APPF APPF

Name: APPF Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 24, 2026

Price at analysis: $160.95

Crucible Score

59.8

C+

Quality × Value Composite

KQI — Quality

65.0

B-

Fundamental Quality Index

KVI — Value

53.4

C-

Valuation Attractiveness Index

Crucible Verdict — APPF

APPF delivers solid operational fundamentals with strong financial quality (84) and durable competitive moats (80), though diversification remains a notable weakness at 47. The stock trades at a 15% discount to fair value despite a 76% earnings beat rate, creating an attractive entry point. APPF's consistent execution should drive multiple expansion as the market recognizes its defensive qualities.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

83.8

Growth Profile

68.5

Moat Durability

80.3

Management Effectiveness⚠

62.5

Diversification & Resilience

47.2

Market Position

62.0

Weakest dimension: Diversification & Resilience (47.2)

◆ KVI Value Dimensions

DCF Margin of Safety

60.9

FCF Yield & Cash Returns

43.6

Relative Valuation

56.6

Growth-Adjusted Value

35.0

Historical Valuation

76.4

Macro Context

49.6

◆ DCF Valuation Scenarios

Bear Case

$112.50

Base Case

$185.30

Bull Case

$278.60

Price at Analysis

$160.95

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$112.50	8.0%	18.0%	8.9%
🟢 Base	$185.30	12.0%	22.0%	8.4%
🟢 Bull	$278.60	15.0%	26.0%	8.0%

Key Assumptions: Revenue grew from ~$359M to ~$951M over 5 years (~21% CAGR) with operating margins expanding from negative to ~16%. Base case assumes growth moderates to 12% as the company scales, with operating margins reaching 22% at terminal year reflecting continued SaaS operating leverage but below peak software margins given competitive dynamics. Bear case reflects macro headwinds in property management tech with 8% growth and margin stagnation at 18%, while bull case assumes sustained 15% growth with margins expanding to 26% on strong net retention and pricing power. WACC uses 0.80 beta with 5.5% ERP for base (software sector), adjusted +/-50bps for bear/bull. Capex intensity is minimal at ~0.5% of revenue consistent with asset-light SaaS model.

◆ Financial Snapshot

Profitability

Gross Margin63.1%

Operating Margin16.1%

Net Margin14.8%

ROIC22.1%

ROE14.5%

Balance Sheet

Balance SheetCR: 3.20

Cash ConversionFCF/EPS: 1.69x

Capital IntensityCapex/Rev: 0.3%

Altman Z-Score23.32 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR27.5% CAGR

Earnings CAGR-2.9% CAGR

Growth ConsistencyCV: 0.24

Segment Breadth1/1 growing (100%)

Quarterly TrendMargin↓↓, WC↓, Exp↓

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership< 1%

Compensation73% performance-based

Insider ActivitySelling

Capital AllocationROIC 22.1% vs WACC 8.9%

Earnings Beat Rate76% (17/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 24, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.