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Side-by-side financial comparison of APPFOLIO INC (APPF) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
Shake Shack Inc. is the larger business by last-quarter revenue ($400.5M vs $262.2M, roughly 1.5× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 3.0%, a 13.2% gap on every dollar of revenue. On growth, Shake Shack Inc. posted the faster year-over-year revenue change (21.9% vs 20.4%). Over the past eight quarters, Shake Shack Inc.'s revenue compounded faster (17.4% 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.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
APPF vs SHAK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $400.5M |
| Net Profit | $42.4M | $11.8M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 4.7% |
| Net Margin | 16.2% | 3.0% |
| Revenue YoY | 20.4% | 21.9% |
| Net Profit YoY | 35.2% | 35.8% |
| EPS (diluted) | $1.18 | $0.28 |
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 | $400.5M | ||
| Q3 25 | $249.4M | $367.4M | ||
| Q2 25 | $235.6M | $356.5M | ||
| Q1 25 | $217.7M | $320.9M | ||
| Q4 24 | $203.7M | $328.7M | ||
| Q3 24 | $205.7M | $316.9M | ||
| Q2 24 | $197.4M | $316.5M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $11.8M | ||
| Q3 25 | $33.6M | $12.5M | ||
| Q2 25 | $36.0M | $17.1M | ||
| Q1 25 | $31.4M | $4.2M | ||
| Q4 24 | $102.7M | $8.7M | ||
| Q3 24 | $33.0M | $-10.2M | ||
| Q2 24 | $29.7M | $9.7M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 4.7% | ||
| Q3 25 | 14.1% | 5.0% | ||
| Q2 25 | 17.2% | 6.3% | ||
| Q1 25 | 15.5% | 0.9% | ||
| Q4 24 | 11.3% | 3.1% | ||
| Q3 24 | 20.7% | -5.7% | ||
| Q2 24 | 18.3% | 3.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 3.0% | ||
| Q3 25 | 13.5% | 3.4% | ||
| Q2 25 | 15.3% | 4.8% | ||
| Q1 25 | 14.4% | 1.3% | ||
| Q4 24 | 50.4% | 2.6% | ||
| Q3 24 | 16.0% | -3.2% | ||
| Q2 24 | 15.0% | 3.1% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.28 | ||
| Q3 25 | $0.93 | $0.30 | ||
| Q2 25 | $0.99 | $0.41 | ||
| Q1 25 | $0.86 | $0.10 | ||
| Q4 24 | $2.79 | $0.22 | ||
| Q3 24 | $0.90 | $-0.26 | ||
| Q2 24 | $0.81 | $0.23 |
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 | $360.1M |
| Total DebtLower is stronger | — | $247.7M |
| Stockholders' EquityBook value | $470.2M | $525.3M |
| Total Assets | $580.6M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $360.1M | ||
| Q3 25 | $76.1M | $357.8M | ||
| Q2 25 | $73.5M | $336.8M | ||
| Q1 25 | $56.9M | $312.9M | ||
| Q4 24 | $42.5M | $320.7M | ||
| Q3 24 | $62.4M | $310.9M | ||
| Q2 24 | $59.6M | $304.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $247.7M | ||
| Q3 25 | — | $247.5M | ||
| Q2 25 | — | $247.2M | ||
| Q1 25 | — | $246.9M | ||
| Q4 24 | — | $246.7M | ||
| Q3 24 | — | $246.4M | ||
| Q2 24 | — | $246.2M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $525.3M | ||
| Q3 25 | $498.9M | $509.0M | ||
| Q2 25 | $455.6M | $494.1M | ||
| Q1 25 | $462.1M | $473.3M | ||
| Q4 24 | $519.3M | $470.0M | ||
| Q3 24 | $412.8M | $456.1M | ||
| Q2 24 | $371.4M | $462.4M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.9B | ||
| Q3 25 | $640.5M | $1.8B | ||
| Q2 25 | $567.4M | $1.8B | ||
| Q1 25 | $564.7M | $1.7B | ||
| Q4 24 | $626.7M | $1.7B | ||
| Q3 24 | $523.3M | $1.7B | ||
| Q2 24 | $479.3M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.53× |
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 | $63.1M |
| Free Cash FlowOCF − Capex | — | $4.0M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | 14.8% |
| Cash ConversionOCF / Net Profit | 0.81× | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $63.1M | ||
| Q3 25 | $86.0M | $63.0M | ||
| Q2 25 | $52.6M | $65.0M | ||
| Q1 25 | $38.5M | $31.2M | ||
| Q4 24 | $36.6M | $45.1M | ||
| Q3 24 | $57.8M | $41.9M | ||
| Q2 24 | $50.9M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $4.0M | ||
| Q3 25 | $84.7M | $23.7M | ||
| Q2 25 | $52.4M | $26.9M | ||
| Q1 25 | $38.2M | $1.9M | ||
| Q4 24 | $36.4M | $10.4M | ||
| Q3 24 | $57.4M | $7.1M | ||
| Q2 24 | $50.8M | $20.6M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 1.0% | ||
| Q3 25 | 34.0% | 6.5% | ||
| Q2 25 | 22.2% | 7.5% | ||
| Q1 25 | 17.6% | 0.6% | ||
| Q4 24 | 17.9% | 3.2% | ||
| Q3 24 | 27.9% | 2.2% | ||
| Q2 24 | 25.8% | 6.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 14.8% | ||
| Q3 25 | 0.5% | 10.7% | ||
| Q2 25 | 0.1% | 10.7% | ||
| Q1 25 | 0.1% | 9.1% | ||
| Q4 24 | 0.1% | 10.6% | ||
| Q3 24 | 0.2% | 11.0% | ||
| Q2 24 | 0.0% | 10.4% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 5.34× | ||
| Q3 25 | 2.56× | 5.04× | ||
| Q2 25 | 1.46× | 3.79× | ||
| Q1 25 | 1.23× | 7.36× | ||
| Q4 24 | 0.36× | 5.18× | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 5.54× |
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% |
SHAK
Segment breakdown not available.
