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Side-by-side financial comparison of APPFOLIO INC (APPF) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $262.2M, roughly 1.3× APPFOLIO INC). On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -12.4%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -31.8%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
APPF vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $340.0M |
| Net Profit | $42.4M | — |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 24.4% |
| Net Margin | 16.2% | — |
| Revenue YoY | 20.4% | -12.4% |
| Net Profit YoY | 35.2% | — |
| EPS (diluted) | $1.18 | — |
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 | $340.0M | ||
| Q4 25 | $248.2M | $789.0M | ||
| Q3 25 | $249.4M | $783.0M | ||
| Q2 25 | $235.6M | $776.0M | ||
| Q1 25 | $217.7M | $705.0M | ||
| Q4 24 | $203.7M | $739.0M | ||
| Q3 24 | $205.7M | $731.0M | ||
| Q2 24 | $197.4M | $730.0M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $67.0M | ||
| Q3 25 | $33.6M | $100.0M | ||
| Q2 25 | $36.0M | $91.0M | ||
| Q1 25 | $31.4M | $67.0M | ||
| Q4 24 | $102.7M | $81.0M | ||
| Q3 24 | $33.0M | $88.0M | ||
| Q2 24 | $29.7M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% |
| Q1 26 | 19.4% | 24.4% | ||
| Q4 25 | 17.6% | 15.0% | ||
| Q3 25 | 14.1% | 19.9% | ||
| Q2 25 | 17.2% | 17.9% | ||
| Q1 25 | 15.5% | 15.5% | ||
| Q4 24 | 11.3% | 15.6% | ||
| Q3 24 | 20.7% | 17.8% | ||
| Q2 24 | 18.3% | 17.3% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 8.5% | ||
| Q3 25 | 13.5% | 12.8% | ||
| Q2 25 | 15.3% | 11.7% | ||
| Q1 25 | 14.4% | 9.5% | ||
| Q4 24 | 50.4% | 11.0% | ||
| Q3 24 | 16.0% | 12.0% | ||
| Q2 24 | 15.0% | 13.8% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.33 | ||
| Q3 25 | $0.93 | $0.49 | ||
| Q2 25 | $0.99 | $0.45 | ||
| Q1 25 | $0.86 | $0.33 | ||
| Q4 24 | $2.79 | $0.40 | ||
| Q3 24 | $0.90 | $0.44 | ||
| Q2 24 | $0.81 | $0.50 |
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 | — | — |
| Stockholders' EquityBook value | $470.2M | — |
| Total Assets | $580.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $295.0M | ||
| Q3 25 | $76.1M | $255.0M | ||
| Q2 25 | $73.5M | $272.0M | ||
| Q1 25 | $56.9M | $267.0M | ||
| Q4 24 | $42.5M | $298.0M | ||
| Q3 24 | $62.4M | $327.0M | ||
| Q2 24 | $59.6M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.3B | ||
| Q3 25 | $498.9M | $1.2B | ||
| Q2 25 | $455.6M | $1.1B | ||
| Q1 25 | $462.1M | $970.0M | ||
| Q4 24 | $519.3M | $904.0M | ||
| Q3 24 | $412.8M | $872.0M | ||
| Q2 24 | $371.4M | $769.0M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $2.9B | ||
| Q3 25 | $640.5M | $2.9B | ||
| Q2 25 | $567.4M | $2.9B | ||
| Q1 25 | $564.7M | $2.9B | ||
| Q4 24 | $626.7M | $2.8B | ||
| Q3 24 | $523.3M | $2.9B | ||
| Q2 24 | $479.3M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $144.0M | ||
| Q3 25 | $86.0M | $155.0M | ||
| Q2 25 | $52.6M | $147.0M | ||
| Q1 25 | $38.5M | $154.0M | ||
| Q4 24 | $36.6M | $130.0M | ||
| Q3 24 | $57.8M | $150.0M | ||
| Q2 24 | $50.9M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $86.0M | ||
| Q3 25 | $84.7M | $109.0M | ||
| Q2 25 | $52.4M | $105.0M | ||
| Q1 25 | $38.2M | $103.0M | ||
| Q4 24 | $36.4M | $72.0M | ||
| Q3 24 | $57.4M | $84.0M | ||
| Q2 24 | $50.8M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 10.9% | ||
| Q3 25 | 34.0% | 13.9% | ||
| Q2 25 | 22.2% | 13.5% | ||
| Q1 25 | 17.6% | 14.6% | ||
| Q4 24 | 17.9% | 9.7% | ||
| Q3 24 | 27.9% | 11.5% | ||
| Q2 24 | 25.8% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 7.4% | ||
| Q3 25 | 0.5% | 5.9% | ||
| Q2 25 | 0.1% | 5.4% | ||
| Q1 25 | 0.1% | 7.2% | ||
| Q4 24 | 0.1% | 7.8% | ||
| Q3 24 | 0.2% | 9.0% | ||
| Q2 24 | 0.0% | 7.7% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 2.15× | ||
| Q3 25 | 2.56× | 1.55× | ||
| Q2 25 | 1.46× | 1.62× | ||
| Q1 25 | 1.23× | 2.30× | ||
| Q4 24 | 0.36× | 1.60× | ||
| Q3 24 | 1.75× | 1.70× | ||
| Q2 24 | 1.71× | 1.02× |
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% |
ULS
Segment breakdown not available.
