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Side-by-side financial comparison of APPFOLIO INC (APPF) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $189.5M, roughly 1.4× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 16.2%, a 48.3% gap on every dollar of revenue.
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
APPF vs MRP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $189.5M |
| Net Profit | $42.4M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 84.8% |
| Net Margin | 16.2% | 64.5% |
| Revenue YoY | 20.4% | — |
| Net Profit YoY | 35.2% | 285.8% |
| EPS (diluted) | $1.18 | $0.74 |
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 | $189.5M | ||
| Q3 25 | $249.4M | $179.3M | ||
| Q2 25 | $235.6M | $149.0M | ||
| Q1 25 | $217.7M | $82.7M | ||
| Q4 24 | $203.7M | — | ||
| Q3 24 | $205.7M | — | ||
| Q2 24 | $197.4M | — |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $122.2M | ||
| Q3 25 | $33.6M | $105.1M | ||
| Q2 25 | $36.0M | $112.8M | ||
| Q1 25 | $31.4M | $39.8M | ||
| Q4 24 | $102.7M | — | ||
| Q3 24 | $33.0M | — | ||
| Q2 24 | $29.7M | — |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 84.8% | ||
| Q3 25 | 14.1% | 85.3% | ||
| Q2 25 | 17.2% | 85.1% | ||
| Q1 25 | 15.5% | 55.2% | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 18.3% | — |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 64.5% | ||
| Q3 25 | 13.5% | 58.6% | ||
| Q2 25 | 15.3% | 75.7% | ||
| Q1 25 | 14.4% | 48.1% | ||
| Q4 24 | 50.4% | — | ||
| Q3 24 | 16.0% | — | ||
| Q2 24 | 15.0% | — |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.74 | ||
| Q3 25 | $0.93 | $0.63 | ||
| Q2 25 | $0.99 | $0.68 | ||
| Q1 25 | $0.86 | $0.39 | ||
| Q4 24 | $2.79 | — | ||
| Q3 24 | $0.90 | — | ||
| Q2 24 | $0.81 | — |
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 | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $5.9B |
| Total Assets | $580.6M | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $35.0M | ||
| Q3 25 | $76.1M | $242.6M | ||
| Q2 25 | $73.5M | $66.6M | ||
| Q1 25 | $56.9M | $89.5M | ||
| Q4 24 | $42.5M | — | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $5.9B | ||
| Q3 25 | $498.9M | $5.9B | ||
| Q2 25 | $455.6M | $5.9B | ||
| Q1 25 | $462.1M | $5.9B | ||
| Q4 24 | $519.3M | — | ||
| Q3 24 | $412.8M | — | ||
| Q2 24 | $371.4M | — |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $9.3B | ||
| Q3 25 | $640.5M | $9.0B | ||
| Q2 25 | $567.4M | $8.0B | ||
| Q1 25 | $564.7M | $7.2B | ||
| Q4 24 | $626.7M | — | ||
| Q3 24 | $523.3M | — | ||
| Q2 24 | $479.3M | — |
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 | $3.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $3.7B | ||
| Q3 25 | $86.0M | $123.1M | ||
| Q2 25 | $52.6M | $109.1M | ||
| Q1 25 | $38.5M | $21.3M | ||
| Q4 24 | $36.6M | — | ||
| Q3 24 | $57.8M | — | ||
| Q2 24 | $50.9M | — |
| 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× | 30.05× | ||
| Q3 25 | 2.56× | 1.17× | ||
| Q2 25 | 1.46× | 0.97× | ||
| Q1 25 | 1.23× | 0.53× | ||
| 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% |
MRP
Segment breakdown not available.
