vs
Side-by-side financial comparison of APPFOLIO INC (APPF) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
Baldwin Insurance Group, Inc. is the larger business by last-quarter revenue ($347.3M vs $262.2M, roughly 1.3× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs -7.5%, a 23.7% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 5.3%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -4.4%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
The Baldwin Piano Company is an American piano brand. It was once the largest US-based manufacturer of keyboard instruments and was known by the slogan, "America's Favorite Piano". Since 2001, it has been a subsidiary of Gibson Brands, Inc. Baldwin ceased domestic production in December 2008, moving its piano manufacturing to China.
APPF vs BWIN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $347.3M |
| Net Profit | $42.4M | $-25.9M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | -3.8% |
| Net Margin | 16.2% | -7.5% |
| Revenue YoY | 20.4% | 5.3% |
| Net Profit YoY | 35.2% | -28.3% |
| EPS (diluted) | $1.18 | $-0.38 |
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 | $347.3M | ||
| Q3 25 | $249.4M | $365.4M | ||
| Q2 25 | $235.6M | $378.8M | ||
| Q1 25 | $217.7M | $413.4M | ||
| Q4 24 | $203.7M | $329.9M | ||
| Q3 24 | $205.7M | $338.9M | ||
| Q2 24 | $197.4M | $339.8M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-25.9M | ||
| Q3 25 | $33.6M | $-18.7M | ||
| Q2 25 | $36.0M | $-3.2M | ||
| Q1 25 | $31.4M | $13.9M | ||
| Q4 24 | $102.7M | $-20.2M | ||
| Q3 24 | $33.0M | $-8.4M | ||
| Q2 24 | $29.7M | $-17.6M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -3.8% | ||
| Q3 25 | 14.1% | 0.9% | ||
| Q2 25 | 17.2% | 7.4% | ||
| Q1 25 | 15.5% | 13.6% | ||
| Q4 24 | 11.3% | -1.7% | ||
| Q3 24 | 20.7% | 4.5% | ||
| Q2 24 | 18.3% | 4.8% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -7.5% | ||
| Q3 25 | 13.5% | -5.1% | ||
| Q2 25 | 15.3% | -0.8% | ||
| Q1 25 | 14.4% | 3.4% | ||
| Q4 24 | 50.4% | -6.2% | ||
| Q3 24 | 16.0% | -2.5% | ||
| Q2 24 | 15.0% | -5.2% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.38 | ||
| Q3 25 | $0.93 | $-0.27 | ||
| Q2 25 | $0.99 | $-0.05 | ||
| Q1 25 | $0.86 | $0.20 | ||
| Q4 24 | $2.79 | $-0.31 | ||
| Q3 24 | $0.90 | $-0.13 | ||
| Q2 24 | $0.81 | $-0.28 |
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 | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $600.2M |
| Total Assets | $580.6M | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $123.7M | ||
| Q3 25 | $76.1M | $89.7M | ||
| Q2 25 | $73.5M | $105.7M | ||
| Q1 25 | $56.9M | $81.8M | ||
| Q4 24 | $42.5M | $90.0M | ||
| Q3 24 | $62.4M | $181.8M | ||
| Q2 24 | $59.6M | $208.3M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $600.2M | ||
| Q3 25 | $498.9M | $619.7M | ||
| Q2 25 | $455.6M | $630.8M | ||
| Q1 25 | $462.1M | $619.6M | ||
| Q4 24 | $519.3M | $583.2M | ||
| Q3 24 | $412.8M | $595.4M | ||
| Q2 24 | $371.4M | $590.9M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $3.9B | ||
| Q3 25 | $640.5M | $3.8B | ||
| Q2 25 | $567.4M | $3.7B | ||
| Q1 25 | $564.7M | $3.5B | ||
| Q4 24 | $626.7M | $3.5B | ||
| Q3 24 | $523.3M | $3.5B | ||
| Q2 24 | $479.3M | $3.7B |
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 | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-68.9M |
| FCF MarginFCF / Revenue | — | -19.9% |
| Capex IntensityCapex / Revenue | — | 11.4% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-29.4M | ||
| Q3 25 | $86.0M | $41.0M | ||
| Q2 25 | $52.6M | $-16.7M | ||
| Q1 25 | $38.5M | $-64.0M | ||
| Q4 24 | $36.6M | $51.5M | ||
| Q3 24 | $57.8M | $32.4M | ||
| Q2 24 | $50.9M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-68.9M | ||
| Q3 25 | $84.7M | $32.2M | ||
| Q2 25 | $52.4M | $-28.1M | ||
| Q1 25 | $38.2M | $-72.9M | ||
| Q4 24 | $36.4M | $10.4M | ||
| Q3 24 | $57.4M | $22.2M | ||
| Q2 24 | $50.8M | $7.8M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -19.9% | ||
| Q3 25 | 34.0% | 8.8% | ||
| Q2 25 | 22.2% | -7.4% | ||
| Q1 25 | 17.6% | -17.6% | ||
| Q4 24 | 17.9% | 3.2% | ||
| Q3 24 | 27.9% | 6.6% | ||
| Q2 24 | 25.8% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 11.4% | ||
| Q3 25 | 0.5% | 2.4% | ||
| Q2 25 | 0.1% | 3.0% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 0.1% | 12.4% | ||
| Q3 24 | 0.2% | 3.0% | ||
| Q2 24 | 0.0% | 3.1% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | -4.59× | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $164.7M | 63% |
| Subscription Services | $58.2M | 22% |
| Other | $39.3M | 15% |
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
