APPFAPPFOLIO INC

Services-Prepackaged Software

Revenue: $951M; 20% YoY
Operating margin: 16.1%; 5.8% YoY
EBITDA: $176M; 13% YoY
Market cap: $7.6B
Employees: 1,702; $559K revenue each
Net debt / EBITDA: -1.2×; −$211M net debt
AI in 10-K: 9.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
172% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
60% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$559K · 61st pct
Bottom quartile of its SIC industry
Quiet on AINo
9.7 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$47M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$359M	$472M	$620M	$794M	$951M	20%
Operating income	−$12M	−$72M	$963K	$136M	$153M	13%
Net income	$1M	−$68M	$3M	$204M	$141M	31%
Operating cash flow	$35M	$25M	$60M	$188M	$242M	29%
Capex	$8M	$7M	$9M	$2M	$3M	56%
Stock-based comp	$17M	$43M	$52M	$60M	$71M	17%
Buybacks	$0	$0	$0	$0	$146M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 13, 2026	DUCA MAURICE J	SCHEDULE 13D/A	21.2%	Passive
Jul 19, 2024	DUCA MAURICE J	SC 13D/A	23.4%	Passive
Dec 15, 2023	BLISS TIMOTHY K	SC 13D/A	5.0%	Passive
Jun 7, 2023	BLISS TIMOTHY K	SC 13D/A	6.4%	Passive
Mar 6, 2023	DUCA MAURICE J	SC 13D/A	25.3%	Active
Nov 10, 2022	DUCA MAURICE J	SC 13D	25.3%	Passive
Dec 23, 2021	IGSB IVP III, LLC	SC 13D/A	0.1%	Passive
Jul 21, 2020	IGSB IVP III, LLC	SC 13D/A	32.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $47M · 400
Net: −$47M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	129	258
FY2024	—	—	137	201
FY2023	—	—	96	147
FY2022	—	—	59	89
FY2021	—	—	67	138