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Side-by-side financial comparison of APPFOLIO INC (APPF) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $158.8M, roughly 1.7× ESSENTIAL PROPERTIES REALTY TRUST, INC.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 16.2%, a 21.6% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs 20.4%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% 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.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
APPF vs EPRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $158.8M |
| Net Profit | $42.4M | $60.0M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 56.5% |
| Net Margin | 16.2% | 37.8% |
| Revenue YoY | 20.4% | 22.8% |
| Net Profit YoY | 35.2% | 6.5% |
| EPS (diluted) | $1.18 | $0.28 |
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 | $158.8M | ||
| Q4 25 | $248.2M | $149.9M | ||
| Q3 25 | $249.4M | $144.9M | ||
| Q2 25 | $235.6M | $137.1M | ||
| Q1 25 | $217.7M | $129.4M | ||
| Q4 24 | $203.7M | $119.7M | ||
| Q3 24 | $205.7M | $117.1M | ||
| Q2 24 | $197.4M | $109.3M |
| Q1 26 | $42.4M | $60.0M | ||
| Q4 25 | $39.9M | $68.1M | ||
| Q3 25 | $33.6M | $65.6M | ||
| Q2 25 | $36.0M | $63.2M | ||
| Q1 25 | $31.4M | $56.1M | ||
| Q4 24 | $102.7M | $55.4M | ||
| Q3 24 | $33.0M | $49.1M | ||
| Q2 24 | $29.7M | $51.5M |
| Q1 26 | 19.4% | 56.5% | ||
| Q4 25 | 17.6% | 65.9% | ||
| Q3 25 | 14.1% | 64.7% | ||
| Q2 25 | 17.2% | 64.1% | ||
| Q1 25 | 15.5% | 61.6% | ||
| Q4 24 | 11.3% | 66.1% | ||
| Q3 24 | 20.7% | 59.7% | ||
| Q2 24 | 18.3% | 61.1% |
| Q1 26 | 16.2% | 37.8% | ||
| Q4 25 | 16.1% | 45.4% | ||
| Q3 25 | 13.5% | 45.3% | ||
| Q2 25 | 15.3% | 46.1% | ||
| Q1 25 | 14.4% | 43.4% | ||
| Q4 24 | 50.4% | 46.3% | ||
| Q3 24 | 16.0% | 42.0% | ||
| Q2 24 | 15.0% | 47.1% |
| Q1 26 | $1.18 | $0.28 | ||
| Q4 25 | $1.10 | $0.34 | ||
| Q3 25 | $0.93 | $0.33 | ||
| Q2 25 | $0.99 | $0.32 | ||
| Q1 25 | $0.86 | $0.29 | ||
| Q4 24 | $2.79 | $0.31 | ||
| Q3 24 | $0.90 | $0.27 | ||
| Q2 24 | $0.81 | $0.29 |
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 | $15.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $4.4B |
| Total Assets | $580.6M | $7.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | $15.2M | ||
| Q4 25 | $107.0M | $60.2M | ||
| Q3 25 | $76.1M | $23.8M | ||
| Q2 25 | $73.5M | $20.8M | ||
| Q1 25 | $56.9M | $47.0M | ||
| Q4 24 | $42.5M | $40.7M | ||
| Q3 24 | $62.4M | $32.7M | ||
| Q2 24 | $59.6M | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | $470.2M | $4.4B | ||
| Q4 25 | $542.6M | $4.2B | ||
| Q3 25 | $498.9M | $3.8B | ||
| Q2 25 | $455.6M | $3.8B | ||
| Q1 25 | $462.1M | $3.8B | ||
| Q4 24 | $519.3M | $3.6B | ||
| Q3 24 | $412.8M | $3.2B | ||
| Q2 24 | $371.4M | $3.2B |
| Q1 26 | $580.6M | $7.2B | ||
| Q4 25 | $689.0M | $6.9B | ||
| Q3 25 | $640.5M | $6.6B | ||
| Q2 25 | $567.4M | $6.3B | ||
| Q1 25 | $564.7M | $6.1B | ||
| Q4 24 | $626.7M | $5.8B | ||
| Q3 24 | $523.3M | $5.5B | ||
| Q2 24 | $479.3M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.59× |
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 | $381.1M | ||
| Q3 25 | $86.0M | $99.0M | ||
| Q2 25 | $52.6M | $99.8M | ||
| Q1 25 | $38.5M | $77.2M | ||
| Q4 24 | $36.6M | $308.5M | ||
| Q3 24 | $57.8M | $73.5M | ||
| Q2 24 | $50.9M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | — | ||
| Q3 25 | $84.7M | — | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $38.2M | — | ||
| Q4 24 | $36.4M | — | ||
| Q3 24 | $57.4M | — | ||
| Q2 24 | $50.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 27.9% | — | ||
| Q2 24 | 25.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.0% | — |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 5.60× | ||
| Q3 25 | 2.56× | 1.51× | ||
| Q2 25 | 1.46× | 1.58× | ||
| Q1 25 | 1.23× | 1.38× | ||
| Q4 24 | 0.36× | 5.57× | ||
| Q3 24 | 1.75× | 1.50× | ||
| Q2 24 | 1.71× | 1.57× |
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% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
