AppFolio (APPF)
Market Price (7/25/2026): $165.25 | Market Cap: $5.8 BilSector: Information Technology | Industry: Application Software
AppFolio (APPF)
Market Price (7/25/2026): $165.25Market Cap: $5.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/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 volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Cloud Computing, and Smart Buildings & Proptech. Themes include Software as a Service (SaaS), Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -77% | Key risksAPPF key risks include [1] intense competition from larger, Show more. |
| Attractive cash flow generationCFO/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 volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Smart Buildings & Proptech. Themes include Software as a Service (SaaS), Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -77% |
| Key risksAPPF key risks include [1] intense competition from larger, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/23/2026
AppFolio (APPF) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Exceeding Fiscal Q1 and Fiscal Q2 2026 Earnings Expectations and Raised Full-Year Guidance.
AppFolio reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026), consistently surpassing analyst estimates and raising its full-year outlook. For fiscal Q1 2026, reported on April 23, 2026, the company posted an EPS of $1.61, beating expectations of $1.39 by 15.83%, and revenue grew 20% year-over-year to $262.21 million. Following this, management increased its full-year 2026 revenue guidance. For fiscal Q2 2026, reported on July 23, 2026, AppFolio's revenue rose 19% year-over-year to $281 million, exceeding analyst forecasts of $277.26 million, and EPS of $1.71 also beat the consensus estimate. This performance led to management further raising the full-year 2026 revenue guidance to a range of $1.117 billion to $1.127 billion and increasing the non-GAAP operating margin guidance to 26.5%–28.0%.
2. Robust Growth in AI-Powered Offerings and Premium Service Adoption.
The company demonstrated significant advancements and increased adoption of its artificial intelligence (AI) solutions and premium services. AppFolio highlighted the strong adoption of its Realm-X AI tools, including RealmX Performers. In June 2026, AppFolio announced deepening its agentic AI capabilities across leasing, accounting, and resident operations and connected its Realm-X platform to Anthropic's Claude, aiming to enhance real estate performance management. This focus on innovative AI and value-added services contributed to premium tier adoption, which climbed to nearly 33% of units in fiscal Q2 2026, up from approximately 25% a year prior.
Show more
AppFolio (APPF) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Exceeding Fiscal Q1 and Fiscal Q2 2026 Earnings Expectations and Raised Full-Year Guidance.
AppFolio reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026), consistently surpassing analyst estimates and raising its full-year outlook. For fiscal Q1 2026, reported on April 23, 2026, the company posted an EPS of $1.61, beating expectations of $1.39 by 15.83%, and revenue grew 20% year-over-year to $262.21 million. Following this, management increased its full-year 2026 revenue guidance. For fiscal Q2 2026, reported on July 23, 2026, AppFolio's revenue rose 19% year-over-year to $281 million, exceeding analyst forecasts of $277.26 million, and EPS of $1.71 also beat the consensus estimate. This performance led to management further raising the full-year 2026 revenue guidance to a range of $1.117 billion to $1.127 billion and increasing the non-GAAP operating margin guidance to 26.5%–28.0%.
2. Robust Growth in AI-Powered Offerings and Premium Service Adoption.
The company demonstrated significant advancements and increased adoption of its artificial intelligence (AI) solutions and premium services. AppFolio highlighted the strong adoption of its Realm-X AI tools, including RealmX Performers. In June 2026, AppFolio announced deepening its agentic AI capabilities across leasing, accounting, and resident operations and connected its Realm-X platform to Anthropic's Claude, aiming to enhance real estate performance management. This focus on innovative AI and value-added services contributed to premium tier adoption, which climbed to nearly 33% of units in fiscal Q2 2026, up from approximately 25% a year prior.
Show more
Updated on 7/23/2026
AppFolio (APPF) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Exceeding Fiscal Q1 and Fiscal Q2 2026 Earnings Expectations and Raised Full-Year Guidance.
AppFolio reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026), consistently surpassing analyst estimates and raising its full-year outlook. For fiscal Q1 2026, reported on April 23, 2026, the company posted an EPS of $1.61, beating expectations of $1.39 by 15.83%, and revenue grew 20% year-over-year to $262.21 million. Following this, management increased its full-year 2026 revenue guidance. For fiscal Q2 2026, reported on July 23, 2026, AppFolio's revenue rose 19% year-over-year to $281 million, exceeding analyst forecasts of $277.26 million, and EPS of $1.71 also beat the consensus estimate. This performance led to management further raising the full-year 2026 revenue guidance to a range of $1.117 billion to $1.127 billion and increasing the non-GAAP operating margin guidance to 26.5%–28.0%.
2. Robust Growth in AI-Powered Offerings and Premium Service Adoption.
The company demonstrated significant advancements and increased adoption of its artificial intelligence (AI) solutions and premium services. AppFolio highlighted the strong adoption of its Realm-X AI tools, including RealmX Performers. In June 2026, AppFolio announced deepening its agentic AI capabilities across leasing, accounting, and resident operations and connected its Realm-X platform to Anthropic's Claude, aiming to enhance real estate performance management. This focus on innovative AI and value-added services contributed to premium tier adoption, which climbed to nearly 33% of units in fiscal Q2 2026, up from approximately 25% a year prior.
3. Strategic Share Repurchase Program in Fiscal Q1 2026.
During fiscal Q1 2026, AppFolio executed a substantial share repurchase program, buying back 703,000 shares of its Class A common stock for a total of $125 million. This strategic move signaled management's confidence in the company's valuation and can contribute to boosting earnings per share, positively influencing investor sentiment and the stock's price.
Show less
AppFolio (APPF) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Exceeding Fiscal Q1 and Fiscal Q2 2026 Earnings Expectations and Raised Full-Year Guidance.
AppFolio reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026), consistently surpassing analyst estimates and raising its full-year outlook. For fiscal Q1 2026, reported on April 23, 2026, the company posted an EPS of $1.61, beating expectations of $1.39 by 15.83%, and revenue grew 20% year-over-year to $262.21 million. Following this, management increased its full-year 2026 revenue guidance. For fiscal Q2 2026, reported on July 23, 2026, AppFolio's revenue rose 19% year-over-year to $281 million, exceeding analyst forecasts of $277.26 million, and EPS of $1.71 also beat the consensus estimate. This performance led to management further raising the full-year 2026 revenue guidance to a range of $1.117 billion to $1.127 billion and increasing the non-GAAP operating margin guidance to 26.5%–28.0%.
2. Robust Growth in AI-Powered Offerings and Premium Service Adoption.
The company demonstrated significant advancements and increased adoption of its artificial intelligence (AI) solutions and premium services. AppFolio highlighted the strong adoption of its Realm-X AI tools, including RealmX Performers. In June 2026, AppFolio announced deepening its agentic AI capabilities across leasing, accounting, and resident operations and connected its Realm-X platform to Anthropic's Claude, aiming to enhance real estate performance management. This focus on innovative AI and value-added services contributed to premium tier adoption, which climbed to nearly 33% of units in fiscal Q2 2026, up from approximately 25% a year prior.
3. Strategic Share Repurchase Program in Fiscal Q1 2026.
During fiscal Q1 2026, AppFolio executed a substantial share repurchase program, buying back 703,000 shares of its Class A common stock for a total of $125 million. This strategic move signaled management's confidence in the company's valuation and can contribute to boosting earnings per share, positively influencing investor sentiment and the stock's price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 4.6% change in APPF stock from 3/31/2026 to 7/24/2026 was primarily driven by a 9.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 157.82 | 165.05 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 951 | 1,041 | 9.5% |
| Net Income Margin (%) | 14.8% | 15.1% | 2.1% |
| P/E Multiple | 40.3 | 37.1 | -7.9% |
| Shares Outstanding (Mil) | 36 | 35 | 1.6% |
| Cumulative Contribution | 4.6% |
Market Drivers
3/31/2026 to 7/24/2026| Return | Correlation | |
|---|---|---|
| APPF | 4.6% | |
| Market (SPY) | 13.6% | -6.1% |
| Sector (XLK) | 32.3% | -11.8% |
Fundamental Drivers
The -29.1% change in APPF stock from 12/31/2025 to 7/24/2026 was primarily driven by a -32.7% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 232.65 | 165.05 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 906 | 1,041 | 14.9% |
| Net Income Margin (%) | 22.5% | 15.1% | -32.7% |
| P/E Multiple | 41.0 | 37.1 | -9.5% |
| Shares Outstanding (Mil) | 36 | 35 | 1.4% |
| Cumulative Contribution | -29.1% |
Market Drivers
12/31/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| APPF | -29.1% | |
| Market (SPY) | 8.7% | 9.8% |
| Sector (XLK) | 22.3% | 5.1% |
Fundamental Drivers
The -28.3% change in APPF stock from 6/30/2025 to 7/24/2026 was primarily driven by a -36.6% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 230.28 | 165.05 | -28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 824 | 1,041 | 26.2% |
| Net Income Margin (%) | 23.9% | 15.1% | -36.6% |
| P/E Multiple | 42.5 | 37.1 | -12.7% |
| Shares Outstanding (Mil) | 36 | 35 | 2.6% |
| Cumulative Contribution | -28.3% |
Market Drivers
6/30/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| APPF | -28.3% | |
| Market (SPY) | 20.6% | 7.9% |
| Sector (XLK) | 39.5% | 3.2% |
Fundamental Drivers
The -4.1% change in APPF stock from 6/30/2023 to 7/24/2026 was primarily driven by a -53.8% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 172.14 | 165.05 | -4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 503 | 1,041 | 107.1% |
| P/S Multiple | 12.1 | 5.6 | -53.8% |
| Shares Outstanding (Mil) | 35 | 35 | 0.1% |
| Cumulative Contribution | -4.1% |
Market Drivers
6/30/2023 to 7/24/2026| Return | Correlation | |
|---|---|---|
| APPF | -4.1% | |
| Market (SPY) | 72.6% | 30.1% |
| Sector (XLK) | 106.1% | 24.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APPF Return | -33% | -13% | 64% | 42% | -6% | -30% | -9% |
| Peers Return | 11% | -19% | 90% | 51% | 48% | -10% | 245% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| APPF Win Rate | 58% | 33% | 75% | 67% | 50% | 29% | |
| Peers Win Rate | 56% | 46% | 56% | 53% | 42% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| APPF Max Drawdown | -36% | -34% | -18% | -29% | -31% | -39% | |
| Peers Max Drawdown | -37% | -48% | -33% | -47% | -50% | -39% | |
| 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, BMR. 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 7/24/2026 (YTD)
How Low Can It Go
| 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 |
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
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Asset Allocation
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| 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 |
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)
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.
AI Analysis | Feedback
Here are a few analogies for AppFolio:
- Salesforce for property management companies.
- QuickBooks for landlords and real estate investors.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.AI Analysis | Feedback
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AI Analysis | Feedback
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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| AppFolio Stock In Shambles: Down 12% With 7-Day Losing Streak | 03/18/2026 | |
| AppFolio Stock Leaps 13% In One Week, Wait For A Dip To Buy The Stock | 03/04/2026 | |
| Does AppFolio Stock Lead the Pack? | 03/04/2026 | |
| APPF Stock Surges 15% With A 6-day Winning Spree On Bullish Analyst Ratings | 03/04/2026 | |
| AppFolio Earnings Notes | 12/29/2026 | |
| Can AppFolio Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Is 20.2% Fall In AppFolio (APPF) Stock A Buying Opportunity? | 10/15/2025 | |
| AppFolio vs Eli Lilly: Which Is A Better Investment? | 08/18/2025 | |
| ARTICLES | ||
| AppFolio Stock 7-Day Losing Spree: Stock Falls -12% | 03/18/2026 | |
| AppFolio Stock vs Competition: Who Wins? | 03/04/2026 | |
| AppFolio Stock To $132? | 03/04/2026 | |
| AppFolio Stock To $160? | 10/15/2025 | |
| APPF Stock Down -17% after 9-Day Loss Streak | 08/16/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.30 |
| Mkt Cap | 5.8 |
| Rev LTM | 1,041 |
| Op Inc LTM | 106 |
| FCF LTM | 266 |
| FCF 3Y Avg | 198 |
| CFO LTM | 273 |
| CFO 3Y Avg | 207 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 14.8% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 19.0% |
| Op Inc Chg 3Y Avg | 26.9% |
| Op Mgn LTM | 12.3% |
| Op Mgn 3Y Avg | 14.4% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 26.2% |
| CFO/Rev 3Y Avg | 21.9% |
| FCF/Rev LTM | 25.5% |
| FCF/Rev 3Y Avg | 21.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.8 |
| P/S | 5.2 |
| P/Op Inc | 32.0 |
| P/EBIT | 32.0 |
| P/E | 37.1 |
| P/CFO | 21.4 |
| Total Yield | 2.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.5% |
| 3M Rtn | -17.3% |
| 6M Rtn | -20.8% |
| 12M Rtn | -24.1% |
| 3Y Rtn | 4.1% |
| 1M Excs Rtn | -5.3% |
| 3M Excs Rtn | -19.6% |
| 6M Excs Rtn | -31.6% |
| 12M Excs Rtn | -41.1% |
| 3Y Excs Rtn | -55.3% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $165.05 | |
| Market Cap ($ Bil) | 5.9 | |
| First Trading Date | 06/26/2015 | |
| Distance from 52W High | -48.6% | |
| 50 Days | 200 Days | |
| DMA Price | $165.31 | $193.38 |
| DMA Trend | down | up |
| Distance from DMA | -0.2% | -14.6% |
| 3M | 1YR | |
| Volatility | 48.2% | 45.4% |
| Downside Capture | -54.33 | 91.99 |
| Upside Capture | -56.97 | 19.78 |
| Correlation (SPY) | -9.0% | 7.1% |
APPF Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.24 | -0.47 | -0.00 | 0.46 | 0.36 | 0.89 |
| Up Beta | -1.74 | -1.47 | -0.37 | -0.08 | 0.15 | 0.94 |
| Down Beta | -0.25 | 0.03 | -0.44 | -0.18 | -0.42 | 0.81 |
| Up Capture | 14% | -42% | 25% | 31% | 34% | 52% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 19 | 32 | 58 | 118 | 368 |
| Down Capture | 18% | -30% | 41% | 136% | 108% | 100% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 31 | 67 | 133 | 382 |
[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 | -37.0% | 45.3% | -0.89 | - |
| Sector ETF (XLK) | 35.9% | 24.8% | 1.19 | 3.0% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 7.3% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 0.5% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -4.7% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 12.8% |
| Bitcoin (BTCUSD) | -45.4% | 42.9% | -1.29 | 3.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APPF | |
|---|---|---|---|---|
| APPF | 3.4% | 43.5% | 0.21 | - |
| Sector ETF (XLK) | 19.4% | 25.6% | 0.68 | 34.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 38.6% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 2.1% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 5.3% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 31.6% |
| Bitcoin (BTCUSD) | 15.7% | 53.4% | 0.47 | 16.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APPF | |
|---|---|---|---|---|
| APPF | 26.8% | 44.4% | 0.69 | - |
| Sector ETF (XLK) | 24.1% | 24.8% | 0.88 | 45.6% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 46.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 3.4% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 11.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 38.3% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 14 |
| # Negative | 11 | 11 | 9 |
| Median Positive | 8.2% | 7.3% | 9.5% |
| Median Negative | -7.8% | -10.0% | -10.6% |
| Max Positive | 28.3% | 30.0% | 37.2% |
| Max Negative | -18.2% | -16.7% | -15.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | 12 | 12 | 14 |
| # Negative | 11 | 11 | 9 |
| Median Positive | 8.2% | 7.3% | 9.5% |
| 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 |
| 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 7/24/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.12 Bil | 1.12 Bil | 1.13 Bil | 1.1% | Raised | Guidance: 1.11 Bil for 2026 | |
| 2026 Non-GAAP Operating Margin | 26.5% | 27.25% | 28.0% | 0.8% | Raised | Guidance: 26.5% for 2026 | |
| 2026 Diluted Weighted Average Shares Outstanding | 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 | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.10 Bil | 1.11 Bil | 1.12 Bil | 17.2% | Higher New | Guidance: 947.50 Mil for 2025 | |
| 2026 Non-GAAP Operating Margin | 25.5% | 26.5% | 27.5% | 2.5% | Higher New | Guidance: 24.0% for 2025 | |
| 2026 Diluted Weighted Average Shares Outstanding | 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 | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 945.00 Mil | 947.50 Mil | 950.00 Mil | 0.8% | Raised | Guidance: 940.00 Mil for 2025 | |
| 2025 Non-GAAP Operating Margin | 23.5% | 24.0% | 24.5% | -1.5% | Lowered | Guidance: 25.5% for 2025 | |
| 2025 Diluted Weighted Average Shares Outstanding | 36.00 Mil | -2.7% | Lowered | Guidance: 37.00 Mil for 2025 | |||
Insider Activity
Updated 7/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duca, Maurice J | Direct | Sell | 7212026 | 180.00 | 200 | 36,000 | 14,666,400 | Form | |
| 2 | Duca, Maurice J | Family Trust | Sell | 7212026 | 180.00 | 1,600 | 288,000 | 6,443,640 | Form | |
| 3 | Duca, Maurice J | Pension Trust | Sell | 7212026 | 180.00 | 200 | 36,000 | 23,479,200 | Form | |
| 4 | Duca, Maurice J | Direct | Sell | 7212026 | 181.84 | 3,500 | 636,457 | 14,853,080 | Form | |
| 5 | Duca, Maurice J | Family Trust | Sell | 7212026 | 180.00 | 1,600 | 288,000 | 6,731,640 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duca, Maurice J | Direct | Sell | 7212026 | 180.00 | 200 | 36,000 | 14,666,400 | Form | |
| 2 | Duca, Maurice J | Family Trust | Sell | 7212026 | 180.00 | 1,600 | 288,000 | 6,443,640 | Form | |
| 3 | Duca, Maurice J | Pension Trust | Sell | 7212026 | 180.00 | 200 | 36,000 | 23,479,200 | Form | |
| 4 | Duca, Maurice J | Direct | Sell | 7212026 | 181.84 | 3,500 | 636,457 | 14,853,080 | Form | |
| 5 | Duca, Maurice J | Family Trust | Sell | 7212026 | 180.00 | 1,600 | 288,000 | 6,731,640 | Form | |
| 6 | Duca, Maurice J | Pension Trust | Sell | 7212026 | 182.00 | 5,600 | 1,019,188 | 23,776,197 | Form | |
| 7 | Duca, Maurice J | Direct | Sell | 7172026 | 180.43 | 3,500 | 631,522 | 15,369,435 | Form | |
| 8 | Duca, Maurice J | Family Trust | Sell | 7172026 | 180.00 | 1,600 | 288,000 | 7,019,640 | Form | |
| 9 | Duca, Maurice J | Pension Trust | Sell | 7172026 | 181.03 | 5,600 | 1,013,768 | 24,663,527 | Form | |
| 10 | Duca, Maurice J | Direct | Sell | 7172026 | 180.03 | 225 | 40,507 | 15,965,060 | Form | |
| 11 | Duca, Maurice J | Family Trust | Sell | 7172026 | 180.03 | 102 | 18,363 | 7,308,858 | Form | |
| 12 | Duca, Maurice J | Pension Trust | Sell | 7172026 | 180.03 | 360 | 64,811 | 25,535,455 | Form | |
| 13 | Duca, Maurice J | Direct | Sell | 7142026 | 180.15 | 3,500 | 630,525 | 16,016,236 | Form | |
| 14 | Duca, Maurice J | Family Trust | Sell | 7142026 | 180.15 | 1,600 | 288,240 | 7,332,105 | Form | |
| 15 | Duca, Maurice J | Pension Trust | Sell | 7142026 | 180.15 | 5,600 | 1,008,840 | 25,617,330 | Form | |
| 16 | Duca, Maurice J | Direct | Sell | 7142026 | 180.00 | 100 | 18,000 | 16,632,900 | Form | |
| 17 | Duca, Maurice J | Family Trust | Sell | 7142026 | 180.00 | 100 | 18,000 | 7,614,000 | Form | |
| 18 | Duca, Maurice J | Pension Trust | Sell | 7142026 | 180.00 | 100 | 18,000 | 26,604,000 | Form | |
| 19 | Duca, Maurice J | Direct | Sell | 7092026 | 180.38 | 3,500 | 631,330 | 16,686,052 | Form | |
| 20 | Duca, Maurice J | Family Trust | Sell | 7092026 | 180.00 | 1,600 | 288,000 | 7,632,000 | Form | |
| 21 | Duca, Maurice J | Pension Trust | Sell | 7092026 | 180.41 | 5,600 | 1,010,296 | 26,682,639 | Form | |
| 22 | Pickering, Evan | General Counsel | Direct | Sell | 6152026 | 155.25 | 660 | 102,462 | 1,017,634 | Form |
| 23 | Rigler, Don | Principal Accounting Officer | Direct | Sell | 6152026 | 159.56 | 150 | 23,934 | 683,236 | Form |
| 24 | Eaton, Timothy Mathias | Chief Financial Officer | Direct | Sell | 6152026 | 160.07 | 2,585 | 413,788 | 2,887,069 | Form |
| 25 | Trigg, William Shane | Chief Executive Officer | Direct | Sell | 5192026 | 152.50 | 3,584 | 546,573 | 11,673,703 | Form |
| 26 | Barat, Elizabeth Erin | Chief People Officer | Direct | Sell | 5122026 | 158.12 | 1,978 | 312,761 | 3,406,695 | Form |
| 27 | Trigg, William Shane | Chief Executive Officer | Direct | Sell | 2192026 | 169.73 | 6,963 | 1,181,858 | 8,982,322 | Form |
| 28 | Eaton, Timothy Mathias | Chief Financial Officer | Direct | Sell | 11252025 | 228.34 | 517 | 118,052 | 2,307,147 | Form |
| 29 | Trigg, William Shane | Chief Executive Officer | Direct | Sell | 11192025 | 240.45 | 3,947 | 949,052 | 12,390,329 | Form |
| 30 | Pickering, Evan | General Counsel | Direct | Sell | 11142025 | 243.67 | 334 | 81,386 | 723,456 | Form |
| 31 | Mazza, Matthew S | Chief Trust Officer | Direct | Sell | 9152025 | 276.98 | 1,636 | 453,139 | 6,928,655 | Form |
| 32 | Mazza, Matthew S | Chief Trust Officer | Direct | Sell | 9152025 | 280.77 | 1,364 | 382,970 | 7,482,801 | Form |
| 33 | Trigg, William Shane | Chief Executive Officer | Direct | Sell | 9152025 | 276.95 | 4,000 | 1,107,786 | 16,493,827 | Form |
| 34 | Kerr, Janet | Trust | Sell | 9102025 | 285.04 | 2,500 | 712,601 | 3,419,059 | Form | |
| 35 | Duca, Maurice J | Direct | Sell | 8292025 | 275.57 | 2,500 | 688,926 | 15,375,450 | Form | |
| 36 | Duca, Maurice J | Family Trust | Sell | 8292025 | 275.71 | 1,200 | 330,856 | 10,752,820 | Form | |
| 37 | Eaton, Timothy Mathias | Chief Financial Officer | Direct | Sell | 8272025 | 276.58 | 667 | 184,479 | 3,081,654 | Form |
| 38 | Duca, Maurice J | Direct | Sell | 8262025 | 275.81 | 2,500 | 689,530 | 16,078,449 | Form | |
| 39 | Duca, Maurice J | Family Trust | Sell | 8262025 | 275.93 | 1,800 | 496,676 | 11,092,431 | Form | |
| 40 | Duca, Maurice J | Direct | Sell | 8262025 | 275.57 | 2,500 | 688,935 | 16,753,521 | Form | |
| 41 | Duca, Maurice J | Family Trust | Sell | 8262025 | 275.52 | 1,800 | 495,930 | 11,571,700 | Form | |
| 42 | Duca, Maurice J | Direct | Sell | 8262025 | 275.64 | 2,500 | 689,099 | 17,446,608 | Form | |
| 43 | Duca, Maurice J | Family Trust | Sell | 8262025 | 275.63 | 1,800 | 496,134 | 12,072,594 | Form | |
| 44 | Trigg, William Shane | Chief Executive Officer | Direct | Sell | 8192025 | 264.98 | 3,012 | 798,120 | 16,841,069 | Form |
| 45 | Duca, Maurice J | Direct | Sell | 8132025 | 275.58 | 2,500 | 688,948 | 18,131,733 | Form | |
| 46 | Duca, Maurice J | Family Trust | Sell | 8132025 | 275.57 | 1,800 | 496,020 | 12,565,839 | Form | |
| 47 | Duca, Maurice J | Pension Trust | Sell | 8132025 | 281.05 | 524 | 147,270 | 9,942,425 | Form | |
| 48 | Duca, Maurice J | Direct | Sell | 8122025 | 282.35 | 2,500 | 705,884 | 19,283,339 | Form | |
| 49 | Duca, Maurice J | Family Trust | Sell | 8122025 | 282.36 | 1,800 | 508,247 | 13,383,849 | Form | |
| 50 | Duca, Maurice J | Pension Trust | Sell | 8122025 | 282.52 | 1,300 | 367,273 | 10,142,381 | Form | |
| 51 | Duca, Maurice J | Direct | Sell | 8122025 | 286.49 | 2,500 | 716,235 | 20,282,343 | Form | |
| 52 | Duca, Maurice J | Family Trust | Sell | 8122025 | 286.47 | 1,800 | 515,649 | 14,094,403 | Form | |
| 53 | Duca, Maurice J | Pension Trust | Sell | 8122025 | 286.42 | 1,300 | 372,346 | 10,654,824 | Form | |
| 54 | Duca, Maurice J | Direct | Sell | 8112025 | 305.01 | 2,500 | 762,518 | 22,355,503 | Form | |
| 55 | Duca, Maurice J | Family Trust | Sell | 8112025 | 305.41 | 1,800 | 549,734 | 15,575,797 | Form | |
| 56 | Duca, Maurice J | Pension Trust | Sell | 8112025 | 305.78 | 1,300 | 397,515 | 11,772,560 | Form | |
| 57 | Duca, Maurice J | Direct | Sell | 8082025 | 308.13 | 2,500 | 770,333 | 23,354,960 | Form | |
| 58 | Duca, Maurice J | Family Trust | Sell | 8082025 | 308.02 | 1,800 | 554,437 | 16,263,485 | Form | |
| 59 | Duca, Maurice J | Pension Trust | Sell | 8082025 | 308.15 | 1,300 | 400,591 | 12,264,248 | Form | |
| 60 | Duca, Maurice J | Direct | Sell | 8062025 | 314.04 | 2,500 | 785,090 | 24,587,449 | Form | |
| 61 | Duca, Maurice J | Family Trust | Sell | 8062025 | 314.03 | 1,800 | 565,258 | 17,146,174 | Form | |
| 62 | Duca, Maurice J | Pension Trust | Sell | 8062025 | 314.35 | 1,300 | 408,652 | 12,919,690 | Form | |
| 63 | Duca, Maurice J | Direct | Sell | 8052025 | 321.21 | 2,500 | 803,016 | 25,951,872 | Form | |
| 64 | Duca, Maurice J | Family Trust | Sell | 8052025 | 321.41 | 1,800 | 578,545 | 18,127,743 | Form | |
| 65 | Duca, Maurice J | Pension Trust | Sell | 8052025 | 321.33 | 1,300 | 417,732 | 13,624,490 | Form | |
| 66 | Duca, Maurice J | Direct | Sell | 8052025 | 300.70 | 2,500 | 751,739 | 25,046,440 | Form | |
| 67 | Duca, Maurice J | Family Trust | Sell | 8052025 | 300.49 | 1,800 | 540,884 | 17,488,583 | Form | |
| 68 | Duca, Maurice J | Pension Trust | Sell | 8052025 | 291.04 | 1,300 | 378,352 | 12,718,448 | Form | |
| 69 | Schauser, Klaus | 1206 Family Trust | Sell | 8012025 | 295.14 | 3,000 | 885,410 | 88,541,048 | Form |
Investor Activity (13F)
Updated Jul 25, 202613F 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 |
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