AppFolio, Inc. vs Q2 Holdings, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
APPF: 4—QTWO: 1wins
Rule of 40
40.6APPF
32.5QTWO
check_circleAPPF leads
Revenue Growth
29.5%APPF
19.6%QTWO
check_circleAPPF leads
Gross Margin
87%APPF
57%QTWO
check_circleAPPF leads
FCF Margin
11.2%APPF
12.9%QTWO
check_circleQTWO leads
Operating Margin
17.4%APPF
9.3%QTWO
check_circleAPPF leads
NRR
—APPF
—QTWO
Metric
Rule of 40Efficiency score
APPF
40.6check_circle
QTWO
32.5
Revenue GrowthYoY
APPF
29.5%check_circle
QTWO
19.6%
Gross Margin% of revenue
APPF
87%check_circle
QTWO
57%
FCF MarginFree cash flow
APPF
11.2%
QTWO
12.9%check_circle
Operating MarginGAAP
APPF
17.4%check_circle
QTWO
9.3%
NRRNet retention
APPF
N/A
QTWO
N/A
EV / RevenueValuation multiple
APPF
6.3x
QTWO
4.1xcheck_circle
Market CapUSD
APPF
$6.4Bcheck_circle
QTWO
$3.8B
ARR GrowthYoY
APPF
N/A
QTWO
N/A
CAC PaybackMonths to recover
APPF
N/A
QTWO
N/A
insights
Analysis
As of Q2 2026, AppFolio, Inc. trades at 6.3x EV/Revenue versus Q2 Holdings, Inc. at 4.1x. On the Rule of 40, AppFolio, Inc. scores 40.6 compared to Q2 Holdings, Inc.'s 32.5, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at AppFolio, Inc. 87% vs Q2 Holdings, Inc. 57%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.