Latest Ratios: P/E Ratio 46.2x · EV/EBITDA 36.6x · ROE 26.5%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $8.5B | $9.1B | $6.3B | $3.7B | $4.3B | $6.4B | $3.9B | $2.1B | $1.5B | $800M |
| Enterprise Value | $6.4B | $8.4B | $9.1B | $6.3B | $3.7B | $4.3B | $6.3B | $4.0B | $2.1B | $1.4B | $790M |
| P/E Ratio → | 46.24 | 59.96 | 44.45 | 2334.77 | — | 4203.47 | 40.55 | 107.79 | 105.75 | 148.21 | — |
| P/S Ratio | 6.79 | 8.89 | 11.43 | 10.17 | 7.82 | 12.03 | 20.74 | 15.28 | 11.08 | 10.14 | 7.58 |
| P/B Ratio | 12.01 | 15.58 | 17.48 | 21.22 | 13.89 | 14.53 | 22.49 | 29.64 | 22.93 | 17.15 | 11.49 |
| P/FCF | 27.02 | 35.37 | 48.75 | 135.92 | 195.98 | 1616.90 | 1997.44 | 398.84 | 96.33 | 87.34 | — |
| P/OCF | 26.67 | 34.91 | 48.23 | 104.65 | 145.45 | 122.12 | 133.12 | 100.56 | 58.07 | 49.67 | 69.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.85 | 11.43 | 10.16 | 7.78 | 12.03 | 20.42 | 15.54 | 10.95 | 10.03 | 7.48 |
| EV / EBITDA | 36.58 | 47.93 | 58.47 | 213.01 | — | 194.97 | 157.21 | 120.64 | 60.81 | 65.47 | 522.31 |
| EV / EBIT | 41.99 | 52.24 | 60.36 | 6546.33 | — | — | 31.87 | 614.40 | 105.91 | 154.54 | — |
| EV / FCF | — | 35.22 | 48.75 | 135.81 | 195.07 | 1616.81 | 1966.91 | 405.86 | 95.22 | 86.38 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.3% | 61.3% | 62.0% | 61.6% | 59.3% | 59.9% | 61.6% | 60.3% | 61.3% | 61.6% | 57.7% |
| Operating Margin | 16.1% | 16.1% | 17.1% | 0.2% | -15.3% | -3.3% | 3.2% | 2.5% | 10.3% | 6.5% | -8.0% |
| Net Profit Margin | 14.8% | 14.8% | 25.7% | 0.4% | -14.4% | 0.3% | 51.1% | 14.2% | 10.5% | 6.8% | -7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.5% | 26.5% | 50.0% | 1.0% | -24.2% | 0.4% | 75.8% | 32.4% | 22.6% | 12.6% | -11.6% |
| ROA | 20.9% | 20.9% | 39.4% | 0.7% | -17.3% | 0.3% | 48.8% | 16.6% | 14.0% | 9.6% | -9.0% |
| ROIC | 22.4% | 22.4% | 25.1% | 0.3% | -19.9% | -3.7% | 3.8% | 3.6% | 21.6% | 10.9% | -10.6% |
| ROCE | 25.9% | 25.9% | 30.1% | 0.3% | -21.4% | -3.4% | 3.5% | 3.6% | 16.8% | 11.8% | -11.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.08 | 0.15 | 0.20 | 0.19 | 0.15 | 0.64 | 0.54 | — | — |
| Debt / EBITDA | 0.41 | 0.41 | 0.27 | 1.51 | — | 2.60 | 1.04 | 2.57 | 1.46 | — | — |
| Net Debt / Equity | — | -0.07 | -0.00 | -0.02 | -0.06 | -0.00 | -0.34 | 0.52 | -0.26 | -0.19 | -0.15 |
| Net Debt / EBITDA | -0.20 | -0.20 | -0.01 | -0.16 | — | -0.01 | -2.44 | 2.09 | -0.71 | -0.73 | -7.08 |
| Debt / FCF | — | -0.15 | -0.01 | -0.10 | -0.91 | -0.09 | -30.53 | 7.03 | -1.11 | -0.96 | — |
| Interest Coverage | — | — | — | — | — | — | 107.45 | 3.92 | — | 17.45 | -34.24 |
Net cash position: cash ($107M) exceeds total debt ($71M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.20 | 3.20 | 5.30 | 3.90 | 3.28 | 3.01 | 4.00 | 1.30 | 3.83 | 2.25 | 1.51 |
| Quick Ratio | 3.20 | 3.20 | 5.30 | 3.90 | 3.28 | 3.01 | 4.00 | 1.30 | 3.83 | 2.25 | 1.51 |
| Cash Ratio | 2.35 | 2.35 | 4.40 | 3.03 | 2.61 | 2.33 | 3.38 | 0.82 | 3.22 | 1.92 | 1.23 |
| Asset Turnover | — | 1.32 | 1.27 | 1.52 | 1.24 | 0.88 | 0.80 | 0.98 | 1.08 | 1.30 | 1.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 24.57 | 11.19 | 12.18 | 12.77 | 12.79 | 11.84 | 10.78 | 10.59 | 8.60 | 8.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 1.7% | 2.2% | 0.0% | — | 0.0% | 2.5% | 0.9% | 0.9% | 0.7% | — |
| FCF Yield | 3.7% | 2.8% | 2.1% | 0.7% | 0.5% | 0.1% | 0.1% | 0.3% | 1.0% | 1.1% | — |
| Buyback Yield | 2.9% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 1.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 2.9% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 1.0% | 0.1% | 0.0% |
| Shares Outstanding | — | $36M | $37M | $36M | $35M | $36M | $36M | $36M | $36M | $35M | $34M |
Transaction volume sensitivity
Based on current market data, AppFolio trades at a forward P/E of 22.87, which suggests that investors are pricing in sustained double-digit growth despite the recent deceleration in top-line expansion observed in the company's most recent quarterly filings compared to historical performance trends.
The current P/S multiple of 5.89 indicates a valuation premium relative to broader software peers, likely driven by the market's perception of the company as a fintech-enabled platform. Investors should monitor whether this valuation remains sustainable if the growth rate continues to normalize toward mid-teens levels.
As reported in financial statements, the company's ROIC has fluctuated between 5.3% and 8.8% over the last ten quarters, indicating that while the business is compounding capital, it has yet to achieve the high-teens returns on invested capital typical of dominant, mature software franchises.
The variability in ROIC appears linked to the company's ongoing investment in product development and the integration of new Value-Added Services. This suggests that management is prioritizing market share capture over immediate maximization of capital efficiency, which warrants further investigation into the long-term scalability of these returns.
According to recent SEC filings, the company maintains a DSO of approximately 11 to 19 days, which suggests highly efficient collection cycles that provide the firm with significant operational flexibility compared to industry peers who often face longer payment terms in the property management software sector.
The low DSO reflects the automated nature of rent collection and payment processing inherent in the platform's design. This efficiency is a critical component of the company's cash-generative model, allowing it to fund operations with minimal reliance on external working capital financing.
Based on an analysis of the business model, the most commonly misapplied metric is the standard SaaS P/S ratio, which obscures the fact that a significant portion of revenue is derived from transaction-based services rather than high-margin, predictable subscription seat licenses.
Investors should instead focus on the 'take-rate' and transaction volume sensitivity, as these metrics provide a more accurate view of the company's true earning power. Relying solely on SaaS multiples may lead to an overestimation of revenue quality during periods of macroeconomic volatility in the rental market.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying APPF stock.
AppFolio, Inc.'s current P/E ratio is 46.2x. The historical average is 84.5x. This places it at the 33th percentile of its historical range.
AppFolio, Inc.'s current EV/EBITDA is 36.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 58.2x.
AppFolio, Inc.'s return on equity (ROE) is 26.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 3.4%.
Based on historical data, AppFolio, Inc. is trading at a P/E of 46.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AppFolio, Inc. has 61.3% gross margin and 16.1% operating margin. Operating margin between 10-20% is typical for established companies.
AppFolio, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.