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ValueScreener company report

Appian Corporation (APPN)

NASDAQ / Technology / Software - Infrastructure

Share price

43.82 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.14B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

0.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

2191.00x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

1.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 132.9M USDFY2016 Net income: -12.5M USDFY2017 Revenue: 176.7M USDFY2017 Net income: -31.0M USDFY2018 Revenue: 226.7M USDFY2018 Net income: -49.5M USDFY2019 Revenue: 260.4M USDFY2019 Net income: -50.7M USDFY2020 Revenue: 304.6M USDFY2020 Net income: -33.5M USDFY2021 Revenue: 369.3M USDFY2021 Net income: -88.6M USDFY2022 Revenue: 468.0M USDFY2022 Net income: -150.9M USDFY2023 Revenue: 545.4M USDFY2023 Net income: -111.4M USDFY2024 Revenue: 617.0M USDFY2024 Net income: -92.3M USDFY2025 Revenue: 726.9M USDFY2025 Net income: 1.2M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 2,191.00x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Software - Infrastructure industry (73 companies), 2,191.00x sits at the 100th percentile; the middle half of that group runs from 13.18x to 54.61x.

Is it good

Return on invested capital was 0.1% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Software - Infrastructure industry (39 companies), 0.1% sits at the 24th percentile; the middle half of that group runs from 0.2% to 12.6%.

Is it safe

Interest coverage was 0.03x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Appian Corporation's gross margin stayed above the median of the Software - Infrastructure industry, year by year. (FY2019 to FY2025, 7 fiscal years of Appian Corporation with a comparable figure)
The direction
Which way Appian Corporation's gross margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Appian Corporation)
What could explain it
What in Appian Corporation's filed statements could explain the movements. (3 readings drawn from the statement lines Appian Corporation filed)
What to check next
What to check next on Appian Corporation, and where in its filings. (5 questions for Appian Corporation)
In one paragraph
One paragraph on Appian Corporation's returns, cash, balance sheet and price. (13 of sixteen figures read for Appian Corporation)

These are APPN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research APPNPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0001441683-26-000013.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Appian Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax0.1% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Return on equity
Why n/m

Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Return on capital employed, pre-tax0.3% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Return on assets0.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Gross margin72.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Operating margin0.1% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Net margin0.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
APPN 0.2%
WIX 2.5%TENB -3.6%CCC 0.2%CORZ -90.5%EEFT 7.3%
-90.5%7.3%
Net margin: APPN against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Appian Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/m

Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Current ratio1.15 ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Quick ratio1.15 ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Interest coverage0.03x ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Altman Z-score2.59 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Net debt112.5M ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Total assets 691.4MTotal liabilities 738.4MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity (zero or below, not drawn)
The balance sheet, line by line

Financial health

What Appian Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 19, 2026, 0001441683-26-000013).

Appian Corporation: balance sheet position
Total assets691.4M FiledFY2025 10-K, filed Feb 19, 2026
Total liabilities738.4M FiledFY2025 10-K, filed Feb 19, 2026
Shareholders' equity-47.0M FiledFY2025 10-K, filed Feb 19, 2026
Cash187.2M FiledFY2025 10-K, filed Feb 19, 2026
Total debt299.7M FiledFY2025 10-K, filed Feb 19, 2026
Net debt112.5M
Current ratio1.15
Debt to equityn/m
  • Debt to equity: FY2025: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Appian Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings2191.00x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
P/E on trailing twelve months1498.00x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book
Why n/m

Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Price to sales4.50x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Enterprise value to EBIT5640.41x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Enterprise value to EBITDA333.01x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Diluted earnings per share0.02 USD FiledFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013

We publish no fair value or price target of our own. Value APPN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Appian Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Appian Corporation: valuation
Share price43.82 USD
Market capitalisation3.14B USD
Enterprise value to EBITDA333.01x
Graham numbern/a
Diluted earnings per share, FY20250.02 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 2, 2017: low 936.00x, median 1200.25x, high 1498.00x, latest 1498.00x. 116 trading days with a meaningful ratio, 2,131 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Appian Corporation

  1. Wix.com Ltd. (WIX)Market cap 3.40B USD
  2. Tenable Holdings, Inc. (TENB)Market cap 4.33B USD
  3. CCC Intelligent Solutions Holdings Inc. (CCC)Market cap 4.49B USD
  4. Core Scientific, Inc. (CORZ)Market cap 4.64B USD
  5. Euronet Worldwide, Inc. (EEFT)Market cap 2.45B USD

Same industry (Software - Infrastructure) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Appian Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield1.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Free cash flow59.6M USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Free cash flow margin8.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
FY2016 Free cash flow: -8.7M USDFY2016 Net income: -12.5M USDFY2017 Free cash flow: -9.6M USDFY2017 Net income: -31.0M USDFY2018 Free cash flow: -38.3M USDFY2018 Net income: -49.5M USDFY2019 Free cash flow: -41.3M USDFY2019 Net income: -50.7M USDFY2020 Free cash flow: -8.9M USDFY2020 Net income: -33.5M USDFY2021 Free cash flow: -60.0M USDFY2021 Net income: -88.6M USDFY2022 Free cash flow: -115.6M USDFY2022 Net income: -150.9M USDFY2023 Free cash flow: -120.1M USDFY2023 Net income: -111.4M USDFY2024 Free cash flow: 3.1M USDFY2024 Net income: -92.3M USDFY2025 Free cash flow: 59.6M USDFY2025 Net income: 1.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Appian Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
2191.00xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
5640.41xFY2025Oct 15, 2026
1.8%FY2025Oct 15, 2026
0.1%FY2025Feb 19, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/mFY2025Feb 19, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.15FY2025Feb 19, 2026
4.50xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
2.59FY2025Oct 15, 2026
-2.56FY2025Feb 19, 2026
6/9FY2025Feb 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Appian Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Appian Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025726.9M609.0K1.2M0.0259.6M0.1%n/m10-K, Feb 19, 20260001441683-26-000013
FY2024617.0M-60.9M-92.3M-1.263.1M-9.9%n/m10-K, Feb 19, 20250001441683-25-000017
FY2023545.4M-108.0M-111.4M-1.52-120.1M-19.8%-212.9%10-K, Feb 15, 20240001441683-24-000016
FY2022468.0M-145.0M-150.9M-2.08-115.6M-31.0%-103.6%10-K, Feb 16, 20230001441683-23-000021
FY2021369.3M-83.9M-88.6M-1.25-60.0M-22.7%-37.9%10-K, Feb 17, 20220001441683-22-000023
FY2020304.6M-37.9M-33.5M-0.48-8.9M-12.4%-11.3%10-K, Feb 18, 20210001441683-21-000018
FY2019260.4M-50.5M-50.7M-0.77-41.3M-19.4%-24.7%10-K, Feb 20, 20200001441683-20-000020
FY2018226.7M-46.7M-49.5M-0.80-38.3M-20.6%-67.6%10-K, Feb 21, 20190001441683-19-000047
FY2017176.7M-31.8M-31.0M-0.63-9.6M-18.0%-68.1%10-K, Feb 23, 20180001441683-18-000023
FY2016132.9M-11.4M-12.5M-0.39-8.7M-8.6%n/m10-K, Feb 23, 20180001441683-18-000023
  • Revenue, compound annual growth FY2016 to FY2025: 20.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Appian Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.56 ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 19, 2026, 0001441683-26-000013
Named tests met1 of 30 Computed
Beta1.14 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 23 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Deep value; Low PEG, low debt (Peter Lynch); P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Cheapest quarter on P/B (David Dreman). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
  • P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them Debt to Equity, P/B Ratio, PEG Ratio. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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