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Appian Corporation

APPN Technology Software Infrastructure

Appian Corporation’s revenue for fiscal 2025 (year ended December 2025) was $726.9 million, up 17.8% from fiscal 2024.

Revenue
+25.5%
EPS
+54.6%
Free cash flow
−210.8%
Total debt
−18.8%

Quarter to September 2026, against a year earlier

52.80 2.98 +5.98%
Market cap
$3.9B
P/E
0.0×
Fwd P/E
1,228×
Dividend yield
—
F-score
6/9
Altman Z
2.07
Beneish M
−2.70
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 7.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — — 1 — — 1 1 1 1 1 —
Insider Ownership 48.87%

Capital & Financial Ratios $m

Size
Market Cap 3,870.00
Revenue ttm 842.94
Net income ttm (6.10)
Free cash flow ttm 38.68
Net debt Q 110.54
Valuation
P/E 0.00
Forward P/E 1,228.00 (above 35: high)
Price / sales 4.49
Forward P/S Powerpack
Price / FCF 97.79
Price / book 0.00
Financial health
Current ratio Q 0.92 (below 1: weak)
Debt / equity Q (2.04) (negative: negative equity)
Interest coverage Q 6.45
Growth
Revenue growth Q +25.47% (above 0%: growing)
Operating income growth Q +62.44% (above 0%: growing)
EPS, this year +88.76% (at or above 15%: strong)
EPS, next year A +30.95% (at or above 15%: strong)
Revenue, next year A +16.92% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +44.05% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.6×, against a ten-year median of 7.6×; over the ten years it ranged from 2.1× in 2026 to 49.0× in 2021.
P/S against its own 10 years 26.12%
10-year low 10-year high
EV/Sales against its own 10 years 26.16%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 159 160 187 89
Receivables 172 195 255 244
Inventory — — — —
Other 34 37 35 —
414 436 519 416
2023 2024 2025 Q'26
Payables 6 4 7 11
ST’ Debt 66 10 10 3
Other 2 1 1 1
371 355 452 453

Compound Annual Growth %

10y 5y 3y
Sales 20.65% 19.00% 15.81%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.00 Actual 0.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.05 0.32 Beat by 0.27
Q4 FY25 0.09 0.15 Beat by 0.06
Q1 FY26 0.19 0.27 Beat by 0.08
Q2 FY26 0.00 0.13 Beat by 0.13
Q3 FY26 0.32 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.02) (0.16) 0.17 — —
’25 (0.02) 0.00 0.10 (0.07) 0.02
’24 (0.45) (0.60) (0.03) (0.18) (1.26)
’23 (0.51) (0.58) (0.30) (0.14) (1.52)
’22 (0.32) (0.68) (0.61) (0.47) (2.08)
’21 (0.19) (0.34) (0.36) (0.36) (1.25)
’20 (0.17) (0.17) (0.05) (0.09) (0.48)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 202 203 235 — —
’25 166 171 187 203 727
’24 150 146 154 167 617
’23 135 128 137 145 545
’22 114 110 118 126 468
’21 89 83 92 105 369
’20 79 67 77 82 305
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 49 12 (15) — —
’25 45 (2) 19 1 63
’24 19 (18) (8) 14 7
’23 (25) (12) (65) (8) (110)
’22 (21) (30) (44) (13) (107)
’21 (3) (7) (25) (19) (54)
’20 (4) (3) (6) 6 (8)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 49 10 (20) — —
’25 44 (3) 18 0 60
’24 17 (18) (9) 13 3
’23 (30) (15) (65) (10) (120)
’22 (24) (31) (45) (16) (116)
’21 (3) (7) (27) (23) (60)
’20 (4) (4) (7) 6 (9)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 133 177 227 260 305 369 468 545 617 727 843 +20.8% 850 942 1,010 +11.6%
Gross margin, % 62.29 63.45 62.55 63.96 70.86 71.81 71.52 70.60 72.73 72.54 0.00 +10.3 pt
EBT (14) (30) (49) (50) (33) (88) (150) (108) (91) 6 (1) n/m
EBT margin, % (10.64) (17.11) (21.70) (19.16) (10.70) (23.79) (32.10) (19.85) (14.78) 0.89 (0.16) +11.5 pt
Net income (12) (31) (49) (51) (33) (89) (151) (111) (92) 1 (6) n/m
Per share, $
Per share, $ Revenue 3.88 3.57 3.65 3.98 4.41 5.20 6.46 7.46 8.45 9.82 11.77 +10.9%
Earnings (0.36) (0.63) (0.80) (0.77) (0.48) (1.25) (2.08) (1.52) (1.26) 0.02 (0.08) n/m
Cash flow (0.23) (0.18) (0.50) (0.14) (0.11) (0.76) (1.47) (1.51) 0.09 0.85 0.65 n/m
Capex (0.03) (0.01) (0.11) (0.50) (0.02) (0.09) (0.13) (0.13) (0.05) (0.04) (0.11) +5.1%
Free cash flow (0.25) (0.19) (0.62) (0.63) (0.13) (0.84) (1.60) (1.64) 0.04 0.80 0.54 n/m
Book value (0.24) 0.92 1.18 3.13 4.30 3.29 2.01 0.72 (0.45) (0.63) (1.37) +11.6%
Shares, m 34 50 62 65 69 71 72 73 73 74 73 +8.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,779.90 0.00 178.0
P/S 0.00 9.27 7.32 9.61 36.75 12.54 5.02 4.71 3.90 3.61 4.49 9.3
P/B 0.00 35.97 22.68 12.19 37.74 19.80 16.11 49.08 0.00 0.00 0.00 19.4
EV/Sales 0.00 8.85 6.90 9.03 36.21 12.27 4.85 4.80 4.05 3.68 4.62 9.1
EV/FCF (100.29) (163.55) (40.82) (56.83) (1,243.19) (75.57) (19.61) (21.79) 810.94 44.94 100.65 (86.6)
Cash, $m
Cash, $m Operating cash flow (8) (9) (31) (9) (8) (54) (107) (110) 7 63 47 n/m
Capex (1) 0 (7) (32) (1) (6) (9) (10) (4) (3) (8) +14.5%
Free cash flow (9) (10) (38) (41) (9) (60) (116) (120) 3 60 39 n/m
Balance, $m
Balance, $m Working capital 12 50 81 165 210 123 152 43 81 67 (37) +20.7%
Net debt (11) (74) (95) (152) (164) (100) (80) 48 91 54 111 n/m
Shareholders’ equity (8) 46 73 205 297 234 146 52 (33) (47) (98) +21.6%
Returns, %
Returns, % ROA (25.93) (23.78) (25.09) (16.77) (7.57) (17.43) (27.47) (18.24) (14.78) 0.19 (1.01) +26.1 pt
ROIC 0.00 0.00 0.00 (59.36) (17.89) (39.12) (138.21) (67.53) (65.66) 5.76 90.47 +5.8 pt
ROE 148.24 349.11 (83.31) (36.43) (13.34) (33.42) (79.51) (112.54) (936.62) (3.10) 8.34 (151.3) pt
People
People Employees 753 859 1,058 1,018 1,460 1,798 2,307 2,243 2,033 2,149 — +12.4%
Revenue/emp, $m 0.18 0.21 0.21 0.26 0.21 0.21 0.20 0.24 0.30 0.34 — +7.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Appian Corporation vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
APPN Appian Corporation $3.9B — (loss-making) 1,228× +25.47% (above 0%: growing) +54.55% (above 0%: growing) −210.79% (below 0%: shrinking) 0.00% 9.08%
DLO DLocal Limited $3.8B 19.2× 15.9× +55.84% (above 0%: growing) +26.67% (above 0%: growing) +12.57% (above 0%: growing) 31.81% 16.05% Compare
PAY Paymentus Holdings, Inc. $3.7B 44.7× 45.6× +19.77% (above 0%: growing) +55.71% (above 0%: growing) +32.10% (above 0%: growing) 25.21% 9.01% Compare
AVPT AvePoint, Inc. $3.5B 45.6× 57.7× +19.48% (above 0%: growing) +50.00% (above 0%: growing) −13.62% (below 0%: shrinking) 72.20% 8.73% Compare
FOUR Shift4 Payments, Inc. $3.4B 67.6× 28.3× +34.06% (above 0%: growing) −77.14% (below 0%: shrinking) −109.09% (below 0%: shrinking) 34.44% 7.34% Compare
WIX Wix.com Ltd. $3.2B — (loss-making) — (loss-making) +14.93% (above 0%: growing) n/m −64.35% (below 0%: shrinking) 65.77% (10.44%) Compare
BLSH Bullish $3.1B — (loss-making) — (loss-making) −44.34% (below 0%: shrinking) n/m +2.25% (above 0%: growing) 0.25% (0.87%) Compare
CLBT Cellebrite DI Ltd. $3.1B 51.3× 48.2× +15.77% (above 0%: growing) −62.50% (below 0%: shrinking) −79.43% (below 0%: shrinking) 80.78% 5.30% Compare
TDC Teradata Corporation $3.0B 6.7× 7.7× +0.49% (above 0%: growing) +444.44% (above 0%: growing) +169.23% (above 0%: growing) 59.27% 11.71% Compare
Median of peers $3.3B 45.1× 37.0× +17.63% +38.33% −5.68% 46.86% 8.04%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.94m 760.21k 21.85
2024 1.15m (3.88m) 20.23
2023 1.16m 4.81m 23.23
2022 19.85m 11.93m 20.09
2021 981.85k 32.18m 40.23

Ownership

Directors and executive officers, together less than 1%
Matthew Calkins 39.00%
Vanguard Portfolio Management 5.80%
RPD Fund Management LLC 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Appian Corporation (APPN) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · The Motley Fool
Impact 3 · · GuruFocus.com
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · MarketBeat transcript
Impact 3 · · MT Newswires
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire

28 Oct

Impact 4 · · PR Newswire
Impact 4 · · Trefis
Impact 3 · · StockStory

24 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Simply Wall St.

19 Oct

Impact 3 · · ACCESS Newswire

7 Oct

Impact 3 · · PR Newswire

2 Oct

Impact 3 · · StockStory

22 Sep

Impact 3 · · Trefis

21 Sep

Impact 4 · · Simply Wall St.
Impact 3 ·

18 Sep

Impact 4 ·

8 Sep

Impact 3 ·

14 Aug

Impact 4 ·
Impact 3 ·

13 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 ·

APPN metrics, ten years each

stockrow.com/APPN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com