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. In the quarter to June 2026, revenue grew 19.1%, EPS fell 3,709.5%, free cash flow grew 416.9% and total debt fell 3.91%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
Follow APPN
Appian Corporation (APPN) Altman Z-score
Appian Corporation's Altman Z-score for fiscal 2025 is 2.07, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.07 | 0.41 |
| FY2024 | 1.66 | (0.44) |
| FY2023 | 2.10 | (0.39) |
| FY2022 | 2.48 | (7.55) |
| FY2021 | 10.03 | (21.45) |
| FY2020 | 31.48 | 22.18 |
| FY2019 | 9.31 | 3.23 |
| FY2018 | 6.08 | (2.00) |
| FY2017 | 8.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | (0.88) | — | −1.24 | |
| EBIT / total assets | 0.00 | — | 0.00 | |
| Market value of equity / total liabilities | 3.55 | — | 2.13 | |
| Sales / total assets | 1.05 | — | 1.05 | |
| Altman Z-score | Grey zone | 2.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.30 | ||
Z and Z″ put Appian Corporation in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TCGL TechCreate Group Ltd. compare | 88.8× |
| CLBT Cellebrite DI Ltd. compare | 6.6× |
| AVPT AvePoint, Inc. compare | 5.9× |
| NTCT NetScout Systems, Inc. compare | 2.7× |
| APPN Appian Corporation | 2.1× |
| WIX Wix.com Ltd. compare | 1.6× |
| PAGS PagSeguro Digital Ltd. compare | 1.3× |
| FOUR Shift4 Payments, Inc. compare | 1.0× |
| TDC Teradata Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets