Summary Verdict
BLKB: 1—APPF: 4wins
Rule of 40
20.6BLKB
46.3APPF
check_circleAPPF leads
Revenue Growth
-2.3%BLKB
21.5%APPF
check_circleAPPF leads
Gross Margin
59%BLKB
84%APPF
check_circleAPPF leads
FCF Margin
22.9%BLKB
24.8%APPF
check_circleAPPF leads
Operating Margin
16.9%BLKB
15.8%APPF
check_circleBLKB leads
NRR
—BLKB
—APPF
Metric
Rule of 40Efficiency score
BLKB
20.6
APPF
46.3check_circle
Revenue GrowthYoY
BLKB
-2.3%
APPF
21.5%check_circle
Gross Margin% of revenue
BLKB
59%
APPF
84%check_circle
FCF MarginFree cash flow
BLKB
22.9%
APPF
24.8%check_circle
Operating MarginGAAP
BLKB
16.9%check_circle
APPF
15.8%
NRRNet retention
BLKB
N/A
APPF
N/A
EV / RevenueValuation multiple
BLKB
N/A
APPF
6.3x
Market CapUSD
BLKB
N/A
APPF
$6.1B
ARR GrowthYoY
BLKB
N/A
APPF
N/A
CAC PaybackMonths to recover
BLKB
N/A
APPF
N/A
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insights
Analysis
As of Q4 2025, BLACKBAUD INC trades at N/A EV/Revenue versus AppFolio, Inc. at 6.3x. On the Rule of 40, BLACKBAUD INC scores 20.6 compared to AppFolio, Inc.'s 46.3, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at BLACKBAUD INC 59% vs AppFolio, Inc. 84%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.