• AppFolio average return on tangible equity for 2023 was -27.57, a 34.95% decline from 2022.
• AppFolio average return on tangible equity for 2022 was -20.43, a 152.91% increase from 2021.
• AppFolio average return on tangible equity for 2021 was 38.61, a 63.65% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.