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APPFOLIO INC（APPF）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是APPFOLIO INC的1.9倍（$492.9M vs $262.2M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 16.2%，领先3.5%），APPFOLIO INC同比增速更快（20.4% vs 8.5%），过去两年APPFOLIO INC的营收复合增速更高（15.3% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
APPF vs STWD — 直观对比
营收规模更大
STWD
是对方的1.9倍
$262.2M
营收增速更快
APPF
高出12.0%
8.5%
净利率更高
STWD
高出3.5%
16.2%
两年增速更快
APPF
近两年复合增速
-2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $262.2M | $492.9M |
| 净利润 | $42.4M | $96.9M |
| 毛利率 | — | — |
| 营业利润率 | 19.4% | 26.6% |
| 净利率 | 16.2% | 19.7% |
| 营收同比 | 20.4% | 8.5% |
| 净利润同比 | 35.2% | 87.7% |
| 每股收益（稀释后） | $1.18 | $0.25 |
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APPFSTWD
| Q1 26 | $262.2M | — | ||
| Q4 25 | $248.2M | $492.9M | ||
| Q3 25 | $249.4M | $488.9M | ||
| Q2 25 | $235.6M | $444.3M | ||
| Q1 25 | $217.7M | $418.2M | ||
| Q4 24 | $203.7M | $454.4M | ||
| Q3 24 | $205.7M | $479.5M | ||
| Q2 24 | $197.4M | $489.8M |
净利润APPFSTWD
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $96.9M | ||
| Q3 25 | $33.6M | $72.6M | ||
| Q2 25 | $36.0M | $129.8M | ||
| Q1 25 | $31.4M | $112.3M | ||
| Q4 24 | $102.7M | $51.6M | ||
| Q3 24 | $33.0M | $76.1M | ||
| Q2 24 | $29.7M | $77.9M |
营业利润率APPFSTWD
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 26.6% | ||
| Q3 25 | 14.1% | 19.1% | ||
| Q2 25 | 17.2% | 30.5% | ||
| Q1 25 | 15.5% | 28.7% | ||
| Q4 24 | 11.3% | 15.1% | ||
| Q3 24 | 20.7% | 17.2% | ||
| Q2 24 | 18.3% | 19.1% |
净利率APPFSTWD
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 19.7% | ||
| Q3 25 | 13.5% | 14.8% | ||
| Q2 25 | 15.3% | 29.2% | ||
| Q1 25 | 14.4% | 26.8% | ||
| Q4 24 | 50.4% | 11.4% | ||
| Q3 24 | 16.0% | 15.9% | ||
| Q2 24 | 15.0% | 15.9% |
每股收益（稀释后）APPFSTWD
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.25 | ||
| Q3 25 | $0.93 | $0.19 | ||
| Q2 25 | $0.99 | $0.38 | ||
| Q1 25 | $0.86 | $0.33 | ||
| Q4 24 | $2.79 | $0.15 | ||
| Q3 24 | $0.90 | $0.23 | ||
| Q2 24 | $0.81 | $0.24 |
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 | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $470.2M | $6.8B |
| 总资产 | $580.6M | $63.2B |
| 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APPFSTWD
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $499.5M | ||
| Q3 25 | $76.1M | $301.1M | ||
| Q2 25 | $73.5M | $259.9M | ||
| Q1 25 | $56.9M | $440.6M | ||
| Q4 24 | $42.5M | $377.8M | ||
| Q3 24 | $62.4M | $357.9M | ||
| Q2 24 | $59.6M | $259.3M |
股东权益APPFSTWD
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $6.8B | ||
| Q3 25 | $498.9M | $6.9B | ||
| Q2 25 | $455.6M | $6.4B | ||
| Q1 25 | $462.1M | $6.4B | ||
| Q4 24 | $519.3M | $6.4B | ||
| Q3 24 | $412.8M | $6.5B | ||
| Q2 24 | $371.4M | $6.2B |
总资产APPFSTWD
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $63.2B | ||
| Q3 25 | $640.5M | $62.4B | ||
| Q2 25 | $567.4M | $62.4B | ||
| Q1 25 | $564.7M | $62.2B | ||
| Q4 24 | $626.7M | $62.6B | ||
| Q3 24 | $523.3M | $64.2B | ||
| Q2 24 | $479.3M | $64.1B |
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 | $488.8M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.81× | 5.04× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APPFSTWD
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $488.8M | ||
| Q3 25 | $86.0M | $337.6M | ||
| Q2 25 | $52.6M | $-87.4M | ||
| Q1 25 | $38.5M | $238.9M | ||
| Q4 24 | $36.6M | $295.6M | ||
| Q3 24 | $57.8M | $241.8M | ||
| Q2 24 | $50.9M | $53.3M |
自由现金流APPFSTWD
| 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 | — |
自由现金流率APPFSTWD
| 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% | — |
资本支出强度APPFSTWD
| 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% | — |
现金转化率APPFSTWD
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 5.04× | ||
| Q3 25 | 2.56× | 4.65× | ||
| Q2 25 | 1.46× | -0.67× | ||
| Q1 25 | 1.23× | 2.13× | ||
| Q4 24 | 0.36× | 5.72× | ||
| Q3 24 | 1.75× | 3.18× | ||
| Q2 24 | 1.71× | 0.68× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
