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Side-by-side financial comparison of APPFOLIO INC (APPF) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $187.0M, roughly 1.4× National Storage Affiliates Trust). APPFOLIO INC runs the higher net margin — 16.2% vs 12.2%, a 3.9% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -1.6%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -2.4%).
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 Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
APPF vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $187.0M |
| Net Profit | $42.4M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 19.4% | 20.2% |
| Net Margin | 16.2% | 12.2% |
| Revenue YoY | 20.4% | -1.6% |
| Net Profit YoY | 35.2% | 36.8% |
| EPS (diluted) | $1.18 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $249.4M | $188.7M | ||
| Q2 25 | $235.6M | $188.8M | ||
| Q1 25 | $217.7M | $188.4M | ||
| Q4 24 | $203.7M | $190.1M | ||
| Q3 24 | $205.7M | $193.6M | ||
| Q2 24 | $197.4M | $190.4M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $22.9M | ||
| Q3 25 | $33.6M | $18.4M | ||
| Q2 25 | $36.0M | $19.5M | ||
| Q1 25 | $31.4M | $13.0M | ||
| Q4 24 | $102.7M | $16.7M | ||
| Q3 24 | $33.0M | $18.7M | ||
| Q2 24 | $29.7M | $17.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 20.2% | ||
| Q3 25 | 14.1% | 15.8% | ||
| Q2 25 | 17.2% | 16.5% | ||
| Q1 25 | 15.5% | 11.0% | ||
| Q4 24 | 11.3% | 14.5% | ||
| Q3 24 | 20.7% | 15.8% | ||
| Q2 24 | 18.3% | 17.2% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 12.2% | ||
| Q3 25 | 13.5% | 9.8% | ||
| Q2 25 | 15.3% | 10.3% | ||
| Q1 25 | 14.4% | 6.9% | ||
| Q4 24 | 50.4% | 8.8% | ||
| Q3 24 | 16.0% | 9.7% | ||
| Q2 24 | 15.0% | 9.0% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.23 | ||
| Q3 25 | $0.93 | $0.17 | ||
| Q2 25 | $0.99 | $0.19 | ||
| Q1 25 | $0.86 | $0.10 | ||
| Q4 24 | $2.79 | $0.19 | ||
| Q3 24 | $0.90 | $0.18 | ||
| Q2 24 | $0.81 | $0.16 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $946.0M |
| Total Assets | $580.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $23.3M | ||
| Q3 25 | $76.1M | $26.3M | ||
| Q2 25 | $73.5M | $26.1M | ||
| Q1 25 | $56.9M | $19.3M | ||
| Q4 24 | $42.5M | $50.4M | ||
| Q3 24 | $62.4M | $69.9M | ||
| Q2 24 | $59.6M | $59.0M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $946.0M | ||
| Q3 25 | $498.9M | $973.1M | ||
| Q2 25 | $455.6M | $1.0B | ||
| Q1 25 | $462.1M | $1.0B | ||
| Q4 24 | $519.3M | $1.1B | ||
| Q3 24 | $412.8M | $986.9M | ||
| Q2 24 | $371.4M | $1.2B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $5.1B | ||
| Q3 25 | $640.5M | $5.1B | ||
| Q2 25 | $567.4M | $5.2B | ||
| Q1 25 | $564.7M | $5.3B | ||
| Q4 24 | $626.7M | $5.4B | ||
| Q3 24 | $523.3M | $5.4B | ||
| Q2 24 | $479.3M | $5.3B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | 0.81× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $338.5M | ||
| Q3 25 | $86.0M | $100.2M | ||
| Q2 25 | $52.6M | $79.9M | ||
| Q1 25 | $38.5M | $85.6M | ||
| Q4 24 | $36.6M | $363.1M | ||
| Q3 24 | $57.8M | $105.7M | ||
| Q2 24 | $50.9M | $83.2M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $299.8M | ||
| Q3 25 | $84.7M | $88.0M | ||
| Q2 25 | $52.4M | $73.8M | ||
| Q1 25 | $38.2M | $79.9M | ||
| Q4 24 | $36.4M | $344.4M | ||
| Q3 24 | $57.4M | $101.8M | ||
| Q2 24 | $50.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 160.3% | ||
| Q3 25 | 34.0% | 46.6% | ||
| Q2 25 | 22.2% | 39.1% | ||
| Q1 25 | 17.6% | 42.4% | ||
| Q4 24 | 17.9% | 181.2% | ||
| Q3 24 | 27.9% | 52.6% | ||
| Q2 24 | 25.8% | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 20.7% | ||
| Q3 25 | 0.5% | 6.5% | ||
| Q2 25 | 0.1% | 3.2% | ||
| Q1 25 | 0.1% | 3.0% | ||
| Q4 24 | 0.1% | 9.8% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.0% | 1.9% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 14.79× | ||
| Q3 25 | 2.56× | 5.44× | ||
| Q2 25 | 1.46× | 4.10× | ||
| Q1 25 | 1.23× | 6.59× | ||
| Q4 24 | 0.36× | 21.70× | ||
| Q3 24 | 1.75× | 5.65× | ||
| Q2 24 | 1.71× | 4.88× |
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% |
NSA
Segment breakdown not available.
