(APPN) Appian - Overview
Sector: Technology | Industry: Software - Infrastructure | Exchange: NASDAQ (USA) | Market Cap: 1.771m USD | Total Return: -23.5% in 12m
Avg Turnover: 20.3M
Qual. Beats: 0
Rev. Trend: 99.5%
Qual. Beats: 8
Warnings
High Debt/EBITDA (9.7) with thin interest coverage (0.2)
Interest Coverage Ratio 0.2 is critical
Altman Z'' -2.70 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Appian Corporation (NASDAQ: APPN) is a Virginia-based software provider specializing in low-code development and business process automation (BPA). Its core offering, the Appian Platform, integrates artificial intelligence, process mining, and data fabric capabilities to help organizations design and optimize complex workflows. The company operates globally across diverse sectors, including financial services, healthcare, and government agencies.
The business model primarily relies on a Software-as-a-Service (SaaS) framework, generating revenue through cloud subscriptions and professional services. This aligns with the broader systems software sectors shift toward recurring revenue models, which prioritize high customer retention and scalable deployment over traditional one-time licensing. Low-code platforms specifically address the global shortage of software developers by allowing non-technical users to build enterprise-grade applications via visual interfaces.
Investors can find more detailed financial metrics and valuation models for Appian on ValueRay. Founded in 1999, the company maintains a significant presence in the public sector, providing specialized solutions for contract lifecycle management and federal acquisitions.
- Subscription revenue growth driven by transition from professional services to cloud
- AI and low-code integration accelerates enterprise digital transformation adoption
- Federal and public sector contract wins stabilize long-term recurring revenue streams
- Operating margin improvement depends on reducing sales and marketing expense ratios
- High concentration in financial services makes revenue sensitive to sector volatility
| Net Income: 885k TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 5.64 > 1.0 |
| NWC/Revenue: 6.72% < 20% (prev 12.87%; Δ -6.14% < -1%) |
| CFO/TA 0.11 > 3% & CFO 70.3m > Net Income 885k |
| Net Debt (136.4m) to EBITDA (14.1m): 9.65 < 3 |
| Current Ratio: 1.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (73.8m) vs 12m ago -0.37% < -2% |
| Gross Margin: 73.84% > 18% (prev 76.15%; Δ -2.31% > 0.5%) |
| Asset Turnover: 125.4% > 50% (prev 106.9%; Δ 18.55% > 0%) |
| Interest Coverage Ratio: 0.23 > 6 (EBIT TTM 4.60m / Interest Expense TTM 19.7m) |
| A: 0.08 (Total Current Assets 454.0m - Total Current Liabilities 402.7m) / Total Assets 623.4m |
| B: -0.98 (Retained Earnings -612.4m / Total Assets 623.4m) |
| C: 0.01 (EBIT TTM 4.60m / Avg Total Assets 608.1m) |
| D: -0.09 (Book Value of Equity -59.0m / Total Liabilities 682.3m) |
| Altman-Z'' = -2.70 = D |
| DSRI: 1.06 (Receivables 173.9m/136.0m, Revenue 762.7m/633.6m) |
| GMI: 1.03 (GM 76.15% / 73.84%) |
| AQI: 0.94 (AQ_t 0.18 / AQ_t-1 0.19) |
| SGI: 1.20 (Revenue 762.7m / 633.6m) |
| TATA: -0.11 (NI 885k - CFO 70.3m) / TA 623.4m) |
| Beneish M = -2.85 (Cap -4..+1) = A |
As of June 09, 2026, the stock is trading at USD 24.43 with a total of 745,920 shares traded.
Over the past week, the price has changed by -12.03%,
over one month by +11.45%,
over three months by -8.05% and
over the past year by -23.49%.
Appian has received a consensus analysts rating of 3.13. Therefore, it is recommended to hold APPN.
- StrongBuy: 1
- Buy: 0
- Hold: 6
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 26.2 | 7.2% |
P/E Trailing = 1206.5
P/E Forward = 416.6667
P/S = 2.3226
P/B = 42.8248
Revenue TTM = 762.7m USD
EBIT TTM = 4.60m USD
EBITDA TTM = 14.1m USD
Long Term Debt = 228.8m USD (from longTermDebt, last quarter)
Short Term Debt = 13.2m USD (from shortTermDebt, last quarter)
Debt = 342.4m USD (from shortLongTermDebtTotal, last quarter) + Leases 56.8m
Net Debt = 136.4m USD (calculated: Debt 342.4m - CCE 206.0m)
Enterprise Value = 1.91b USD (1.77b + Debt 342.4m - CCE 206.0m)
Interest Coverage Ratio = 0.23 (Ebit TTM 4.60m / Interest Expense TTM 19.7m)
EV/FCF = 28.29x (Enterprise Value 1.91b / FCF TTM 67.4m)
FCF Yield = 3.53% (FCF TTM 67.4m / Enterprise Value 1.91b)
FCF Margin = 8.84% (FCF TTM 67.4m / Revenue TTM 762.7m)
Net Margin = 0.12% (Net Income TTM 885k / Revenue TTM 762.7m)
Gross Margin = 73.84% ((Revenue TTM 762.7m - Cost of Revenue TTM 199.5m) / Revenue TTM)
Gross Margin QoQ = 73.09% (prev 72.44%)
Tobins Q-Ratio = 3.06 (Enterprise Value 1.91b / Total Assets 623.4m)
Interest Expense / Debt = 5.75% (Interest Expense 19.7m / Debt 342.4m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 3.63m (EBIT 4.60m * (1 - 21.00%))
Current Ratio = 1.13 (Total Current Assets 454.0m / Total Current Liabilities 402.7m)
Debt / Equity = -5.81 (negative equity) (Debt 342.4m / totalStockholderEquity, last quarter -59.0m)
Debt / EBITDA = 9.65 (Net Debt 136.4m / EBITDA 14.1m)
Debt / FCF = 2.02 (Net Debt 136.4m / FCF TTM 67.4m)
Total Stockholder Equity = -52.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.15% (Net Income 885k / Total Assets 623.4m)
RoE = -1.70% (negative equity) (Net Income TTM 885k / Total Stockholder Equity -52.1m)
RoCE = 2.60% (EBIT 4.60m / Capital Employed (Equity -52.1m + L.T.Debt 228.8m))
RoIC = 1.86% (NOPAT 3.63m / Invested Capital 195.8m)
WACC = 11.19% (E(1.77b)/V(2.11b) * Re(12.47%) + D(342.4m)/V(2.11b) * Rd(5.75%) * (1-Tc(0.21)))
Discount Rate = 12.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 37.78 | Cagr: 0.31%
[DCF] Terminal Value 69.36% ; FCFF base≈52.8m ; Y1≈60.5m ; Y5≈89.0m
[DCF] Fair Price = 17.83 (EV 891.0m - Net Debt 136.4m = Equity 754.6m / Shares 42.3m; r=11.19% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.61 | # QB: 0
Revenue Correlation: 99.52 | Revenue CAGR: 15.30% | SUE: 1.94 | # QB: 8
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=-96.39% | Revisions=N/A | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.32 | Chg30d=+14.16% | Revisions=+64% | Analysts=7
EPS current Year (2026-12-31): EPS=0.99 | Chg30d=+10.23% | Revisions=+60% | GrowthEPS=+61.6% | GrowthRev=+13.6%
EPS next Year (2027-12-31): EPS=1.26 | Chg30d=+7.84% | Revisions=+64% | GrowthEPS=+27.4% | GrowthRev=+10.7%
[Analyst] Revisions Ratio: +64%