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Side-by-side financial comparison of APPFOLIO INC (APPF) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $184.5M, roughly 1.4× DOUGLAS DYNAMICS, INC). APPFOLIO INC runs the higher net margin — 16.2% vs 7.0%, a 9.2% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 20.4%). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
APPF vs PLOW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $184.5M |
| Net Profit | $42.4M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | 19.4% | 10.5% |
| Net Margin | 16.2% | 7.0% |
| Revenue YoY | 20.4% | 28.6% |
| Net Profit YoY | 35.2% | 62.3% |
| EPS (diluted) | $1.18 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $249.4M | $162.1M | ||
| Q2 25 | $235.6M | $194.3M | ||
| Q1 25 | $217.7M | $115.1M | ||
| Q4 24 | $203.7M | $143.5M | ||
| Q3 24 | $205.7M | $129.4M | ||
| Q2 24 | $197.4M | $199.9M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $12.8M | ||
| Q3 25 | $33.6M | $8.0M | ||
| Q2 25 | $36.0M | $26.0M | ||
| Q1 25 | $31.4M | $148.0K | ||
| Q4 24 | $102.7M | $7.9M | ||
| Q3 24 | $33.0M | $32.3M | ||
| Q2 24 | $29.7M | $24.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 30.7% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 10.5% | ||
| Q3 25 | 14.1% | 8.7% | ||
| Q2 25 | 17.2% | 19.0% | ||
| Q1 25 | 15.5% | 2.8% | ||
| Q4 24 | 11.3% | 9.0% | ||
| Q3 24 | 20.7% | 35.4% | ||
| Q2 24 | 18.3% | 18.2% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 7.0% | ||
| Q3 25 | 13.5% | 4.9% | ||
| Q2 25 | 15.3% | 13.4% | ||
| Q1 25 | 14.4% | 0.1% | ||
| Q4 24 | 50.4% | 5.5% | ||
| Q3 24 | 16.0% | 24.9% | ||
| Q2 24 | 15.0% | 12.2% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.54 | ||
| Q3 25 | $0.93 | $0.33 | ||
| Q2 25 | $0.99 | $1.09 | ||
| Q1 25 | $0.86 | $0.00 | ||
| Q4 24 | $2.79 | $0.35 | ||
| Q3 24 | $0.90 | $1.36 | ||
| Q2 24 | $0.81 | $1.02 |
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 | — | $144.0M |
| Stockholders' EquityBook value | $470.2M | $281.4M |
| Total Assets | $580.6M | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | — | ||
| Q3 25 | $76.1M | — | ||
| Q2 25 | $73.5M | — | ||
| Q1 25 | $56.9M | — | ||
| Q4 24 | $42.5M | — | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $281.4M | ||
| Q3 25 | $498.9M | $275.3M | ||
| Q2 25 | $455.6M | $273.3M | ||
| Q1 25 | $462.1M | $258.9M | ||
| Q4 24 | $519.3M | $264.2M | ||
| Q3 24 | $412.8M | $260.8M | ||
| Q2 24 | $371.4M | $236.7M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $626.7M | ||
| Q3 25 | $640.5M | $694.9M | ||
| Q2 25 | $567.4M | $671.5M | ||
| Q1 25 | $564.7M | $621.0M | ||
| Q4 24 | $626.7M | $590.0M | ||
| Q3 24 | $523.3M | $665.6M | ||
| Q2 24 | $479.3M | $617.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $95.9M |
| Free Cash FlowOCF − Capex | — | $92.8M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 0.81× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $95.9M | ||
| Q3 25 | $86.0M | $-8.5M | ||
| Q2 25 | $52.6M | $-11.4M | ||
| Q1 25 | $38.5M | $-1.3M | ||
| Q4 24 | $36.6M | $74.4M | ||
| Q3 24 | $57.8M | $-14.2M | ||
| Q2 24 | $50.9M | $2.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $92.8M | ||
| Q3 25 | $84.7M | $-11.4M | ||
| Q2 25 | $52.4M | $-14.3M | ||
| Q1 25 | $38.2M | $-3.5M | ||
| Q4 24 | $36.4M | $70.2M | ||
| Q3 24 | $57.4M | $-15.2M | ||
| Q2 24 | $50.8M | $836.0K |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 50.3% | ||
| Q3 25 | 34.0% | -7.1% | ||
| Q2 25 | 22.2% | -7.4% | ||
| Q1 25 | 17.6% | -3.0% | ||
| Q4 24 | 17.9% | 48.9% | ||
| Q3 24 | 27.9% | -11.8% | ||
| Q2 24 | 25.8% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.7% | ||
| Q3 25 | 0.5% | 1.8% | ||
| Q2 25 | 0.1% | 1.5% | ||
| Q1 25 | 0.1% | 1.9% | ||
| Q4 24 | 0.1% | 2.9% | ||
| Q3 24 | 0.2% | 0.8% | ||
| Q2 24 | 0.0% | 0.8% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 7.47× | ||
| Q3 25 | 2.56× | -1.07× | ||
| Q2 25 | 1.46× | -0.44× | ||
| Q1 25 | 1.23× | -9.03× | ||
| Q4 24 | 0.36× | 9.41× | ||
| Q3 24 | 1.75× | -0.44× | ||
| Q2 24 | 1.71× | 0.10× |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
