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Side-by-side financial comparison of APPFOLIO INC (APPF) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $183.9M, roughly 1.4× Pangaea Logistics Solutions Ltd.). APPFOLIO INC runs the higher net margin — 16.2% vs 6.5%, a 9.7% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 20.4%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
APPF vs PANL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $183.9M |
| Net Profit | $42.4M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 9.5% |
| Net Margin | 16.2% | 6.5% |
| Revenue YoY | 20.4% | 24.9% |
| Net Profit YoY | 35.2% | 40.9% |
| EPS (diluted) | $1.18 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $249.4M | $168.7M | ||
| Q2 25 | $235.6M | $156.7M | ||
| Q1 25 | $217.7M | $122.8M | ||
| Q4 24 | $203.7M | $147.2M | ||
| Q3 24 | $205.7M | $153.1M | ||
| Q2 24 | $197.4M | $131.5M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $11.9M | ||
| Q3 25 | $33.6M | $12.2M | ||
| Q2 25 | $36.0M | $-2.7M | ||
| Q1 25 | $31.4M | $-2.0M | ||
| Q4 24 | $102.7M | $8.4M | ||
| Q3 24 | $33.0M | $5.1M | ||
| Q2 24 | $29.7M | $3.7M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 9.5% | ||
| Q3 25 | 14.1% | 10.0% | ||
| Q2 25 | 17.2% | 2.3% | ||
| Q1 25 | 15.5% | 2.4% | ||
| Q4 24 | 11.3% | 10.1% | ||
| Q3 24 | 20.7% | 9.8% | ||
| Q2 24 | 18.3% | 5.8% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 6.5% | ||
| Q3 25 | 13.5% | 7.2% | ||
| Q2 25 | 15.3% | -1.8% | ||
| Q1 25 | 14.4% | -1.6% | ||
| Q4 24 | 50.4% | 5.7% | ||
| Q3 24 | 16.0% | 3.3% | ||
| Q2 24 | 15.0% | 2.8% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.18 | ||
| Q3 25 | $0.93 | $0.19 | ||
| Q2 25 | $0.99 | $-0.04 | ||
| Q1 25 | $0.86 | $-0.03 | ||
| Q4 24 | $2.79 | $0.19 | ||
| Q3 24 | $0.90 | $0.11 | ||
| Q2 24 | $0.81 | $0.08 |
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 | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $470.2M | $429.3M |
| Total Assets | $580.6M | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $103.1M | ||
| Q3 25 | $76.1M | $94.0M | ||
| Q2 25 | $73.5M | $59.3M | ||
| Q1 25 | $56.9M | $63.9M | ||
| Q4 24 | $42.5M | $86.8M | ||
| Q3 24 | $62.4M | $93.1M | ||
| Q2 24 | $59.6M | $77.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $429.3M | ||
| Q3 25 | $498.9M | $420.3M | ||
| Q2 25 | $455.6M | $414.4M | ||
| Q1 25 | $462.1M | $420.8M | ||
| Q4 24 | $519.3M | $427.8M | ||
| Q3 24 | $412.8M | $332.6M | ||
| Q2 24 | $371.4M | $331.5M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $928.1M | ||
| Q3 25 | $640.5M | $932.1M | ||
| Q2 25 | $567.4M | $916.0M | ||
| Q1 25 | $564.7M | $918.0M | ||
| Q4 24 | $626.7M | $936.5M | ||
| Q3 24 | $523.3M | $749.2M | ||
| Q2 24 | $479.3M | $692.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $15.1M | ||
| Q3 25 | $86.0M | $28.6M | ||
| Q2 25 | $52.6M | $14.4M | ||
| Q1 25 | $38.5M | $-4.4M | ||
| Q4 24 | $36.6M | $19.3M | ||
| Q3 24 | $57.8M | $28.5M | ||
| Q2 24 | $50.9M | $9.0M |
| 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× | 1.27× | ||
| Q3 25 | 2.56× | 2.34× | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | 2.29× | ||
| Q3 24 | 1.75× | 5.57× | ||
| Q2 24 | 1.71× | 2.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $164.7M | 63% |
| Subscription Services | $58.2M | 22% |
| Other | $39.3M | 15% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
