AppFolio Inc. (APPF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-16.0%

$193.34

vs $230.07 price

Levered DCF

$248.48

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

40.9

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	59.5×	43.82×	2,285.49×	-54.04×	4,076.09×	38.97×	102.76×	100.37×
P/B	15.44×	17.22×	20.76×	13.89×	14.08×	21.58×	28.34×	22×
P/S	8.81×	11.26×	9.95×	7.82×	11.65×	19.9×	14.61×	10.63×
EV / EBITDA	44.86×	52.03×	168.38×	-120.75×	123.24×	26.64×	118.12×	58.33×
Gross margin	61.3%	62.0%	61.6%	59.3%	59.9%	61.6%	60.3%	61.3%
Operating margin	16.1%	17.1%	0.2%	-15.3%	-3.3%	3.2%	2.5%	10.3%
Net margin	14.8%	25.7%	0.4%	-14.4%	0.3%	51.1%	14.2%	10.5%
Current ratio	3.2×	5.3×	3.9×	3.28×	3.01×	4×	1.3×	3.83×
Debt / equity	0.13×	0.08×	0.15×	0.2×	0.19×	0.15×	0.64×	0.54×
Interest coverage	0×	0×	0×	0×	0×	5.29×	3.91×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.0%	39.3%	0.9%	-25.7%	0.3%	55.4%	27.5%	21.7%
Return on invested capital	21.6%	23.9%	0.1%	-22.4%	-2.0%	2.3%	3.0%	12.9%
Return on assets	19.5%	32.6%	0.7%	-17.9%	0.3%	40.7%	13.9%	11.4%
Free cash flow yield	2.9%	2.1%	0.8%	0.5%	0.1%	0.1%	0.3%	1.1%
Earnings yield	1.7%	2.3%	0.0%	-1.8%	0.0%	2.6%	1.0%	1.0%
Enterprise value	$8.3B	$8.9B	$6.2B	$3.7B	$4.2B	$6.1B	$3.8B	$2B
Net debt / EBITDA	-0.19×	-0.01×	-0.13×	0.56×	-0.01×	-0.43×	2.14×	-0.71×
Cash conversion cycle (days)	20	8	10	8	8	9	4	3