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Side-by-side financial comparison of APPFOLIO INC (APPF) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $142.9M, roughly 1.8× Piedmont Realty Trust, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -30.3%, a 46.5% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -0.3%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -0.6%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
APPF vs PDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $142.9M |
| Net Profit | $42.4M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | — |
| Net Margin | 16.2% | -30.3% |
| Revenue YoY | 20.4% | -0.3% |
| Net Profit YoY | 35.2% | -44.3% |
| EPS (diluted) | $1.18 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $249.4M | $139.2M | ||
| Q2 25 | $235.6M | $140.3M | ||
| Q1 25 | $217.7M | $142.7M | ||
| Q4 24 | $203.7M | $143.2M | ||
| Q3 24 | $205.7M | $139.3M | ||
| Q2 24 | $197.4M | $143.3M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-43.2M | ||
| Q3 25 | $33.6M | $-13.5M | ||
| Q2 25 | $36.0M | $-16.8M | ||
| Q1 25 | $31.4M | $-10.1M | ||
| Q4 24 | $102.7M | $-30.0M | ||
| Q3 24 | $33.0M | $-11.5M | ||
| Q2 24 | $29.7M | $-9.8M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | — | ||
| Q3 25 | 14.1% | — | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 15.5% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 18.3% | — |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -30.3% | ||
| Q3 25 | 13.5% | -9.7% | ||
| Q2 25 | 15.3% | -12.0% | ||
| Q1 25 | 14.4% | -7.1% | ||
| Q4 24 | 50.4% | -20.9% | ||
| Q3 24 | 16.0% | -8.3% | ||
| Q2 24 | 15.0% | -6.8% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.34 | ||
| Q3 25 | $0.93 | $-0.11 | ||
| Q2 25 | $0.99 | $-0.14 | ||
| Q1 25 | $0.86 | $-0.08 | ||
| Q4 24 | $2.79 | $-0.25 | ||
| Q3 24 | $0.90 | $-0.09 | ||
| 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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $470.2M | $1.5B |
| Total Assets | $580.6M | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $731.0K | ||
| Q3 25 | $76.1M | $3.0M | ||
| Q2 25 | $73.5M | $3.3M | ||
| Q1 25 | $56.9M | $2.9M | ||
| Q4 24 | $42.5M | $109.6M | ||
| Q3 24 | $62.4M | $133.6M | ||
| Q2 24 | $59.6M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.5B | ||
| Q3 25 | $498.9M | $1.5B | ||
| Q2 25 | $455.6M | $1.5B | ||
| Q1 25 | $462.1M | $1.6B | ||
| Q4 24 | $519.3M | $1.6B | ||
| Q3 24 | $412.8M | $1.6B | ||
| Q2 24 | $371.4M | $1.7B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $4.0B | ||
| Q3 25 | $640.5M | $4.0B | ||
| Q2 25 | $567.4M | $4.0B | ||
| Q1 25 | $564.7M | $4.0B | ||
| Q4 24 | $626.7M | $4.1B | ||
| Q3 24 | $523.3M | $4.1B | ||
| Q2 24 | $479.3M | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $140.6M | ||
| Q3 25 | $86.0M | $35.8M | ||
| Q2 25 | $52.6M | $50.1M | ||
| Q1 25 | $38.5M | $3.7M | ||
| Q4 24 | $36.6M | $198.1M | ||
| Q3 24 | $57.8M | $42.9M | ||
| Q2 24 | $50.9M | $66.8M |
| 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× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| 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% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
