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Side-by-side financial comparison of APPFOLIO INC (APPF) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $181.5M, roughly 1.4× Mistras Group, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs 2.1%, a 14.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 5.1%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -0.8%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
APPF vs MG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $181.5M |
| Net Profit | $42.4M | $3.8M |
| Gross Margin | — | 28.4% |
| Operating Margin | 19.4% | 7.0% |
| Net Margin | 16.2% | 2.1% |
| Revenue YoY | 20.4% | 5.1% |
| Net Profit YoY | 35.2% | -27.4% |
| EPS (diluted) | $1.18 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $249.4M | $195.5M | ||
| Q2 25 | $235.6M | $185.4M | ||
| Q1 25 | $217.7M | $161.6M | ||
| Q4 24 | $203.7M | $172.7M | ||
| Q3 24 | $205.7M | $182.7M | ||
| Q2 24 | $197.4M | $189.8M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $3.8M | ||
| Q3 25 | $33.6M | $13.1M | ||
| Q2 25 | $36.0M | $3.0M | ||
| Q1 25 | $31.4M | $-3.2M | ||
| Q4 24 | $102.7M | $5.2M | ||
| Q3 24 | $33.0M | $6.4M | ||
| Q2 24 | $29.7M | $6.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.4% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 29.1% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 7.0% | ||
| Q3 25 | 14.1% | 10.4% | ||
| Q2 25 | 17.2% | 4.5% | ||
| Q1 25 | 15.5% | -0.6% | ||
| Q4 24 | 11.3% | 6.1% | ||
| Q3 24 | 20.7% | 6.5% | ||
| Q2 24 | 18.3% | 6.3% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 2.1% | ||
| Q3 25 | 13.5% | 6.7% | ||
| Q2 25 | 15.3% | 1.6% | ||
| Q1 25 | 14.4% | -2.0% | ||
| Q4 24 | 50.4% | 3.0% | ||
| Q3 24 | 16.0% | 3.5% | ||
| Q2 24 | 15.0% | 3.4% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.12 | ||
| Q3 25 | $0.93 | $0.41 | ||
| Q2 25 | $0.99 | $0.10 | ||
| Q1 25 | $0.86 | $-0.10 | ||
| Q4 24 | $2.79 | $0.17 | ||
| Q3 24 | $0.90 | $0.20 | ||
| Q2 24 | $0.81 | $0.20 |
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 | $28.0M |
| Total DebtLower is stronger | — | $178.0M |
| Stockholders' EquityBook value | $470.2M | $235.1M |
| Total Assets | $580.6M | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $28.0M | ||
| Q3 25 | $76.1M | $27.8M | ||
| Q2 25 | $73.5M | $20.0M | ||
| Q1 25 | $56.9M | $18.5M | ||
| Q4 24 | $42.5M | $18.3M | ||
| Q3 24 | $62.4M | $20.4M | ||
| Q2 24 | $59.6M | $17.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $189.4M | ||
| Q1 25 | — | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $235.1M | ||
| Q3 25 | $498.9M | $227.4M | ||
| Q2 25 | $455.6M | $215.8M | ||
| Q1 25 | $462.1M | $198.7M | ||
| Q4 24 | $519.3M | $198.6M | ||
| Q3 24 | $412.8M | $205.2M | ||
| Q2 24 | $371.4M | $193.2M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $578.8M | ||
| Q3 25 | $640.5M | $596.3M | ||
| Q2 25 | $567.4M | $571.0M | ||
| Q1 25 | $564.7M | $526.8M | ||
| Q4 24 | $626.7M | $523.0M | ||
| Q3 24 | $523.3M | $551.7M | ||
| Q2 24 | $479.3M | $548.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | — | $26.0M |
| FCF MarginFCF / Revenue | — | 14.3% |
| Capex IntensityCapex / Revenue | — | 3.4% |
| Cash ConversionOCF / Net Profit | 0.81× | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $32.1M | ||
| Q3 25 | $86.0M | $4.5M | ||
| Q2 25 | $52.6M | $-9.3M | ||
| Q1 25 | $38.5M | $5.6M | ||
| Q4 24 | $36.6M | $25.7M | ||
| Q3 24 | $57.8M | $19.4M | ||
| Q2 24 | $50.9M | $4.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $26.0M | ||
| Q3 25 | $84.7M | $-4.1M | ||
| Q2 25 | $52.4M | $-14.7M | ||
| Q1 25 | $38.2M | $1.1M | ||
| Q4 24 | $36.4M | $22.1M | ||
| Q3 24 | $57.4M | $14.6M | ||
| Q2 24 | $50.8M | $-284.0K |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 14.3% | ||
| Q3 25 | 34.0% | -2.1% | ||
| Q2 25 | 22.2% | -7.9% | ||
| Q1 25 | 17.6% | 0.7% | ||
| Q4 24 | 17.9% | 12.8% | ||
| Q3 24 | 27.9% | 8.0% | ||
| Q2 24 | 25.8% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 3.4% | ||
| Q3 25 | 0.5% | 4.4% | ||
| Q2 25 | 0.1% | 2.9% | ||
| Q1 25 | 0.1% | 2.8% | ||
| Q4 24 | 0.1% | 2.1% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 0.0% | 2.5% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 8.55× | ||
| Q3 25 | 2.56× | 0.34× | ||
| Q2 25 | 1.46× | -3.07× | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | 4.96× | ||
| Q3 24 | 1.75× | 3.02× | ||
| Q2 24 | 1.71× | 0.71× |
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% |
MG
Segment breakdown not available.
