AppFolio, Inc. vs SPS Commerce, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
APPF: 4—SPSC: 1wins
Rule of 40
40.6APPF
37.1SPSC
check_circleAPPF leads
Revenue Growth
29.5%APPF
20.3%SPSC
check_circleAPPF leads
Gross Margin
87%APPF
69%SPSC
check_circleAPPF leads
FCF Margin
11.2%APPF
16.8%SPSC
check_circleSPSC leads
Operating Margin
17.4%APPF
11.8%SPSC
check_circleAPPF leads
NRR
—APPF
—SPSC
Metric
Rule of 40Efficiency score
APPF
40.6check_circle
SPSC
37.1
Revenue GrowthYoY
APPF
29.5%check_circle
SPSC
20.3%
Gross Margin% of revenue
APPF
87%check_circle
SPSC
69%
FCF MarginFree cash flow
APPF
11.2%
SPSC
16.8%check_circle
Operating MarginGAAP
APPF
17.4%check_circle
SPSC
11.8%
NRRNet retention
APPF
N/A
SPSC
N/A
EV / RevenueValuation multiple
APPF
7.5x
SPSC
3.4xcheck_circle
Market CapUSD
APPF
$7.7Bcheck_circle
SPSC
$2.9B
ARR GrowthYoY
APPF
N/A
SPSC
N/A
CAC PaybackMonths to recover
APPF
N/A
SPSC
N/A
insights
Analysis
As of Q2 2026, AppFolio, Inc. trades at 7.5x EV/Revenue versus SPS Commerce, Inc. at 3.4x. On the Rule of 40, AppFolio, Inc. scores 40.6 compared to SPS Commerce, Inc.'s 37.1, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at AppFolio, Inc. 87% vs SPS Commerce, Inc. 69%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.