Appian

APPN · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

APPN · Last close · November 6, 2026

$51.60

Appian's revenue rose 17.8% to $727 million in fiscal 2025. Its operating margin was 0.1%, up from −9.9% a year earlier. Free cash flow was $60 million, up 1833.6%. It paid out $20 million in dividends and buybacks, 34% of free cash flow. The diluted share count rose 2.3%.

APPIAN CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001441683-26-000013 Updated November 6, 2026

Revenue

$727M

17.8%

Operating margin

0.1%

9.9 pts

Net income

$1M

Free cash flow

$60M

1833.6%

Return on equity

—

Market cap

$3.8B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful.

Charts show fiscal years, from the 10-K filings.

What Appian does

Appian sells process automation software to large companies and governments. Its single platform lets an organization design, automate and improve business processes, using rules engines, links to other systems, document processing, robotic process automation and artificial intelligence. A data fabric layer connects an organization's data without moving it, and process mining tools show where processes stall.

Appian sells its software almost exclusively as subscriptions. It uses both direct sales and strategic partners, such as consulting and technology firms working on automation projects. It grows revenue by adding customers, adding users within existing customers, and spreading use across more processes and applications.

Appian says most business uses of AI fall short and that it can place AI inside workflows with controls and guardrails. It cites IDC for the market for business automation platforms, and it competes with other software vendors.

Its biggest risks, as it describes them

Slower revenue growth, which could threaten its ability to stay profitable.
Depending on a single product, so weaker market acceptance of its platform would hurt results.
Long and unpredictable sales cycles, especially with large customers.
Process automation not being adopted as widely as it expects.
Trouble scaling the business quickly enough to meet customers' growing needs.

From Appian's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	156	196	159	160	187
Debt incl. finance leases	0	118	207	250	241
Net debt (negative means net cash)	−156	−78	48	91	54
Net debt to EBITDA	—	—	—	—	5.2x
Debt to equity	0.0x	0.8x	4.0x	—	—
Interest coverage	−259.8x	−86.7x	−6.0x	−2.6x	0.0x
Current ratio	1.6x	1.6x	1.1x	1.2x	1.1x
Quick ratio	1.6x	1.6x	1.1x	1.2x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Appian's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Appian's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $99,993 of Appian shares on the open market, and 2 insiders sold $5.8 million, $5.6 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Matthew W CalkinsCEO and President, Director, 10% owner	Sold plan	45,000	$35.19	$1.6 million	Form 4
Aug 7, 2026	Matthew W CalkinsCEO and President, Director, 10% owner	Sold plan	45,000	$34.46	$1.6 million	Form 4
Jul 7, 2026	Matthew W CalkinsCEO and President, Director, 10% owner	Sold plan	50,000	$24.72	$1.2 million	Form 4
Jun 8, 2026	Matthew W CalkinsCEO and President, Director, 10% owner	Sold plan	50,000	$24.13	$1.2 million	Form 4
May 13, 2026	Mark DorseyChief Revenue Officer	Bought	5,227	$19.13	$99,993	Form 4
Mar 3, 2026	Mark Steven LynchDirector	Sold	9,530	$27.00	$257,310	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	2 of 9	7 of 9	6 of 9
Rule of 40	−5.5%	13.6%	26.0%
Altman Z''	−3.31	−3.07	−2.30
Accruals ratio	−0.2%	−15.9%	−9.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	2 of 9	7 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Appian side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Appian	FY25	17.8%	0.1%	8.2%	—	5.2x	6
8x8	FY26	2.9%	2.6%	7.1%	2.5%	6.2x	6	Compare
Braze	FY26	24.4%	−19.6%	8.4%	—	—	—	Compare
Vertex	FY25	12.2%	0.3%	—	0.9%	0.2x	—	Compare
SPS Commerce	FY25	17.8%	15.7%	20.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	133	177	227	260	305	369	468	545	617	727
Revenue growth	19.5%	33.0%	28.3%	14.8%	17.0%	21.2%	26.7%	16.5%	13.1%	17.8%
Gross profit	83	112	142	166	216	265	335	385	449	527
Research and development	23	35	45	58	70	98	139	160	163	172
Operating income	−11	−32	−47	−50	−38	−84	−145	−108	−61	1
Net income	−12	−31	−50	−51	−34	−89	−151	−111	−92	1
Diluted EPS (US$)	−0.39	−0.63	−0.80	−0.77	−0.48	−1.25	−2.08	−1.52	−1.26	0.02
Diluted shares (millions)	34	50	62	66	69	71	72	73	73	75
Cash flow
Cash from operations	−8	−9	−31	−9	−8	−54	−107	−110	7	63
Capital expenditure	1	0	7	32	1	6	9	10	4	3
Free cash flow	−9	−10	−38	−41	−9	−60	−116	−120	3	60
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	50	20
Acquisitions	0	0	0	0	6	31	0	0	0	0
Stock-based compensation	0	13	16	16	15	24	39	43	39	42
Balance sheet at fiscal year end
Cash and short-term investments	31	74	95	160	222	156	196	159	160	187
Debt incl. finance leases	20	0	0	4	0	0	118	207	250	241
Total assets	103	161	233	372	512	504	594	628	621	691
Total liabilities	111	116	160	166	216	271	448	575	654	738
Shareholders' equity	−64	46	73	205	297	234	146	52	−33	−47
Margins and ratios
Gross margin	62.3%	63.5%	62.5%	64.0%	70.9%	71.8%	71.5%	70.6%	72.7%	72.5%
Operating margin	−8.6%	−18.0%	−20.6%	−19.4%	−12.4%	−22.7%	−31.0%	−19.8%	−9.9%	0.1%
Net margin	−9.4%	−17.5%	−21.8%	−19.5%	−11.0%	−24.0%	−32.2%	−20.4%	−14.9%	0.2%
Free cash flow margin	−6.6%	−5.4%	−16.9%	−15.9%	−2.9%	−16.2%	−24.7%	−22.0%	0.5%	8.2%
Rule of 40 (growth + FCF margin)	13.0%	27.6%	11.4%	−1.1%	14.1%	5.0%	2.0%	−5.5%	13.6%	26.0%
Return on capital	—	—	—	—	−48.4%	−87.1%	−157.2%	−101.7%	−60.9%	—
Return on equity	—	—	−83.3%	−36.4%	−13.3%	−33.4%	−79.5%	−112.5%	—	—
Return on assets	—	−23.5%	−25.1%	−16.8%	−7.6%	−17.4%	−27.5%	−18.2%	−14.8%	0.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	5.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Appian's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Appian.