Appian Corp
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Appian Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-48.5M) with 306.6M debt yet generating 72.6M FCF TTM (10.5% margin) - cash flow funds operations despite balance sheet stress.[Common Stockholders Equity]
- Operating margin 0.9% TTM vs industry median 0% - first sustained profitability after years of losses, inflection point reached.[Operating Margin TTM]
- R&D at 22.8% of revenue (157.3M TTM) signals heavy reinvestment; gross margin 76.3% provides runway to absorb this spend.[Research and Development TTM]
Watch Triggers
- Operating Margin TTM: Sustained above 5% — Would confirm operating leverage thesis and accelerate equity repair
- Interest Expense TTM: Exceeds EBITDA — Would signal debt service consuming all operating cash, forcing dilution or restructuring
- Free Cash Flow TTM: Falls below 50M — Would slow balance sheet repair and increase refinancing risk
Bull Case
FCF conversion exceptional: 72.6M FCF on -7.3M net income TTM. Cash generation 10x reported earnings, funding debt paydown without dilution.
Revenue 690.8M growing 16.6% 3Y CAGR with 76% gross margin creates path to meaningful operating leverage as scale increases.
Bear Case
Negative equity (-48.5M) with total debt 306.6M creates refinancing risk; interest expense 21.6M consumes 76% of EBITDA 28.3M TTM.
P/S 3.9x on barely profitable company; EV/EBITDA ~103x TTM leaves no margin for execution missteps.
Bull vs Bear Balance
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Forward Thesis
FCF generation will eliminate negative equity within 2-3 years if current trajectory holds.
- 72.6M FCF TTM with minimal capex (3M)
- Operating income turned positive (6.3M TTM)
- Gross margin 76% provides operating leverage
Valuation Context
Caveats
Public Strategies Rankings
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APPN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.89B | — | ||
$2.05B | — | ||
1,260 | — | ||
$726.94M | +17.8% | — | |
$0.02 | — | ||
0.08% | +9.9% | — | |
0.17% | +15.1% | — | |
$59.56M | +1833.6% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
APPN Dividend History
APPN Stock Splits
APPN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/19/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/19/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/26/17 | 03/31/17 | 424B4 | |
05/26/17 | 12/31/16 | 424B4 | |
11/02/17 | 09/30/16 | 10-Q | |
08/03/17 | 06/30/16 | 10-Q | |
05/26/17 | 03/31/16 | 424B4 |