analyticsVertical SaaS
Data as of Q4 2025
Summary Verdict
IIIV: 1—APPF: 4wins
Rule of 40
21.6IIIV
46.3APPF
check_circleAPPF leads
Revenue Growth
19.9%IIIV
21.5%APPF
check_circleAPPF leads
Gross Margin
145%IIIV
84%APPF
check_circleIIIV leads
FCF Margin
1.6%IIIV
24.8%APPF
check_circleAPPF leads
Operating Margin
1.6%IIIV
15.8%APPF
check_circleAPPF leads
NRR
—IIIV
—APPF
Metric
Rule of 40Efficiency score
IIIV
21.6
APPF
46.3check_circle
Revenue GrowthYoY
IIIV
19.9%
APPF
21.5%check_circle
Gross Margin% of revenue
IIIV
145%check_circle
APPF
84%
FCF MarginFree cash flow
IIIV
1.6%
APPF
24.8%check_circle
Operating MarginGAAP
IIIV
1.6%
APPF
15.8%check_circle
NRRNet retention
IIIV
N/A
APPF
N/A
EV / RevenueValuation multiple
IIIV
1.7xcheck_circle
APPF
6.3x
Market CapUSD
IIIV
$476.8M
APPF
$6.1Bcheck_circle
ARR GrowthYoY
IIIV
N/A
APPF
N/A
CAC PaybackMonths to recover
IIIV
N/A
APPF
N/A
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insights
Analysis
As of Q4 2025, i3 Verticals, Inc. trades at 1.7x EV/Revenue versus AppFolio, Inc. at 6.3x. On the Rule of 40, i3 Verticals, Inc. scores 21.6 compared to AppFolio, Inc.'s 46.3, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at i3 Verticals, Inc. 145% 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.