Summary Verdict
UPWK: 2—APPF: 3wins
Rule of 40
33.2UPWK
46.3APPF
check_circleAPPF leads
Revenue Growth
2.4%UPWK
21.5%APPF
check_circleAPPF leads
Gross Margin
78%UPWK
84%APPF
check_circleAPPF leads
FCF Margin
30.8%UPWK
24.8%APPF
check_circleUPWK leads
Operating Margin
16.4%UPWK
15.8%APPF
check_circleUPWK leads
NRR
—UPWK
—APPF
Metric
Rule of 40Efficiency score
UPWK
33.2
APPF
46.3check_circle
Revenue GrowthYoY
UPWK
2.4%
APPF
21.5%check_circle
Gross Margin% of revenue
UPWK
78%
APPF
84%check_circle
FCF MarginFree cash flow
UPWK
30.8%check_circle
APPF
24.8%
Operating MarginGAAP
UPWK
16.4%check_circle
APPF
15.8%
NRRNet retention
UPWK
N/A
APPF
N/A
EV / RevenueValuation multiple
UPWK
N/A
APPF
6.3x
Market CapUSD
UPWK
N/A
APPF
$6.1B
ARR GrowthYoY
UPWK
N/A
APPF
N/A
CAC PaybackMonths to recover
UPWK
N/A
APPF
N/A
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insights
Analysis
As of Q4 2025, UPWORK, INC trades at N/A EV/Revenue versus AppFolio, Inc. at 6.3x. On the Rule of 40, UPWORK, INC scores 33.2 compared to AppFolio, Inc.'s 46.3, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at UPWORK, INC 78% 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.