AppFolio Inc. Financial Ratios — APPF Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	-11.63	12.56	22.57	32.42	75.81	0.35	-24.2	0.96	49.98	26.54
Return on Assets (%)	- -	-32.45	-27.03	-9.05	9.58	13.96	16.65	48.77	0.26	-17.26	0.68	39.41	21.42
Return on Capital (%)	- -	- -	- -	- -	12.56	17.61	- -	58.68	0.3	- -	0.82	- -	24.68
Return on Invested Capital (%)	- -	- -	- -	- -	11.99	16.98	- -	2.86	-2.04	- -	0.1	- -	23.43
Gross Margin (%)	48.7	52.69	54.78	57.73	61.56	61.3	60.3	61.61	59.95	59.35	61.63	64.48	63.68
EBITDA Margin (%)	-17.91	-9.97	-11.87	1.43	15.32	18.01	12.59	12.58	5.66	-8.13	5.17	19.8	18.7
Operating Margin (%)	-28.65	-17.95	-20.01	-7.98	6.49	10.34	2.52	3.16	-3.31	-15.34	0.16	17.08	16.08
Incremental Operating Margin (%)	- -	- -	- -	- -	46.47	22.31	-20.01	6.15	- -	- -	49.36	77.51	11.03
Pretax Margin (%)	-27.52	-18.08	-20.8	-7.78	6.8	10.73	1.88	63.48	0.48	-14.14	1.29	18.93	16.94
Profit Margin (%)	-27.52	-18.08	-20.9	-7.84	6.76	10.51	14.17	51.09	0.29	-14.44	0.44	25.69	14.82
Net Income to Common Margin (%)	-27.52	-18.08	-20.9	-7.84	6.76	10.51	14.17	51.09	0.29	-14.44	0.44	25.69	14.82
Effective Tax Rate (%)	- -	- -	- -	- -	0.59	2.06	- -	19.52	40.72	- -	66.21	- -	12.53
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	-11.63	12.56	22.57	32.42	75.81	0.35	-24.2	0.96	49.98	26.54

Credit (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	50	82	40	56	54	45	42	38
ST Debt	- -	- -	- -	- -	- -	1	1	- -	- -	3	4	4	5
LT Debt	- -	- -	- -	- -	- -	49	81	40	56	50	41	37	33
Total Debt/EBITDA	- -	- -	- -	- -	- -	1.46	2.54	1.03	2.74	-1.4	1.39	0.27	0.21
Net Debt/EBITDA	2.37	1.14	1.36	-7.08	-0.73	-0.71	1.02	-3.6	-2.84	1.84	-1.54	-0.27	-0.6
Total Debt/EBIT	- -	- -	- -	- -	- -	2.53	12.68	4.1	-4.69	-0.74	46.46	0.31	0.25
Net Debt/EBIT	1.48	0.63	0.8	1.27	-1.73	-1.23	5.07	-14.34	4.87	0.98	-51.41	-0.31	-0.7
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-158.66	-202.36	80.35	75.26	77.17	52.26	50.73	73.41	72.88	69.66	72.71	82.86	78.75
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	52.92	61.15	14.04	18.74	18.92	13.83	7.22	6.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	34.31	37.73	12.31	15.78	15.74	12.02	6.68	5.73
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	27.66	31.02	10.31	13.66	13.18	10.06	5.98	4.83
Total Debt/Equity (%)	- -	- -	- -	- -	- -	54.24	62.07	14.04	18.74	20.18	15.05	8.04	7.03
Total Debt/Capital (%)	- -	- -	- -	- -	- -	35.16	38.3	12.31	15.78	16.79	13.08	7.44	6.57
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	28.35	31.49	10.31	13.66	14.06	10.94	6.66	5.54
Net Debt to Equity	25.64	10.52	-16.59	-15.35	-18.93	-26.41	24.84	-49.06	-19.45	-26.65	-16.65	-8.19	-19.71
Net Debt/Capital (%)	20.4	9.51	-19.89	-18.14	-23.36	-35.9	16.55	-75.49	-19.59	-28.49	-16.92	-8.2	-22.58
EBITDA	-5	-5	-9	2	22	34	32	39	20	-38	32	157	178
EBITDA-CapEx	-6	-7	-13	-3	20	32	3	20	12	-45	23	155	175
Operating Income (Loss)	-8	-9	-15	-8	9	20	6	10	-12	-72	1	136	153

Liquidity (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.94	0.4	1.32	1.23	1.92	3.22	0.82	3.38	2.33	2.61	3.03	4.4	2.35
Current Ratio	2.18	0.58	1.63	1.51	2.25	3.83	1.3	4	3.01	3.28	3.9	5.3	3.31
Quick Ratio	2.07	0.49	1.44	1.34	2.06	3.41	0.97	3.59	2.57	2.88	3.33	4.8	2.95
CFO/Avg Current Liab	- -	0.05	-0.45	0.6	1.3	1.39	1.03	0.99	0.69	0.45	0.92	2.83	2.85
Common Equity/Total Assets	-158.66	-202.36	80.35	75.26	77.17	52.26	50.73	73.41	72.88	69.66	72.71	82.86	78.75
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	52.92	61.15	14.04	18.74	18.92	13.83	7.22	6.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	34.31	37.73	12.31	15.78	15.74	12.02	6.68	5.73
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	27.66	31.02	10.31	13.66	13.18	10.06	5.98	4.83
Total Debt/Equity (%)	- -	- -	- -	- -	- -	54.24	62.07	14.04	18.74	20.18	15.05	8.04	7.03
Total Debt/Capital (%)	- -	- -	- -	- -	- -	35.16	38.3	12.31	15.78	16.79	13.08	7.44	6.57
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	28.35	31.49	10.31	13.66	14.06	10.94	6.66	5.54
CFO/Total Liabilities	-6.1	0.62	-38.48	50.22	116.7	43.23	30.34	46.64	31.99	21.93	54.03	175.21	165.39
CFO/CapEx	-3.32	0.25	-1.84	2.71	13.26	17.25	1.34	2.54	4.37	3.88	6.67	93.33	76.74
Altman's Z-Score	-3.41	-5.45	15.69	20.82	35	16.51	19.46	38.47	25.07	21.12	36.41	54.42	38.66

Working Capital (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	48.13	46.3	46.32	48.76	42.7	39.15	35.2	31.73	32.43	33.35	35.25	31.06
Days Sales Outstanding	- -	7.58	7.88	7.88	7.49	8.55	9.32	10.37	11.5	11.25	10.95	10.35	11.75
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	19.57	15.21	27	71.47	70.35	59.65	80.24	104.92	91.85	131.75	160.31	106.24
Accounts Payable Turnover Days	- -	18.65	23.99	13.52	5.11	5.19	6.12	4.55	3.48	3.97	2.77	2.28	3.44
Cash Conversion Cycle	- -	-11.07	-16.11	-5.64	2.38	3.36	3.2	5.82	8.02	7.28	8.18	8.08	8.31
Inventory to Cash Days	- -	7.58	7.88	7.88	7.49	8.55	9.32	10.37	11.5	11.25	10.95	10.35	11.75
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	490	804	1,410	2,007	3,754	6,191	4,216	3,721	6,213	8,982	8,373
- Cash & Cash Equivalents	11	5	12	11	16	74	16	140	58	71	50	43	107
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	50	82	40	56	54	45	42	38
Enterprise Value	-11	-5	467	778	1,364	1,967	3,798	6,063	4,149	3,615	6,046	8,745	8,160
Total Capital	-44	-51	73	70	85	142	214	326	353	319	342	561	581
Total Debt/Capital (%)	- -	- -	- -	- -	- -	35.16	38.3	12.31	15.78	16.79	13.08	7.44	6.57
Total Debt / EV	- -	- -	- -	- -	- -	0.03	0.02	0.01	0.01	0.01	0.01	- -	- -
EV/Sales	- -	- -	6.23	7.37	9.49	10.35	14.83	19.55	11.55	7.66	9.75	11.01	8.58
EV/EBITDA	- -	- -	- -	514.57	61.92	57.45	117.83	155.49	203.86	- -	188.45	55.62	45.9
EV/EBIT	- -	- -	- -	- -	146.15	100.05	587.77	619.73	- -	- -	6,278.67	64.47	53.36
EV/Cash Flow to Firm	- -	- -	- -	67.65	46.45	54.22	97.66	125.53	117.24	142.52	100.3	46.48	33.7
EV/Free Cash Flow to Firm	- -	- -	- -	49.42	43.19	51.25	55.87	90.04	95.4	113.31	87.22	45.98	33.27
Diluted Market Cap	- -	- -	312	800	1,459	2,106	3,911	6,430	4,322	3,689	6,309	9,075	8,451
Diluted Enterprise Value	-11	-5	299	790	1,443	2,082	3,977	6,330	4,320	3,672	6,304	9,074	8,383
EV per Share	- -	- -	13.94	23.07	40.15	58.01	111.22	176.31	119.14	102.37	168.58	240.22	226.73
TTM Sales	27	48	75	106	144	190	256	310	359	472	620	794	951
TTM EBITDA	-5	-5	-9	2	22	34	32	39	20	-38	32	157	178
TTM Operating Income	-8	-9	-15	-8	9	20	6	10	-12	-72	1	136	153
TTM Cash Flow to Firm	-4	- -	-7	12	29	36	39	48	35	25	60	188	242
TTM Free Cash Flow to Firm	-3	2	-3	16	32	38	68	67	43	32	69	190	245

Multiples (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-99.43	50.84	46.18	54.89	57.53	95.49	99.37	115.64	91.01	47.72	34.46
EV/EBIT	- -	- -	- -	- -	146.15	100.05	587.77	619.73	- -	- -	6,278.67	64.47	53.36
Enterprise Value	-11	-5	467	778	1,364	1,967	3,798	6,063	4,149	3,615	6,046	8,745	8,160
Low Price	- -	- -	12.11	11.07	21.63	37.56	55	81.01	110.22	79.92	102.85	164.29	190.24
EV/Sales	- -	- -	6.23	7.37	9.49	10.35	14.83	19.55	11.55	7.66	9.75	11.01	8.58
EV/EBITDA	- -	- -	- -	514.57	61.92	57.45	117.83	155.49	203.86	- -	188.45	55.62	45.9
Price/Earnings	- -	- -	- -	- -	144.58	101.22	103.08	38.94	4,072	- -	2,284.37	43.83	59.45
Price/Earnings Average	- -	- -	-22.36	-65.23	119.24	99.51	85.29	30.56	4,624.02	-55.14	2,095.89	40.74	61.1
Price/Earnings High	- -	- -	-27.15	-99.29	182.03	156.38	109.67	40.36	6,237.56	-65.65	2,787.72	48.77	83.32
Price/Earnings Low	- -	- -	-16.49	-44.86	75.36	64.19	51.56	17.52	3,707.38	-41.08	1,356.15	29.19	48.62
Price/Book Value	- -	- -	6.74	11.54	16.58	21.86	28.45	21.65	14.18	14.01	20.9	17.3	15.43
Price/Book Value Average	- -	- -	7.58	7.79	13.67	21.49	23.54	16.99	16.1	14.27	19.17	16.08	15.86
Price/Book Value High	- -	- -	9.2	11.86	20.87	33.77	30.27	22.44	21.72	16.99	25.5	19.25	21.63
Price/Book Value Low	- -	- -	5.59	5.36	8.64	13.86	14.23	9.74	12.91	10.63	12.41	11.52	12.62
Price/Tangible Book Value	- -	- -	9.52	18.15	23.9	40.21	169.69	34.79	22.39	21.98	28.59	25.06	21.14
Price/Tangible Book Value Average	- -	- -	10.71	12.25	19.71	39.54	140.4	27.3	25.42	22.37	26.23	23.29	21.73
Price/Tangible Book Value High	- -	- -	13	18.65	30.09	62.13	180.54	36.06	34.29	26.64	34.89	27.89	29.63
Price/Tangible Book Value Low	- -	- -	7.9	8.43	12.46	25.5	84.88	15.65	20.38	16.67	16.97	16.69	17.29
Price/Sales	- -	- -	4.15	7.58	9.77	10.63	14.61	19.9	11.65	7.82	9.95	11.26	8.81
Price/Sales Average	- -	- -	4.67	5.12	8.06	10.45	12.09	15.61	13.23	7.96	9.13	10.47	9.06
Price/Sales High	- -	- -	5.67	7.79	12.3	16.43	15.54	20.62	17.84	9.48	12.14	12.53	12.35
Price/Sales Low	- -	- -	3.45	3.52	5.09	6.74	7.31	8.95	10.61	5.93	5.91	7.5	7.21
Price/Cash Flow	- -	- -	-45.52	69.6	47.83	55.73	96.18	127.72	118.28	145.45	102.39	47.53	34.61
Price/Cash Flow Average	- -	- -	-51.19	46.97	39.45	54.78	79.58	100.22	134.31	148.08	93.94	44.18	35.57
Price/Cash Flow High	- -	- -	-62.15	71.5	60.22	86.09	102.33	132.37	181.18	176.31	124.95	52.9	48.5
Price/Cash Flow Low	- -	- -	-37.75	32.31	24.93	35.34	48.11	57.47	107.69	110.31	60.79	31.65	28.3
Price/Free Cash Flow Average	- -	- -	-111.81	34.31	38.09	53.96	47.6	74.92	112.84	117.72	83.5	44.35	35.41
Price/Free Cash Flow High	- -	- -	-135.76	52.23	58.15	84.79	61.21	98.96	152.22	140.17	111.06	53.1	48.29
Price/Free Cash Flow Low	- -	- -	-82.47	23.6	24.07	34.81	28.78	42.96	90.47	87.7	54.03	31.78	28.18
EV/Sales Average	- -	- -	7.19	5.04	7.98	10.26	12.39	15.34	13.32	7.99	9.18	10.51	8.98
EV/Sales High	- -	- -	8.76	7.72	12.23	16.19	15.86	20.37	17.96	9.52	12.21	12.58	12.27
EV/Sales Low	- -	- -	5.26	3.43	5	6.57	7.59	8.66	10.68	5.94	5.94	7.53	7.13
EV/EBITDA Average	2.37	1.14	-60.54	351.87	52.06	56.94	98.43	122.02	235.12	-98.31	177.53	53.1	48.01
EV/EBITDA High	2.37	1.14	-73.79	539.3	79.85	89.89	125.98	161.99	317.2	-117.14	236.18	63.57	65.61
EV/EBITDA Low	2.37	1.14	-44.29	239.8	32.63	36.48	60.32	68.88	188.49	-73.13	114.82	38.04	38.12
EV/EBIT Average	1.48	0.63	-35.91	-63.16	122.87	99.17	491	486.33	-402.87	-52.11	5,914.76	61.54	55.82
EV/EBIT High	1.48	0.63	-43.77	-96.81	188.47	156.55	628.46	645.64	-543.52	-62.1	7,868.78	73.68	76.29
EV/EBIT Low	1.48	0.63	-26.27	-43.05	77.02	63.53	300.9	274.52	-322.98	-38.76	3,825.4	44.09	44.32
Last Price	- -	- -	14.6	23.85	41.5	59.22	109.95	180.04	121.06	105.38	173.24	246.72	232.65
High Price	- -	- -	19.93	24.5	52.25	91.49	116.98	186.59	185.44	127.74	211.41	274.56	326.04
Enterprise Value Average	-11	-5	539	532	1,147	1,949	3,172	4,758	4,785	3,772	5,696	8,348	8,536
Enterprise Value High	-11	-5	657	815	1,759	3,077	4,060	6,316	6,456	4,494	7,578	9,994	11,665
Enterprise Value Low	-11	-5	394	363	719	1,249	1,944	2,686	3,836	2,805	3,684	5,980	6,778

Shares Outstanding	32	32	34	34	34	34	34	34	35	35	36	36	36
Diluted Weighted Avg Shares	26	26	21	34	35	36	36	36	36	35	36	37	36
Basic Weighted Avg Shares	26	26	21	34	34	34	34	34	35	35	36	36	36
Revenue per Share	1.03	1.85	3.51	3.15	4.25	5.57	7.53	9.05	10.39	13.48	17.41	21.91	26.4
EBITDA per Share	-0.18	-0.18	-0.42	0.05	0.65	1	0.95	1.14	0.59	-1.1	0.9	4.34	4.94
Operating Income per Share	-0.3	-0.33	-0.7	-0.25	0.28	0.58	0.19	0.29	-0.34	-2.07	0.03	3.74	4.25
Basic EPS, GAAP	-0.28	-0.33	-0.73	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
Basic EPS from Cont Ops	-0.28	-0.33	-0.73	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
Diluted EPS, GAAP	-0.28	-0.33	-0.73	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88
Diluted EPS from Cont Ops	-0.28	-0.33	-0.73	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.17	0.02	-0.32	0.34	0.87	1.06	1.14	1.41	1.02	0.72	1.69	5.19	6.72
Free Cash Flow per Basic Share	-0.22	-0.06	-0.49	0.22	0.8	1	0.29	0.85	0.79	0.54	1.44	5.13	6.64
Cash & Equivalents per Share	0.35	0.17	0.66	0.78	1.35	2.68	1.13	4.9	3.52	4.53	5.9	7.64	6.98
Book Value per Share	-1.36	-1.59	2.17	2.07	2.5	2.71	3.86	8.31	8.54	7.52	8.29	14.26	15.08
Tangible Book Value per Share	-1.74	-2.03	1.53	1.31	1.74	1.47	0.65	5.17	5.41	4.8	6.06	9.84	11

AppFolio Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)