AppFolio

APPF

Software - Application · Technology

Price

$179.73

-1.72 (-0.95%)

Market Cap

$6.45B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.7M (2021) → 36.3M (2025)

AppFolio, Inc., together with its subsidiaries, provides cloud business management solutions for the real estate industry. The company offers AppFolio Property Manager, a platform to leverage process automation, easy to use interface, and the optimization of common workflows for property management companies, as well as completes and records critical transactions in the system and give its customers access to the data they need to run their business; AppFolio Property Manager Plus, which offers

Winston Score History

Politician Trades

5 trades / 12mo

2 Congressional buys and 3 sells on APPF in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+38.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$190M/ year

↑ Rising (+19% vs prior year)

20.0% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

3.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$147M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

AppFolio is putting 20% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

63.8%

Premium pricing power — 63.8% gross margin

Operating Margin

19.4%

Healthy — 19.4% operating margin

ROCE

10.8%

Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+20.7%

Fast-growing sales (20.7% YoY)

EPS YoY

-21.6%

Earnings shrinking (-21.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

157%

Turns 157% of profit into real cash

FCF Margin

23.5%

Converts sales into free cash efficiently (23.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

42.4x

Pricey — P/E 42.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+15.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.4 → 26.8)

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Dividends

Not applicable for this business.

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