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Side-by-side financial comparison of APPFOLIO INC (APPF) and H2O AMERICA (HTO). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $199.4M, roughly 1.3× H2O AMERICA). APPFOLIO INC runs the higher net margin — 16.2% vs 8.1%, a 8.0% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% 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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
APPF vs HTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $199.4M |
| Net Profit | $42.4M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 16.6% |
| Net Margin | 16.2% | 8.1% |
| Revenue YoY | 20.4% | 1.5% |
| Net Profit YoY | 35.2% | -29.2% |
| EPS (diluted) | $1.18 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $249.4M | $243.5M | ||
| Q2 25 | $235.6M | $197.8M | ||
| Q1 25 | $217.7M | $164.9M | ||
| Q4 24 | $203.7M | $196.5M | ||
| Q3 24 | $205.7M | $216.7M | ||
| Q2 24 | $197.4M | $173.1M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $16.2M | ||
| Q3 25 | $33.6M | $45.1M | ||
| Q2 25 | $36.0M | $24.7M | ||
| Q1 25 | $31.4M | $16.6M | ||
| Q4 24 | $102.7M | $22.9M | ||
| Q3 24 | $33.0M | $38.7M | ||
| Q2 24 | $29.7M | $20.7M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 16.6% | ||
| Q3 25 | 14.1% | 26.5% | ||
| Q2 25 | 17.2% | 22.2% | ||
| Q1 25 | 15.5% | 21.8% | ||
| Q4 24 | 11.3% | 22.2% | ||
| Q3 24 | 20.7% | 26.9% | ||
| Q2 24 | 18.3% | 23.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 8.1% | ||
| Q3 25 | 13.5% | 18.5% | ||
| Q2 25 | 15.3% | 12.5% | ||
| Q1 25 | 14.4% | 10.0% | ||
| Q4 24 | 50.4% | 11.7% | ||
| Q3 24 | 16.0% | 17.8% | ||
| Q2 24 | 15.0% | 12.0% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.45 | ||
| Q3 25 | $0.93 | $1.27 | ||
| Q2 25 | $0.99 | $0.71 | ||
| Q1 25 | $0.86 | $0.49 | ||
| Q4 24 | $2.79 | $0.70 | ||
| Q3 24 | $0.90 | $1.17 | ||
| Q2 24 | $0.81 | $0.64 |
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 | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $470.2M | $1.5B |
| Total Assets | $580.6M | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $20.7M | ||
| Q3 25 | $76.1M | $11.3M | ||
| Q2 25 | $73.5M | $19.8M | ||
| Q1 25 | $56.9M | $23.7M | ||
| Q4 24 | $42.5M | $11.1M | ||
| Q3 24 | $62.4M | $4.0M | ||
| Q2 24 | $59.6M | $22.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.5B | ||
| Q3 25 | $498.9M | $1.5B | ||
| Q2 25 | $455.6M | $1.5B | ||
| Q1 25 | $462.1M | $1.4B | ||
| Q4 24 | $519.3M | $1.4B | ||
| Q3 24 | $412.8M | $1.3B | ||
| Q2 24 | $371.4M | $1.3B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $5.1B | ||
| Q3 25 | $640.5M | $5.0B | ||
| Q2 25 | $567.4M | $4.8B | ||
| Q1 25 | $564.7M | $4.7B | ||
| Q4 24 | $626.7M | $4.7B | ||
| Q3 24 | $523.3M | $4.6B | ||
| Q2 24 | $479.3M | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $63.5M | ||
| Q3 25 | $86.0M | $77.3M | ||
| Q2 25 | $52.6M | $60.8M | ||
| Q1 25 | $38.5M | $43.2M | ||
| Q4 24 | $36.6M | $41.5M | ||
| Q3 24 | $57.8M | $53.5M | ||
| Q2 24 | $50.9M | $49.3M |
| 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× | 3.92× | ||
| Q3 25 | 2.56× | 1.71× | ||
| Q2 25 | 1.46× | 2.47× | ||
| Q1 25 | 1.23× | 2.61× | ||
| Q4 24 | 0.36× | 1.81× | ||
| Q3 24 | 1.75× | 1.39× | ||
| Q2 24 | 1.71× | 2.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
