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Side-by-side financial comparison of APPFOLIO INC (APPF) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $152.8M, roughly 1.7× Riot Platforms, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -452.0%, a 468.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 7.2%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% 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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
APPF vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $152.8M |
| Net Profit | $42.4M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | -447.9% |
| Net Margin | 16.2% | -452.0% |
| Revenue YoY | 20.4% | 7.2% |
| Net Profit YoY | 35.2% | -606.3% |
| EPS (diluted) | $1.18 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $249.4M | $180.2M | ||
| Q2 25 | $235.6M | $153.0M | ||
| Q1 25 | $217.7M | $161.4M | ||
| Q4 24 | $203.7M | $142.6M | ||
| Q3 24 | $205.7M | $84.8M | ||
| Q2 24 | $197.4M | $70.0M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-690.7M | ||
| Q3 25 | $33.6M | $104.5M | ||
| Q2 25 | $36.0M | $219.5M | ||
| Q1 25 | $31.4M | $-296.4M | ||
| Q4 24 | $102.7M | $136.4M | ||
| Q3 24 | $33.0M | $-154.4M | ||
| Q2 24 | $29.7M | $-84.4M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -447.9% | ||
| Q3 25 | 14.1% | 44.4% | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 15.5% | -144.9% | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 20.7% | -143.3% | ||
| Q2 24 | 18.3% | -167.2% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -452.0% | ||
| Q3 25 | 13.5% | 58.0% | ||
| Q2 25 | 15.3% | 143.4% | ||
| Q1 25 | 14.4% | -183.6% | ||
| Q4 24 | 50.4% | 95.7% | ||
| Q3 24 | 16.0% | -182.1% | ||
| Q2 24 | 15.0% | -120.6% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-1.89 | ||
| Q3 25 | $0.93 | $0.26 | ||
| Q2 25 | $0.99 | $0.58 | ||
| Q1 25 | $0.86 | $-0.90 | ||
| Q4 24 | $2.79 | $0.39 | ||
| Q3 24 | $0.90 | $-0.54 | ||
| Q2 24 | $0.81 | $-0.32 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $470.2M | $2.9B |
| Total Assets | $580.6M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $233.5M | ||
| Q3 25 | $76.1M | $330.7M | ||
| Q2 25 | $73.5M | $255.4M | ||
| Q1 25 | $56.9M | $163.7M | ||
| Q4 24 | $42.5M | $277.9M | ||
| Q3 24 | $62.4M | $355.7M | ||
| Q2 24 | $59.6M | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $2.9B | ||
| Q3 25 | $498.9M | $3.5B | ||
| Q2 25 | $455.6M | $3.3B | ||
| Q1 25 | $462.1M | $2.9B | ||
| Q4 24 | $519.3M | $3.1B | ||
| Q3 24 | $412.8M | $2.7B | ||
| Q2 24 | $371.4M | $2.6B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $3.9B | ||
| Q3 25 | $640.5M | $4.5B | ||
| Q2 25 | $567.4M | $4.3B | ||
| Q1 25 | $564.7M | $3.7B | ||
| Q4 24 | $626.7M | $3.9B | ||
| Q3 24 | $523.3M | $2.9B | ||
| Q2 24 | $479.3M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-572.9M | ||
| Q3 25 | $86.0M | $-114.0M | ||
| Q2 25 | $52.6M | $-231.3M | ||
| Q1 25 | $38.5M | $-122.1M | ||
| Q4 24 | $36.6M | $-255.1M | ||
| Q3 24 | $57.8M | $-56.3M | ||
| Q2 24 | $50.9M | $-42.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-774.3M | ||
| Q3 25 | $84.7M | $-139.7M | ||
| Q2 25 | $52.4M | $-291.7M | ||
| Q1 25 | $38.2M | $-154.9M | ||
| Q4 24 | $36.4M | $-495.4M | ||
| Q3 24 | $57.4M | $-127.6M | ||
| Q2 24 | $50.8M | $-96.1M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -506.6% | ||
| Q3 25 | 34.0% | -77.5% | ||
| Q2 25 | 22.2% | -190.7% | ||
| Q1 25 | 17.6% | -96.0% | ||
| Q4 24 | 17.9% | -347.5% | ||
| Q3 24 | 27.9% | -150.5% | ||
| Q2 24 | 25.8% | -137.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 131.8% | ||
| Q3 25 | 0.5% | 14.3% | ||
| Q2 25 | 0.1% | 39.5% | ||
| Q1 25 | 0.1% | 20.4% | ||
| Q4 24 | 0.1% | 168.6% | ||
| Q3 24 | 0.2% | 84.1% | ||
| Q2 24 | 0.0% | 76.5% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | -1.09× | ||
| Q2 25 | 1.46× | -1.05× | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | -1.87× | ||
| 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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
