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Side-by-side financial comparison of APPFOLIO INC (APPF) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $208.0M, roughly 1.3× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs 16.2%, a 0.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -10.9%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -3.2%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
APPF vs VRTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $208.0M |
| Net Profit | $42.4M | $33.9M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 19.1% |
| Net Margin | 16.2% | 16.3% |
| Revenue YoY | 20.4% | -10.9% |
| Net Profit YoY | 35.2% | -14.2% |
| EPS (diluted) | $1.18 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $249.4M | $216.4M | ||
| Q2 25 | $235.6M | $210.5M | ||
| Q1 25 | $217.7M | $217.9M | ||
| Q4 24 | $203.7M | $233.5M | ||
| Q3 24 | $205.7M | $227.0M | ||
| Q2 24 | $197.4M | $224.4M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $33.9M | ||
| Q3 25 | $33.6M | $31.3M | ||
| Q2 25 | $36.0M | $42.7M | ||
| Q1 25 | $31.4M | $28.1M | ||
| Q4 24 | $102.7M | $39.5M | ||
| Q3 24 | $33.0M | $49.1M | ||
| Q2 24 | $29.7M | $26.0M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 19.1% | ||
| Q3 25 | 14.1% | 21.7% | ||
| Q2 25 | 17.2% | 21.5% | ||
| Q1 25 | 15.5% | 16.8% | ||
| Q4 24 | 11.3% | 21.7% | ||
| Q3 24 | 20.7% | 24.3% | ||
| Q2 24 | 18.3% | 19.7% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 16.3% | ||
| Q3 25 | 13.5% | 14.5% | ||
| Q2 25 | 15.3% | 20.3% | ||
| Q1 25 | 14.4% | 12.9% | ||
| Q4 24 | 50.4% | 16.9% | ||
| Q3 24 | 16.0% | 21.6% | ||
| Q2 24 | 15.0% | 11.6% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $5.15 | ||
| Q3 25 | $0.93 | $4.65 | ||
| Q2 25 | $0.99 | $6.12 | ||
| Q1 25 | $0.86 | $4.05 | ||
| Q4 24 | $2.79 | $4.65 | ||
| Q3 24 | $0.90 | $5.71 | ||
| Q2 24 | $0.81 | $2.43 |
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 | — | $390.0M |
| Stockholders' EquityBook value | $470.2M | $934.0M |
| Total Assets | $580.6M | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | — | ||
| Q3 25 | $76.1M | — | ||
| Q2 25 | $73.5M | — | ||
| Q1 25 | $56.9M | — | ||
| Q4 24 | $42.5M | — | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $934.0M | ||
| Q3 25 | $498.9M | $918.7M | ||
| Q2 25 | $455.6M | $896.4M | ||
| Q1 25 | $462.1M | $893.7M | ||
| Q4 24 | $519.3M | $897.5M | ||
| Q3 24 | $412.8M | $889.0M | ||
| Q2 24 | $371.4M | $868.7M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $4.3B | ||
| Q3 25 | $640.5M | $3.9B | ||
| Q2 25 | $567.4M | $3.7B | ||
| Q1 25 | $564.7M | $3.7B | ||
| Q4 24 | $626.7M | $4.0B | ||
| Q3 24 | $523.3M | $3.6B | ||
| Q2 24 | $479.3M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | — | $-74.1M |
| FCF MarginFCF / Revenue | — | -35.6% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 0.81× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-67.2M | ||
| Q3 25 | $86.0M | $108.3M | ||
| Q2 25 | $52.6M | $75.8M | ||
| Q1 25 | $38.5M | $-3.8M | ||
| Q4 24 | $36.6M | $1.8M | ||
| Q3 24 | $57.8M | $69.1M | ||
| Q2 24 | $50.9M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-74.1M | ||
| Q3 25 | $84.7M | $106.9M | ||
| Q2 25 | $52.4M | $74.2M | ||
| Q1 25 | $38.2M | $-6.8M | ||
| Q4 24 | $36.4M | $-3.8M | ||
| Q3 24 | $57.4M | $68.7M | ||
| Q2 24 | $50.8M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -35.6% | ||
| Q3 25 | 34.0% | 49.4% | ||
| Q2 25 | 22.2% | 35.2% | ||
| Q1 25 | 17.6% | -3.1% | ||
| Q4 24 | 17.9% | -1.6% | ||
| Q3 24 | 27.9% | 30.3% | ||
| Q2 24 | 25.8% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 3.3% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.1% | 0.7% | ||
| Q1 25 | 0.1% | 1.4% | ||
| Q4 24 | 0.1% | 2.4% | ||
| Q3 24 | 0.2% | 0.2% | ||
| Q2 24 | 0.0% | 0.6% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | -1.99× | ||
| Q3 25 | 2.56× | 3.45× | ||
| Q2 25 | 1.46× | 1.77× | ||
| Q1 25 | 1.23× | -0.13× | ||
| Q4 24 | 0.36× | 0.04× | ||
| Q3 24 | 1.75× | 1.41× | ||
| Q2 24 | 1.71× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $164.7M | 63% |
| Subscription Services | $58.2M | 22% |
| Other | $39.3M | 15% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
