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Side-by-side financial comparison of APPFOLIO INC (APPF) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $262.2M, roughly 1.5× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 11.2%, a 5.0% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 20.4%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
APPF vs SKWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $385.6M |
| Net Profit | $42.4M | $43.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 14.2% |
| Net Margin | 16.2% | 11.2% |
| Revenue YoY | 20.4% | 26.7% |
| Net Profit YoY | 35.2% | 200.1% |
| EPS (diluted) | $1.18 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $249.4M | $382.5M | ||
| Q2 25 | $235.6M | $319.9M | ||
| Q1 25 | $217.7M | $328.5M | ||
| Q4 24 | $203.7M | $304.4M | ||
| Q3 24 | $205.7M | $300.9M | ||
| Q2 24 | $197.4M | $279.9M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $43.2M | ||
| Q3 25 | $33.6M | $45.9M | ||
| Q2 25 | $36.0M | $38.8M | ||
| Q1 25 | $31.4M | $42.1M | ||
| Q4 24 | $102.7M | $14.4M | ||
| Q3 24 | $33.0M | $36.7M | ||
| Q2 24 | $29.7M | $31.0M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 14.2% | ||
| Q3 25 | 14.1% | 15.8% | ||
| Q2 25 | 17.2% | 15.6% | ||
| Q1 25 | 15.5% | 15.7% | ||
| Q4 24 | 11.3% | 6.1% | ||
| Q3 24 | 20.7% | 15.6% | ||
| Q2 24 | 18.3% | 14.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 11.2% | ||
| Q3 25 | 13.5% | 12.0% | ||
| Q2 25 | 15.3% | 12.1% | ||
| Q1 25 | 14.4% | 12.8% | ||
| Q4 24 | 50.4% | 4.7% | ||
| Q3 24 | 16.0% | 12.2% | ||
| Q2 24 | 15.0% | 11.1% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.03 | ||
| Q3 25 | $0.93 | $1.10 | ||
| Q2 25 | $0.99 | $0.93 | ||
| Q1 25 | $0.86 | $1.01 | ||
| Q4 24 | $2.79 | $0.33 | ||
| Q3 24 | $0.90 | $0.89 | ||
| Q2 24 | $0.81 | $0.75 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $1.0B |
| Total Assets | $580.6M | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $168.5M | ||
| Q3 25 | $76.1M | $160.1M | ||
| Q2 25 | $73.5M | $136.6M | ||
| Q1 25 | $56.9M | $112.9M | ||
| Q4 24 | $42.5M | $121.6M | ||
| Q3 24 | $62.4M | $105.6M | ||
| Q2 24 | $59.6M | $73.0M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.0B | ||
| Q3 25 | $498.9M | $961.4M | ||
| Q2 25 | $455.6M | $899.9M | ||
| Q1 25 | $462.1M | $850.7M | ||
| Q4 24 | $519.3M | $794.0M | ||
| Q3 24 | $412.8M | $797.5M | ||
| Q2 24 | $371.4M | $723.6M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $4.8B | ||
| Q3 25 | $640.5M | $4.6B | ||
| Q2 25 | $567.4M | $4.3B | ||
| Q1 25 | $564.7M | $4.0B | ||
| Q4 24 | $626.7M | $3.7B | ||
| Q3 24 | $523.3M | $3.6B | ||
| Q2 24 | $479.3M | $3.4B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | — | $402.6M |
| FCF MarginFCF / Revenue | — | 104.4% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 0.81× | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $408.1M | ||
| Q3 25 | $86.0M | $171.4M | ||
| Q2 25 | $52.6M | $88.2M | ||
| Q1 25 | $38.5M | $96.8M | ||
| Q4 24 | $36.6M | $305.1M | ||
| Q3 24 | $57.8M | $168.0M | ||
| Q2 24 | $50.9M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $402.6M | ||
| Q3 25 | $84.7M | $168.9M | ||
| Q2 25 | $52.4M | $87.1M | ||
| Q1 25 | $38.2M | $96.6M | ||
| Q4 24 | $36.4M | $300.9M | ||
| Q3 24 | $57.4M | $167.6M | ||
| Q2 24 | $50.8M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 104.4% | ||
| Q3 25 | 34.0% | 44.2% | ||
| Q2 25 | 22.2% | 27.2% | ||
| Q1 25 | 17.6% | 29.4% | ||
| Q4 24 | 17.9% | 98.8% | ||
| Q3 24 | 27.9% | 55.7% | ||
| Q2 24 | 25.8% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.4% | ||
| Q3 25 | 0.5% | 0.6% | ||
| Q2 25 | 0.1% | 0.3% | ||
| Q1 25 | 0.1% | 0.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.0% | 0.9% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 9.44× | ||
| Q3 25 | 2.56× | 3.73× | ||
| Q2 25 | 1.46× | 2.27× | ||
| Q1 25 | 1.23× | 2.30× | ||
| Q4 24 | 0.36× | 21.18× | ||
| Q3 24 | 1.75× | 4.58× | ||
| Q2 24 | 1.71× | 0.68× |
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% |
SKWD
Segment breakdown not available.
