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Side-by-side financial comparison of APPFOLIO INC (APPF) and VORNADO REALTY TRUST (VNO). Click either name above to swap in a different company.
VORNADO REALTY TRUST is the larger business by last-quarter revenue ($453.7M vs $262.2M, roughly 1.7× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 1.1%, a 15.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -0.9%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 2.0%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
APPF vs VNO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $453.7M |
| Net Profit | $42.4M | $4.9M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 2.8% |
| Net Margin | 16.2% | 1.1% |
| Revenue YoY | 20.4% | -0.9% |
| Net Profit YoY | 35.2% | -14.7% |
| EPS (diluted) | $1.18 | $0.01 |
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 | $453.7M | ||
| Q3 25 | $249.4M | $453.7M | ||
| Q2 25 | $235.6M | $441.4M | ||
| Q1 25 | $217.7M | $461.6M | ||
| Q4 24 | $203.7M | $457.8M | ||
| Q3 24 | $205.7M | $443.3M | ||
| Q2 24 | $197.4M | $450.3M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $4.9M | ||
| Q3 25 | $33.6M | $27.1M | ||
| Q2 25 | $36.0M | $759.3M | ||
| Q1 25 | $31.4M | $102.4M | ||
| Q4 24 | $102.7M | $5.8M | ||
| Q3 24 | $33.0M | $-3.6M | ||
| Q2 24 | $29.7M | $50.8M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 2.8% | ||
| Q3 25 | 14.1% | 3.0% | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 15.5% | 23.2% | ||
| Q4 24 | 11.3% | 2.5% | ||
| Q3 24 | 20.7% | -3.3% | ||
| Q2 24 | 18.3% | 10.1% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 1.1% | ||
| Q3 25 | 13.5% | 6.0% | ||
| Q2 25 | 15.3% | 172.0% | ||
| Q1 25 | 14.4% | 22.2% | ||
| Q4 24 | 50.4% | 1.3% | ||
| Q3 24 | 16.0% | -0.8% | ||
| Q2 24 | 15.0% | 11.3% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.01 | ||
| Q3 25 | $0.93 | $0.06 | ||
| Q2 25 | $0.99 | $3.70 | ||
| Q1 25 | $0.86 | $0.43 | ||
| Q4 24 | $2.79 | $0.01 | ||
| Q3 24 | $0.90 | $-0.10 | ||
| Q2 24 | $0.81 | $0.18 |
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 | $840.9M |
| Total DebtLower is stronger | — | $2.3B |
| Stockholders' EquityBook value | $470.2M | $6.0B |
| Total Assets | $580.6M | $15.5B |
| Debt / EquityLower = less leverage | — | 0.38× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $840.9M | ||
| Q3 25 | $76.1M | $1.0B | ||
| Q2 25 | $73.5M | $1.2B | ||
| Q1 25 | $56.9M | $568.9M | ||
| Q4 24 | $42.5M | $733.9M | ||
| Q3 24 | $62.4M | $783.6M | ||
| Q2 24 | $59.6M | $872.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $6.0B | ||
| Q3 25 | $498.9M | $6.1B | ||
| Q2 25 | $455.6M | $6.1B | ||
| Q1 25 | $462.1M | $5.3B | ||
| Q4 24 | $519.3M | $5.2B | ||
| Q3 24 | $412.8M | $5.3B | ||
| Q2 24 | $371.4M | $5.6B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $15.5B | ||
| Q3 25 | $640.5M | $15.7B | ||
| Q2 25 | $567.4M | $15.6B | ||
| Q1 25 | $564.7M | $15.6B | ||
| Q4 24 | $626.7M | $16.0B | ||
| Q3 24 | $523.3M | $16.1B | ||
| Q2 24 | $479.3M | $16.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.46× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 256.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $1.3B | ||
| Q3 25 | $86.0M | $33.2M | ||
| Q2 25 | $52.6M | $1.0B | ||
| Q1 25 | $38.5M | $52.0M | ||
| Q4 24 | $36.6M | $537.7M | ||
| Q3 24 | $57.8M | $105.4M | ||
| Q2 24 | $50.9M | $194.7M |
| 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× | 256.08× | ||
| Q3 25 | 2.56× | 1.22× | ||
| Q2 25 | 1.46× | 1.35× | ||
| Q1 25 | 1.23× | 0.51× | ||
| Q4 24 | 0.36× | 93.39× | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 3.83× |
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% |
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
