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Side-by-side financial comparison of APPFOLIO INC (APPF) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $262.2M, roughly 1.6× APPFOLIO INC). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 16.2%, a 19.5% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 1.7%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 12.1%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
APPF vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $425.9M |
| Net Profit | $42.4M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 81.5% |
| Net Margin | 16.2% | 35.7% |
| Revenue YoY | 20.4% | 1.7% |
| Net Profit YoY | 35.2% | — |
| EPS (diluted) | $1.18 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $248.2M | $637.9M | ||
| Q3 25 | $249.4M | $443.1M | ||
| Q2 25 | $235.6M | $527.4M | ||
| Q1 25 | $217.7M | $734.8M | ||
| Q4 24 | $203.7M | $513.8M | ||
| Q3 24 | $205.7M | $310.0M | ||
| Q2 24 | $197.4M | $338.6M |
| Q1 26 | $42.4M | $152.0M | ||
| Q4 25 | $39.9M | $181.6M | ||
| Q3 25 | $33.6M | $107.3M | ||
| Q2 25 | $36.0M | $149.8M | ||
| Q1 25 | $31.4M | $216.4M | ||
| Q4 24 | $102.7M | $45.0M | ||
| Q3 24 | $33.0M | $-167.6M | ||
| Q2 24 | $29.7M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | 19.4% | 81.5% | ||
| Q4 25 | 17.6% | 43.3% | ||
| Q3 25 | 14.1% | 40.6% | ||
| Q2 25 | 17.2% | 43.7% | ||
| Q1 25 | 15.5% | 43.2% | ||
| Q4 24 | 11.3% | 16.8% | ||
| Q3 24 | 20.7% | -63.4% | ||
| Q2 24 | 18.3% | -15.2% |
| Q1 26 | 16.2% | 35.7% | ||
| Q4 25 | 16.1% | 28.5% | ||
| Q3 25 | 13.5% | 24.2% | ||
| Q2 25 | 15.3% | 28.4% | ||
| Q1 25 | 14.4% | 29.4% | ||
| Q4 24 | 50.4% | 8.8% | ||
| Q3 24 | 16.0% | -54.1% | ||
| Q2 24 | 15.0% | -16.0% |
| Q1 26 | $1.18 | $1.59 | ||
| Q4 25 | $1.10 | $1.98 | ||
| Q3 25 | $0.93 | $1.18 | ||
| Q2 25 | $0.99 | $1.64 | ||
| Q1 25 | $0.86 | $2.37 | ||
| Q4 24 | $2.79 | $0.49 | ||
| Q3 24 | $0.90 | $-1.81 | ||
| Q2 24 | $0.81 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $470.2M | — |
| Total Assets | $580.6M | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $271.4M | ||
| Q3 25 | $76.1M | $43.2M | ||
| Q2 25 | $73.5M | $39.3M | ||
| Q1 25 | $56.9M | $40.0M | ||
| Q4 24 | $42.5M | $48.7M | ||
| Q3 24 | $62.4M | $38.2M | ||
| Q2 24 | $59.6M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $3.6B | ||
| Q3 25 | $498.9M | $3.1B | ||
| Q2 25 | $455.6M | $3.0B | ||
| Q1 25 | $462.1M | $2.8B | ||
| Q4 24 | $519.3M | $-76.2M | ||
| Q3 24 | $412.8M | $-15.5M | ||
| Q2 24 | $371.4M | $5.0M |
| Q1 26 | $580.6M | $9.1B | ||
| Q4 25 | $689.0M | $9.2B | ||
| Q3 25 | $640.5M | $8.7B | ||
| Q2 25 | $567.4M | $8.4B | ||
| Q1 25 | $564.7M | $8.5B | ||
| Q4 24 | $626.7M | $8.3B | ||
| Q3 24 | $523.3M | $8.3B | ||
| Q2 24 | $479.3M | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | 0.81× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | $657.3M | ||
| Q4 25 | $65.0M | $274.9M | ||
| Q3 25 | $86.0M | $237.8M | ||
| Q2 25 | $52.6M | $388.4M | ||
| Q1 25 | $38.5M | $253.8M | ||
| Q4 24 | $36.6M | $220.1M | ||
| Q3 24 | $57.8M | $197.9M | ||
| Q2 24 | $50.9M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-2.7M | ||
| Q3 25 | $84.7M | $-47.8M | ||
| Q2 25 | $52.4M | $195.3M | ||
| Q1 25 | $38.2M | $59.9M | ||
| Q4 24 | $36.4M | $-20.3M | ||
| Q3 24 | $57.4M | $-49.1M | ||
| Q2 24 | $50.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -0.4% | ||
| Q3 25 | 34.0% | -10.8% | ||
| Q2 25 | 22.2% | 37.0% | ||
| Q1 25 | 17.6% | 8.2% | ||
| Q4 24 | 17.9% | -4.0% | ||
| Q3 24 | 27.9% | -15.8% | ||
| Q2 24 | 25.8% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.5% | 43.5% | ||
| Q3 25 | 0.5% | 64.4% | ||
| Q2 25 | 0.1% | 36.6% | ||
| Q1 25 | 0.1% | 26.4% | ||
| Q4 24 | 0.1% | 46.8% | ||
| Q3 24 | 0.2% | 79.7% | ||
| Q2 24 | 0.0% | 59.7% |
| Q1 26 | 0.81× | 4.32× | ||
| Q4 25 | 1.63× | 1.51× | ||
| Q3 25 | 2.56× | 2.21× | ||
| Q2 25 | 1.46× | 2.59× | ||
| Q1 25 | 1.23× | 1.17× | ||
| Q4 24 | 0.36× | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
