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Side-by-side financial comparison of American Homes 4 Rent (AMH) and APPFOLIO INC (APPF). Click either name above to swap in a different company.
American Homes 4 Rent is the larger business by last-quarter revenue ($455.0M vs $262.2M, roughly 1.7× APPFOLIO INC). American Homes 4 Rent runs the higher net margin — 31.7% vs 16.2%, a 15.5% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 4.2%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 3.6%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
AMH vs APPF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $262.2M |
| Net Profit | $144.3M | $42.4M |
| Gross Margin | — | — |
| Operating Margin | — | 19.4% |
| Net Margin | 31.7% | 16.2% |
| Revenue YoY | 4.2% | 20.4% |
| Net Profit YoY | 0.3% | 35.2% |
| EPS (diluted) | $0.33 | $1.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $262.2M | ||
| Q4 25 | $455.0M | $248.2M | ||
| Q3 25 | $478.5M | $249.4M | ||
| Q2 25 | $457.5M | $235.6M | ||
| Q1 25 | $459.3M | $217.7M | ||
| Q4 24 | $436.6M | $203.7M | ||
| Q3 24 | $445.1M | $205.7M | ||
| Q2 24 | $423.5M | $197.4M |
| Q1 26 | — | $42.4M | ||
| Q4 25 | $144.3M | $39.9M | ||
| Q3 25 | $116.8M | $33.6M | ||
| Q2 25 | $123.6M | $36.0M | ||
| Q1 25 | $128.7M | $31.4M | ||
| Q4 24 | $143.9M | $102.7M | ||
| Q3 24 | $87.6M | $33.0M | ||
| Q2 24 | $108.5M | $29.7M |
| Q1 26 | — | 19.4% | ||
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 14.1% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 18.3% |
| Q1 26 | — | 16.2% | ||
| Q4 25 | 31.7% | 16.1% | ||
| Q3 25 | 24.4% | 13.5% | ||
| Q2 25 | 27.0% | 15.3% | ||
| Q1 25 | 28.0% | 14.4% | ||
| Q4 24 | 33.0% | 50.4% | ||
| Q3 24 | 19.7% | 16.0% | ||
| Q2 24 | 25.6% | 15.0% |
| Q1 26 | — | $1.18 | ||
| Q4 25 | $0.33 | $1.10 | ||
| Q3 25 | $0.27 | $0.93 | ||
| Q2 25 | $0.28 | $0.99 | ||
| Q1 25 | $0.30 | $0.86 | ||
| Q4 24 | $0.33 | $2.79 | ||
| Q3 24 | $0.20 | $0.90 | ||
| Q2 24 | $0.25 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $147.4M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $7.0B | $470.2M |
| Total Assets | $13.2B | $580.6M |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $147.4M | ||
| Q4 25 | $108.5M | $107.0M | ||
| Q3 25 | $45.6M | $76.1M | ||
| Q2 25 | $323.3M | $73.5M | ||
| Q1 25 | $69.7M | $56.9M | ||
| Q4 24 | $199.4M | $42.5M | ||
| Q3 24 | $162.5M | $62.4M | ||
| Q2 24 | $718.4M | $59.6M |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $5.0B | — |
| Q1 26 | — | $470.2M | ||
| Q4 25 | $7.0B | $542.6M | ||
| Q3 25 | $7.2B | $498.9M | ||
| Q2 25 | $7.2B | $455.6M | ||
| Q1 25 | $7.2B | $462.1M | ||
| Q4 24 | $7.2B | $519.3M | ||
| Q3 24 | $7.0B | $412.8M | ||
| Q2 24 | $7.0B | $371.4M |
| Q1 26 | — | $580.6M | ||
| Q4 25 | $13.2B | $689.0M | ||
| Q3 25 | $13.3B | $640.5M | ||
| Q2 25 | $13.6B | $567.4M | ||
| Q1 25 | $13.3B | $564.7M | ||
| Q4 24 | $13.4B | $626.7M | ||
| Q3 24 | $12.8B | $523.3M | ||
| Q2 24 | $13.3B | $479.3M |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.71× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $864.3M | $34.3M |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | 0.81× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $34.3M | ||
| Q4 25 | $864.3M | $65.0M | ||
| Q3 25 | $223.3M | $86.0M | ||
| Q2 25 | $271.9M | $52.6M | ||
| Q1 25 | $223.4M | $38.5M | ||
| Q4 24 | $811.5M | $36.6M | ||
| Q3 24 | $233.6M | $57.8M | ||
| Q2 24 | $274.0M | $50.9M |
| Q1 26 | — | — | ||
| Q4 25 | $823.7M | $63.7M | ||
| Q3 25 | $214.5M | $84.7M | ||
| Q2 25 | $257.7M | $52.4M | ||
| Q1 25 | $215.9M | $38.2M | ||
| Q4 24 | $777.5M | $36.4M | ||
| Q3 24 | $225.3M | $57.4M | ||
| Q2 24 | $263.3M | $50.8M |
| Q1 26 | — | — | ||
| Q4 25 | 181.0% | 25.7% | ||
| Q3 25 | 44.8% | 34.0% | ||
| Q2 25 | 56.3% | 22.2% | ||
| Q1 25 | 47.0% | 17.6% | ||
| Q4 24 | 178.1% | 17.9% | ||
| Q3 24 | 50.6% | 27.9% | ||
| Q2 24 | 62.2% | 25.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 0.5% | ||
| Q3 25 | 1.8% | 0.5% | ||
| Q2 25 | 3.1% | 0.1% | ||
| Q1 25 | 1.6% | 0.1% | ||
| Q4 24 | 7.8% | 0.1% | ||
| Q3 24 | 1.9% | 0.2% | ||
| Q2 24 | 2.5% | 0.0% |
| Q1 26 | — | 0.81× | ||
| Q4 25 | 5.99× | 1.63× | ||
| Q3 25 | 1.91× | 2.56× | ||
| Q2 25 | 2.20× | 1.46× | ||
| Q1 25 | 1.74× | 1.23× | ||
| Q4 24 | 5.64× | 0.36× | ||
| Q3 24 | 2.67× | 1.75× | ||
| Q2 24 | 2.52× | 1.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
Segment breakdown not available.
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
