Appfolio Inc. (APPF) intrinsic value & 10-year financials
Appfolio Inc. (APPF) has a Graham intrinsic value of $128.88 per share. At $212.13 on Oct 17, 2026, the stock trades 65% above that value. Over the last 10 fiscal years revenue grew 27.7% a year to $950.8M, with an average return on invested capital of 7.0%.
- Graham intrinsic value
- $128.88
- Share price (Oct 17, 2026)
- $212.13
- Price vs Graham value
- 65% above
- Market cap
- $7.7B
- Revenue (FY2025)
- $950.8M
- Revenue growth (10-yr CAGR)
- 27.7%
- ROIC (10-yr avg)
- 7.0%
- Free cash flow (FY2025)
- $238.9M
APPF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $950.8M | $140.9M | $3.88 | $238.9M | 16.1% | 27.2% |
| FY2024 | $794.2M | $204.1M | $5.55 | $186.1M | 17.1% | 33.8% |
| FY2023 | $620.4M | $2.7M | $0.07 | $51.2M | 0.2% | 0.2% |
| FY2022 | $471.9M | -$68.1M | -$1.95 | $18.8M | -15.3% | -26.8% |
| FY2021 | $359.4M | $1.0M | $0.03 | $27.3M | -3.3% | -2.9% |
| FY2020 | $310.1M | $158.4M | $4.44 | $29.3M | 3.2% | 4.1% |
| FY2019 | $256.0M | $36.3M | $1.02 | $30.8M | 2.5% | 4.9% |
| FY2018 | $190.1M | $20.0M | $0.56 | $34.2M | 10.3% | 28.2% |
| FY2017 | $143.8M | $9.7M | $0.28 | $27.2M | 6.5% | 13.5% |
| FY2016 | $105.6M | -$8.3M | -$0.25 | $7.3M | -8.0% | -12.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
APPFOLIO INC is a consistent compounder, expanding top-line revenue at 27.7% annually over the past decade.
APPFOLIO INC returns on capital have been average, hovering around 9.1% ROIC over the decade.
APPFOLIO INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, APPFOLIO INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $128.88 per share.