analyticsVertical SaaS
Data as of Q4 2025
Summary Verdict
QTWO: 0—APPF: 5wins
Rule of 40
38.6QTWO
46.3APPF
check_circleAPPF leads
Revenue Growth
14.1%QTWO
21.5%APPF
check_circleAPPF leads
Gross Margin
54%QTWO
84%APPF
check_circleAPPF leads
FCF Margin
24.5%QTWO
24.8%APPF
check_circleAPPF leads
Operating Margin
5.0%QTWO
15.8%APPF
check_circleAPPF leads
NRR
—QTWO
—APPF
Metric
Rule of 40Efficiency score
QTWO
38.6
APPF
46.3check_circle
Revenue GrowthYoY
QTWO
14.1%
APPF
21.5%check_circle
Gross Margin% of revenue
QTWO
54%
APPF
84%check_circle
FCF MarginFree cash flow
QTWO
24.5%
APPF
24.8%check_circle
Operating MarginGAAP
QTWO
5.0%
APPF
15.8%check_circle
NRRNet retention
QTWO
N/A
APPF
N/A
EV / RevenueValuation multiple
QTWO
N/A
APPF
6.3x
Market CapUSD
QTWO
N/A
APPF
$6.1B
ARR GrowthYoY
QTWO
N/A
APPF
N/A
CAC PaybackMonths to recover
QTWO
N/A
APPF
N/A
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Analysis
As of Q4 2025, Q2 Holdings, Inc. trades at N/A EV/Revenue versus AppFolio, Inc. at 6.3x. On the Rule of 40, Q2 Holdings, Inc. scores 38.6 compared to AppFolio, Inc.'s 46.3, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at Q2 Holdings, Inc. 54% 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.