AppFolio - Public Comps and Valuation Multiples

AppFolio Overview

About AppFolio

AppFolio Inc provides cloud-based software solutions for the real estate industry. Its property management software offers property managers an end-to-end solution to their business needs. The group's products include cloud-based property management software (Appfolio Property Manager). Its solutions are AppFolio Property Manager Core, AppFolio Property Manager Plus, and AppFolio Property Manager Max. It also offers value-added services, such as screening, risk mitigation, and electronic payment services. Its markets are Single-Family, Multifamily, Student Housing, Affordable Housing, Community Associations, Commercial, and Investment Management. The business activity of the firm predominantly functions in the United States and it generates revenue in the form of subscription fees.

Founded

2007

HQ

Employees

1.6K+

Website

appfolioinc.com

Sectors

Real Estate Software
PropTech
B2B SaaS
Vertical SaaS

Financials

LTM Revenue $835M

LTM EBITDA $230M

EV

$8.0B

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AppFolio Financials

AppFolio has a last 12-month revenue of $835M and a last 12-month EBITDA of $230M.

In the most recent fiscal year, AppFolio achieved revenue of $794M and an EBITDA of $155M.

AppFolio expects next 12-month revenue of XXX and NTM EBITDA of XXX

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AppFolio P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$620M	$794M	XXX	XXX	XXX
Gross Profit	$280M	$382M	XXX	XXX	XXX
Gross Margin	45%	48%	XXX	XXX	XXX
EBITDA	$30.0M	$155M	XXX	XXX	XXX
EBITDA Margin	5%	20%	XXX	XXX	XXX
Net Profit	-$68.1M	$2.7M	XXX	XXX	XXX
Net Margin	-11%	0%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

AppFolio Stock Performance

As of April 15, 2025, AppFolio's stock price is $228.

AppFolio has current market cap of $8.3B, and EV of $8.0B.

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AppFolio Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.0B	$8.3B	XXX	XXX	XXX	XXX	$4.63

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AppFolio Valuation Multiples

As of April 15, 2025, AppFolio has market cap of $8.3B and EV of $8.0B.

AppFolio's trades at 9.6x LTM EV/Revenue multiple, and 35.1x LTM EBITDA.

Analysts estimate AppFolio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AppFolio Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$8.0B	XXX	XXX	XXX
EV/Revenue	10.1x	XXX	XXX	XXX
EV/EBITDA	51.8x	XXX	XXX	XXX
P/E	40.6x	XXX	XXX	XXX
P/E/Growth	6.4x	XXX	XXX	XXX
EV/FCF	44.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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AppFolio Valuation Multiples

AppFolio's NTM/LTM revenue growth is 17%

AppFolio's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, AppFolio's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AppFolio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AppFolio Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	28%	XXX	XXX	XXX	XXX
EBITDA Margin	20%	XXX	XXX	XXX	XXX
EBITDA Growth	419%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	37%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	14%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	11%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	20%	XXX	XXX	XXX	XXX
Opex to Revenue	47%	XXX	XXX	XXX	XXX

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