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Side-by-side financial comparison of APPFOLIO INC (APPF) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $134.3M, roughly 2.0× Mayville Engineering Company, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -3.2%, a 19.4% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 10.7%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -8.8%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
APPF vs MEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $134.3M |
| Net Profit | $42.4M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | 19.4% | -4.1% |
| Net Margin | 16.2% | -3.2% |
| Revenue YoY | 20.4% | 10.7% |
| Net Profit YoY | 35.2% | -127.3% |
| EPS (diluted) | $1.18 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $249.4M | $144.3M | ||
| Q2 25 | $235.6M | $132.3M | ||
| Q1 25 | $217.7M | $135.6M | ||
| Q4 24 | $203.7M | $121.3M | ||
| Q3 24 | $205.7M | $135.4M | ||
| Q2 24 | $197.4M | $163.6M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-4.4M | ||
| Q3 25 | $33.6M | $-2.7M | ||
| Q2 25 | $36.0M | $-1.1M | ||
| Q1 25 | $31.4M | $20.0K | ||
| Q4 24 | $102.7M | $16.0M | ||
| Q3 24 | $33.0M | $3.0M | ||
| Q2 24 | $29.7M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -4.1% | ||
| Q3 25 | 14.1% | 0.0% | ||
| Q2 25 | 17.2% | 0.1% | ||
| Q1 25 | 15.5% | 1.2% | ||
| Q4 24 | 11.3% | 19.0% | ||
| Q3 24 | 20.7% | 4.2% | ||
| Q2 24 | 18.3% | 5.0% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -3.2% | ||
| Q3 25 | 13.5% | -1.9% | ||
| Q2 25 | 15.3% | -0.8% | ||
| Q1 25 | 14.4% | 0.0% | ||
| Q4 24 | 50.4% | 13.2% | ||
| Q3 24 | 16.0% | 2.2% | ||
| Q2 24 | 15.0% | 2.3% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.22 | ||
| Q3 25 | $0.93 | $-0.13 | ||
| Q2 25 | $0.99 | $-0.05 | ||
| Q1 25 | $0.86 | $0.00 | ||
| Q4 24 | $2.79 | $0.76 | ||
| Q3 24 | $0.90 | $0.14 | ||
| Q2 24 | $0.81 | $0.18 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $240.7M |
| Total Assets | $580.6M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $1.5M | ||
| Q3 25 | $76.1M | $1.2M | ||
| Q2 25 | $73.5M | $206.0K | ||
| Q1 25 | $56.9M | $183.0K | ||
| Q4 24 | $42.5M | $206.0K | ||
| Q3 24 | $62.4M | $178.0K | ||
| Q2 24 | $59.6M | $314.0K |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $240.7M | ||
| Q3 25 | $498.9M | $244.8M | ||
| Q2 25 | $455.6M | $246.8M | ||
| Q1 25 | $462.1M | $250.0M | ||
| Q4 24 | $519.3M | $251.8M | ||
| Q3 24 | $412.8M | $238.4M | ||
| Q2 24 | $371.4M | $238.1M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $563.6M | ||
| Q3 25 | $640.5M | $585.6M | ||
| Q2 25 | $567.4M | $433.7M | ||
| Q1 25 | $564.7M | $447.7M | ||
| Q4 24 | $626.7M | $445.6M | ||
| Q3 24 | $523.3M | $466.0M | ||
| Q2 24 | $479.3M | $488.2M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | — | $10.2M |
| FCF MarginFCF / Revenue | — | 7.6% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $13.4M | ||
| Q3 25 | $86.0M | $1.9M | ||
| Q2 25 | $52.6M | $15.0M | ||
| Q1 25 | $38.5M | $8.3M | ||
| Q4 24 | $36.6M | $38.0M | ||
| Q3 24 | $57.8M | $17.9M | ||
| Q2 24 | $50.9M | $23.3M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $10.2M | ||
| Q3 25 | $84.7M | $-1.1M | ||
| Q2 25 | $52.4M | $12.5M | ||
| Q1 25 | $38.2M | $5.4M | ||
| Q4 24 | $36.4M | $35.6M | ||
| Q3 24 | $57.4M | $15.1M | ||
| Q2 24 | $50.8M | $19.2M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 7.6% | ||
| Q3 25 | 34.0% | -0.8% | ||
| Q2 25 | 22.2% | 9.5% | ||
| Q1 25 | 17.6% | 4.0% | ||
| Q4 24 | 17.9% | 29.4% | ||
| Q3 24 | 27.9% | 11.1% | ||
| Q2 24 | 25.8% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 0.5% | 2.1% | ||
| Q2 25 | 0.1% | 1.8% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 0.1% | 1.9% | ||
| Q3 24 | 0.2% | 2.1% | ||
| Q2 24 | 0.0% | 2.5% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | 416.65× | ||
| Q4 24 | 0.36× | 2.38× | ||
| Q3 24 | 1.75× | 6.03× | ||
| Q2 24 | 1.71× | 6.15× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
