20% with a 26% ROE and rising cash flow — quality growth, but 39x leaves little slack.
- What is APPF's fair value?
- A Modified-Graham model based on APPF's SEC fundamentals estimates a fair value of about $36.28. It is an estimate from reported earnings, not a price target.
- Is APPF overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, APPF currently appears overvalued relative to its SEC-grounded earnings power.
- What is APPFOLIO INC's quality score?
- APPF scores 62.5160877836451/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001433195, latest 10-Q filed 2026-04-23) · EODHD · Proprietary analysis · as of 6/21/2026, 8:57:00 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:57 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.