Appfolio Inc

Technology
Computer Software: Prepackaged Software
www.appfolioinc.com

Earnings Score
Moat Score

Market Cap $9.30B
PE 71
Debt $NaN
Cash $62.67M
EV $NaN
FCF $177.85M

Earnings

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Sales & Net Margins

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Earnings	$131.59M
EBIT	$154.10M
ROE	32%
ROA	29%
FCF	$177.85M
Equity	$412.83M
Growth Stability	-104%
PE	70.67
PEG	-67.21
PB	22.53
P/FCF	52.29
P/S	12.2
Price/Cash	0.01
Net Margins	17%
Gross Margins	65%
Op. Margins	20%
Earnings CAGR	5%
Sales Growth YoY	24%
Sales Growth QoQ	4%
Sales CAGR	28%
FCF CAGR	13%
Equity CAGR	24%
Earnings Stability	0.02
Earnings Growth YoY	25%

Earnings Growth QoQ	11%
Earnings CAGR 5Y	-1%
Sales CAGR 5Y	26%
FCF CAGR 5Y	23%
Equity CAGR 5Y	16%
Earnings CAGR 3Y	32%
Sales CAGR 3Y	32%
FCF CAGR 3Y	109%
Equity CAGR 3Y	12%
Market Cap	$9.30B
Revenue	$762.37M
Assets	$523.30M
Cash	$62.67M
Shares Outstanding	36.19M
Earnings Score	6%
Moat Score	97%
Working Capital	331.45M
Current Ratio	6.2
Gross Profit	$495.22M
Shares Growth 3y	2%
Equity Growth QoQ	11%
Equity Growth YoY	57%

Assets & ROA

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Stockholders Equity & ROE

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AppFolio Inc is a provider of cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. Its property management software provides small and medium-sized property managers with an end-to-end solution to their business needs. Its products include cloud-based property management software (Appfolio Property Manager); a cloud-based software solution for real estate investment managers that provides tools and services designed to manage investor relationships (Appfolio Investment Management). It also offers value-added services, such as Website design and electronic payment services. The business activity of the firm primarily functions through the United States and it derives revenue from the source of subscription fees.

SEC Filings

Direct access to Appfolio Inc (APPF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Appfolio Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Appfolio Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability 2%

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Appfolio Inc Discounted Cash Flow

Fully customizable DCF calculator online for Appfolio Inc.

Years

Calculation mode

= $4.5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$178M	$202M	$229M	$260M	$295M	$335M	$380M	$431M	$489M	$555M	$630M	$6.3B
DCF		$183M	$189M	$195M	$201M	$208M	$214M	$221M	$228M	$235M	$243M	$2.4B
Value	$4.5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-18%	-21%	-8%	7%	11%	14%	51%	0%	-14%	0%	17%
ROA	-	-17%	-9%	9%	12%	2%	51%	0%	-18%	2%	29%
ROE	-	-22%	-12%	11%	22%	27%	55%	0%	-26%	1%	32%

Good Net Margins (17.16%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	0	1.46	1.62	0	-	-	-	-
Debt over Equity	-0	-	-	0	0.54	0.38	0	-	-	-	-
Growth Stability	-	-	-	-	-	100%	100%	1%	-104%	9%	-104%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-104%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	57%	41%	36%	32%	35%	21%	16%	31%	31%	26%
Earnings YoY growth	-	82%	-47%	-217%	106%	82%	337%	-99%	-7K%	-104%	-1%
Equity YoY growth	-	-241%	-4%	22%	8%	44%	117%	4%	-11%	12%	16%
FCF YoY growth	-	651%	-169%	274%	26%	-10%	-5%	-7%	-31%	172%	23%