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Side-by-side financial comparison of APPFOLIO INC (APPF) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $262.2M, roughly 1.1× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 14.8%, a 1.3% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 20.4%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
APPF vs DUOL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $282.9M |
| Net Profit | $42.4M | $42.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 19.4% | 15.4% |
| Net Margin | 16.2% | 14.8% |
| Revenue YoY | 20.4% | 35.0% |
| Net Profit YoY | 35.2% | 201.7% |
| EPS (diluted) | $1.18 | $0.99 |
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 | $282.9M | ||
| Q3 25 | $249.4M | $271.7M | ||
| Q2 25 | $235.6M | $252.3M | ||
| Q1 25 | $217.7M | $230.7M | ||
| Q4 24 | $203.7M | $209.6M | ||
| Q3 24 | $205.7M | $192.6M | ||
| Q2 24 | $197.4M | $178.3M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $42.0M | ||
| Q3 25 | $33.6M | $292.2M | ||
| Q2 25 | $36.0M | $44.8M | ||
| Q1 25 | $31.4M | $35.1M | ||
| Q4 24 | $102.7M | $13.9M | ||
| Q3 24 | $33.0M | $23.4M | ||
| Q2 24 | $29.7M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.5% | ||
| Q2 25 | — | 72.4% | ||
| Q1 25 | — | 71.1% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 73.4% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 15.4% | ||
| Q3 25 | 14.1% | 12.9% | ||
| Q2 25 | 17.2% | 13.2% | ||
| Q1 25 | 15.5% | 10.2% | ||
| Q4 24 | 11.3% | 6.6% | ||
| Q3 24 | 20.7% | 7.0% | ||
| Q2 24 | 18.3% | 10.5% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 14.8% | ||
| Q3 25 | 13.5% | 107.5% | ||
| Q2 25 | 15.3% | 17.8% | ||
| Q1 25 | 14.4% | 15.2% | ||
| Q4 24 | 50.4% | 6.6% | ||
| Q3 24 | 16.0% | 12.1% | ||
| Q2 24 | 15.0% | 13.7% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.99 | ||
| Q3 25 | $0.93 | $5.95 | ||
| Q2 25 | $0.99 | $0.91 | ||
| Q1 25 | $0.86 | $0.72 | ||
| Q4 24 | $2.79 | $0.31 | ||
| Q3 24 | $0.90 | $0.49 | ||
| Q2 24 | $0.81 | $0.51 |
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 | $1.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $1.3B |
| Total Assets | $580.6M | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $1.0B | ||
| Q3 25 | $76.1M | $1.0B | ||
| Q2 25 | $73.5M | $976.2M | ||
| Q1 25 | $56.9M | $884.0M | ||
| Q4 24 | $42.5M | $785.8M | ||
| Q3 24 | $62.4M | $854.4M | ||
| Q2 24 | $59.6M | $888.2M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.3B | ||
| Q3 25 | $498.9M | $1.3B | ||
| Q2 25 | $455.6M | $977.0M | ||
| Q1 25 | $462.1M | $893.8M | ||
| Q4 24 | $519.3M | $824.5M | ||
| Q3 24 | $412.8M | $822.5M | ||
| Q2 24 | $371.4M | $766.9M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $2.0B | ||
| Q3 25 | $640.5M | $1.9B | ||
| Q2 25 | $567.4M | $1.5B | ||
| Q1 25 | $564.7M | $1.4B | ||
| Q4 24 | $626.7M | $1.3B | ||
| Q3 24 | $523.3M | $1.2B | ||
| Q2 24 | $479.3M | $1.1B |
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 | $107.3M |
| Free Cash FlowOCF − Capex | — | $96.6M |
| FCF MarginFCF / Revenue | — | 34.1% |
| Capex IntensityCapex / Revenue | — | 3.8% |
| Cash ConversionOCF / Net Profit | 0.81× | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $107.3M | ||
| Q3 25 | $86.0M | $84.2M | ||
| Q2 25 | $52.6M | $90.7M | ||
| Q1 25 | $38.5M | $105.6M | ||
| Q4 24 | $36.6M | $83.3M | ||
| Q3 24 | $57.8M | $56.3M | ||
| Q2 24 | $50.9M | $62.4M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $96.6M | ||
| Q3 25 | $84.7M | $79.4M | ||
| Q2 25 | $52.4M | $89.5M | ||
| Q1 25 | $38.2M | $104.3M | ||
| Q4 24 | $36.4M | $81.4M | ||
| Q3 24 | $57.4M | $53.1M | ||
| Q2 24 | $50.8M | $56.8M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 34.1% | ||
| Q3 25 | 34.0% | 29.2% | ||
| Q2 25 | 22.2% | 35.5% | ||
| Q1 25 | 17.6% | 45.2% | ||
| Q4 24 | 17.9% | 38.8% | ||
| Q3 24 | 27.9% | 27.6% | ||
| Q2 24 | 25.8% | 31.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 3.8% | ||
| Q3 25 | 0.5% | 1.8% | ||
| Q2 25 | 0.1% | 0.5% | ||
| Q1 25 | 0.1% | 0.6% | ||
| Q4 24 | 0.1% | 0.9% | ||
| Q3 24 | 0.2% | 1.7% | ||
| Q2 24 | 0.0% | 3.1% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 2.56× | ||
| Q3 25 | 2.56× | 0.29× | ||
| Q2 25 | 1.46× | 2.02× | ||
| Q1 25 | 1.23× | 3.01× | ||
| Q4 24 | 0.36× | 5.99× | ||
| Q3 24 | 1.75× | 2.41× | ||
| Q2 24 | 1.71× | 2.56× |
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% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
