vs
Side-by-side financial comparison of APPFOLIO INC (APPF) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $262.2M, roughly 1.8× APPFOLIO INC). Essex Property Trust runs the higher net margin — 17.9% vs 16.2%, a 1.7% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 5.5%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 6.0%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
APPF vs ESS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $479.6M |
| Net Profit | $42.4M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | 19.4% | 31.7% |
| Net Margin | 16.2% | 17.9% |
| Revenue YoY | 20.4% | 5.5% |
| Net Profit YoY | 35.2% | -71.6% |
| EPS (diluted) | $1.18 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $249.4M | $473.3M | ||
| Q2 25 | $235.6M | $469.8M | ||
| Q1 25 | $217.7M | $464.6M | ||
| Q4 24 | $203.7M | $454.5M | ||
| Q3 24 | $205.7M | $450.7M | ||
| Q2 24 | $197.4M | $442.4M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $85.7M | ||
| Q3 25 | $33.6M | $172.7M | ||
| Q2 25 | $36.0M | $231.5M | ||
| Q1 25 | $31.4M | $212.8M | ||
| Q4 24 | $102.7M | $301.7M | ||
| Q3 24 | $33.0M | $125.5M | ||
| Q2 24 | $29.7M | $99.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 31.7% | ||
| Q3 25 | 14.1% | 44.5% | ||
| Q2 25 | 17.2% | 59.5% | ||
| Q1 25 | 15.5% | 55.3% | ||
| Q4 24 | 11.3% | 67.0% | ||
| Q3 24 | 20.7% | 28.6% | ||
| Q2 24 | 18.3% | 31.1% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 17.9% | ||
| Q3 25 | 13.5% | 36.5% | ||
| Q2 25 | 15.3% | 49.3% | ||
| Q1 25 | 14.4% | 45.8% | ||
| Q4 24 | 50.4% | 66.4% | ||
| Q3 24 | 16.0% | 27.8% | ||
| Q2 24 | 15.0% | 22.4% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.24 | ||
| Q3 25 | $0.93 | $2.56 | ||
| Q2 25 | $0.99 | $3.44 | ||
| Q1 25 | $0.86 | $3.16 | ||
| Q4 24 | $2.79 | $4.00 | ||
| Q3 24 | $0.90 | $1.84 | ||
| Q2 24 | $0.81 | $1.45 |
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 | $76.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $5.5B |
| Total Assets | $580.6M | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $76.2M | ||
| Q3 25 | $76.1M | $66.0M | ||
| Q2 25 | $73.5M | $58.7M | ||
| Q1 25 | $56.9M | $98.7M | ||
| Q4 24 | $42.5M | $66.8M | ||
| Q3 24 | $62.4M | $71.3M | ||
| Q2 24 | $59.6M | $55.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $5.5B | ||
| Q3 25 | $498.9M | $5.6B | ||
| Q2 25 | $455.6M | $5.6B | ||
| Q1 25 | $462.1M | $5.6B | ||
| Q4 24 | $519.3M | $5.5B | ||
| Q3 24 | $412.8M | $5.4B | ||
| Q2 24 | $371.4M | $5.5B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $13.2B | ||
| Q3 25 | $640.5M | $13.2B | ||
| Q2 25 | $567.4M | $13.2B | ||
| Q1 25 | $564.7M | $13.2B | ||
| Q4 24 | $626.7M | $12.9B | ||
| Q3 24 | $523.3M | $12.6B | ||
| Q2 24 | $479.3M | $12.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.13× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $1.1B | ||
| Q3 25 | $86.0M | $342.6M | ||
| Q2 25 | $52.6M | $216.1M | ||
| Q1 25 | $38.5M | $281.5M | ||
| Q4 24 | $36.6M | $1.1B | ||
| Q3 24 | $57.8M | $316.2M | ||
| Q2 24 | $50.9M | $218.9M |
| 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× | 12.53× | ||
| Q3 25 | 2.56× | 1.98× | ||
| Q2 25 | 1.46× | 0.93× | ||
| Q1 25 | 1.23× | 1.32× | ||
| Q4 24 | 0.36× | 3.54× | ||
| Q3 24 | 1.75× | 2.52× | ||
| Q2 24 | 1.71× | 2.21× |
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% |
ESS
Segment breakdown not available.
