analyticsVertical SaaS
Data as of Q4 2025
Summary Verdict
BSY: 2—APPF: 3wins
Rule of 40
45.6BSY
46.3APPF
check_circleAPPF leads
Revenue Growth
11.0%BSY
21.5%APPF
check_circleAPPF leads
Gross Margin
82%BSY
84%APPF
check_circleAPPF leads
FCF Margin
34.6%BSY
24.8%APPF
check_circleBSY leads
Operating Margin
24.1%BSY
15.8%APPF
check_circleBSY leads
NRR
—BSY
—APPF
Metric
Rule of 40Efficiency score
BSY
45.6
APPF
46.3check_circle
Revenue GrowthYoY
BSY
11.0%
APPF
21.5%check_circle
Gross Margin% of revenue
BSY
82%
APPF
84%check_circle
FCF MarginFree cash flow
BSY
34.6%check_circle
APPF
24.8%
Operating MarginGAAP
BSY
24.1%check_circle
APPF
15.8%
NRRNet retention
BSY
N/A
APPF
N/A
EV / RevenueValuation multiple
BSY
N/A
APPF
6.3x
Market CapUSD
BSY
N/A
APPF
$6.1B
ARR GrowthYoY
BSY
N/A
APPF
N/A
CAC PaybackMonths to recover
BSY
N/A
APPF
N/A
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Analysis
As of Q4 2025, BENTLEY SYSTEMS INC trades at N/A EV/Revenue versus AppFolio, Inc. at 6.3x. On the Rule of 40, BENTLEY SYSTEMS INC scores 45.6 compared to AppFolio, Inc.'s 46.3, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at BENTLEY SYSTEMS INC 82% 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.