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Side-by-side financial comparison of APPFOLIO INC (APPF) and Emerald Holding, Inc. (EEX). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $132.7M, roughly 2.0× Emerald Holding, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -22.8%, a 38.9% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 20.4%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -0.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
APPF vs EEX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $132.7M |
| Net Profit | $42.4M | $-30.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | -11.8% |
| Net Margin | 16.2% | -22.8% |
| Revenue YoY | 20.4% | 24.3% |
| Net Profit YoY | 35.2% | -692.2% |
| EPS (diluted) | $1.18 | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $249.4M | $77.5M | ||
| Q2 25 | $235.6M | $105.5M | ||
| Q1 25 | $217.7M | $147.7M | ||
| Q4 24 | $203.7M | $106.8M | ||
| Q3 24 | $205.7M | $72.6M | ||
| Q2 24 | $197.4M | $86.0M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-30.2M | ||
| Q3 25 | $33.6M | $-14.4M | ||
| Q2 25 | $36.0M | $-1.4M | ||
| Q1 25 | $31.4M | $15.3M | ||
| Q4 24 | $102.7M | $5.1M | ||
| Q3 24 | $33.0M | $-11.1M | ||
| Q2 24 | $29.7M | $-2.8M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -11.8% | ||
| Q3 25 | 14.1% | -10.1% | ||
| Q2 25 | 17.2% | 9.7% | ||
| Q1 25 | 15.5% | 24.2% | ||
| Q4 24 | 11.3% | 19.5% | ||
| Q3 24 | 20.7% | -6.5% | ||
| Q2 24 | 18.3% | 7.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -22.8% | ||
| Q3 25 | 13.5% | -18.6% | ||
| Q2 25 | 15.3% | -1.3% | ||
| Q1 25 | 14.4% | 10.4% | ||
| Q4 24 | 50.4% | 4.8% | ||
| Q3 24 | 16.0% | -15.3% | ||
| Q2 24 | 15.0% | -3.3% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.15 | ||
| Q3 25 | $0.93 | $-0.07 | ||
| Q2 25 | $0.99 | $-0.01 | ||
| Q1 25 | $0.86 | $0.08 | ||
| Q4 24 | $2.79 | $0.01 | ||
| Q3 24 | $0.90 | $-0.05 | ||
| Q2 24 | $0.81 | $-0.03 |
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 | $100.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $338.8M |
| Total Assets | $580.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $100.9M | ||
| Q3 25 | $76.1M | $95.4M | ||
| Q2 25 | $73.5M | $156.4M | ||
| Q1 25 | $56.9M | $276.8M | ||
| Q4 24 | $42.5M | $194.8M | ||
| Q3 24 | $62.4M | $188.9M | ||
| Q2 24 | $59.6M | $193.2M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $338.8M | ||
| Q3 25 | $498.9M | $369.5M | ||
| Q2 25 | $455.6M | $389.4M | ||
| Q1 25 | $462.1M | $392.1M | ||
| Q4 24 | $519.3M | $385.9M | ||
| Q3 24 | $412.8M | $391.1M | ||
| Q2 24 | $371.4M | $407.6M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.2B | ||
| Q3 25 | $640.5M | $1.2B | ||
| Q2 25 | $567.4M | $1.2B | ||
| Q1 25 | $564.7M | $1.2B | ||
| Q4 24 | $626.7M | $1.0B | ||
| Q3 24 | $523.3M | $1.1B | ||
| 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 | $12.3M |
| Free Cash FlowOCF − Capex | — | $11.7M |
| FCF MarginFCF / Revenue | — | 8.8% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $12.3M | ||
| Q3 25 | $86.0M | $1.8M | ||
| Q2 25 | $52.6M | $15.9M | ||
| Q1 25 | $38.5M | $12.6M | ||
| Q4 24 | $36.6M | $20.6M | ||
| Q3 24 | $57.8M | $9.1M | ||
| Q2 24 | $50.9M | $9.8M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $11.7M | ||
| Q3 25 | $84.7M | $1.5M | ||
| Q2 25 | $52.4M | $15.8M | ||
| Q1 25 | $38.2M | $12.4M | ||
| Q4 24 | $36.4M | $19.9M | ||
| Q3 24 | $57.4M | $9.0M | ||
| Q2 24 | $50.8M | $9.6M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 8.8% | ||
| Q3 25 | 34.0% | 1.9% | ||
| Q2 25 | 22.2% | 15.0% | ||
| Q1 25 | 17.6% | 8.4% | ||
| Q4 24 | 17.9% | 18.6% | ||
| Q3 24 | 27.9% | 12.4% | ||
| Q2 24 | 25.8% | 11.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.5% | ||
| Q3 25 | 0.5% | 0.4% | ||
| Q2 25 | 0.1% | 0.1% | ||
| Q1 25 | 0.1% | 0.1% | ||
| Q4 24 | 0.1% | 0.7% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.0% | 0.2% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | 0.82× | ||
| Q4 24 | 0.36× | 4.04× | ||
| 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 | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
