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Wednesday 4 November 2026
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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
- +19.1%
- EPS
- −3,709.5%
- Free cash flow
- +416.9%
- Total debt
- −3.91%
Quarter to June 2026, against a year earlier
48.69
0.06
−0.12%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 7 | 3 | 2 | 4 | 3 | 4 | 3 | — | — |
P/E ratio |
1,779.90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z-Score |
2.07 | 1.66 | 2.10 | 2.48 | 10.03 | 31.48 | 9.31 | 6.08 | 8.08 | — |
P/S ratio |
3.61 | 3.90 | 4.71 | 5.02 | 12.54 | 36.75 | 9.61 | 7.32 | 9.27 | 0.00 |
Altman Z″-Score (non-manufacturers) |
(2.30) | (3.07) | (3.31) | (1.86) | (0.28) | 2.55 | 2.12 | (0.62) | (0.82) | (2.09) |
P/FCF ratio |
44.04 | 781.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.69) | (3.23) | (2.42) | (2.74) | (2.57) | (2.38) | (2.38) | (2.50) | (2.98) | — |
P/Operating CF |
2,306.79 | 173.54 | (311.60) | (186.42) | (238.53) | 1,918.82 | (413.82) | (225.27) | 1,626.08 | 138.86 |
P/B ratio |
0.00 | 0.00 | 49.08 | 16.11 | 19.80 | 37.74 | 12.19 | 22.68 | 35.97 | 0.00 |
Price to Tangible BV |
0.00 | 0.00 | 120.34 | 20.57 | 23.28 | 38.59 | 12.19 | 22.68 | 35.97 | 0.00 |
EV/Sales |
3.68 | 4.05 | 4.80 | 4.85 | 12.27 | 36.21 | 9.03 | 6.90 | 8.85 | 0.00 |
EV/EBITDA |
245.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
42.57 | 363.14 | (23.69) | (21.28) | (84.06) | (1,447.28) | (263.26) | (49.96) | (171.31) | (127.19) |
EV/FCF |
44.94 | 810.94 | (21.79) | (19.61) | (75.57) | (1,243.19) | (56.83) | (40.82) | (163.55) | (100.29) |
Quick Ratio |
0.98 | 1.00 | 0.89 | 1.35 | 1.33 | 2.05 | 2.05 | 1.36 | 1.36 | 1.03 |
Current Ratio |
1.15 | 1.23 | 1.12 | 1.56 | 1.57 | 2.34 | 2.47 | 1.63 | 1.53 | 1.16 |
Net Debt/EBITDA |
4.91 | (1.80) | (0.49) | 0.58 | 1.28 | 5.12 | 3.33 | 2.12 | 2.39 | 1.05 |
Debt/Assets |
34.83% | 40.32% | 32.92% | 19.88% | 11.28% | 11.34% | 2.06% | 0.00% | 0.00% | 19.47% |
Debt/Equity |
(5.12) | (7.67) | 3.95 | 0.81 | 0.24 | 0.20 | 0.04 | 0.00 | 0.00 | (2.48) |
Asset Turnover |
1.11 | 0.99 | 0.89 | 0.85 | 0.73 | 0.69 | 0.86 | 1.15 | 1.34 | 2.59 |
Operating CF/Net income |
50.99 | (0.07) | 0.99 | 0.71 | 0.61 | 0.23 | 0.18 | 0.63 | 0.29 | 0.58 |
Capex/Depreciation |
(0.32) | (0.36) | (0.97) | (1.24) | (1.05) | (0.21) | (6.84) | (3.47) | (0.49) | (1.29) |
Interest Coverage |
0.03 | (2.58) | (6.04) | (86.68) | (225.56) | (79.29) | (137.51) | (235.95) | (67.25) | (11.58) |
| (3.10%) | (936.62%) | (112.54%) | (79.51%) | (33.42%) | (13.34%) | (36.43%) | (83.31%) | 349.11% | 148.24% | |
| 0.19% | (14.78%) | (18.24%) | (27.47%) | (17.43%) | (7.57%) | (16.77%) | (25.09%) | (23.78%) | (25.93%) | |
ROIC |
5.76% | (65.66%) | (67.53%) | (138.21%) | (39.12%) | (17.89%) | (59.36%) | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
1.24% | (78.26%) | (129.79%) | (77.75%) | (55.59%) | (13.67%) | (24.75%) | (55.71%) | (59.44%) | (86.11%) |
Average Days of Receivables |
128.07 | 115.39 | 114.82 | 129.44 | 128.55 | 116.58 | 98.71 | 127.79 | 114.24 | 128.55 |
Research and Development Expense of Revenue |
23.69% | 26.48% | 29.42% | 29.75% | 26.41% | 23.06% | 22.29% | 19.72% | 19.71% | 17.30% |
Selling, General and Administrative Expense of Revenue |
48.77% | 56.11% | 60.98% | 72.75% | 68.12% | 60.24% | 61.05% | 63.43% | 61.74% | 53.55% |
Intangible Assets out of Total Assets |
0.04 | 0.04 | 0.05 | 0.05 | 0.07 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
5.71% | 6.33% | 7.96% | 8.30% | 6.46% | 5.02% | 6.32% | 7.08% | 7.34% | 0.00% |
Graham Net Nets |
(0.08) | (0.09) | (0.06) | (0.01) | 0.01 | 0.01 | 0.04 | 0.03 | 0.02 | 0.00 |
Graham Number |
0.00 | 3.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
0.06% | (3.82%) | (4.35%) | (6.42%) | (1.92%) | (0.30%) | (2.02%) | (3.00%) | (1.96%) | (0.87%) |
Free Cash Flow Yield |
2.27% | 0.13% | (4.67%) | (4.93%) | (1.29%) | (0.08%) | (1.65%) | (2.31%) | (0.58%) | (1.00%) |
Revenue per Share |
9.82 | 8.45 | 7.46 | 6.46 | 5.20 | 4.41 | 3.98 | 3.65 | 3.57 | 3.88 |
Operating CF per Share |
0.85 | 0.09 | (1.51) | (1.47) | (0.76) | (0.11) | (0.14) | (0.50) | (0.18) | (0.23) |
Capex per Share |
(0.04) | (0.05) | (0.13) | (0.13) | (0.09) | (0.02) | (0.50) | (0.11) | (0.01) | (0.03) |
Free Cash Flow per Share |
0.80 | 0.04 | (1.64) | (1.60) | (0.84) | (0.13) | (0.63) | (0.62) | (0.19) | (0.25) |
Cash per Share |
2.53 | 2.19 | 2.18 | 2.74 | 2.21 | 3.22 | 2.44 | 1.53 | 1.49 | 0.91 |
Shareholders Equity per Share |
(0.63) | (0.45) | 0.72 | 2.01 | 3.29 | 4.30 | 3.13 | 1.18 | 0.92 | (0.24) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
(0.63) | (0.45) | 0.72 | 2.01 | 3.29 | 4.30 | 3.13 | 1.18 | 0.92 | (0.24) |
Free Cash Flow |
59.56 | 3.08 | (120.08) | (115.65) | (59.98) | (8.87) | (41.35) | (38.33) | (9.56) | (8.74) |
Working Capital |
67.32 | 80.79 | 43.18 | 152.25 | 122.54 | 209.53 | 165.38 | 81.23 | 50.11 | 12.37 |
Capital Expenditures |
(3.32) | (3.80) | (9.64) | (9.09) | (6.06) | (1.25) | (32.42) | (7.01) | (0.43) | (0.98) |
Net Current Asset Value |
(218.96) | (218.14) | (160.81) | (26.02) | 67.66 | 149.50 | 111.41 | 49.64 | 29.69 | (22.43) |
EV/EBIT |
4,394.77 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.00 | 0.01 | 0.02 | 0.02 | 0.02 | 0.00 | 0.12 | 0.03 | 0.00 | 0.01 |
Price to Operating Income |
4,306.76 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.32 | 0.29 | 0.23 | 0.18 | 0.16 | 0.17 | 0.12 | 0.27 | 0.33 | 0.25 |
Cash ROIC |
15.63% | 0.82% | (28.73%) | (25.03%) | (13.40%) | (1.54%) | (11.10%) | (22.80%) | (8.02%) | (20.29%) |
Accounts Receivable Turnover |
3.23 | 3.37 | 3.23 | 3.16 | 3.25 | 3.63 | 3.48 | 3.37 | 3.46 | 2.60 |
Accounts Payable Turnover |
36.37 | 32.06 | 22.63 | 19.37 | 23.84 | 21.68 | 12.97 | 11.73 | 12.56 | 9.75 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
12.17 | 9.38 | 14.05 | 21.90 | 20.22 | 12.20 | 20.31 | 39.75 | 29.53 | 36.83 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
225.07 | 183.32 | 168.76 | 148.01 | 113.66 | 83.84 | 74.90 | 67.35 | 51.06 | 51.06 |
Average Payables |
5.49 | 5.25 | 7.09 | 6.88 | 4.37 | 4.09 | 7.24 | 7.24 | 5.14 | 5.14 |
Average Assets |
656.22 | 624.27 | 610.86 | 549.37 | 508.52 | 442.00 | 302.33 | 197.12 | 131.90 | 51.37 |
Average Common Equity |
(39.82) | 9.85 | 99.02 | 189.81 | 265.26 | 250.92 | 139.21 | 59.36 | (8.98) | (8.98) |
Columns are period end dates