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Side-by-side financial comparison of APPFOLIO INC (APPF) and GCM Grosvenor Inc. (GCMG). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $177.1M, roughly 1.5× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs 16.2%, a 16.7% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 7.2%). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% 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.
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
APPF vs GCMG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $177.1M |
| Net Profit | $42.4M | $58.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 30.9% |
| Net Margin | 16.2% | 32.8% |
| Revenue YoY | 20.4% | 7.2% |
| Net Profit YoY | 35.2% | 149.2% |
| EPS (diluted) | $1.18 | $0.23 |
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 | $177.1M | ||
| Q3 25 | $249.4M | $135.0M | ||
| Q2 25 | $235.6M | $119.7M | ||
| Q1 25 | $217.7M | $125.8M | ||
| Q4 24 | $203.7M | $165.3M | ||
| Q3 24 | $205.7M | $122.9M | ||
| Q2 24 | $197.4M | $117.0M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $58.2M | ||
| Q3 25 | $33.6M | $10.5M | ||
| Q2 25 | $36.0M | $15.4M | ||
| Q1 25 | $31.4M | $463.0K | ||
| Q4 24 | $102.7M | $7.6M | ||
| Q3 24 | $33.0M | $4.2M | ||
| Q2 24 | $29.7M | $4.8M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 30.9% | ||
| Q3 25 | 14.1% | 32.7% | ||
| Q2 25 | 17.2% | 16.1% | ||
| Q1 25 | 15.5% | 12.2% | ||
| Q4 24 | 11.3% | 26.4% | ||
| Q3 24 | 20.7% | 20.3% | ||
| Q2 24 | 18.3% | 17.8% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 32.8% | ||
| Q3 25 | 13.5% | 7.8% | ||
| Q2 25 | 15.3% | 12.9% | ||
| Q1 25 | 14.4% | 0.4% | ||
| Q4 24 | 50.4% | 4.6% | ||
| Q3 24 | 16.0% | 3.4% | ||
| Q2 24 | 15.0% | 4.1% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.23 | ||
| Q3 25 | $0.93 | $0.16 | ||
| Q2 25 | $0.99 | $0.05 | ||
| Q1 25 | $0.86 | $-0.02 | ||
| Q4 24 | $2.79 | $0.09 | ||
| Q3 24 | $0.90 | $0.03 | ||
| 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 | $242.1M |
| Total DebtLower is stronger | — | $428.4M |
| Stockholders' EquityBook value | $470.2M | $27.0M |
| Total Assets | $580.6M | $813.8M |
| Debt / EquityLower = less leverage | — | 15.87× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $242.1M | ||
| Q3 25 | $76.1M | $182.7M | ||
| Q2 25 | $73.5M | $136.3M | ||
| Q1 25 | $56.9M | $94.5M | ||
| Q4 24 | $42.5M | $89.5M | ||
| Q3 24 | $62.4M | $98.4M | ||
| Q2 24 | $59.6M | $73.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $428.4M | ||
| Q3 25 | — | $429.3M | ||
| Q2 25 | — | $430.2M | ||
| Q1 25 | — | $431.1M | ||
| Q4 24 | — | $432.0M | ||
| Q3 24 | — | $432.9M | ||
| Q2 24 | — | $433.8M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $27.0M | ||
| Q3 25 | $498.9M | $-7.4M | ||
| Q2 25 | $455.6M | $-12.3M | ||
| Q1 25 | $462.1M | $-28.3M | ||
| Q4 24 | $519.3M | $-27.6M | ||
| Q3 24 | $412.8M | $-31.9M | ||
| Q2 24 | $371.4M | $-28.5M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $813.8M | ||
| Q3 25 | $640.5M | $685.9M | ||
| Q2 25 | $567.4M | $636.9M | ||
| Q1 25 | $564.7M | $579.8M | ||
| Q4 24 | $626.7M | $612.7M | ||
| Q3 24 | $523.3M | $575.0M | ||
| Q2 24 | $479.3M | $543.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.87× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $183.5M |
| Free Cash FlowOCF − Capex | — | $175.0M |
| FCF MarginFCF / Revenue | — | 98.8% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 0.81× | 3.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | $326.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $183.5M | ||
| Q3 25 | $86.0M | $79.8M | ||
| Q2 25 | $52.6M | $42.0M | ||
| Q1 25 | $38.5M | $33.3M | ||
| Q4 24 | $36.6M | $148.8M | ||
| Q3 24 | $57.8M | $69.0M | ||
| Q2 24 | $50.9M | $17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $175.0M | ||
| Q3 25 | $84.7M | $78.3M | ||
| Q2 25 | $52.4M | $40.8M | ||
| Q1 25 | $38.2M | $32.1M | ||
| Q4 24 | $36.4M | $132.0M | ||
| Q3 24 | $57.4M | $62.2M | ||
| Q2 24 | $50.8M | $12.8M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 98.8% | ||
| Q3 25 | 34.0% | 58.0% | ||
| Q2 25 | 22.2% | 34.1% | ||
| Q1 25 | 17.6% | 25.5% | ||
| Q4 24 | 17.9% | 79.9% | ||
| Q3 24 | 27.9% | 50.6% | ||
| Q2 24 | 25.8% | 10.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.8% | ||
| Q3 25 | 0.5% | 1.1% | ||
| Q2 25 | 0.1% | 1.0% | ||
| Q1 25 | 0.1% | 0.9% | ||
| Q4 24 | 0.1% | 10.1% | ||
| Q3 24 | 0.2% | 5.5% | ||
| Q2 24 | 0.0% | 4.0% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 3.16× | ||
| Q3 25 | 2.56× | 7.61× | ||
| Q2 25 | 1.46× | 2.72× | ||
| Q1 25 | 1.23× | 71.84× | ||
| Q4 24 | 0.36× | 19.54× | ||
| Q3 24 | 1.75× | 16.60× | ||
| Q2 24 | 1.71× | 3.64× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
