Appian (APPN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Appian

NasdaqGM•Technology•Software - Infrastructure

$37.50-0.42(-0.01%)Pre-market

Market Cap

$2.74B

P/S

3.4x

Appian Corporation operates as a software company in the United States, Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and internationally. The company offers The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize critical business processes. The company also offers cloud subscriptions bundled with maintenance and support and hosting services, license subscriptions, and maintenance and support for license subscriptions; and professional and customer support services. In addition, the company offers platforms, such as artificial intelligence, low-code, data fabric, process automation, intelligent document processing, process mining, process intelligence, and case management studio; and solutions, including federal acquisition, public sector case management, state and local e-procurement, contract lifecycle management, insurance connected underwriting, and insurance claims processing. It serves financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation industries. The company has a collaboration with Deloitte Touche Tohmatsu Limited for the development of New AI-Powered Policing Solutions. Appian Corporation was incorporated in 1999 and is headquartered in McLean, Virginia.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (20/25); weakest: Balance Sheet & Red Flags (6/25).

Profitability9/25

Growth20/25

Balance Sheet & Red Flags6/25

Cash & Earnings Quality15/25

Strengths

Growing revenueRising free cash flowLong cash runwayConsistent growth

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (0.7x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 1986.9x5y range 1986.9x – 2146.6x

P/S · 3.4x5y range 2.3x – 18.9x

Currently below its 20-quarter median.

P/B · 52.8x5y range 16.2x – 52.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -6.9x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $2.74B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $795.31M
Q. Revenue: $203.26M
TTM EBITDA: $19.68M
TTM Op. Income: $10.14M
Q. Op. Income: $-5.44M
TTM Net Income: $-10.62M
Q. Net Income: $-11.82M
EPS: $-0.16
Shares Out.: $72.90M

$795.31M in TTM revenue grew 20.9% YoY, reaching $203.26M last quarter. TTM EBITDA of $19.68M and TTM operating income of $10.14M show growth is flowing through to the bottom line. However, net income is negative at $10.62M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.2%
EBITDA Margin: -1.6%
Op. Margin: -2.7%
Net Margin: -5.8%

Op. margin of -2.7% is up 3.8% YoY — cost efficiency is improving. Net margin at -5.8% and gross margin of 71.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 58% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.4x
P/B Ratio: N/A

P/S of 3.4x and P/B of 0.0x. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $585.71M
Cash: $121.11M
Long-Term Debt: $226.43M
Book Value: $-105.18M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $12.08M
TTM Free Cash Flow: $76.75M
FCF Margin: 9.6%
FCF / Net Income: -7.2

TTM FCF of $76.75M on $12.08M in operating cash flow. The FCF / Net Income ratio of -7.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.