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Appian Corp (APPN) stock

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NASDAQ: APPN Nasdaq Application Software Next results ~November 5, 2026

C+ Fundamentals grade

Appian Corp is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$19

Valuation models combined (3)

Base case. Range ~$10–$37. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Appian Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling2 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds114 adding, 80 cuttingOf 39 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Appian files

Where Appian stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $795m, up 20.9% on a year earlier, faster than the 20.4% growth a quarter earlier. Free-cash-flow margin rose to 9.6% from 7.0% a year earlier. Operating margin widened to 1.3% from -2.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $37.40 a share, against a share price of $50.19.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Appian Corp's trailing-twelve-month revenue grew 20.9% year on year, with a free-cash-flow margin of 9.6%. Where it lags: long-term debt as % of assets of 38.7% ranks 81 of 98 application software companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 4121% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.9% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Margins widening. Operating margin is up 3.4 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 13.2% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 70% and a beta of 0.5 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 38.7% ranks 81 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 12.0% of the shares available to trade are sold short (5.7 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.13 against an average estimate of $0.00: beat by 4120.8%
Revenue
$203m, up 19.1% on a year earlier
Share reaction
+15.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
cloud subscriptions revenue $133m to $135m (Third Quarter 2026); total revenue $214m to $218m (Third Quarter 2026)
Next report
November 5, 2026; average EPS estimate $0.33

Appian's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week-5.5%
  • 1 month+32.9%
  • This year+37.6%
  • 1 year+62.9%
  • 5 years-50.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$795M
Operating margin
1.3%
Net margin
-1.3%
EPS (TTM, diluted)
$-0.14

Growth

Revenue growth
+20.9%
Change in growth rate
+0.5 pts
Share count change
+0.8%

Cash

Free cash flow (TTM)
$76.7M
FCF margin
9.6%
Stock pay % of revenue
5.4%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance
  7. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Appian Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Appian Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$10 ~$6.7–$13 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$20 ~$16–$33 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.8 ~$25–$71 Left out: out of range vs price (0.08x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$37 ~$30–$45 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$10–$37 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Appian Corp with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$31.48$26.71$38.21$162.09$65.21$32.56$37.66$32.98$35.42$48.75
Market value$1.6bn$1.7bn$2.5bn$11.2bn$4.6bn$2.4bn$2.8bn$2.4bn$2.6bn$3.6bn
+ Net debt (− = net cash)−$74m−$95m−$160m−$112m−$101m−$29m$58m$133m$106m$115m
Enterprise value$1.5bn$1.6bn$2.3bn$11.1bn$4.5bn$2.3bn$2.8bn$2.5bn$2.7bn$3.7bn
Multiples
Price / sales 8.8x7.3x9.6x36.7x12.5x5.0x5.0x3.9x3.6x4.6x
Price / earnings ————————n/m—
Price / free cash flow ———————n/m44.4x47.2x
EV / EBITDA ————————n/m196.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Appian's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.6% of total assets over 9 years.

  • Pricing power 18 / 20

    Gross margin has been a median 71.3%, moving by 3.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -16.1%; its worst year was -30.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -11.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 5.3% over five years; stock-based pay has been a median 6.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $217m and EPS of $0.33 (range $0.32 to $0.34) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.08 +78% $850m +17%
Next $1.42 +31% $942m +11%

Next year's EPS estimate has moved +13.2% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +10.3% on 90 days ago. In the last 30 days, 6 analysts raised Appian Corp's forecast and 0 cut it.

Consensus EPS forecast Appian Corp, last 90 days
$0.80 $1.00 $1.20 $1.40 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.98 Current fiscal year, 60 days ago: $1.08 Current fiscal year, 30 days ago: $1.08 Current fiscal year, 7 days ago: $1.08 Current fiscal year, Now: $1.08 $1.08 Next fiscal year, 90 days ago: $1.26 Next fiscal year, 60 days ago: $1.42 Next fiscal year, 30 days ago: $1.42 Next fiscal year, 7 days ago: $1.42 Next fiscal year, Now: $1.42 $1.42

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.98$1.26
60 days ago $1.08$1.42
30 days ago $1.08$1.42
7 days ago $1.08$1.42
Now $1.08$1.42

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.00 $0.13 +4120.8%
Mar 2026 $0.18 $0.27 +46.1%
Dec 2025 $0.08 $0.15 +91.6%
Sept 2025 $0.05 $0.32 +490.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue Full Year 2026 $845m to $853m
    “Total revenue is expected to be between $845.0 million and $853.0 million, representing a year-over-year increase of 16% to 17%.” source
  • Total revenue Third Quarter 2026 $214m to $218m
    “Total revenue is expected to be between $214.0 million and $218.0 million, representing a year-over-year increase of 14% to 17%.” source
  • Non-GAAP earnings per share Full Year 2026 $1.04 to $1.12 Non-GAAP
    “Non-GAAP earnings per share is expected to be between $1.04 and $1.12, assuming weighted average common shares outstanding of 73.2 million.” source
  • Non-GAAP earnings per share Third Quarter 2026 $0.31 to $0.35 Non-GAAP
    “Non-GAAP earnings per share is expected to be between $0.31 and $0.35, assuming weighted average common shares outstanding of 72.6 million.” source
  • Cloud subscriptions revenue Full Year 2026 $525m to $529m
    “Cloud subscriptions revenue is expected to be between $525.0 million and $529.0 million, representing year-over-year growth of 20% to 21%.” source
  • Adjusted EBITDA Full Year 2026 $104m to $110m Non-GAAP
    “Adjusted EBITDA is expected to be between $104.0 million and $110.0 million.” source
Show 2 more items
  • Cloud subscriptions revenue Third Quarter 2026 $133m to $135m
    “Cloud subscriptions revenue is expected to be between $133.0 million and $135.0 million, representing year-over-year growth of 17% to 19%.” source
  • Adjusted EBITDA Third Quarter 2026 $30m to $33m Non-GAAP
    “Adjusted EBITDA is expected to be between $30.0 million and $33.0 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Oct 2026
Buy114%
Hold571%
Sell114%

Monthly trend

  1. Oct 20261517
  2. Sep 20261517
  3. Aug 20261517
  4. Jul 20261517

Counts of recommendations published by analysts covering Appian Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.0%
of tradable shares
Days to cover
5.74
at average volume
Short interest, 1 month
+21%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
6.5%
of shares
Employees
2,149
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +62.9%

$29.93 on October 31, 2025 to $48.75

ThenNowEffect
Revenue (last 12 months) $658m $795m +20.9%
P/S multiple 3.4x 4.6x +35.8%
Share count 74m 74m −0.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +22.2%

$39.90 on November 3, 2023 to $48.75

ThenNowEffect
Revenue (last 12 months) $507m $795m +57.0%
P/S multiple 5.7x 4.6x −20.6%
Share count 73m 74m −2.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
APPN−60%−50%+16%−12%+7%+38%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
APPN25%25%58%58%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
APPN−72%−52%−35%−35%−31%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 25, 2017: 92% from January 27, 2021 to May 13, 2026. Getting back needed a 1157% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$18.72 – $52.35
From 52-week high
−6.9%
vs 50-day average
+20.0%
vs 200-day average
+67.9%
Volatility (1 year)
70%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±10.7%
After a week
6 up, 6 down
typical move ±14.7%
After a month
6 up, 6 down
typical move ±14.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +15.6% +0.5% +23.5% +28.1%
May 7, 2026 −5.4% +0.5% −17.1% +5.4%
February 19, 2026 +4.5% +0.5% +13.6% +5.2%
November 6, 2025 +37.4% −1.0% +46.8% +46.7%
August 7, 2025 +7.9% +0.7% +10.3% +18.9%
May 8, 2025 +4.2% +0.6% +8.9% +5.0%
February 19, 2025 +8.1% −0.2% +3.0% −7.4%
November 7, 2024 +0.7% +1.2% −7.2% −2.7%
August 1, 2024 −19.2% −3.3% −23.1% −12.2%
May 2, 2024 −12.9% +2.2% −13.8% −21.7%
April 16, 2024 −6.8% −0.8% −3.7% −12.0%
March 29, 2024 −5.3% −0.2% −4.8% −4.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Appian Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Appian Corp
$500M $600M $700M $800M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $525.8M Revenue (TTM), FY23 Q4: $545.4M Revenue (TTM), FY24 Q1: $560M Revenue (TTM), FY24 Q2: $578.7M Revenue (TTM), FY24 Q3: $595.7M Revenue (TTM), FY24 Q4: $617M Revenue (TTM), FY25 Q1: $633.6M Revenue (TTM), FY25 Q2: $657.8M Revenue (TTM), FY25 Q3: $690.8M Revenue (TTM), FY25 Q4: $726.9M Revenue (TTM), FY26 Q1: $762.7M Revenue (TTM), FY26 Q2: $795.3M $795.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $525.8M
FY23 Q4 $545.4M
FY24 Q1 $560M
FY24 Q2 $578.7M
FY24 Q3 $595.7M
FY24 Q4 $617M
FY25 Q1 $633.6M
FY25 Q2 $657.8M
FY25 Q3 $690.8M
FY25 Q4 $726.9M
FY26 Q1 $762.7M
FY26 Q2 $795.3M
Revenue growth, TTM YoY Appian Corp
12% 14% 16% 18% 20% 22% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 17.6% Revenue growth, TTM YoY, FY23 Q4: 16.5% Revenue growth, TTM YoY, FY24 Q1: 14.5% Revenue growth, TTM YoY, FY24 Q2: 14.2% Revenue growth, TTM YoY, FY24 Q3: 13.3% Revenue growth, TTM YoY, FY24 Q4: 13.1% Revenue growth, TTM YoY, FY25 Q1: 13.2% Revenue growth, TTM YoY, FY25 Q2: 13.7% Revenue growth, TTM YoY, FY25 Q3: 16.0% Revenue growth, TTM YoY, FY25 Q4: 17.8% Revenue growth, TTM YoY, FY26 Q1: 20.4% Revenue growth, TTM YoY, FY26 Q2: 20.9% 20.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 17.6%
FY23 Q4 16.5%
FY24 Q1 14.5%
FY24 Q2 14.2%
FY24 Q3 13.3%
FY24 Q4 13.1%
FY25 Q1 13.2%
FY25 Q2 13.7%
FY25 Q3 16.0%
FY25 Q4 17.8%
FY26 Q1 20.4%
FY26 Q2 20.9%
Operating margin (TTM) Appian Corp
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -25.1% Operating margin (TTM), FY23 Q4: -19.8% Operating margin (TTM), FY24 Q1: -16.5% Operating margin (TTM), FY24 Q2: -15.7% Operating margin (TTM), FY24 Q3: -13.9% Operating margin (TTM), FY24 Q4: -9.9% Operating margin (TTM), FY25 Q1: -6.7% Operating margin (TTM), FY25 Q2: -2.1% Operating margin (TTM), FY25 Q3: 0.9% Operating margin (TTM), FY25 Q4: 0.1% Operating margin (TTM), FY26 Q1: 0.6% Operating margin (TTM), FY26 Q2: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -25.1%
FY23 Q4 -19.8%
FY24 Q1 -16.5%
FY24 Q2 -15.7%
FY24 Q3 -13.9%
FY24 Q4 -9.9%
FY25 Q1 -6.7%
FY25 Q2 -2.1%
FY25 Q3 0.9%
FY25 Q4 0.1%
FY26 Q1 0.6%
FY26 Q2 1.3%
FCF margin (TTM) Appian Corp
-30% -20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -24.0% FCF margin (TTM), FY23 Q4: -22.0% FCF margin (TTM), FY24 Q1: -13.2% FCF margin (TTM), FY24 Q2: -13.3% FCF margin (TTM), FY24 Q3: -3.3% FCF margin (TTM), FY24 Q4: 0.5% FCF margin (TTM), FY25 Q1: 4.8% FCF margin (TTM), FY25 Q2: 7.0% FCF margin (TTM), FY25 Q3: 10.5% FCF margin (TTM), FY25 Q4: 8.2% FCF margin (TTM), FY26 Q1: 8.4% FCF margin (TTM), FY26 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -24.0%
FY23 Q4 -22.0%
FY24 Q1 -13.2%
FY24 Q2 -13.3%
FY24 Q3 -3.3%
FY24 Q4 0.5%
FY25 Q1 4.8%
FY25 Q2 7.0%
FY25 Q3 10.5%
FY25 Q4 8.2%
FY26 Q1 8.4%
FY26 Q2 9.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 111 133 177 227 260 305 369 468 545 617 727 795
Gross profit 63 83 112 142 167 216 265 335 385 449 527 566
EBITDA −4 −11 −31 −45 −46 −33 −79 −139 −100 −51 10 19
Operating income −5 −11 −32 −47 −50 −38 −84 −145 −108 −61 1 10
Net income −7 −12 −31 −49 −51 −33 −89 −151 −111 −92 1 −11
Diluted EPS −$0.23 −$0.39 −$0.63 −$0.80 −$0.77 −$0.48 −$1.25 −$2.08 −$1.52 −$1.26 $0.02 −$0.14
Growth (year on year)
Revenue — +19.5% +33.0% +28.3% +14.8% +17.0% +21.2% +26.7% +16.5% +13.1% +17.8% +20.9%
Margins
Gross margin 56.4% 62.3% 63.5% 62.5% 64.0% 70.9% 71.8% 71.5% 70.6% 72.7% 72.5% 71.1%
EBITDA margin −3.6% −8.0% −17.5% −19.7% −17.6% −10.7% −21.4% −29.7% −18.3% −8.2% 1.4% 2.4%
Operating margin −4.4% −8.6% −18.0% −20.6% −19.4% −12.4% −22.7% −31.0% −19.8% −9.9% 0.1% 1.3%
Net margin −6.3% −9.4% −17.5% −21.8% −19.5% −11.0% −24.0% −32.2% −20.4% −15.0% 0.2% −1.3%
Free-cash-flow margin −2.4% −6.6% −5.4% −16.9% −15.9% −2.9% −16.2% −24.7% −22.0% 0.5% 8.2% 9.6%
Cash flow
Cash from operations −2 −8 −9 −31 −9 −8 −54 −107 −110 7 63 81
Capital spending 1 1 0 7 32 1 6 9 10 4 3 4
Free cash flow −3 −9 −10 −38 −41 −9 −60 −116 −120 3 60 77
Stock-based pay — 0 13 16 16 15 24 39 43 39 42 43
Free cash flow after stock pay — −9 −23 −54 −58 −24 −84 −154 −163 −36 18 33
Balance sheet
Cash 31 31 74 95 160 112 101 148 149 119 136 121
Total debt 0 20 0 0 0 0 0 119 208 252 242 236
Net debt (negative = net cash) −31 −11 −74 −95 −160 −112 −101 −29 58 133 106 115
Diluted shares 34m 34m 50m 62m 65m 69m 71m 72m 73m 73m 75m 74m
Returned to shareholders
Buybacks — — — — — — — 0 0 50 20 76
Total returned — — — — — — — 0 0 50 20 76

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $586m
Short-term assets $410mLonger-term assets $176m
What it owes, and who funded it · $691m
Short-term liabilities $412mLonger-term liabilities $279mShareholders' equity $-105m
  • Short-term assets cover short-term liabilities $410m of assets due within a year against $412m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $410m short-term assets against $279m of longer-dated liabilities.
  • More cash than debt $121m of cash against $236m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $81m of operating cash flow against $236m of debt.
  • Operating profit covers interest at least five times over Operating income of $10m against $18m of interest.

From Appian Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$75.7M
Returned to shareholders
99%
of free cash flow
Buybacks, last 3 fiscal years
$70M
Diluted share count
+0.8%
year over year
Total shareholder yield
2.2%
dividends 0.0% + buybacks 2.2% of market value
R&D spending
23.4%
of revenue
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated APPN VERX SPSC IDCC ASAN RAMP Median
Revenue, last 12 months $795m $787m $780m $817m $828m $832m $482m
Revenue growth, last 12 months 20.9% 10.8% 6.9% −12.0% 9.5% 8.9% 12.0%
Revenue growth, 3-year average 16.2% 14.1% 14.9% 13.4% 10.9% 11.0% 11.1%
Revenue growth, latest quarter 19.1% 10.5% 4.1% 17.5% 9.9% 9.8% 11.9%
Gross margin 71.1% 64.0% 70.2% — 87.6% 70.8% 69.2%
Operating margin 1.3% −1.7% 13.8% 45.1% −19.4% 11.6% 1.1%
Operating margin, 3-year average −5.5% −0.8% 14.3% 49.7% −29.3% 4.8% −0.8%
Net margin −1.3% 0.5% 10.7% 38.5% −18.6% 18.7% 2.1%
Cash from operations / revenue 10.2% 22.0% 29.7% 38.2% 15.7% 24.1% 18.2%
Free-cash-flow margin 9.6% 8.4% 26.0% 37.8% 15.0% 23.9% 15.0%
Free-cash-flow margin, 3-year average 1.1% 12.1% 22.6% 38.5% 6.2% 17.6% 16.2%
Stock pay / revenue 5.4% 7.2% 8.1% 7.4% 23.8% 9.4% 9.3%
Change in share count 0.8% — −2.9% 3.5% 1.4% −3.5% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 20.9% 12.0% 51 of 184
Change in growth rate Growth +0.5pp +0.2pp 82 of 184
Gross margin Profitability 71.1% 69.8% 76 of 160
Operating margin Profitability 1.3% 1.1% 89 of 181
Net margin Profitability -1.3% 2.1% 104 of 185
Free-cash-flow margin Cash generation 9.6% 15.2% 109 of 180
Stock pay as % of revenue Cash generation 5.4% 9.3% 49 of 177
Long-term debt as % of assets Balance sheet 38.7% 16.9% 81 of 98
Change in share count Balance sheet 0.8% 1.7% 72 of 163
Days sales outstanding Balance sheet 79 days 57 days 116 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions Software and Support $576M 79.3% ▲ 17.5%
Cloud Subscriptions $437M 75.9% ▲ 18.8%
License Subscriptions $106M 18.4% ▲ 14.8%
Maintenance and Support $33.3M 5.8% ▲ 9.6%
Professional Services $150M 20.7% ▲ 19.0%
Geography
Region Revenue Share YoY
United States $454M 62.4% ▲ 16.0%
Outside the US $273M 37.6% ▲ 20.9%

From Appian Corp's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$880M
Institutions reporting
213
Shares held vs prior quarter
▼ 1.3%
Positions opened / closed
35 / 29

Top buyers and sellers, Q2 2026: 114 institutions bought and 80 sold ; the biggest buyer was Lead Edge Capital Management, LLC (+973K shares) and the biggest seller Rpd Fund Management LLC (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Portfolio Management LLC $95.9M 4.2M 10.9% ▲ 0.6%
Blackrock, Inc. $82M 3.6M 9.3% ▲ 11.0%
Fivespan Partners, LP $80.4M 3.5M 9.1% 0.0%
Lead Edge Capital Management, LLC $65.9M 2.9M 7.5% ▲ 51.1%
Rpd Fund Management LLC $42.5M 1.9M 4.8% ▼ 52.6%
Vanguard Capital Management LLC $38.4M 1.7M 4.4% ▼ 0.2%
AQR Capital Management LLC $32.3M 1.4M 3.7% ▲ 47.4%
First Trust Advisors LP $32.1M 1.4M 3.6% ▲ 3.3%
Arrowstreet Capital, Limited Partnership $31.7M 1.4M 3.6% ▼ 8.9%
State Street Corp $24.9M 1.1M 2.8% ▲ 6.0%
Geode Capital Management, LLC $24.3M 1.1M 2.8% ▲ 7.5%
Acadian Asset Management LLC $21.9M 955K 2.5% ▲ 83.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Appian Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $99,993 2 trades by 1 insider, last 12 months Insider sales History → $7.5M 13 trades by 2 insiders · 97% under pre-set plans
Net ▼ $7.4M net selling
Insider Date Trade Shares Price Value
Calkins Matthew W CEO and President October 7, 2026 Sell pre-set plan 12,400 $37.97 $470,828
Calkins Matthew W CEO and President October 7, 2026 Sell pre-set plan 32,600 $37.32 $1.2M
Calkins Matthew W CEO and President September 8, 2026 Sell pre-set plan 23,888 $34.73 $829,630
Calkins Matthew W CEO and President September 8, 2026 Sell pre-set plan 1,996 $37.07 $73,992
Calkins Matthew W CEO and President September 8, 2026 Sell pre-set plan 19,116 $35.58 $680,147
Calkins Matthew W CEO and President August 7, 2026 Sell pre-set plan 31,547 $34.79 $1.1M
Calkins Matthew W CEO and President August 7, 2026 Sell pre-set plan 9,264 $34.34 $318,126
Calkins Matthew W CEO and President August 7, 2026 Sell pre-set plan 1,609 $33.09 $53,242
Calkins Matthew W CEO and President August 7, 2026 Sell pre-set plan 2,580 $31.66 $81,683
Calkins Matthew W CEO and President July 7, 2026 Sell pre-set plan 37,515 $24.61 $923,244
Calkins Matthew W CEO and President July 7, 2026 Sell pre-set plan 12,485 $25.07 $312,999
Calkins Matthew W CEO and President June 8, 2026 Sell pre-set plan 50,000 $24.13 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Appian Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Appian Corp in brief

What does Appian Corp do?
Appian Corp is a US-listed company in the application software industry. Its financial year ends in December.
What is Appian Corp's stock ticker?
Appian Corp trades under the ticker APPN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Appian Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Appian Corp reported revenue of $795M, 20.9% higher than a year earlier, according to its SEC filings.
What is Appian Corp's free cash flow?
Appian Corp's free-cash-flow margin is 9.6% of revenue over the trailing twelve months, ranking 109 of the 180 application software companies we cover.
Who are Appian Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Portfolio Management LLC, Blackrock, Inc. and Fivespan Partners, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Appian Corp buying back stock, and does it pay a dividend?
Appian Corp spent $75.7M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.8% over the year.
What is Appian Corp's market cap?
On November 2, 2026, Appian Corp's market capitalisation was about $3.6B and net debt of $115M. Market figures come from third-party market data and may be delayed.
Who are Appian Corp's competitors?
In our Application Software peer group, the companies closest to Appian Corp are Vertex, Inc., SPS Commerce Inc, Interdigital, Inc., Asana, Inc. and Liveramp Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Appian Corp's.
Are insiders buying or selling Appian Corp stock?
Over the last 12 months, Appian Corp's directors and officers reported 2 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Appian Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Appian Corp announces its own schedule.