Appian (APPN) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGM•Technology•Software - Infrastructure

WeakMetricSide Score: 58/100

ProfitabilityProfit11/25

GrowthGrowth23/25

Balance Sheet & Red FlagsBalance6/25

Cash & Earnings QualityCash18/25

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (6/25).

Price & Volume

Market Cap $2.05B

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.

Moat Signals

Competitive analysis based on 36 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging -3.4%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Moderate Moat

Limited ROE data for a reliable assessment.

Cash Generation

Risk Signals

Data-driven red flags and warnings across 36 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 -6.7x) — earnings may be inflated by non-cash items or aggressive accounting.

Leverage Risk

Healthy

Limited debt-to-equity data available.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Share Dilution

Watch

Shares outstanding rose 2.1% — mild dilution. Compare to earnings growth to assess net per-share impact.

Metrics at a Glance

as of March 2026

Revenue & Profit

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

TTM Revenue: $762.69M
Q. Revenue: $202.18M
TTM EBITDA: $14.13M
TTM Op. Income: $4.60M
Q. Op. Income: $3.16M
TTM Net Income: $885,000
Q. Net Income: $-1.52M
EPS: $-0.02
Shares Out.: $73.82M

$762.69M in TTM revenue grew 20.4% YoY, reaching $202.18M last quarter. TTM EBITDA of $14.13M and TTM operating income of $4.60M shows growth is flowing through. Net income of $885,000 TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — a improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.1%
EBITDA Margin: 2.7%
Op. Margin: 1.6%
Net Margin: -0.8%

Op. margin of 1.6% is up 2.1% YoY — cost efficiency is improving. Net margin at -0.8% and gross margin of 73.1% — earnings take a bigger bite when COGS stays lean.. Over the past year, Operating margin is up 411% — a improving trend.

Price Ratios

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

P/E Ratio: 2311.4x
P/S Ratio: 2.7x
P/B Ratio: N/A

At 2311.4x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 2.7x and P/B of 0.0x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory. Over the past year, P/E is up 0% — a deteriorating trend.

Assets & Liabilities

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

Total Assets: $623.36M
Cash: $150.03M
Long-Term Debt: $228.83M
Book Value: $-58.97M
D/E Ratio: N/A
Debt/EBITDA: 42.1

Cash Flow

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

Op. Cash Flow: $48.83M
TTM Free Cash Flow: $63.88M
FCF Margin: 8.4%
FCF / Net Income: 72.2

TTM FCF of $63.88M on $48.83M in operating cash flow. The FCF / Net Income ratio of 72.2x means earnings are well backed by actual cash — high-quality earnings. Over the past year, Free cash flow is up 108% — a improving trend.