AppFolio, Inc. vs BLACKBAUD INC
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
APPF: 3—BLKB: 2wins
Rule of 40
40.6APPF
10.2BLKB
check_circleAPPF leads
Revenue Growth
29.5%APPF
-1.7%BLKB
check_circleAPPF leads
Gross Margin
87%APPF
60%BLKB
check_circleAPPF leads
FCF Margin
11.2%APPF
11.9%BLKB
check_circleBLKB leads
Operating Margin
17.4%APPF
19.9%BLKB
check_circleBLKB leads
NRR
—APPF
—BLKB
Metric
Rule of 40Efficiency score
APPF
40.6check_circle
BLKB
10.2
Revenue GrowthYoY
APPF
29.5%check_circle
BLKB
-1.7%
Gross Margin% of revenue
APPF
87%check_circle
BLKB
60%
FCF MarginFree cash flow
APPF
11.2%
BLKB
11.9%check_circle
Operating MarginGAAP
APPF
17.4%
BLKB
19.9%check_circle
NRRNet retention
APPF
N/A
BLKB
N/A
EV / RevenueValuation multiple
APPF
6.3x
BLKB
2.6xcheck_circle
Market CapUSD
APPF
$6.4Bcheck_circle
BLKB
$1.9B
ARR GrowthYoY
APPF
N/A
BLKB
N/A
CAC PaybackMonths to recover
APPF
N/A
BLKB
N/A
insights
Analysis
As of Q2 2026, AppFolio, Inc. trades at 6.3x EV/Revenue versus BLACKBAUD INC at 2.6x. On the Rule of 40, AppFolio, Inc. scores 40.6 compared to BLACKBAUD INC's 10.2, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at AppFolio, Inc. 87% vs BLACKBAUD INC 60%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.