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Side-by-side financial comparison of APPFOLIO INC (APPF) and BADGER METER INC (BMI). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $234.1M, roughly 1.1× BADGER METER INC). APPFOLIO INC runs the higher net margin — 16.2% vs 14.3%, a 1.8% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 14.1%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 9.2%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
APPF vs BMI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $234.1M |
| Net Profit | $42.4M | $33.6M |
| Gross Margin | — | 39.7% |
| Operating Margin | 19.4% | 18.4% |
| Net Margin | 16.2% | 14.3% |
| Revenue YoY | 20.4% | 14.1% |
| Net Profit YoY | 35.2% | 9.3% |
| EPS (diluted) | $1.18 | $1.13 |
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 | $234.1M | ||
| Q3 25 | $249.4M | $222.2M | ||
| Q2 25 | $235.6M | $238.1M | ||
| Q1 25 | $217.7M | $222.2M | ||
| Q4 24 | $203.7M | $205.2M | ||
| Q3 24 | $205.7M | $208.4M | ||
| Q2 24 | $197.4M | $216.7M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $33.6M | ||
| Q3 25 | $33.6M | $35.1M | ||
| Q2 25 | $36.0M | $34.6M | ||
| Q1 25 | $31.4M | $38.4M | ||
| Q4 24 | $102.7M | $30.7M | ||
| Q3 24 | $33.0M | $32.0M | ||
| Q2 24 | $29.7M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | — | 41.1% | ||
| Q1 25 | — | 42.9% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 39.4% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 18.4% | ||
| Q3 25 | 14.1% | 20.7% | ||
| Q2 25 | 17.2% | 18.8% | ||
| Q1 25 | 15.5% | 22.2% | ||
| Q4 24 | 11.3% | 19.1% | ||
| Q3 24 | 20.7% | 19.5% | ||
| Q2 24 | 18.3% | 19.2% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 14.3% | ||
| Q3 25 | 13.5% | 15.8% | ||
| Q2 25 | 15.3% | 14.5% | ||
| Q1 25 | 14.4% | 17.3% | ||
| Q4 24 | 50.4% | 15.0% | ||
| Q3 24 | 16.0% | 15.4% | ||
| Q2 24 | 15.0% | 15.3% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.13 | ||
| Q3 25 | $0.93 | $1.19 | ||
| Q2 25 | $0.99 | $1.17 | ||
| Q1 25 | $0.86 | $1.30 | ||
| Q4 24 | $2.79 | $1.04 | ||
| Q3 24 | $0.90 | $1.08 | ||
| Q2 24 | $0.81 | $1.12 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $713.3M |
| Total Assets | $580.6M | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | — | ||
| Q3 25 | $76.1M | — | ||
| Q2 25 | $73.5M | — | ||
| Q1 25 | $56.9M | — | ||
| Q4 24 | $42.5M | — | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $713.3M | ||
| Q3 25 | $498.9M | $702.5M | ||
| Q2 25 | $455.6M | $677.6M | ||
| Q1 25 | $462.1M | $641.7M | ||
| Q4 24 | $519.3M | $606.2M | ||
| Q3 24 | $412.8M | $591.2M | ||
| Q2 24 | $371.4M | $563.1M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $973.6M | ||
| Q3 25 | $640.5M | $978.3M | ||
| Q2 25 | $567.4M | $936.4M | ||
| Q1 25 | $564.7M | $899.6M | ||
| Q4 24 | $626.7M | $816.4M | ||
| Q3 24 | $523.3M | $802.9M | ||
| Q2 24 | $479.3M | $781.3M |
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 | $54.8M |
| Free Cash FlowOCF − Capex | — | $50.8M |
| FCF MarginFCF / Revenue | — | 21.7% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 0.81× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $54.8M | ||
| Q3 25 | $86.0M | $51.3M | ||
| Q2 25 | $52.6M | $44.6M | ||
| Q1 25 | $38.5M | $33.0M | ||
| Q4 24 | $36.6M | $52.1M | ||
| Q3 24 | $57.8M | $45.1M | ||
| Q2 24 | $50.9M | $36.4M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $50.8M | ||
| Q3 25 | $84.7M | $48.2M | ||
| Q2 25 | $52.4M | $40.6M | ||
| Q1 25 | $38.2M | $30.1M | ||
| Q4 24 | $36.4M | $47.4M | ||
| Q3 24 | $57.4M | $42.0M | ||
| Q2 24 | $50.8M | $34.1M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 21.7% | ||
| Q3 25 | 34.0% | 21.7% | ||
| Q2 25 | 22.2% | 17.1% | ||
| Q1 25 | 17.6% | 13.5% | ||
| Q4 24 | 17.9% | 23.1% | ||
| Q3 24 | 27.9% | 20.1% | ||
| Q2 24 | 25.8% | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.7% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.1% | 1.7% | ||
| Q1 25 | 0.1% | 1.3% | ||
| Q4 24 | 0.1% | 2.3% | ||
| Q3 24 | 0.2% | 1.5% | ||
| Q2 24 | 0.0% | 1.1% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 1.63× | ||
| Q3 25 | 2.56× | 1.46× | ||
| Q2 25 | 1.46× | 1.29× | ||
| Q1 25 | 1.23× | 0.86× | ||
| Q4 24 | 0.36× | 1.70× | ||
| Q3 24 | 1.75× | 1.41× | ||
| Q2 24 | 1.71× | 1.10× |
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% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
