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Side-by-side financial comparison of APPFOLIO INC (APPF) and BLACKLINE, INC. (BL). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $183.2M, roughly 1.4× BLACKLINE, INC.). APPFOLIO INC runs the higher net margin — 16.2% vs 2.7%, a 13.5% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 8.1%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 7.9%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
APPF vs BL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $183.2M |
| Net Profit | $42.4M | $4.9M |
| Gross Margin | — | 75.2% |
| Operating Margin | 19.4% | 3.7% |
| Net Margin | 16.2% | 2.7% |
| Revenue YoY | 20.4% | 8.1% |
| Net Profit YoY | 35.2% | -91.3% |
| EPS (diluted) | $1.18 | $0.07 |
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 | $248.2M | $183.2M | ||
| Q3 25 | $249.4M | $178.3M | ||
| Q2 25 | $235.6M | $172.0M | ||
| Q1 25 | $217.7M | $166.9M | ||
| Q4 24 | $203.7M | $169.5M | ||
| Q3 24 | $205.7M | $165.9M | ||
| Q2 24 | $197.4M | $160.5M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $4.9M | ||
| Q3 25 | $33.6M | $5.3M | ||
| Q2 25 | $36.0M | $8.3M | ||
| Q1 25 | $31.4M | $6.1M | ||
| Q4 24 | $102.7M | $56.4M | ||
| Q3 24 | $33.0M | $17.2M | ||
| Q2 24 | $29.7M | $76.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 75.2% | ||
| Q3 25 | — | 75.1% | ||
| Q2 25 | — | 75.2% | ||
| Q1 25 | — | 75.5% | ||
| Q4 24 | — | 75.6% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 74.9% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 3.7% | ||
| Q3 25 | 14.1% | 4.3% | ||
| Q2 25 | 17.2% | 4.4% | ||
| Q1 25 | 15.5% | 2.1% | ||
| Q4 24 | 11.3% | 3.7% | ||
| Q3 24 | 20.7% | 5.0% | ||
| Q2 24 | 18.3% | 1.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 2.7% | ||
| Q3 25 | 13.5% | 3.0% | ||
| Q2 25 | 15.3% | 4.8% | ||
| Q1 25 | 14.4% | 3.6% | ||
| Q4 24 | 50.4% | 33.3% | ||
| Q3 24 | 16.0% | 10.4% | ||
| Q2 24 | 15.0% | 47.8% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.07 | ||
| Q3 25 | $0.93 | $0.09 | ||
| Q2 25 | $0.99 | $0.13 | ||
| Q1 25 | $0.86 | $0.10 | ||
| Q4 24 | $2.79 | $0.79 | ||
| Q3 24 | $0.90 | $0.27 | ||
| Q2 24 | $0.81 | $0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | $390.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $332.3M |
| Total Assets | $580.6M | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $390.0M | ||
| Q3 25 | $76.1M | $419.9M | ||
| Q2 25 | $73.5M | $459.1M | ||
| Q1 25 | $56.9M | $479.5M | ||
| Q4 24 | $42.5M | $885.9M | ||
| Q3 24 | $62.4M | $725.3M | ||
| Q2 24 | $59.6M | $616.6M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $332.3M | ||
| Q3 25 | $498.9M | $328.3M | ||
| Q2 25 | $455.6M | $414.0M | ||
| Q1 25 | $462.1M | $417.9M | ||
| Q4 24 | $519.3M | $446.7M | ||
| Q3 24 | $412.8M | $367.9M | ||
| Q2 24 | $371.4M | $325.8M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.8B | ||
| Q3 25 | $640.5M | $1.7B | ||
| Q2 25 | $567.4M | $1.8B | ||
| Q1 25 | $564.7M | $1.8B | ||
| Q4 24 | $626.7M | $1.8B | ||
| Q3 24 | $523.3M | $1.7B | ||
| Q2 24 | $479.3M | $1.9B |
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 | $34.3M | $26.7M |
| Free Cash FlowOCF − Capex | — | $26.1M |
| FCF MarginFCF / Revenue | — | 14.2% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 0.81× | 5.46× |
| TTM Free Cash FlowTrailing 4 quarters | — | $161.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $26.7M | ||
| Q3 25 | $86.0M | $63.8M | ||
| Q2 25 | $52.6M | $32.3M | ||
| Q1 25 | $38.5M | $46.7M | ||
| Q4 24 | $36.6M | $43.8M | ||
| Q3 24 | $57.8M | $55.9M | ||
| Q2 24 | $50.9M | $40.7M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $26.1M | ||
| Q3 25 | $84.7M | $63.3M | ||
| Q2 25 | $52.4M | $31.4M | ||
| Q1 25 | $38.2M | $40.8M | ||
| Q4 24 | $36.4M | $43.0M | ||
| Q3 24 | $57.4M | $55.5M | ||
| Q2 24 | $50.8M | $40.0M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 14.2% | ||
| Q3 25 | 34.0% | 35.5% | ||
| Q2 25 | 22.2% | 18.2% | ||
| Q1 25 | 17.6% | 24.4% | ||
| Q4 24 | 17.9% | 25.4% | ||
| Q3 24 | 27.9% | 33.5% | ||
| Q2 24 | 25.8% | 24.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 0.5% | 0.3% | ||
| Q2 25 | 0.1% | 0.6% | ||
| Q1 25 | 0.1% | 3.6% | ||
| Q4 24 | 0.1% | 0.4% | ||
| Q3 24 | 0.2% | 0.2% | ||
| Q2 24 | 0.0% | 0.4% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 5.46× | ||
| Q3 25 | 2.56× | 12.07× | ||
| Q2 25 | 1.46× | 3.90× | ||
| Q1 25 | 1.23× | 7.72× | ||
| Q4 24 | 0.36× | 0.78× | ||
| Q3 24 | 1.75× | 3.24× | ||
| Q2 24 | 1.71× | 0.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
