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APPFOLIO INC（APPF）与Madison Square Garden Sports Corp.（MSGS）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Sports Corp.的季度营收约是APPFOLIO INC的1.5倍（$403.4M vs $262.2M），APPFOLIO INC净利率更高（16.2% vs 2.0%，领先14.1%），APPFOLIO INC同比增速更快（20.4% vs 12.8%），过去两年APPFOLIO INC的营收复合增速更高（15.3% vs -3.1%）
AppFolio Inc.是一家2006年成立的美国企业，专注服务房地产行业，为客户提供软件即服务（SaaS）类应用产品及相关配套服务，助力房地产相关经营主体优化管理流程、提升运营效率。
麦迪逊广场花园体育公司是总部位于美国纽约市的专业体育控股企业，深耕职业体育俱乐部运营、体育IP开发管理等核心业务，在北美体育产业领域拥有深厚的行业积累与较高的市场知名度。
APPF vs MSGS — 直观对比
营收规模更大
MSGS
是对方的1.5倍
$262.2M
营收增速更快
APPF
高出7.7%
12.8%
净利率更高
APPF
高出14.1%
2.0%
两年增速更快
APPF
近两年复合增速
-3.1%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $262.2M | $403.4M |
| 净利润 | $42.4M | $8.2M |
| 毛利率 | — | — |
| 营业利润率 | 19.4% | 5.5% |
| 净利率 | 16.2% | 2.0% |
| 营收同比 | 20.4% | 12.8% |
| 净利润同比 | 35.2% | 641.9% |
| 每股收益（稀释后） | $1.18 | $0.34 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APPFMSGS
| Q1 26 | $262.2M | — | ||
| Q4 25 | $248.2M | $403.4M | ||
| Q3 25 | $249.4M | $39.5M | ||
| Q2 25 | $235.6M | $204.0M | ||
| Q1 25 | $217.7M | $424.2M | ||
| Q4 24 | $203.7M | $357.8M | ||
| Q3 24 | $205.7M | $53.3M | ||
| Q2 24 | $197.4M | $227.3M |
净利润APPFMSGS
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $8.2M | ||
| Q3 25 | $33.6M | $-8.8M | ||
| Q2 25 | $36.0M | $-1.8M | ||
| Q1 25 | $31.4M | $-14.2M | ||
| Q4 24 | $102.7M | $1.1M | ||
| Q3 24 | $33.0M | $-7.5M | ||
| Q2 24 | $29.7M | $25.5M |
营业利润率APPFMSGS
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 5.5% | ||
| Q3 25 | 14.1% | -69.5% | ||
| Q2 25 | 17.2% | -11.1% | ||
| Q1 25 | 15.5% | 7.6% | ||
| Q4 24 | 11.3% | 3.7% | ||
| Q3 24 | 20.7% | -15.5% | ||
| Q2 24 | 18.3% | 23.0% |
净利率APPFMSGS
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 2.0% | ||
| Q3 25 | 13.5% | -22.3% | ||
| Q2 25 | 15.3% | -0.9% | ||
| Q1 25 | 14.4% | -3.4% | ||
| Q4 24 | 50.4% | 0.3% | ||
| Q3 24 | 16.0% | -14.1% | ||
| Q2 24 | 15.0% | 11.2% |
每股收益（稀释后）APPFMSGS
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.34 | ||
| Q3 25 | $0.93 | $-0.37 | ||
| Q2 25 | $0.99 | $-0.08 | ||
| Q1 25 | $0.86 | $-0.59 | ||
| Q4 24 | $2.79 | $0.05 | ||
| Q3 24 | $0.90 | $-0.31 | ||
| Q2 24 | $0.81 | $1.07 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $147.4M | $81.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $470.2M | $-282.1M |
| 总资产 | $580.6M | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APPFMSGS
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $81.3M | ||
| Q3 25 | $76.1M | $48.6M | ||
| Q2 25 | $73.5M | $144.6M | ||
| Q1 25 | $56.9M | $96.5M | ||
| Q4 24 | $42.5M | $107.8M | ||
| Q3 24 | $62.4M | $52.3M | ||
| Q2 24 | $59.6M | $89.1M |
股东权益APPFMSGS
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $-282.1M | ||
| Q3 25 | $498.9M | $-294.2M | ||
| Q2 25 | $455.6M | $-281.4M | ||
| Q1 25 | $462.1M | $-283.4M | ||
| Q4 24 | $519.3M | $-273.1M | ||
| Q3 24 | $412.8M | $-277.5M | ||
| Q2 24 | $371.4M | $-266.3M |
总资产APPFMSGS
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.5B | ||
| Q3 25 | $640.5M | $1.5B | ||
| Q2 25 | $567.4M | $1.5B | ||
| Q1 25 | $564.7M | $1.5B | ||
| Q4 24 | $626.7M | $1.4B | ||
| Q3 24 | $523.3M | $1.4B | ||
| Q2 24 | $479.3M | $1.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $34.3M | $32.4M |
| 自由现金流经营现金流 - 资本支出 | — | $31.6M |
| 自由现金流率自由现金流/营收 | — | 7.8% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | 0.81× | 3.94× |
| 过去12个月自由现金流最近4个季度 | — | $-480.0K |
8季度趋势，按日历期对齐
经营现金流APPFMSGS
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $32.4M | ||
| Q3 25 | $86.0M | $-85.0M | ||
| Q2 25 | $52.6M | $49.7M | ||
| Q1 25 | $38.5M | $6.3M | ||
| Q4 24 | $36.6M | $61.8M | ||
| Q3 24 | $57.8M | $-26.2M | ||
| Q2 24 | $50.9M | $108.4M |
自由现金流APPFMSGS
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $31.6M | ||
| Q3 25 | $84.7M | $-85.3M | ||
| Q2 25 | $52.4M | $49.4M | ||
| Q1 25 | $38.2M | $3.9M | ||
| Q4 24 | $36.4M | $61.2M | ||
| Q3 24 | $57.4M | $-26.5M | ||
| Q2 24 | $50.8M | $108.0M |
自由现金流率APPFMSGS
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 7.8% | ||
| Q3 25 | 34.0% | -216.3% | ||
| Q2 25 | 22.2% | 24.2% | ||
| Q1 25 | 17.6% | 0.9% | ||
| Q4 24 | 17.9% | 17.1% | ||
| Q3 24 | 27.9% | -49.7% | ||
| Q2 24 | 25.8% | 47.5% |
资本支出强度APPFMSGS
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.2% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 0.1% | 0.2% | ||
| Q1 25 | 0.1% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.0% | 0.2% |
现金转化率APPFMSGS
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 3.94× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | 55.61× | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 4.25× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
