# AppFolio: Beat, Raised, Crossed $1B — Yet Near 52-Week Lows; Our Call: BUY (APPF Q2 2026)

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/appfolio-beat-raised-crossed-1b-yet-near-52-week-lows-our-call-buy-appf-q2-2026
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/appfolio-beat-raised-crossed-1b-yet-near-52-week-lows-our-call-buy-appf-q2-2026.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-24T05:53:42+00:00
Episode link: https://chargedalpha.podbean.com/e/appfolio-beat-raised-crossed-1b-%e2%80%94-yet-near-52-week-lows-our-call-buy-appf-q2-2026/
Audio file: https://mcdn.podbean.com/mf/web/65cxvpy42zj2de6k/audio_z.mp3
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JSON: https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/appfolio-beat-raised-crossed-1b-yet-near-52-week-lows-our-call-buy-appf-q2-2026
Duration seconds: 826

## Resource

AppFolio (APPF) Q2 2026 — AppFolio (APPF), the software platform that runs the property-management industry, reported a strong Q2 2026: revenue grew 19% to $281.1M, non-GAAP EPS of $1.71 beat the $1.69 estimate, GAAP operating income rose 31% to $53M (an 18.8% margin), the non-GAAP operating margin expanded to 27.1%, and operating cash flow hit $88M — over 31% of revenue. Total units under management grew 8% to 9.6M, the company crossed $1 billion in trailing-twelve-month revenue for the first time, and management RAISED full-year guidance to $1.117–1.127B in revenue and a 26.5–28.0% non-GAAP operating margin. The balance sheet is net cash (~$222M, zero debt). And yet the stock trades near $164 — roughly 50% below its $326 high and close to a 52-week low — as revenue growth decelerates from the 30s to the high-teens and the multiple de-rates. The honest asterisk: non-GAAP EPS ($1.71) sits well above GAAP diluted EPS ($1.17), a gap driven mostly by stock-based compensation (~7% of revenue). Our owner-earnings DCF, treating stock comp as the real cost it is, lands a base fair value near $190 — about 16% above the price, with a compounder path into the $230s. Our call: BUY, 3 out of 5 — disciplined, not euphoric. AppFolio (NASDAQ: APPF) is the under-appreciated leader in vertical software for property management — the operating system landlords and management firms use to run leasing, accounting, maintenance, tenant screening and payments across 9.6 million rental units. Q2 2026 was, by every operating measure, excellent: revenue grew 19% to $281.1M, non-GAAP EPS of $1.71 beat the $1.69 estimate, GAAP operating income jumped 31% to $53M, the non-GAAP operating margin expanded to 27.1%, operating cash flow was $88M (31% of revenue), the company crossed $1B in trailing reve…

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