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Side-by-side financial comparison of APPFOLIO INC (APPF) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $137.5M, roughly 1.9× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 16.2%, a 98.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 20.4%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
APPF vs TRNO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $137.5M |
| Net Profit | $42.4M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | — |
| Net Margin | 16.2% | 115.1% |
| Revenue YoY | 20.4% | 32.6% |
| Net Profit YoY | 35.2% | 107.9% |
| EPS (diluted) | $1.18 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $249.4M | $116.2M | ||
| Q2 25 | $235.6M | $112.2M | ||
| Q1 25 | $217.7M | $110.4M | ||
| Q4 24 | $203.7M | $103.7M | ||
| Q3 24 | $205.7M | $99.6M | ||
| Q2 24 | $197.4M | $94.2M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $158.2M | ||
| Q3 25 | $33.6M | $103.4M | ||
| Q2 25 | $36.0M | $93.3M | ||
| Q1 25 | $31.4M | $48.1M | ||
| Q4 24 | $102.7M | $76.1M | ||
| Q3 24 | $33.0M | $36.6M | ||
| Q2 24 | $29.7M | $35.7M |
| 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% | 115.1% | ||
| Q3 25 | 13.5% | 88.9% | ||
| Q2 25 | 15.3% | 83.1% | ||
| Q1 25 | 14.4% | 43.6% | ||
| Q4 24 | 50.4% | 73.4% | ||
| Q3 24 | 16.0% | 36.8% | ||
| Q2 24 | 15.0% | 37.9% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.54 | ||
| Q3 25 | $0.93 | $1.00 | ||
| Q2 25 | $0.99 | $0.90 | ||
| Q1 25 | $0.86 | $0.47 | ||
| Q4 24 | $2.79 | $0.78 | ||
| Q3 24 | $0.90 | $0.37 | ||
| Q2 24 | $0.81 | $0.37 |
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 | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $470.2M | $4.1B |
| Total Assets | $580.6M | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $25.0M | ||
| Q3 25 | $76.1M | $26.2M | ||
| Q2 25 | $73.5M | $128.4M | ||
| Q1 25 | $56.9M | $156.5M | ||
| Q4 24 | $42.5M | $18.1M | ||
| Q3 24 | $62.4M | $243.7M | ||
| Q2 24 | $59.6M | $182.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | — | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $4.1B | ||
| Q3 25 | $498.9M | $4.0B | ||
| Q2 25 | $455.6M | $3.9B | ||
| Q1 25 | $462.1M | $3.9B | ||
| Q4 24 | $519.3M | $3.7B | ||
| Q3 24 | $412.8M | $3.6B | ||
| Q2 24 | $371.4M | $3.4B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $5.4B | ||
| Q3 25 | $640.5M | $5.3B | ||
| Q2 25 | $567.4M | $5.0B | ||
| Q1 25 | $564.7M | $4.9B | ||
| Q4 24 | $626.7M | $4.8B | ||
| Q3 24 | $523.3M | $4.6B | ||
| Q2 24 | $479.3M | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $271.9M | ||
| Q3 25 | $86.0M | $79.5M | ||
| Q2 25 | $52.6M | $60.6M | ||
| Q1 25 | $38.5M | $61.4M | ||
| Q4 24 | $36.6M | $232.7M | ||
| Q3 24 | $57.8M | $70.0M | ||
| Q2 24 | $50.9M | $64.3M |
| 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× | 1.72× | ||
| Q3 25 | 2.56× | 0.77× | ||
| Q2 25 | 1.46× | 0.65× | ||
| Q1 25 | 1.23× | 1.28× | ||
| Q4 24 | 0.36× | 3.06× | ||
| Q3 24 | 1.75× | 1.91× | ||
| Q2 24 | 1.71× | 1.80× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
