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Side-by-side financial comparison of APPFOLIO INC (APPF) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $262.2M, roughly 1.5× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs -1.9%, a 18.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 20.4%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 10.2%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Innovate Corp. is an American public financial services company founded in 1994.
APPF vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $382.7M |
| Net Profit | $42.4M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 19.4% | 3.7% |
| Net Margin | 16.2% | -1.9% |
| Revenue YoY | 20.4% | 61.7% |
| Net Profit YoY | 35.2% | 55.4% |
| EPS (diluted) | $1.18 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $249.4M | $347.1M | ||
| Q2 25 | $235.6M | $242.0M | ||
| Q1 25 | $217.7M | $274.2M | ||
| Q4 24 | $203.7M | $236.6M | ||
| Q3 24 | $205.7M | $242.2M | ||
| Q2 24 | $197.4M | $313.1M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-7.4M | ||
| Q3 25 | $33.6M | $-8.9M | ||
| Q2 25 | $36.0M | $-19.8M | ||
| Q1 25 | $31.4M | $-24.5M | ||
| Q4 24 | $102.7M | $-16.6M | ||
| Q3 24 | $33.0M | $-15.0M | ||
| Q2 24 | $29.7M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 3.7% | ||
| Q3 25 | 14.1% | 1.8% | ||
| Q2 25 | 17.2% | 2.0% | ||
| Q1 25 | 15.5% | 1.2% | ||
| Q4 24 | 11.3% | 1.1% | ||
| Q3 24 | 20.7% | 2.4% | ||
| Q2 24 | 18.3% | 9.2% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -1.9% | ||
| Q3 25 | 13.5% | -2.6% | ||
| Q2 25 | 15.3% | -8.2% | ||
| Q1 25 | 14.4% | -8.9% | ||
| Q4 24 | 50.4% | -7.0% | ||
| Q3 24 | 16.0% | -6.2% | ||
| Q2 24 | 15.0% | 4.6% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.57 | ||
| Q3 25 | $0.93 | $-0.71 | ||
| Q2 25 | $0.99 | $-1.67 | ||
| Q1 25 | $0.86 | $-1.89 | ||
| Q4 24 | $2.79 | $-0.72 | ||
| Q3 24 | $0.90 | $-1.18 | ||
| Q2 24 | $0.81 | $1.03 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $470.2M | $-240.1M |
| Total Assets | $580.6M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $112.1M | ||
| Q3 25 | $76.1M | $35.5M | ||
| Q2 25 | $73.5M | $33.4M | ||
| Q1 25 | $56.9M | $33.3M | ||
| Q4 24 | $42.5M | $48.8M | ||
| Q3 24 | $62.4M | $51.0M | ||
| Q2 24 | $59.6M | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $-240.1M | ||
| Q3 25 | $498.9M | $-233.3M | ||
| Q2 25 | $455.6M | $-224.8M | ||
| Q1 25 | $462.1M | $-204.2M | ||
| Q4 24 | $519.3M | $-180.4M | ||
| Q3 24 | $412.8M | $-163.1M | ||
| Q2 24 | $371.4M | $-149.0M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $950.1M | ||
| Q3 25 | $640.5M | $913.2M | ||
| Q2 25 | $567.4M | $890.9M | ||
| Q1 25 | $564.7M | $868.0M | ||
| Q4 24 | $626.7M | $891.1M | ||
| Q3 24 | $523.3M | $897.2M | ||
| Q2 24 | $479.3M | $898.9M |
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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $86.0M | $19.2M | ||
| Q2 25 | $52.6M | $40.4M | ||
| Q1 25 | $38.5M | $-14.1M | ||
| Q4 24 | $36.6M | $41.4M | ||
| Q3 24 | $57.8M | $-28.4M | ||
| Q2 24 | $50.9M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | — | ||
| Q3 25 | $84.7M | $19.0M | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $38.2M | $-18.8M | ||
| Q4 24 | $36.4M | $34.2M | ||
| Q3 24 | $57.4M | $-31.5M | ||
| Q2 24 | $50.8M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | — | ||
| Q3 25 | 34.0% | 5.5% | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 17.6% | -6.9% | ||
| Q4 24 | 17.9% | 14.5% | ||
| Q3 24 | 27.9% | -13.0% | ||
| Q2 24 | 25.8% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | 0.1% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.1% | 3.0% | ||
| Q3 24 | 0.2% | 1.3% | ||
| Q2 24 | 0.0% | 1.0% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
