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Side-by-side financial comparison of APPFOLIO INC (APPF) and COMMERCE BANCSHARES INC (CBSH). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $262.2M, roughly 1.8× APPFOLIO INC). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs 16.2%, a 13.6% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 11.1%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 7.1%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
APPF vs CBSH — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $475.7M |
| Net Profit | $42.4M | $141.6M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | — |
| Net Margin | 16.2% | 29.8% |
| Revenue YoY | 20.4% | 11.1% |
| Net Profit YoY | 35.2% | 10.5% |
| EPS (diluted) | $1.18 | $0.96 |
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 | $475.7M | ||
| Q4 25 | $248.2M | $449.4M | ||
| Q3 25 | $249.4M | $441.0M | ||
| Q2 25 | $235.6M | $445.8M | ||
| Q1 25 | $217.7M | $428.1M | ||
| Q4 24 | $203.7M | $422.1M | ||
| Q3 24 | $205.7M | $421.4M | ||
| Q2 24 | $197.4M | $414.5M |
| Q1 26 | $42.4M | $141.6M | ||
| Q4 25 | $39.9M | $140.7M | ||
| Q3 25 | $33.6M | $141.5M | ||
| Q2 25 | $36.0M | $152.5M | ||
| Q1 25 | $31.4M | $131.6M | ||
| Q4 24 | $102.7M | $136.1M | ||
| Q3 24 | $33.0M | $138.0M | ||
| Q2 24 | $29.7M | $139.6M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 40.8% | ||
| Q3 25 | 14.1% | 41.9% | ||
| Q2 25 | 17.2% | 44.0% | ||
| Q1 25 | 15.5% | 39.2% | ||
| Q4 24 | 11.3% | 41.2% | ||
| Q3 24 | 20.7% | 42.4% | ||
| Q2 24 | 18.3% | 43.4% |
| Q1 26 | 16.2% | 29.8% | ||
| Q4 25 | 16.1% | 31.3% | ||
| Q3 25 | 13.5% | 32.1% | ||
| Q2 25 | 15.3% | 34.2% | ||
| Q1 25 | 14.4% | 30.7% | ||
| Q4 24 | 50.4% | 32.2% | ||
| Q3 24 | 16.0% | 32.8% | ||
| Q2 24 | 15.0% | 33.7% |
| Q1 26 | $1.18 | $0.96 | ||
| Q4 25 | $1.10 | $0.86 | ||
| Q3 25 | $0.93 | $1.06 | ||
| Q2 25 | $0.99 | $1.14 | ||
| Q1 25 | $0.86 | $0.98 | ||
| Q4 24 | $2.79 | $0.83 | ||
| Q3 24 | $0.90 | $1.01 | ||
| Q2 24 | $0.81 | $1.03 |
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 | $4.3B |
| Total Assets | $580.6M | $35.7B |
| 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 | $4.3B | ||
| Q4 25 | $542.6M | $3.8B | ||
| Q3 25 | $498.9M | $3.8B | ||
| Q2 25 | $455.6M | $3.6B | ||
| Q1 25 | $462.1M | $3.5B | ||
| Q4 24 | $519.3M | $3.3B | ||
| Q3 24 | $412.8M | $3.4B | ||
| Q2 24 | $371.4M | $3.1B |
| Q1 26 | $580.6M | $35.7B | ||
| Q4 25 | $689.0M | $32.9B | ||
| Q3 25 | $640.5M | $32.3B | ||
| Q2 25 | $567.4M | $32.3B | ||
| Q1 25 | $564.7M | $32.4B | ||
| Q4 24 | $626.7M | $32.0B | ||
| Q3 24 | $523.3M | $31.5B | ||
| Q2 24 | $479.3M | $30.6B |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $645.1M | ||
| Q3 25 | $86.0M | $129.0M | ||
| Q2 25 | $52.6M | $111.2M | ||
| Q1 25 | $38.5M | $138.6M | ||
| Q4 24 | $36.6M | $577.9M | ||
| Q3 24 | $57.8M | $431.7M | ||
| Q2 24 | $50.9M | $147.4M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $592.4M | ||
| Q3 25 | $84.7M | $113.3M | ||
| Q2 25 | $52.4M | $100.5M | ||
| Q1 25 | $38.2M | $126.0M | ||
| Q4 24 | $36.4M | $531.7M | ||
| Q3 24 | $57.4M | $419.1M | ||
| Q2 24 | $50.8M | $138.9M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 131.8% | ||
| Q3 25 | 34.0% | 25.7% | ||
| Q2 25 | 22.2% | 22.5% | ||
| Q1 25 | 17.6% | 29.4% | ||
| Q4 24 | 17.9% | 126.0% | ||
| Q3 24 | 27.9% | 99.5% | ||
| Q2 24 | 25.8% | 33.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 11.7% | ||
| Q3 25 | 0.5% | 3.6% | ||
| Q2 25 | 0.1% | 2.4% | ||
| Q1 25 | 0.1% | 2.9% | ||
| Q4 24 | 0.1% | 10.9% | ||
| Q3 24 | 0.2% | 3.0% | ||
| Q2 24 | 0.0% | 2.1% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 4.59× | ||
| Q3 25 | 2.56× | 0.91× | ||
| Q2 25 | 1.46× | 0.73× | ||
| Q1 25 | 1.23× | 1.05× | ||
| Q4 24 | 0.36× | 4.25× | ||
| Q3 24 | 1.75× | 3.13× | ||
| Q2 24 | 1.71× | 1.06× |
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% |
CBSH
Segment breakdown not available.
