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Side-by-side financial comparison of APPFOLIO INC (APPF) and National Vision Holdings, Inc. (EYE). Click either name above to swap in a different company.
National Vision Holdings, Inc. is the larger business by last-quarter revenue ($487.3M vs $262.2M, roughly 1.9× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 0.7%, a 15.5% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 7.9%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 7.6%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
APPF vs EYE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $487.3M |
| Net Profit | $42.4M | $3.4M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 2.0% |
| Net Margin | 16.2% | 0.7% |
| Revenue YoY | 20.4% | 7.9% |
| Net Profit YoY | 35.2% | 139.8% |
| EPS (diluted) | $1.18 | $0.04 |
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 | — | ||
| Q3 25 | $249.4M | $487.3M | ||
| Q2 25 | $235.6M | $486.4M | ||
| Q1 25 | $217.7M | $510.3M | ||
| Q4 24 | $203.7M | $437.3M | ||
| Q3 24 | $205.7M | $451.5M | ||
| Q2 24 | $197.4M | $451.7M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | — | ||
| Q3 25 | $33.6M | $3.4M | ||
| Q2 25 | $36.0M | $8.7M | ||
| Q1 25 | $31.4M | $14.2M | ||
| Q4 24 | $102.7M | $-28.6M | ||
| Q3 24 | $33.0M | $-8.5M | ||
| Q2 24 | $29.7M | $-3.1M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | — | ||
| Q3 25 | 14.1% | 2.0% | ||
| Q2 25 | 17.2% | 3.4% | ||
| Q1 25 | 15.5% | 5.1% | ||
| Q4 24 | 11.3% | -5.8% | ||
| Q3 24 | 20.7% | -2.0% | ||
| Q2 24 | 18.3% | 0.1% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | — | ||
| Q3 25 | 13.5% | 0.7% | ||
| Q2 25 | 15.3% | 1.8% | ||
| Q1 25 | 14.4% | 2.8% | ||
| Q4 24 | 50.4% | -6.5% | ||
| Q3 24 | 16.0% | -1.9% | ||
| Q2 24 | 15.0% | -0.7% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | — | ||
| Q3 25 | $0.93 | $0.04 | ||
| Q2 25 | $0.99 | $0.11 | ||
| Q1 25 | $0.86 | $0.18 | ||
| Q4 24 | $2.79 | $-0.36 | ||
| Q3 24 | $0.90 | $-0.11 | ||
| Q2 24 | $0.81 | $-0.04 |
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 | $56.0M |
| Total DebtLower is stronger | — | $236.5M |
| Stockholders' EquityBook value | $470.2M | $858.8M |
| Total Assets | $580.6M | $2.0B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | — | ||
| Q3 25 | $76.1M | $56.0M | ||
| Q2 25 | $73.5M | $48.5M | ||
| Q1 25 | $56.9M | $80.0M | ||
| Q4 24 | $42.5M | $73.9M | ||
| Q3 24 | $62.4M | $81.2M | ||
| Q2 24 | $59.6M | $179.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $236.5M | ||
| Q2 25 | — | $255.6M | ||
| Q1 25 | — | $244.7M | ||
| Q4 24 | — | $248.6M | ||
| Q3 24 | — | $252.8M | ||
| Q2 24 | — | $143.9M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | — | ||
| Q3 25 | $498.9M | $858.8M | ||
| Q2 25 | $455.6M | $850.6M | ||
| Q1 25 | $462.1M | $836.2M | ||
| Q4 24 | $519.3M | $816.3M | ||
| Q3 24 | $412.8M | $840.0M | ||
| Q2 24 | $371.4M | $843.4M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | — | ||
| Q3 25 | $640.5M | $2.0B | ||
| Q2 25 | $567.4M | $2.0B | ||
| Q1 25 | $564.7M | $2.0B | ||
| Q4 24 | $626.7M | $2.0B | ||
| Q3 24 | $523.3M | $2.0B | ||
| Q2 24 | $479.3M | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.28× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.17× |
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 | $46.6M |
| Free Cash FlowOCF − Capex | — | $30.3M |
| FCF MarginFCF / Revenue | — | 6.2% |
| Capex IntensityCapex / Revenue | — | 3.4% |
| Cash ConversionOCF / Net Profit | 0.81× | 13.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | $83.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | — | ||
| Q3 25 | $86.0M | $46.6M | ||
| Q2 25 | $52.6M | $54.3M | ||
| Q1 25 | $38.5M | $32.2M | ||
| Q4 24 | $36.6M | $30.3M | ||
| Q3 24 | $57.8M | $27.9M | ||
| Q2 24 | $50.9M | $51.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | — | ||
| Q3 25 | $84.7M | $30.3M | ||
| Q2 25 | $52.4M | $42.4M | ||
| Q1 25 | $38.2M | $12.0M | ||
| Q4 24 | $36.4M | $-1.7M | ||
| Q3 24 | $57.4M | $4.1M | ||
| Q2 24 | $50.8M | $31.9M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | — | ||
| Q3 25 | 34.0% | 6.2% | ||
| Q2 25 | 22.2% | 8.7% | ||
| Q1 25 | 17.6% | 2.4% | ||
| Q4 24 | 17.9% | -0.4% | ||
| Q3 24 | 27.9% | 0.9% | ||
| Q2 24 | 25.8% | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | 3.4% | ||
| Q2 25 | 0.1% | 2.4% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.1% | 7.3% | ||
| Q3 24 | 0.2% | 5.3% | ||
| Q2 24 | 0.0% | 4.3% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | 13.83× | ||
| Q2 25 | 1.46× | 6.22× | ||
| Q1 25 | 1.23× | 2.27× | ||
| Q4 24 | 0.36× | — | ||
| 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% |
EYE
Segment breakdown not available.
