AppFolio (APPF)

Market Price (9/8/2026): $215.45 | Market Cap: $7.6 BilSector: Information Technology | Industry: Application Software

AppFolio (APPF)

Market Price (9/8/2026): $215.45
Market Cap: $7.6 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%

Low stock price volatility
Vol 12M is 44%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Smart Buildings & Proptech. Themes include Software as a Service (SaaS), Building Management Systems, Show more.

Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -59%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%

Key risks
APPF key risks include [1] intense competition from larger, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%
1	Low stock price volatility Vol 12M is 44%
2	Megatrend and thematic drivers Megatrends include Cloud Computing, and Smart Buildings & Proptech. Themes include Software as a Service (SaaS), Building Management Systems, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -44%, 3Y Excs Rtn is -59%
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%
5	Key risks APPF key risks include [1] intense competition from larger, Show more.

APPF in ETFs

Weight = APPF's share of each fund

VTI0.01%

ITOT0.01%

IWB0.01%

IJH0.13%

VB0.05%

XOVR1.6%

NUSC0.31%

MDYG0.29%

+20 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	9/8/26	2025	2024	2023	2022
Share Price			$215.45	$232.65	$246.72	$173.24	$105.38
Mkt Cap ($ Bil)			7.6	8.4	9.0	6.2	3.7
+ Debt ($ Bil)			0.0	0.0	0.0	0.0	0.1
- Cash ($ Bil)			0.2	0.3	0.3	0.2	0.2
TEV ($ Bil)			7.4	8.4	9.0	6.2	3.8
Valuation Ratios
P/S	5.8	6.8	7.3	8.8	11.3	10.0	7.9
P/EBIT	19.1	23.4	41.8	54.7	66.2	6,443.0	-51.3
P/E	25.0	30.8	48.4	59.3	44.0	2,296.3	-54.5
P/FCF	—	—	28.7	35.5	49.6	133.7	897.4
Sector Ratios (* = sector average)
P/S *			3.8	3.6	3.6	3.2	2.7
P/EBIT *			3.0	3.7	1.6	-0.1	-0.2
P/E *			-0.0	-0.1	-0.3	-0.2	-0.5
P/FCF *			10.2	12.7	14.8	13.9	9.6

FYE: 12/31	Forward FYE		Now
	2027	2026	9/8/26
Share Price			$215.45
Mkt Cap ($ Bil)			7.6
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.2
TEV ($ Bil)			7.4
Valuation Ratios
P/S	5.8	6.8	7.3
P/EBIT	19.1	23.4	41.8
P/E	25.0	30.8	48.4
P/FCF	—	—	28.7
Sector Ratios (* = sector average)
P/S *			3.8
P/EBIT *			3.0
P/E *			-0.0
P/FCF *			10.2

FYE: 12/31	APPF [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.0 Bil	—
FY 2026 Sales	$1.1 Bil	—
FY 2027 Sales	$1.3 Bil	—
FY 2026 Sales Growth	8.0%	—
FY 2027 Sales Growth	17.4%	13.2%
EARNINGS
LTM Net Income (GAAP) [3]	$157.5 Mil	—
FY 2026 Net Income (Non-GAAP)	$247.7 Mil	—
FY 2027 Net Income (Non-GAAP)	$304.5 Mil	—
FY 2027 Net Income Growth	22.9%	18.6%
FY 2026 EPS (Non-GAAP)	$6.90	—
FY 2027 EPS (Non-GAAP)	$8.47	—
FY 2027 EPS Growth	22.8%	—
VALUATION
FY 2026 P/S	6.8	1.7
FY 2027 P/S	5.8	—
FY 2026 P/E	30.8	7.7
FY 2027 P/E	25.0	—

[1] APPF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	APPF	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	1.0
Rev Chg Q	19.3%	9.3%
Rev Chg LTM	20.7%	8.4%
Rev Chg 3Y Avg	25.3%	5.9%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	17.5%	18.6%
CFO/Rev LTM	26.2%	21.9%
Net Inc Mgn	15.1%	13.1%
VALUATION	VERY HIGH
P/S	7.3	3.2
P/CFO	27.9	15.5
P/FCF	28.7	19.8
P/E	48.4	23.2
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.34	0.07

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Metric	Value	Date	Source
Total units under management	9.1 million	9302025	Link
Property management customers	20784	12312024	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 9/4/2026

AppFolio (APPF) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings Beat and Revenue Growth.

AppFolio reported strong financial results for its fiscal Q2 2026, which ended in June 2026, announcing earnings per share (EPS) of $1.71, surpassing analysts' expectations of $1.60 by 6.87%. The company's revenue also exceeded estimates, growing 19.3% year-over-year to $281.12 million, compared to analyst expectations of $277.35 million.

2. Increased Fiscal Year 2026 Financial Outlook and Revenue Milestone.

Following the positive fiscal Q2 2026 results, AppFolio raised its full-year fiscal 2026 revenue guidance to a range of $1.117 - $1.127 billion and increased its non-GAAP operating margin outlook to 26.5% - 28.0%. This period also marked a significant milestone as the company crossed $1 billion in trailing twelve-month revenue for the first time.

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Stock Movement Drivers

Fundamental Drivers

The 33.0% change in APPF stock from 5/31/2026 to 9/7/2026 was primarily driven by a 27.2% change in the company's P/E Multiple.

(LTM values as of)	5312026	9072026	Change
Stock Price ($)	161.17	214.28	33.0%
Change Contribution By:
Total Revenues ($ Mil)	995	1,041	4.6%
Net Income Margin (%)	15.3%	15.1%	-0.9%
P/E Multiple	37.9	48.1	27.2%
Shares Outstanding (Mil)	36	35	0.9%
Cumulative Contribution			33.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/7/2026

	Return	Correlation
APPF	33.0%
Market (SPY)	1.8%	-4.3%
Sector (XLK)	-2.0%	-30.4%

Fundamental Drivers

The 20.5% change in APPF stock from 2/28/2026 to 9/7/2026 was primarily driven by a 9.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282026	9072026	Change
Stock Price ($)	177.76	214.28	20.5%
Change Contribution By:
Total Revenues ($ Mil)	951	1,041	9.5%
Net Income Margin (%)	14.8%	15.1%	2.1%
P/E Multiple	45.3	48.1	6.2%
Shares Outstanding (Mil)	36	35	1.6%
Cumulative Contribution			20.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/7/2026

	Return	Correlation
APPF	20.5%
Market (SPY)	12.6%	1.1%
Sector (XLK)	35.1%	-11.5%

Fundamental Drivers

The -22.7% change in APPF stock from 8/31/2025 to 9/7/2026 was primarily driven by a -35.7% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	9072026	Change
Stock Price ($)	277.38	214.28	-22.7%
Change Contribution By:
Total Revenues ($ Mil)	863	1,041	20.7%
Net Income Margin (%)	23.5%	15.1%	-35.7%
P/E Multiple	49.1	48.1	-1.9%
Shares Outstanding (Mil)	36	35	1.5%
Cumulative Contribution			-22.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/7/2026

	Return	Correlation
APPF	-22.7%
Market (SPY)	20.4%	15.4%
Sector (XLK)	43.3%	4.4%

Fundamental Drivers

The 11.2% change in APPF stock from 8/31/2023 to 9/7/2026 was primarily driven by a 95.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312023	9072026	Change
Stock Price ($)	192.77	214.28	11.2%
Change Contribution By:
Total Revenues ($ Mil)	532	1,041	95.5%
P/S Multiple	12.9	7.3	-43.4%
Shares Outstanding (Mil)	36	35	0.5%
Cumulative Contribution			11.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/7/2026

	Return	Correlation
APPF	11.2%
Market (SPY)	77.1%	28.8%
Sector (XLK)	117.2%	21.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
APPF Return	-33%	-13%	64%	42%	-6%	-4%	24%
Peers Return	11%	-19%	128%	4%	78%	-30%	163%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
APPF Win Rate	58%	33%	75%	67%	50%	33%
Peers Win Rate	56%	46%	60%	54%	44%	29%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
APPF Max Drawdown	-36%	-34%	-18%	-29%	-31%	-39%
Peers Max Drawdown	-37%	-48%	-33%	-38%	-45%	-43%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RMBS, CVLT, OPEN, SPOK, ADBT. See APPF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

Event	APPF	S&P 500
2025 US Tariff Shock
% Loss	-10.6%	-18.8%
% Gain to Breakeven	11.9%	23.1%
Time to Breakeven	13 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-17.6%	-7.8%
% Gain to Breakeven	21.4%	8.5%
Time to Breakeven	112 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.5%	-9.5%
% Gain to Breakeven	11.7%	10.5%
Time to Breakeven	5 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.0%	-24.5%
% Gain to Breakeven	49.3%	32.4%
Time to Breakeven	173 days	427 days
2020 COVID-19 Crash
% Loss	-41.3%	-33.7%
% Gain to Breakeven	70.5%	50.9%
Time to Breakeven	71 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-27.5%	-19.2%
% Gain to Breakeven	37.9%	23.8%
Time to Breakeven	141 days	105 days

Compare to ADSK, SPOK, HIT, BMR, HODO

In The Past

AppFolio's stock fell -10.6% during the 2025 US Tariff Shock. Such a loss loss requires a 11.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	APPF	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-33.0%	-24.5%
% Gain to Breakeven	49.3%	32.4%
Time to Breakeven	173 days	427 days
2020 COVID-19 Crash
% Loss	-41.3%	-33.7%
% Gain to Breakeven	70.5%	50.9%
Time to Breakeven	71 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-27.5%	-19.2%
% Gain to Breakeven	37.9%	23.8%
Time to Breakeven	141 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-33.6%	-12.2%
% Gain to Breakeven	50.5%	13.9%
Time to Breakeven	158 days	62 days

Compare to ADSK, SPOK, HIT, BMR, HODO

In The Past

AppFolio's stock fell -10.6% during the 2025 US Tariff Shock. Such a loss loss requires a 11.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AppFolio (APPF)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

AppFolio Inc. (APPF) is a technology company specializing in cloud-based business management solutions tailored for the real estate industry. The company's core mission is to empower real estate professionals, particularly property managers and investment organizations, by providing platforms that automate processes, optimize workflows, and enhance operational efficiency.

Its main product offerings include AppFolio Property Manager, a comprehensive platform for property management companies designed to streamline daily operations, automate tasks, record transactions, and provide essential business data. An advanced version, AppFolio Property Manager Plus, offers additional features like customizable workflows, performance insights, and integrations for more complex needs. For real estate investment management organizations, AppFolio provides an Investment Management solution focused on managing investor relationships, improving transparency, and streamlining business processes.

Beyond its core platforms, AppFolio also offers various value-added services to further enhance and automate workflows for its customers. These services include electronic payment processing, tenant screening, and insurance services, all contributing to a more integrated and efficient business environment for property management and investment professionals.

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Here are a few analogies for AppFolio:

Salesforce for property management companies.
QuickBooks for landlords and real estate investors.

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AppFolio Property Manager: A cloud-based platform optimizing workflows and completing critical transactions for property management companies.
AppFolio Property Manager Plus: An advanced version of Property Manager offering customizable workflows, performance insights, intelligent revenue management, and integrations.
AppFolio Investment Management: A solution designed for real estate investment firms to manage investor relationships and streamline business processes.
Value-added Services: Complementary services such as electronic payment, tenant screening, and insurance, aimed at enhancing and automating property management operations.

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AppFolio (APPF) sells its cloud business management solutions primarily to other companies within the real estate industry, rather than directly to individuals. Based on the provided company description, AppFolio serves a broad range of businesses, and specific names of major customers are not disclosed within the given information. However, the types of companies that utilize AppFolio's services include:

Property Management Companies: These businesses leverage AppFolio Property Manager and AppFolio Property Manager Plus to automate processes, optimize workflows, manage critical transactions, and access essential data for their property management operations.
Real Estate Investment Management Organizations: These organizations utilize AppFolio Investment Management to manage investor relationships, enhance transparency, and streamline various business processes related to real estate investments.
Property Management Businesses: This broader category includes firms that benefit from AppFolio's value-added services, such as electronic payment processing, tenant screening, and insurance services, designed to enhance and streamline their overall workflows.

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Amazon Web Services (symbol: AMZN)

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Shane Trigg, President and Chief Executive Officer

Shane Trigg became President and Chief Executive Officer of AppFolio in March 2023, having previously served as the company's General Manager for Real Estate since April 2020, and later as President of Real Estate. He brings over 25 years of leadership experience in publicly traded SaaS businesses, encompassing sales and marketing, product and engineering, and mergers and acquisitions. Prior to joining AppFolio, Mr. Trigg held positions as Senior Vice President of Commerce Cloud and Senior Vice President of Marketing Cloud for Salesforce. He also served as Vice President of Global Sales and Marketing for MRI Software (formerly Intuit Real Estate Solutions, Inc.). Mr. Trigg is a Limited Partner at Stage 2 Capital.

Tim Eaton, Chief Financial Officer

Tim Eaton was appointed Chief Financial Officer of AppFolio, effective July 30, 2025, after serving as Interim Chief Financial Officer since October 2024. He joined AppFolio in 2020 and has held various leadership roles, including Chief of Staff to the CEO. Before his tenure at AppFolio, Mr. Eaton gained financial, strategic, and operational experience at companies such as Visa, Google, and Goldman Sachs. He holds an M.B.A. from the Wharton School at the University of Pennsylvania and a B.S. in Business Management from Brigham Young University.

Matthew Baird, Chief Technology Officer

Matthew Baird serves as the Chief Technology Officer for AppFolio. In his role, he leads the company's technology and product development. He has been noted for sharing insights on how agentic AI can transform property management.

Elizabeth Barat, Chief People Officer

Elizabeth Barat is the Chief People Officer at AppFolio. She is responsible for fostering a work environment that ensures AppFolio is a desirable place for employees to grow and succeed.

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Here are the key risks to AppFolio's business:

1. Intense Competition and the Need for Continuous Technological Innovation

AppFolio operates in a dynamic and competitive market for cloud business management solutions for the real estate industry. The company faces the challenge of maintaining premium pricing as core technology potentially becomes commoditized. Competitors, including established players like Yardi, RealPage, and Buildium, exert pressure on AppFolio's market share and profit margins. To sustain its growth and competitive edge, AppFolio must continuously invest heavily in research and development, including AI-powered features and new services, to innovate and differentiate its offerings. Failure to do so could lead to a loss of market share and impact profitability.

2. Data Security and Privacy Breaches

As a provider of cloud-based solutions handling sensitive information for property managers, tenants, and investors, AppFolio faces significant data security and privacy risks. The platforms store critical data such as Social Security numbers, bank details, and lease agreements, making them attractive targets for cybercriminals. Common vulnerabilities include poor data encryption, weak access controls, and human error. A substantial data breach could result in severe reputational damage, significant financial losses due to remediation costs, and legal liabilities from non-compliance with data protection regulations like GDPR and CCPA. Reliance on third-party cloud infrastructure also introduces risks related to vendor outages and potential vulnerabilities in external systems.

3. Regulatory Scrutiny and Antitrust Risks Related to Pricing Algorithms and Data Usage

AppFolio's offerings, particularly those involving "intelligent revenue management," expose it to increasing regulatory scrutiny and antitrust risks. The real estate industry, especially concerning rental pricing tools, has seen heightened attention from regulatory bodies. Competitors, such as RealPage, have faced investigations and lawsuits alleging anti-competitive practices, specifically "algorithmic collusion," where shared data and algorithms among competitors could inadvertently lead to price-fixing. Changes in regulations governing rental real estate, data privacy, payments, and tenant screening services could require significant adaptations to AppFolio's software and business practices, potentially squeezing margins and increasing operational costs.

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AppFolio, Inc. operates within significant addressable markets for its cloud-based business management solutions. The company's main products, AppFolio Property Manager and AppFolio Investment Management, cater to the property management and real estate investment sectors, respectively. For **AppFolio Property Manager**, which provides solutions for the real estate industry, the addressable market size in the United States for property management software was valued at approximately USD 1.54 billion in 2023 and is projected to grow to USD 2.86 billion by 2030, with a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030. Globally, the property management software market was valued at USD 5.88 billion in 2024 and is anticipated to reach USD 12.56 billion by 2033, growing at a CAGR of 8.8% during the period of 2026–2033. North America held the largest share of this market in 2024, at USD 9.06 billion. Another estimate places the global market at USD 7.1 billion in 2025, expected to rise to USD 17.1 billion by 2035, at a CAGR of 9.3% from 2026-2035. For **AppFolio Investment Management**, a solution designed for real estate investment organizations, the global real estate investment software market was valued at USD 6.34 billion in 2025. This market is projected to expand from USD 7.17 billion in 2026 to USD 19.25 billion by 2034, exhibiting a CAGR of 13.14%. North America accounts for approximately 35% of the global real estate investment software market.

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AppFolio (APPF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

AI-Powered Innovation and New AI-Native Products: The company is heavily investing in and leveraging AI-powered innovation, including new AI-native products and capabilities like the Realm-X platform, to enhance operational efficiency and drive accelerating unit growth for its customers. AppFolio's management highlights AI as a differentiator, with a significant percentage of customers already utilizing its AI capabilities.
Adoption of Premium Tiers (Plus and Max): AppFolio is seeing increased adoption of its premium "Plus" and "Max" subscription tiers, which offer customizable workflows, performance insights, and intelligent revenue management. This migration to higher-value offerings is a crucial driver of core solutions revenue growth.
Growth in Customer Base and Units Under Management: AppFolio continues to expand its customer base and the total number of units managed on its platform. The company has demonstrated success in acquiring new customers and increasing units, indicating ongoing market penetration.
Expansion of Value-Added Services and Resident-Facing Offerings: Growth is expected from the increased use and adoption of value-added services such as electronic payments, tenant screening, insurance, and risk mitigation services. Additionally, new direct resident-facing offerings, including Resident Onboarding Lift and strategic partnerships (e.g., LiveEasy and Second Nature), are contributing to new revenue streams.
New Business Units: The company's forward guidance mentions "new business units" as a factor contributing to anticipated revenue growth. This suggests potential expansion into additional market segments within the real estate industry or related areas.

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Share Repurchases

AppFolio authorized a new $300 million stock repurchase program for its Class A common stock on April 23, 2025, replacing a previous $100 million program that had been substantially exhausted.
The company reported $95.68 million in stock buybacks as of March 31, 2025.

Share Issuance

AppFolio's diluted weighted average shares outstanding are expected to be approximately 37 million for the full fiscal year 2025.
The number of shares outstanding decreased by approximately 2.06% in the last year (as of a report likely from late 2024 or early 2025).
Stock-based compensation expense, which can lead to share issuance, was $62.1 million in 2024, $54.9 million in 2023, and $43.2 million in 2022.

Outbound Investments

AppFolio completed the acquisition of Move EZ, Inc..

Capital Expenditures

Capital expenditures were reported as -$3.16 million in the last 12 months (as of a recent report, likely late 2025/early 2026).
AppFolio invested $1.3 million in capital expenditures in Q4 2025.
Projected capital expenditures are $40 million for 2026, and the company's 2025 10-K report highlights a commitment to leveraging technology, particularly AI, for enhancing operational efficiency and expanding market presence.

Interactive Breakdown

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ORCL (5.0%)

Oracle

WDAY (2.6%)

Workday

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for APPF: 25.3% | 7.3x)

APH (33.8% | 7.0x)

Amphenol

CLS (27.1% | 2.3x)

Celestica

SMCI (78.3% | 0.6x)

Super Micro Computer

ZETA (33.9% | 4.9x)

Zeta Global

S (28.2% | 6.2x)

SentinelOne

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for APPF: 25.3% | 41.6x)

NVDA (116.5% | 28.2x)

NVIDIA

MU (80.9% | 19.3x)

Micron Technology

SNDK (68.4% | 20.5x)

SanDisk

APH (33.8% | 25.4x)

Amphenol

WDC (29.3% | 35.7x)

Western Digital

Higher Rev Chg LTM (Value for APPF: 20.7%)

MU (167.0%)

Micron Technology

NVDA (83.4%)

NVIDIA

PLTR (78.9%)

Palantir Technologies

AMD (39.5%)

Advanced Micro Devices

AVGO (32.3%)

Broadcom

Higher Rev Chg 3Y Avg (Value for APPF: 25.3%)

NVDA (116.5%)

NVIDIA

MU (80.9%)

Micron Technology

SNDK (68.4%)

SanDisk

PLTR (46.3%)

Palantir Technologies

AVGO (29.3%)

Broadcom

Higher Op Mgn LTM (Value for APPF: 17.5%)

MU (65.7%)

Micron Technology

NVDA (65.2%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (33.2%)

Apple

Higher CFO/Rev LTM (Value for APPF: 26.2%)

MU (57.0%)

Micron Technology

MSFT (55.1%)

Microsoft

AVGO (44.6%)

Broadcom

NVDA (44.3%)

NVIDIA

AAPL (31.4%)

Apple

Higher FCF/Rev LTM (Value for APPF: 25.5%)

PLTR (54.6%)

Palantir Technologies

AVGO (43.4%)

Broadcom

NVDA (41.9%)

NVIDIA

AAPL (29.3%)

Apple

MU (29.0%)

Micron Technology

Higher Total Yield (Value for APPF: 2.1%)

MU (4.5%)

Micron Technology

MSFT (4.3%)

Microsoft

NVDA (3.6%)

NVIDIA

AAPL (3.1%)

Apple

AVGO (2.4%)

Broadcom

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for APPF: 25.3% | 7.3x)

GE (26.2% | 6.9x)

GE Aerospace

NEM (32.1% | 5.3x)

Newmont

AEM (34.4% | 7.1x)

Agnico Eagle Mines

MELI (40.5% | 2.9x)

MercadoLibre

KKR (33.7% | 4.6x)

KKR

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for APPF: 25.3% | 41.6x)

LLY (39.4% | 25.9x)

Eli Lilly

GE (26.2% | 37.1x)

GE Aerospace

NEM (32.1% | 9.6x)

Newmont

APP (44.4% | 20.4x)

AppLovin

AEM (34.4% | 12.1x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for APPF: 20.7%)

LLY (49.6%)

Eli Lilly

META (27.7%)

Meta Platforms

BLK (26.5%)

BlackRock

BA (24.8%)

Boeing

GE (21.7%)

GE Aerospace

Higher Rev Chg 3Y Avg (Value for APPF: 25.3%)

HOOD (43.9%)

Robinhood Markets

LLY (39.4%)

Eli Lilly

NEM (32.1%)

Newmont

WELL (27.6%)

Welltower

GE (26.2%)

GE Aerospace

Higher Op Mgn LTM (Value for APPF: 17.5%)

V (65.6%)

Visa

LLY (49.7%)

Eli Lilly

META (38.1%)

Meta Platforms

GOOGL (33.1%)

Alphabet

WM (18.5%)

Waste Management

Higher CFO/Rev LTM (Value for APPF: 26.2%)

META (57.1%)

Meta Platforms

V (50.8%)

Visa

GOOGL (41.6%)

Alphabet

LLY (35.3%)

Eli Lilly

JNJ (28.2%)

Johnson & Johnson

Higher FCF/Rev LTM (Value for APPF: 25.5%)

BAC (78.2%)

Bank of America

V (47.2%)

Visa

MA (45.5%)

Mastercard

KO (28.5%)

Coca-Cola

ABBV (28.3%)

AbbVie

Higher Total Yield (Value for APPF: 2.1%)

BRK-B (7.9%)

Berkshire Hathaway

GOOGL (6.2%)

Alphabet

AMZN (4.9%)

Amazon.com

META (4.7%)

Meta Platforms

LLY (3.2%)

Eli Lilly

Best Bets in Information Technology

What You Pay

P/EBIT (Value for APPF: 41.6x)

VRSN (22.5x)

VeriSign

ANET (53.7x)

Arista Networks

NVDA (24.2x)

NVIDIA

IDCC (22.5x)

InterDigital

YOU (17.8x)

Clear Secure

ADEA (14.4x)

Adeia

GEN (8.9x)

Gen Digital

ZM (25.0x)

Zoom Communications

ADBE (11.4x)

Adobe

FICO (16.9x)

Fair Isaac

P/E (Value for APPF: 48.1x)

VRSN (31.2x)

VeriSign

ANET (60.4x)

Arista Networks

NVDA (28.9x)

NVIDIA

IDCC (28.9x)

InterDigital

YOU (30.2x)

Clear Secure

ADEA (23.8x)

Adeia

GEN (17.4x)

Gen Digital

ZM (9.1x)

Zoom Communications

ADBE (14.8x)

Adobe

FICO (25.9x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for APPF: 25.3%)

VRSN (5.3%)

VeriSign

ANET (26.2%)

Arista Networks

NVDA (116.5%)

NVIDIA

IDCC (15.6%)

InterDigital

YOU (24.0%)

Clear Secure

ADEA (7.0%)

Adeia

GEN (12.8%)

Gen Digital

ZM (3.8%)

Zoom Communications

ADBE (11.0%)

Adobe

FICO (17.7%)

Fair Isaac

Rev Chg LTM (Value for APPF: 20.7%)

VRSN (6.9%)

VeriSign

ANET (32.6%)

Arista Networks

NVDA (83.4%)

NVIDIA

IDCC (-11.7%)

InterDigital

YOU (19.8%)

Clear Secure

ADEA (24.3%)

Adeia

GEN (20.2%)

Gen Digital

ZM (5.0%)

Zoom Communications

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

Rev Chg Q (Value for APPF: 19.3%)

VRSN (6.0%)

VeriSign

ANET (37.7%)

Arista Networks

NVDA (105.9%)

NVIDIA

IDCC (-13.4%)

InterDigital

YOU (26.6%)

Clear Secure

ADEA (12.1%)

Adeia

GEN (6.3%)

Gen Digital

ZM (4.9%)

Zoom Communications

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for APPF: 22.3%)

VRSN (58.5%)

VeriSign

ANET (47.2%)

Arista Networks

NVDA (44.7%)

NVIDIA

IDCC (42.5%)

InterDigital

YOU (41.9%)

Clear Secure

ADEA (41.1%)

Adeia

GEN (39.0%)

Gen Digital

ZM (38.3%)

Zoom Communications

ADBE (37.9%)

Adobe

FICO (37.4%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Peer Outperformance in Application Software

APPF has outperformed 91% of its 122 Application Software peers over 5Y. Among the peers that beat it is FROG. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Application Software constituents that APPF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

48%

of 153 industry peers · -24.8% return

64%

of 140 industry peers · 11.0% return

91%

of 122 industry peers · 73.7% return

Application Software peers with revenue growth within 4pp of APPF's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
APPF	AppFolio	25.3%	48.1x	-24.8%	11.0%	73.7%	—
FROG	JFrog	24.3%	-242.1x	75.0%	220.3%	132.9%	+59pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is APPF's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	9	56.1%	191.0%	287.9%	TTMI 816% · FLEX 712% · SANM 409%
Semiconductor Materials & Equipment	27	130.8%	74.9%	101.8%	AEHR 867% · AXTI 567% · KLAC 479%
Technology Distributors	9	30.2%	70.9%	87.8%	CLMB 352% · AVT 169% · SNX 127%
Communications Equipment	36	19.3%	75.0%	71.3%	AAOI 1256% · LITE 899% · ANET 762%
Electronic Components	26	49.9%	60.1%	64.4%	CLS 3348% · BELFA 1289% · COHR 364%
Semiconductors	55	21.1%	26.4%	19.8%	POET 1845% · MU 1343% · NVDA 935%
Technology Hardware, Storage & Peripherals	21	37.2%	82.0%	19.2%	DELL 1107% · STX 1069% · SMCI 990%
Internet Services & Infrastructure	6	19.8%	39.9%	16.4%	DOCN 66% · GDDY 35% · VRSN 34%
Electronic Equipment & Instruments	27	-7.3%	11.5%	-7.0%	PI 210% · OSIS 112% · NSSC 102%
IT Consulting & Other Services	28	-23.8%	-12.1%	-28.5%	CHRN 533058% · APLD 1245% · TSSI 665%
Application Software ←	123	-23.9%	-13.6%	-44.9%	VIDA 181718% · INLX 4861% · PLTR 582%
Systems Software	67	-5.4%	4.0%	-56.1%	PAYS 470% · QNC 470% · ZETA 350%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	AppFolio Stock In Shambles: Down 12% With 7-Day Losing Streak	03/18/2026
2	AppFolio Stock Leaps 13% In One Week, Wait For A Dip To Buy The Stock	03/04/2026
3	Does AppFolio Stock Lead the Pack?	03/04/2026
4	APPF Stock Surges 15% With A 6-day Winning Spree On Bullish Analyst Ratings	03/04/2026
5	AppFolio Earnings Notes	12/29/2026
6	Can AppFolio Stock Hold Up When Markets Turn?	10/17/2025
7	Is 20.2% Fall In AppFolio (APPF) Stock A Buying Opportunity?	10/15/2025
8	AppFolio vs Eli Lilly: Which Is A Better Investment?	08/18/2025
9	ARTICLES
10	AppFolio Stock 7-Day Losing Spree: Stock Falls -12%	03/18/2026
11	AppFolio Stock vs Competition: Who Wins?	03/04/2026
12	AppFolio Stock To $132?	03/04/2026
13	AppFolio Stock To $160?	10/15/2025
14	APPF Stock Down -17% after 9-Day Loss Streak	08/16/2025

	Title
0	DASHBOARDS
1	AppFolio Stock In Shambles: Down 12% With 7-Day Losing Streak
2	AppFolio Stock Leaps 13% In One Week, Wait For A Dip To Buy The Stock
3	Does AppFolio Stock Lead the Pack?
4	APPF Stock Surges 15% With A 6-day Winning Spree On Bullish Analyst Ratings
5	AppFolio Earnings Notes
6	Can AppFolio Stock Hold Up When Markets Turn?
7	Is 20.2% Fall In AppFolio (APPF) Stock A Buying Opportunity?
8	AppFolio vs Eli Lilly: Which Is A Better Investment?
9	ARTICLES
10	AppFolio Stock 7-Day Losing Spree: Stock Falls -12%
11	AppFolio Stock vs Competition: Who Wins?
12	AppFolio Stock To $132?
13	AppFolio Stock To $160?
14	APPF Stock Down -17% after 9-Day Loss Streak

Trade Ideas

Select ideas related to APPF.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NX	Quanex Building Products	1.0	22.2%	50.5%
TYRA	Tyra Biosciences	1.9	15.2%	9.0%
AEHR	Aehr Test Systems	2.8	13.1%	327.2%
SNDK	SanDisk	255.8	11.9%	633.0%
GOLD	Gold.com	1.3	11.2%	36.6%
PSIX	Power Solutions International	0.9	11.2%	-29.1%
EOSE	Eos Energy Enterprises	1.3	10.9%	-66.1%
COHU	Cohu	2.4	10.3%	118.0%
CBRS	Cerebras Systems	31.7	10.3%	-32.5%
ALAB	Astera Labs	53.5	9.8%	86.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GWRE	Guidewire Software	13.7	-19.9%	-19.2%
LULU	Lululemon Athletica	11.6	-17.4%	-51.6%
FICO	Fair Isaac	21.1	-16.7%	-44.9%
PATH	UiPath	8.0	-16.6%	-7.3%
OXM	Oxford Industries	0.5	-15.7%	-5.2%
ABTC	American Bitcoin	0.6	-14.5%	-68.7%
ASAN	Asana	2.1	-12.7%	-35.7%
NXTT	Next Technology	0.8	-11.3%	-12.8%
BALY	Ballys	0.6	-10.7%	-44.7%
TRON	Tron	0.7	-9.8%	19.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SMMT	Summit Therapeutics	13.7	28.2%	0.7%
TARS	Tarsus Pharmaceuticals	3.9	26.5%	10.9%
CNH	CNH Industrial	17.8	23.3%	57.7%
FRVO	Fervo Energy	2.9	23.0%	-50.3%
BE	Bloom Energy	72.6	20.0%	191.0%
EOSE	Eos Energy Enterprises	1.3	19.0%	-66.1%
NX	Quanex Building Products	1.0	18.1%	50.5%
ODTX	Odyssey Therapeutics	0.9	18.1%	75.2%
SECZ	Securitize	1.1	18.0%	-39.7%
HUT	Hut 8	11.1	17.8%	103.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.2	-93.3%	-94.7%
ALMS	Alumis	1.4	-50.4%	13.7%
RARE	Ultragenyx Pharmaceutical	1.6	-40.3%	-33.5%
TRON	Tron	0.7	-28.8%	19.4%
CXM	Sprinklr	1.4	-27.6%	-24.0%
CRDO	Credo Technology	31.5	-26.7%	18.5%
ENOV	Enovis	1.1	-25.5%	-30.3%
GWRE	Guidewire Software	13.7	-21.1%	-19.2%
OXM	Oxford Industries	0.5	-19.4%	-5.2%
FICO	Fair Isaac	21.1	-19.2%	-44.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NXTT	Next Technology	0.8	532.2%	-12.8%
MRNA	Moderna	57.9	170.2%	393.6%
CAPR	Capricor Therapeutics	0.5	124.9%	-67.4%
QMCO	Quantum	0.5	111.7%	283.4%
OABI	OmniAb	0.6	93.3%	134.1%
SENS	Senseonics	0.6	87.0%	74.5%
PURR	Hyperliquid Strategies	1.5	82.6%	242.1%
HTFL	HeartFlow	4.2	79.9%	67.8%
STDN	Standard Nuclear	2.4	79.3%	19.5%
ABCL	AbCellera Biologics	3.5	75.0%	234.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.4	-60.1%	13.7%
IESC	IES	12.9	-47.4%	-17.1%
LASR	nLight	2.3	-46.9%	6.8%
CDNL	Cardinal Infrastructure	0.6	-41.8%	50.7%
RARE	Ultragenyx Pharmaceutical	1.6	-40.7%	-33.5%
AADX	Applied Aerospace & Defense	1.9	-39.2%	-32.0%
AEVA	Aeva Technologies	1.0	-37.9%	18.1%
FTK	Flotek Industries	0.9	-35.4%	36.6%
LINC	Lincoln Educational Services	0.8	-34.8%	6.2%
RXT	Rackspace Technology	0.8	-33.8%	228.6%

Peer Comparisons

Peers to compare with:

Financials

	APPF	RMBS	CVLT	OPEN	SPOK	ADBT	Median
Name	AppFolio	Rambus	CommVaul.	Opendoor.	Spok	Advasa
Mkt Price	214.28	85.46	136.41	3.15	10.71	0.33	48.08
Mkt Cap	7.6	9.3	5.6	3.0	0.2	-	5.6
Rev LTM	1,041	756	1,216	3,254	136	19	899
Op Inc LTM	182	272	109	-517	18	1	64
FCF LTM	266	300	258	-474	25	-4	142
FCF 3Y Avg	198	252	218	-445	24	-	198
CFO LTM	273	333	265	-459	29	-4	147
CFO 3Y Avg	207	281	223	-423	27	-	207

Growth & Margins

	APPF	RMBS	CVLT	OPEN	SPOK	ADBT	Median
Name	AppFolio	Rambus	CommVaul.	Opendoor.	Spok	Advasa
Rev Chg LTM	20.7%	17.2%	15.5%	-37.2%	-3.4%	-	15.5%
Rev Chg 3Y Avg	25.3%	18.1%	15.8%	-27.7%	-0.1%	-	15.8%
Rev Chg Q	19.3%	20.4%	11.4%	-43.7%	-1.9%	23.3%	15.4%
QoQ Delta Rev Chg LTM	4.6%	4.9%	2.7%	-17.4%	-0.5%	7.5%	3.6%
Op Inc Chg LTM	30.4%	16.1%	20.5%	-153.4%	-14.0%	-	16.1%
Op Inc Chg 3Y Avg	117.1%	55.0%	21.3%	-13.8%	-1.8%	-	21.3%
Op Mgn LTM	17.5%	35.9%	9.0%	-15.9%	13.5%	6.2%	11.3%
Op Mgn 3Y Avg	15.8%	32.8%	9.1%	-9.2%	14.6%	-	14.6%
QoQ Delta Op Mgn LTM	0.5%	0.1%	0.0%	-6.2%	1.2%	-0.1%	0.0%
CFO/Rev LTM	26.2%	44.0%	21.8%	-14.1%	21.0%	-19.4%	21.4%
CFO/Rev 3Y Avg	23.4%	44.9%	21.5%	-11.1%	19.7%	-	21.5%
FCF/Rev LTM	25.5%	39.6%	21.3%	-14.6%	18.7%	-19.4%	20.0%
FCF/Rev 3Y Avg	22.3%	40.2%	21.0%	-11.6%	17.4%	-	21.0%

Valuation

	APPF	RMBS	CVLT	OPEN	SPOK	ADBT	Median
Name	AppFolio	Rambus	CommVaul.	Opendoor.	Spok	Advasa
Mkt Cap	7.6	9.3	5.6	3.0	0.2	-	5.6
P/S	7.3	12.3	4.6	0.9	1.6	-	4.6
P/Op Inc	41.6	34.1	51.8	-5.9	12.2	-	34.1
P/EBIT	41.6	31.3	55.1	-2.2	12.2	-	31.3
P/E	48.1	38.7	82.6	-2.0	18.3	-	38.7
P/CFO	27.8	27.9	21.3	-6.6	7.8	-	21.3
Total Yield	2.1%	2.6%	1.2%	-50.0%	17.7%	-	2.1%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	12.2%	-	0.0%
FCF Yield 3Y Avg	2.8%	3.0%	3.6%	4.5%	8.6%	-	3.6%
D/E	0.0	0.0	0.2	0.6	0.0	-	0.0
Net D/E	-0.0	-0.1	-0.0	0.4	-0.0	-	-0.0

Returns

	APPF	RMBS	CVLT	OPEN	SPOK	ADBT	Median
Name	AppFolio	Rambus	CommVaul.	Opendoor.	Spok	Advasa
1M Rtn	7.8%	-15.8%	0.8%	-9.6%	-4.3%	-94.7%	-7.0%
3M Rtn	29.9%	-43.8%	11.7%	-26.9%	3.4%	-94.7%	-11.7%
6M Rtn	13.0%	-3.5%	58.9%	-38.0%	-4.9%	-94.7%	-4.2%
12M Rtn	-24.8%	14.2%	-23.8%	-52.6%	-31.6%	-94.7%	-28.2%
3Y Rtn	11.0%	54.7%	100.4%	-16.7%	-3.2%	-94.7%	3.9%
1M Excs Rtn	10.3%	-12.6%	2.2%	-8.7%	-2.6%	-94.8%	-5.6%
3M Excs Rtn	23.8%	-45.7%	10.4%	-33.3%	-1.6%	-99.2%	-17.4%
6M Excs Rtn	-2.4%	-17.5%	42.2%	-51.5%	-21.6%	-109.2%	-19.5%
12M Excs Rtn	-42.0%	-5.4%	-41.7%	-65.9%	-52.8%	-113.4%	-47.4%
3Y Excs Rtn	-59.5%	-19.5%	27.0%	-91.0%	-73.6%	-165.6%	-66.5%

Comparison Analyses

	Title
0	AppFolio vs. CommVault Systems: With Return Forecast Of 76%, AppFolio Is A Better Bet
1	PRGS Looks Stronger Than APPF With 60% Return Potential
2	APPF Looks Stronger Than RMBS With 64% Return Potential
3	With 64% Gains On The Table, APPF May Outshine SABR
4	AppFolio vs. SPX: With Return Forecast Of 63%, AppFolio Is A Better Bet
5	AppFolio vs. National Vision Holdings: With Return Forecast Of 63%, AppFolio Is A Better Bet
6	AppFolio vs. Gray Communications Systems: With Return Forecast Of 63%, AppFolio Is A Better Bet
7	AppFolio vs. Vicor: With Return Forecast Of 76%, AppFolio Is A Better Bet
8	AppFolio vs. iRhythm Technologies: With Return Forecast Of 97%, iRhythm Technologies Is A Better Bet
9	AppFolio vs. Qualys: With Return Forecast Of 76%, AppFolio Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	7/23/2026	2/5/2026	2/6/2025	2/1/2024	2/9/2023	2/28/2022	3/1/2021
Key Financials
Total Revenue	1,041	951	794	620	472	359	310
Gross Profit	661	605	512	382	280	215	191
EBITDA	205	178	157	32	-38	20	39
Operating Income	182	153	136	1	-72	-12	10
Net Income	158	141	204	3	-68	1	158
EPS	4.41	3.91	5.63	0.08	-1.95	0.03	4.62
Growth Rates
Total Revenue Growth	20.7%	19.7%	28.0%	31.5%	31.3%	15.9%	21.1%
EBITDA Growth	25.5%	13.1%	390.0%	183.6%	-288.5%	-47.8%	21.0%
Operating Income Growth	30.4%	12.7%	13985.6%	101.3%	-509.3%	-221.4%	51.4%
Net Income Growth	-22.4%	-30.9%	7452.5%	104.0%	-6726.4%	-99.4%	336.6%
Margins
Gross Margin	63.5%	63.7%	64.5%	61.6%	59.3%	59.9%	61.6%
EBITDA Margin	19.7%	18.7%	19.8%	5.2%	-8.1%	5.7%	12.6%
Operating Income Margin	17.5%	16.1%	17.1%	0.2%	-15.3%	-3.3%	3.2%
Net Income Margin	15.1%	14.8%	25.7%	0.4%	-14.4%	0.3%	51.1%
Cash & Debt
Total Cash	222	251	278	212	160	122	169
Total Debt	36	38	42	45	54	56	40
Net Debt / (Cash)	-186	-213	-237	-167	-106	-67	-128
Cash Flows & CapEx
Net Cash from Operations	273	242	188	60	25	35	48
Total CapEx	-7	-7	-7	-14	-21	-33	-45
Free Cash from Operations	266	236	181	46	4	3	3
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	125	146	-0	-0	-0	-0	4

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	7/23/2026	4/23/2026	2/5/2026	10/30/2025	7/31/2025	4/24/2025	2/6/2025	10/25/2024	7/26/2024	4/26/2024	2/1/2024	10/27/2023
Key Financials Quarterly
Total Revenue	281	262	248	249	236	218	204	206	197	187	172	165
Ebitda	59	56	49	41	47	41	29	47	41	40	38	8
Operating Income	53	51	44	35	41	34	23	43	36	34	28	-0
Net Income	42	42	40	34	36	31	103	33	30	39	30	26
EPS	1.17	1.19	1.11	0.94	1.00	0.86	2.82	0.91	0.82	1.07	0.85	0.74
Key Financials TTM
Total Revenue TTM	1,041	995	951	906	863	824	794	762	722	672	620	573
Ebitda TTM	205	194	178	157	164	158	157	166	126	91	32	-17
Operating Income TTM	182	170	153	132	140	135	136	141	98	62	1	-47
Net Income TTM	158	152	141	204	203	197	204	132	125	76	3	-47
Growth Rates Quarterly
Total Revenue Growth	19.3%	20.4%	21.9%	21.2%	19.4%	16.2%	18.5%	24.4%	34.2%	37.7%	38.5%	32.3%
EBITDA Growth	24.9%	38.9%	71.6%	-13.5%	13.7%	1.8%	-23.5%	531.7%	571.8%	311.2%	420.6%	1320.6%
Operating Income Growth	30.8%	50.2%	89.8%	-17.7%	12.4%	-0.9%	-18.7%	63634.3%	5406.0%	228.5%	241.5%	99.1%
Net Income Growth	15.5%	35.2%	-61.1%	1.9%	21.3%	-18.8%	239.4%	24.8%	256.9%	210.1%	253.6%	735.4%
Margins Quarterly
EBITDA Margin	20.8%	21.5%	19.9%	16.4%	19.9%	18.6%	14.1%	23.0%	20.9%	21.2%	21.9%	4.5%
Operating Income Margin	18.8%	19.4%	17.6%	14.1%	17.2%	15.5%	11.3%	20.7%	18.3%	18.2%	16.4%	-0.0%
Net Income Margin	14.8%	16.2%	16.1%	13.5%	15.3%	14.4%	50.4%	16.0%	15.0%	20.6%	17.6%	16.0%
Cash & Debt
Total Cash	222	152	251	200	128	211	278	331	281	244	212	192
Total Debt	36	37	38	39	40	41	42	42	43	44	45	41
Net Debt / (Cash)	-186	-115	-213	-161	-88	-170	-237	-290	-238	-199	-167	-150
Cash Flows Quarterly
FCF from Operations	88	34	65	86	53	38	37	58	51	43	31	37
Cash Flows TTM
FCF from Operations TTM	273	238	242	214	185	184	188	183	162	102	60	35
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	125	-0	-0	50	96	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	594.0%	-0.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	1.7%	-153.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Value Added Services	722	605	454		241
Subscription Services	211	181	157
Other	18	9	10		13
Single Segment				472
Core solutions					105
Total	951	794	620	472	359

Price Behavior

Price Behavior

Market Price	$214.28
Market Cap ($ Bil)	7.6
First Trading Date	06/26/2015
Distance from 52W High	-25.2%
	50 Days	200 Days
DMA Price	$193.25	$187.84
DMA Trend	down	up
Distance from DMA	10.9%	14.1%
	3M	1YR
Volatility	49.8%	43.9%
Downside Capture	-51.14	114.91
Upside Capture	79.83	57.41
Correlation (SPY)	-4.9%	14.8%

APPF Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.16	-0.18	-0.19	-0.01	0.51	0.83
Up Beta	2.97	-0.16	-0.96	-0.40	0.14	0.91
Down Beta	-3.06	-2.55	-0.58	-0.55	0.07	0.75
Up Capture	411%	180%	111%	52%	50%	50%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	16	29	40	69	126	375
Down Capture	-63%	-147%	-85%	1%	102%	96%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	5	13	24	58	125	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with APPF
APPF	-23.3%	43.7%	-0.49	-
Sector ETF (XLK)	43.4%	26.2%	1.34	4.3%
Equity (SPY)	19.7%	12.8%	1.13	15.2%
Gold (GLD)	24.6%	29.2%	0.75	-3.0%
Commodities (DBC)	43.8%	20.3%	1.67	-3.4%
Real Estate (VNQ)	9.1%	13.6%	0.39	15.1%
Bitcoin (BTCUSD)	-28.1%	43.8%	-0.63	10.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with APPF
APPF	11.1%	44.0%	0.37	-
Sector ETF (XLK)	19.7%	25.9%	0.68	32.9%
Equity (SPY)	12.8%	17.2%	0.57	38.1%
Gold (GLD)	19.1%	18.8%	0.82	1.5%
Commodities (DBC)	10.7%	19.5%	0.43	4.3%
Real Estate (VNQ)	1.7%	18.9%	-0.01	31.3%
Bitcoin (BTCUSD)	10.2%	52.6%	0.38	17.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with APPF
APPF	27.3%	44.6%	0.70	-
Sector ETF (XLK)	24.4%	25.0%	0.88	44.6%
Equity (SPY)	15.3%	17.9%	0.72	46.1%
Gold (GLD)	12.4%	16.3%	0.62	3.1%
Commodities (DBC)	7.9%	18.1%	0.35	10.9%
Real Estate (VNQ)	4.8%	20.7%	0.19	38.3%
Bitcoin (BTCUSD)	63.7%	66.2%	1.03	13.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	2.4 Mil
Short Interest: % Change Since 7312026	-6.5%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	5.2 days
Basic Shares Quantity	35.4 Mil
Short % of Basic Shares	6.7%

Returns Analyses

	Title
0	Can AppFolio Stock Hold Up When Markets Turn?
1	AppFolio Stock Return Comparison
2	[10/2/2021] AppFolio (APPF) Stock Price Forecast: AI Forecasts APPF Stock Price To Be Around $131 In A Month (Up 3.9%)
3	AppFolio Total Shareholder Return (TSR): -13.0% in 2022 and -1.4% 3-yr returns (below peer average)
4	AppFolio (APPF) Stock Return: AI Predicts APPF Average and Excess Return After a Fall or Rise

Earnings Returns History

Updated 8/25/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/23/2026	0.7%	7.4%	36.9%
1/29/2026	-8.3%	-14.4%	-12.8%
10/30/2025	7.9%	6.2%	-1.9%
7/31/2025	19.4%	12.3%	3.7%
4/24/2025	-18.2%	-11.9%	-10.6%
1/30/2025	-7.8%	-10.7%	-15.7%
10/24/2024	10.6%	8.2%	26.2%
7/25/2024	-10.9%	-16.7%	-11.4%
...
SUMMARY STATS
# Positive	13	13	15
# Negative	11	11	9
Median Positive	7.9%	7.4%	10.2%
Median Negative	-7.8%	-10.0%	-10.6%
Max Positive	28.3%	30.0%	37.2%
Max Negative	-18.2%	-16.7%	-15.7%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/23/2026	0.7%	7.4%	36.9%
1/29/2026	-8.3%	-14.4%	-12.8%
10/30/2025	7.9%	6.2%	-1.9%
7/31/2025	19.4%	12.3%	3.7%
4/24/2025	-18.2%	-11.9%	-10.6%
1/30/2025	-7.8%	-10.7%	-15.7%
10/24/2024	10.6%	8.2%	26.2%
7/25/2024	-10.9%	-16.7%	-11.4%
4/25/2024	12.0%	9.0%	6.3%
1/25/2024	28.3%	30.0%	37.2%
10/26/2023	6.3%	6.3%	10.2%
7/27/2023	2.0%	-0.4%	4.6%
4/27/2023	8.4%	3.9%	10.8%
1/26/2023	-7.8%	3.9%	14.9%
10/27/2022	15.2%	14.7%	6.9%
7/28/2022	-2.1%	2.9%	1.0%
5/9/2022	-13.9%	-10.0%	-1.8%
2/28/2022	2.8%	1.5%	1.4%
11/8/2021	-1.3%	-4.8%	-5.1%
8/9/2021	-5.5%	-3.4%	-9.9%
5/10/2021	-2.4%	-0.9%	8.8%
3/1/2021	-16.8%	-14.8%	-14.6%
11/9/2020	3.3%	-1.5%	13.8%
8/3/2020	7.2%	9.2%	17.7%
SUMMARY STATS
# Positive	13	13	15
# Negative	11	11	9
Median Positive	7.9%	7.4%	10.2%
Median Negative	-7.8%	-10.0%	-10.6%
Max Positive	28.3%	30.0%	37.2%
Max Negative	-18.2%	-16.7%	-15.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	07/23/2026	10-Q
03/31/2026	04/23/2026	10-Q
12/31/2025	02/05/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	04/24/2025	10-Q
12/31/2024	02/06/2025	10-K
09/30/2024	10/25/2024	10-Q
06/30/2024	07/26/2024	10-Q
03/31/2024	04/26/2024	10-Q
12/31/2023	02/01/2024	10-K
09/30/2023	10/27/2023	10-Q
06/30/2023	07/28/2023	10-Q
03/31/2023	04/28/2023	10-Q
12/31/2022	02/09/2023	10-K
09/30/2022	10/28/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	07/23/2026	10-Q
03/31/2026	04/23/2026	10-Q
12/31/2025	02/05/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	04/24/2025	10-Q
12/31/2024	02/06/2025	10-K
09/30/2024	10/25/2024	10-Q
06/30/2024	07/26/2024	10-Q
03/31/2024	04/26/2024	10-Q
12/31/2023	02/01/2024	10-K
09/30/2023	10/27/2023	10-Q
06/30/2023	07/28/2023	10-Q
03/31/2023	04/28/2023	10-Q
12/31/2022	02/09/2023	10-K
09/30/2022	10/28/2022	10-Q
06/30/2022	07/29/2022	10-Q
03/31/2022	05/09/2022	10-Q
12/31/2021	02/28/2022	10-K
09/30/2021	11/08/2021	10-Q
06/30/2021	08/09/2021	10-Q
03/31/2021	05/10/2021	10-Q
12/31/2020	03/01/2021	10-K
09/30/2020	11/09/2020	10-Q
06/30/2020	08/03/2020	10-Q
03/31/2020	05/04/2020	10-Q
12/31/2019	03/02/2020	10-K
09/30/2019	10/28/2019	10-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q2 2026 Earnings Reported 7/23/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	Reported	1.12 Bil	1.12 Bil	1.13 Bil	1.1%		Raised	Guidance: 1.11 Bil for 2026
2026 Non-GAAP Operating Margin	Reported	26.5%	27.25%	28.0%		0.8%	Raised	Guidance: 26.5% for 2026
2026 Diluted Weighted Average Shares Outstanding	Reported		36.00 Mil		-1.4%		Lowered	Guidance: 36.50 Mil for 2026

Prior: Q4 2025 Earnings Reported 1/29/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	Reported	1.10 Bil	1.11 Bil	1.12 Bil	17.2%		Higher New	Guidance: 947.50 Mil for 2025
2026 Non-GAAP Operating Margin	Reported	25.5%	26.5%	27.5%		2.5%	Higher New	Guidance: 24.0% for 2025
2026 Diluted Weighted Average Shares Outstanding	Reported	36.00 Mil	36.50 Mil	37.00 Mil	1.4%		Higher New	Guidance: 36.00 Mil for 2025

Q3 2025 Earnings Reported 10/30/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	Reported	945.00 Mil	947.50 Mil	950.00 Mil	0.8%		Raised	Guidance: 940.00 Mil for 2025
2025 Non-GAAP Operating Margin	Reported	23.5%	24.0%	24.5%		-1.5%	Lowered	Guidance: 25.5% for 2025
2025 Diluted Weighted Average Shares Outstanding	Reported		36.00 Mil		-2.7%		Lowered	Guidance: 37.00 Mil for 2025

Insider Activity

Updated 8/24/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Duca, Maurice J	Family Trust	Sell	8242026	221.85	224	49,695	1,774,813	Form
2	Duca, Maurice J	Pension Trust	Sell	8242026	221.85	2,432	539,532	6,988,187	Form
3	Duca, Maurice J	Family Trust	Sell	8242026	217.78	1,600	348,446	1,791,011	Form
4	Duca, Maurice J	Pension Trust	Sell	8242026	217.77	5,600	1,219,534	7,389,503	Form
5	Duca, Maurice J	Family Trust	Sell	8202026	214.14	1,401	300,008	2,103,696	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Duca, Maurice J		Family Trust	Sell	8242026	221.85	224	49,695	1,774,813	Form
2	Duca, Maurice J		Pension Trust	Sell	8242026	221.85	2,432	539,532	6,988,187	Form
3	Duca, Maurice J		Family Trust	Sell	8242026	217.78	1,600	348,446	1,791,011	Form
4	Duca, Maurice J		Pension Trust	Sell	8242026	217.77	5,600	1,219,534	7,389,503	Form
5	Duca, Maurice J		Family Trust	Sell	8202026	214.14	1,401	300,008	2,103,696	Form
6	Duca, Maurice J		Pension Trust	Sell	8202026	213.37	5,600	1,194,846	8,434,762	Form
7	Duca, Maurice J		Family Trust	Sell	8202026	207.94	199	41,381	2,334,152	Form
8	Eaton, Timothy Mathias	Chief Financial Officer	Direct	Sell	8202026	202.61	373	75,574	3,386,424	Form
9	Duca, Maurice J		Direct	Sell	8202026	203.42	657	133,644	6,306,905	Form
10	Duca, Maurice J		Family Trust	Sell	8202026	203.42	1,600	325,474	2,323,881	Form
11	Duca, Maurice J		Pension Trust	Sell	8202026	203.41	5,600	1,139,109	9,180,402	Form
12	Duca, Maurice J		Pension Trust	Sell	8182026	195.89	5,600	1,096,969	9,937,756	Form
13	Duca, Maurice J		Direct	Sell	8182026	195.89	3,500	685,600	6,202,135	Form
14	Duca, Maurice J		Family Trust	Sell	8182026	195.88	1,600	313,414	2,551,186	Form
15	Duca, Maurice J		Direct	Sell	8182026	202.13	3,500	707,446	7,107,205	Form
16	Duca, Maurice J		Family Trust	Sell	8182026	202.13	1,600	323,407	2,955,943	Form
17	Duca, Maurice J		Pension Trust	Sell	8182026	202.12	5,600	1,131,891	11,386,013	Form
18	Trigg, William Shane	Chief Executive Officer	Direct	Sell	8172026	205.00	2,057	421,685	14,508,260	Form
19	Duca, Maurice J		Family Trust	Sell	8142026	200.35	1,093	218,977	3,250,402	Form
20	Duca, Maurice J		Pension Trust	Sell	8142026	198.65	5,600	1,112,458	12,302,986	Form
21	Duca, Maurice J		Direct	Sell	8142026	198.67	3,500	695,354	7,681,083	Form
22	Duca, Maurice J		Family Trust	Sell	8142026	195.06	507	98,897	3,377,924	Form
23	Duca, Maurice J		Direct	Sell	8142026	196.93	3,500	689,242	8,302,812	Form
24	Duca, Maurice J		Family Trust	Sell	8142026	196.93	1,600	315,088	3,510,076	Form
25	Duca, Maurice J		Pension Trust	Sell	8142026	196.93	5,600	1,102,785	13,298,800	Form
26	Pickering, Evan	General Counsel	Direct	Sell	8122026	200.06	322	64,421	1,033,736	Form
27	Pickering, Evan	General Counsel	Direct	Sell	8122026	202.01	141	28,483	1,108,833	Form
28	Duca, Maurice J		Pension Trust	Sell	8122026	201.13	5,442	1,094,565	14,709,251	Form
29	Duca, Maurice J		Direct	Sell	8122026	200.98	3,500	703,444	9,177,325	Form
30	Duca, Maurice J		Family Trust	Sell	8122026	200.98	1,600	321,569	3,903,851	Form
31	Duca, Maurice J		Pension Trust	Sell	8122026	195.72	158	30,924	15,378,503	Form
32	Rigler, Don	Principal Accounting Officer	Direct	Sell	8122026	195.87	150	29,380	809,335	Form
33	Duca, Maurice J		Direct	Sell	8122026	198.43	3,500	694,494	9,755,055	Form
34	Duca, Maurice J		Family Trust	Sell	8122026	198.43	1,600	317,493	4,171,852	Form
35	Duca, Maurice J		Pension Trust	Sell	8122026	198.42	5,600	1,111,180	15,622,395	Form
36	Duca, Maurice J		Family Trust	Sell	8102026	202.08	209	42,234	4,571,805	Form
37	Duca, Maurice J		Pension Trust	Sell	8102026	198.31	5,600	1,110,515	16,723,559	Form
38	Duca, Maurice J		Direct	Sell	8102026	198.31	3,500	694,081	10,443,343	Form
39	Duca, Maurice J		Family Trust	Sell	8102026	197.74	1,391	275,057	4,515,009	Form
40	Duca, Maurice J		Direct	Sell	8102026	193.05	3,500	675,664	10,841,900	Form
41	Duca, Maurice J		Family Trust	Sell	8102026	193.05	1,600	308,878	4,676,408	Form
42	Duca, Maurice J		Pension Trust	Sell	8102026	193.05	5,600	1,081,073	17,361,265	Form
43	Duca, Maurice J		Direct	Sell	8062026	197.13	1,134	223,551	11,761,459	Form
44	Duca, Maurice J		Family Trust	Sell	8062026	194.73	1,600	311,561	5,028,591	Form
45	Duca, Maurice J		Pension Trust	Sell	8062026	194.72	5,600	1,090,434	18,602,020	Form
46	Duca, Maurice J		Direct	Sell	8062026	193.56	2,366	457,973	11,767,943	Form
47	Duca, Maurice J		Direct	Sell	8062026	195.02	3,500	682,586	12,318,145	Form
48	Duca, Maurice J		Family Trust	Sell	8062026	195.03	1,600	312,046	5,348,469	Form
49	Duca, Maurice J		Pension Trust	Sell	8062026	195.03	5,600	1,092,153	19,723,498	Form
50	Duca, Maurice J		Direct	Sell	8042026	188.89	3,500	661,106	12,591,612	Form
51	Duca, Maurice J		Family Trust	Sell	8042026	188.89	1,600	302,224	5,482,348	Form
52	Duca, Maurice J		Pension Trust	Sell	8042026	188.88	5,600	1,057,744	20,159,848	Form
53	Duca, Maurice J		Direct	Sell	8042026	180.27	3,500	630,928	12,647,769	Form
54	Duca, Maurice J		Family Trust	Sell	8042026	180.27	1,600	288,425	5,520,447	Form
55	Duca, Maurice J		Pension Trust	Sell	8042026	180.27	5,600	1,009,486	20,249,570	Form
56	Duca, Maurice J		Direct	Sell	7302026	181.02	818	148,076	13,334,437	Form
57	Duca, Maurice J		Family Trust	Sell	7302026	181.02	374	67,702	5,833,236	Form
58	Duca, Maurice J		Pension Trust	Sell	7302026	181.02	1,308	236,775	21,348,120	Form
59	Duca, Maurice J		Direct	Sell	7302026	185.03	3,500	647,599	13,780,907	Form
60	Duca, Maurice J		Family Trust	Sell	7302026	180.00	1,600	288,000	5,867,640	Form
61	Duca, Maurice J		Pension Trust	Sell	7302026	186.05	5,600	1,041,874	22,184,474	Form
62	Duca, Maurice J		Direct	Sell	7302026	181.29	3,500	634,500	14,136,656	Form
63	Duca, Maurice J		Family Trust	Sell	7302026	180.00	1,600	288,000	6,155,640	Form
64	Duca, Maurice J		Pension Trust	Sell	7302026	182.21	5,600	1,020,381	22,747,208	Form
65	Duca, Maurice J		Direct	Sell	7212026	180.00	200	36,000	14,666,400	Form
66	Duca, Maurice J		Family Trust	Sell	7212026	180.00	1,600	288,000	6,443,640	Form
67	Duca, Maurice J		Pension Trust	Sell	7212026	180.00	200	36,000	23,479,200	Form
68	Duca, Maurice J		Direct	Sell	7212026	181.84	3,500	636,457	14,853,080	Form
69	Duca, Maurice J		Family Trust	Sell	7212026	180.00	1,600	288,000	6,731,640	Form
70	Duca, Maurice J		Pension Trust	Sell	7212026	182.00	5,600	1,019,188	23,776,197	Form
71	Duca, Maurice J		Direct	Sell	7172026	180.43	3,500	631,522	15,369,435	Form
72	Duca, Maurice J		Family Trust	Sell	7172026	180.00	1,600	288,000	7,019,640	Form
73	Duca, Maurice J		Pension Trust	Sell	7172026	181.03	5,600	1,013,768	24,663,527	Form
74	Duca, Maurice J		Direct	Sell	7172026	180.03	225	40,507	15,965,060	Form
75	Duca, Maurice J		Family Trust	Sell	7172026	180.03	102	18,363	7,308,858	Form
76	Duca, Maurice J		Pension Trust	Sell	7172026	180.03	360	64,811	25,535,455	Form
77	Duca, Maurice J		Direct	Sell	7142026	180.15	3,500	630,525	16,016,236	Form
78	Duca, Maurice J		Family Trust	Sell	7142026	180.15	1,600	288,240	7,332,105	Form
79	Duca, Maurice J		Pension Trust	Sell	7142026	180.15	5,600	1,008,840	25,617,330	Form
80	Duca, Maurice J		Direct	Sell	7142026	180.00	100	18,000	16,632,900	Form
81	Duca, Maurice J		Family Trust	Sell	7142026	180.00	100	18,000	7,614,000	Form
82	Duca, Maurice J		Pension Trust	Sell	7142026	180.00	100	18,000	26,604,000	Form
83	Duca, Maurice J		Direct	Sell	7092026	180.38	3,500	631,330	16,686,052	Form
84	Duca, Maurice J		Family Trust	Sell	7092026	180.00	1,600	288,000	7,632,000	Form
85	Duca, Maurice J		Pension Trust	Sell	7092026	180.41	5,600	1,010,296	26,682,639	Form
86	Pickering, Evan	General Counsel	Direct	Sell	6152026	155.25	660	102,462	1,017,634	Form
87	Rigler, Don	Principal Accounting Officer	Direct	Sell	6152026	159.56	150	23,934	683,236	Form
88	Eaton, Timothy Mathias	Chief Financial Officer	Direct	Sell	6152026	160.07	2,585	413,788	2,887,069	Form
89	Trigg, William Shane	Chief Executive Officer	Direct	Sell	5192026	152.50	3,584	546,573	11,673,703	Form
90	Barat, Elizabeth Erin	Chief People Officer	Direct	Sell	5122026	158.12	1,978	312,761	3,406,695	Form
91	Trigg, William Shane	Chief Executive Officer	Direct	Sell	2192026	169.73	6,963	1,181,858	8,982,322	Form
92	Eaton, Timothy Mathias	Chief Financial Officer	Direct	Sell	11252025	228.34	517	118,052	2,307,147	Form
93	Trigg, William Shane	Chief Executive Officer	Direct	Sell	11192025	240.45	3,947	949,052	12,390,329	Form
94	Pickering, Evan	General Counsel	Direct	Sell	11142025	243.67	334	81,386	723,456	Form
95	Mazza, Matthew S	Chief Trust Officer	Direct	Sell	9152025	276.98	1,636	453,139	6,928,655	Form
96	Mazza, Matthew S	Chief Trust Officer	Direct	Sell	9152025	280.77	1,364	382,970	7,482,801	Form
97	Trigg, William Shane	Chief Executive Officer	Direct	Sell	9152025	276.95	4,000	1,107,786	16,493,827	Form
98	Kerr, Janet		Trust	Sell	9102025	285.04	2,500	712,601	3,419,059	Form
99	Duca, Maurice J		Direct	Sell	8292025	275.57	2,500	688,926	15,375,450	Form
100	Duca, Maurice J		Family Trust	Sell	8292025	275.71	1,200	330,856	10,752,820	Form
101	Eaton, Timothy Mathias	Chief Financial Officer	Direct	Sell	8272025	276.58	667	184,479	3,081,654	Form
102	Duca, Maurice J		Direct	Sell	8262025	275.81	2,500	689,530	16,078,449	Form
103	Duca, Maurice J		Family Trust	Sell	8262025	275.93	1,800	496,676	11,092,431	Form
104	Duca, Maurice J		Direct	Sell	8262025	275.57	2,500	688,935	16,753,521	Form
105	Duca, Maurice J		Family Trust	Sell	8262025	275.52	1,800	495,930	11,571,700	Form
106	Duca, Maurice J		Direct	Sell	8262025	275.64	2,500	689,099	17,446,608	Form
107	Duca, Maurice J		Family Trust	Sell	8262025	275.63	1,800	496,134	12,072,594	Form
108	Trigg, William Shane	Chief Executive Officer	Direct	Sell	8192025	264.98	3,012	798,120	16,841,069	Form
109	Duca, Maurice J		Direct	Sell	8132025	275.58	2,500	688,948	18,131,733	Form
110	Duca, Maurice J		Family Trust	Sell	8132025	275.57	1,800	496,020	12,565,839	Form
111	Duca, Maurice J		Pension Trust	Sell	8132025	281.05	524	147,270	9,942,425	Form
112	Duca, Maurice J		Direct	Sell	8122025	282.35	2,500	705,884	19,283,339	Form
113	Duca, Maurice J		Family Trust	Sell	8122025	282.36	1,800	508,247	13,383,849	Form
114	Duca, Maurice J		Pension Trust	Sell	8122025	282.52	1,300	367,273	10,142,381	Form
115	Duca, Maurice J		Direct	Sell	8122025	286.49	2,500	716,235	20,282,343	Form
116	Duca, Maurice J		Family Trust	Sell	8122025	286.47	1,800	515,649	14,094,403	Form
117	Duca, Maurice J		Pension Trust	Sell	8122025	286.42	1,300	372,346	10,654,824	Form
118	Duca, Maurice J		Direct	Sell	8112025	305.01	2,500	762,518	22,355,503	Form
119	Duca, Maurice J		Family Trust	Sell	8112025	305.41	1,800	549,734	15,575,797	Form
120	Duca, Maurice J		Pension Trust	Sell	8112025	305.78	1,300	397,515	11,772,560	Form
121	Duca, Maurice J		Direct	Sell	8082025	308.13	2,500	770,333	23,354,960	Form
122	Duca, Maurice J		Family Trust	Sell	8082025	308.02	1,800	554,437	16,263,485	Form
123	Duca, Maurice J		Pension Trust	Sell	8082025	308.15	1,300	400,591	12,264,248	Form
124	Duca, Maurice J		Direct	Sell	8062025	314.04	2,500	785,090	24,587,449	Form
125	Duca, Maurice J		Family Trust	Sell	8062025	314.03	1,800	565,258	17,146,174	Form
126	Duca, Maurice J		Pension Trust	Sell	8062025	314.35	1,300	408,652	12,919,690	Form
127	Duca, Maurice J		Direct	Sell	8052025	321.21	2,500	803,016	25,951,872	Form
128	Duca, Maurice J		Family Trust	Sell	8052025	321.41	1,800	578,545	18,127,743	Form
129	Duca, Maurice J		Pension Trust	Sell	8052025	321.33	1,300	417,732	13,624,490	Form
130	Duca, Maurice J		Direct	Sell	8052025	300.70	2,500	751,739	25,046,440	Form
131	Duca, Maurice J		Family Trust	Sell	8052025	300.49	1,800	540,884	17,488,583	Form
132	Duca, Maurice J		Pension Trust	Sell	8052025	291.04	1,300	378,352	12,718,448	Form
133	Schauser, Klaus		1206 Family Trust	Sell	8012025	295.14	3,000	885,410	88,541,048	Form

Investor Activity (13F)

Updated Sep 8, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Ashe Capital Management, LP	$165.4 Mil	20.7%	7	Hold	13F
Nellore Capital Management LLC	$100.4 Mil	12.8%	11	ADD +20.1%	13F
Keenan Capital, LLC	$52.8 Mil	11.1%	9	New	13F
Greenstone Partners & Co., LLC	$43.2 Mil	10.9%	9	ADD +45.8%	13F
Long Walk Management LP	$32.3 Mil	9.4%	11	TRIM -46.4%	13F
Lead Edge Capital Management, LLC	$33.2 Mil	8.1%	12	New	13F
Caledonia (Private) Investments Pty Ltd	$51.8 Mil	1.5%	16	Hold	13F
Tensile Capital Management LP	$8.4 Mil	1.2%	25	New	13F
Crosslink Capital Inc	$11.3 Mil	1.1%	21	ADD +185.7%	13F
Quantum Capital Management, LLC / NJ	$5.4 Mil	0.7%	34	Hold	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Keenan Capital, LLC	$52.8 Mil	11.1%	9	New	13F
Lead Edge Capital Management, LLC	$33.2 Mil	8.1%	12	New	13F
Tensile Capital Management LP	$8.4 Mil	1.2%	25	New	13F
Crosslink Capital Inc	$11.3 Mil	1.1%	21	ADD +185.7%	13F
Greenstone Partners & Co., LLC	$43.2 Mil	10.9%	9	ADD +45.8%	13F
Nellore Capital Management LLC	$100.4 Mil	12.8%	11	ADD +20.1%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Hudson Way Capital Management LLC	$47.2 Mil	3.8%	17	Exited	Dec 31, 2025	13F
Capital Impact Advisors, LLC	$29.9 Mil	2.3%	30	Exited	Dec 31, 2025	13F
Insight Holdings Group, LLC	$10.4 Mil	0.8%	30	Exited	Dec 31, 2025	13F
Long Walk Management LP	$32.3 Mil	9.4%	11	TRIM -46.4%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Ashe Capital Management, LP	$165.4 Mil	20.7%	7	Hold	13F
Nellore Capital Management LLC	$100.4 Mil	12.8%	11	ADD +20.1%	13F
Keenan Capital, LLC	$52.8 Mil	11.1%	9	New	13F
Caledonia (Private) Investments Pty Ltd	$51.8 Mil	1.5%	16	Hold	13F
Greenstone Partners & Co., LLC	$43.2 Mil	10.9%	9	ADD +45.8%	13F
Lead Edge Capital Management, LLC	$33.2 Mil	8.1%	12	New	13F
Long Walk Management LP	$32.3 Mil	9.4%	11	TRIM -46.4%	13F
Crosslink Capital Inc	$11.3 Mil	1.1%	21	ADD +185.7%	13F
Tensile Capital Management LP	$8.4 Mil	1.2%	25	New	13F
Quantum Capital Management, LLC / NJ	$5.4 Mil	0.7%	34	Hold	13F

APPF Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing APPF?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What APPF Makes & Who Pays

TTM figures based on

APPF Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

AppFolio — Investor Video Playlist

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Products & Services

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What Real Performance Looks Like for Real Estate Teams | RPM in Action

AppFolio · 2026-05-26

Products & Services

Introducing the AppFolio Performance Platform

AppFolio · 2026-04-30

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The Performance Gap: How Task-Based Management is Holding the Real Estate Industry Back

AppFolio · 2025-07-25

Products & Services

AppFolio Investment Manager Stories: Park Row Equity Partners - Attracting New Investors

AppFolio · 2025-06-09

Products & Services

AppFolio Investment Manager

AppFolio · 2025-06-09

Products & Services

Introducing Realm-X

AppFolio · 2023-10-03

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Application Software Resources

Capterra

Software Advice

InfoWorld

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 9/7/2026

AppFolio (APPF)

Market Price (9/8/2026): $215.45 | Market Cap: $7.6 BilSector: Information Technology | Industry: Application Software

AppFolio (APPF)

Market Price (9/8/2026): $215.45Market Cap: $7.6 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

APPF in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About AppFolio (APPF)

1. Intense Competition and the Need for Continuous Technological Innovation

2. Data Security and Privacy Breaches

3. Regulatory Scrutiny and Antitrust Risks Related to Pricing Algorithms and Data Usage

Interactive Breakdown

Better Bets vs. AppFolio (APPF)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for APPF: 25.3% | 7.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for APPF: 25.3% | 41.6x)

Higher Rev Chg LTM (Value for APPF: 20.7%)

Higher Rev Chg 3Y Avg (Value for APPF: 25.3%)

Higher Op Mgn LTM (Value for APPF: 17.5%)

Higher CFO/Rev LTM (Value for APPF: 26.2%)

Higher FCF/Rev LTM (Value for APPF: 25.5%)

Higher Total Yield (Value for APPF: 2.1%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for APPF: 25.3% | 7.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for APPF: 25.3% | 41.6x)

Higher Rev Chg LTM (Value for APPF: 20.7%)

Higher Rev Chg 3Y Avg (Value for APPF: 25.3%)

Higher Op Mgn LTM (Value for APPF: 17.5%)

Higher CFO/Rev LTM (Value for APPF: 26.2%)

Higher FCF/Rev LTM (Value for APPF: 25.5%)

Higher Total Yield (Value for APPF: 2.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for APPF: 25.3% | 7.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for APPF: 25.3% | 41.6x)

Higher Rev Chg LTM (Value for APPF: 20.7%)

Higher Rev Chg 3Y Avg (Value for APPF: 25.3%)

Higher Op Mgn LTM (Value for APPF: 17.5%)

Higher CFO/Rev LTM (Value for APPF: 26.2%)

Higher FCF/Rev LTM (Value for APPF: 25.5%)

Higher Total Yield (Value for APPF: 2.1%)

Best Bets in Information Technology

P/EBIT (Value for APPF: 41.6x)

P/E (Value for APPF: 48.1x)

Rev Chg 3Y Avg (Value for APPF: 25.3%)

Rev Chg LTM (Value for APPF: 20.7%)

Rev Chg Q (Value for APPF: 19.3%)

FCF/Rev 3Y Avg (Value for APPF: 22.3%)

Peer Outperformance in Application Software

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

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Research & Analysis

Market Price (9/8/2026): $215.45
Market Cap: $7.6 Bil
Sector: Information Technology
Industry: Application Software