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Appian
(NASDAQ:APPN)
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Rating:58Neutral
Price Target:
$21.50
▼(-13.79% Downside)
Action:Reiterated
Date:06/09/26
The score is driven primarily by improving operating fundamentals and cash flow, supported by a constructive earnings call with raised guidance and AI-led momentum. These positives are meaningfully offset by elevated balance-sheet risk (negative equity) and weak valuation support from an extremely high P/E; technicals are moderately positive but not yet fully long-term bullish.
Positive Factors
Subscription & ARR Growth
Sustained high cloud subscription growth and a 115% cloud net ARR expansion indicate durable, sticky recurring revenue and strong expansion within the customer base. This supports predictable multi-period revenue, higher lifetime value, and lower incremental acquisition breakeven for future growth.
Negative Factors
Negative Equity & Leverage
Negative equity and meaningful debt weaken financial flexibility and elevate refinancing and covenant risk if growth softens. This structural capital constraint limits the company’s ability to invest or absorb shocks without dilutive or costly financing actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Subscription & ARR Growth
Sustained high cloud subscription growth and a 115% cloud net ARR expansion indicate durable, sticky recurring revenue and strong expansion within the customer base. This supports predictable multi-period revenue, higher lifetime value, and lower incremental acquisition breakeven for future growth.
Read all positive factors
Appian Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability, and indicating strategic focus and market opportunities.
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability, and indicating strategic focus and market opportunities.
Data provided by:
The Fly
The FlyAppian (APPN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.79B
Dividend YieldN/A
Average Volume (3M)1.05M
Price to Earnings (P/E)1544.3
Beta (1Y)1.10
Revenue Growth20.37%
EPS GrowthN/A
CountryUS
Employees2,033
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.02
Shares Outstanding42,324,734
10 Day Avg. Volume858,380
30 Day Avg. Volume1,053,395
Financial Highlights & Ratios
PEG Ratio-20.93
Price to Book (P/B)-55.81
Price to Sales (P/S)3.61
P/FCF Ratio44.04
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue2.28
Enterprise Value/Gross Profit3.09
Enterprise Value/Ebitda49.46
Forecast
1Y Price Target
$26.20Price Target Upside5.05% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.97
Revenue Forecast (FY)$823.28M
Appian Business Overview & Revenue Model
Company Description
Appian Corporation provides a sophisticated low-code automation platform, serving clients across the United States and globally. This advanced technology significantly simplifies software development by automatically generating components like for...
How the Company Makes Money
Appian primarily makes money by selling access to its Appian Platform under a subscription model (cloud-based SaaS subscriptions and term licenses), typically priced based on usage metrics such as number of users and/or application capacity depend...
Appian Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: robust cloud and subscription growth, notable AI-driven product traction (DocCenter, agents), improved ARR expansion and profitability, and an increase in buyback authorization. Near-term headwinds include seasonal Q2 profitability pressure, modest gross margin compression, higher operating expenses as the company reinvests, and a guided moderation of growth for the full year versus the Q1 run-rate. On balance the positives (revenue, ARR expansion, AI adoption, margin improvement and raised guidance) outweigh the listed lowlights.Positive Updates
Strong Cloud and Subscription Revenue Growth
Cloud subscription revenue grew 25% year-over-year to $124.5M (20% constant currency). Total subscription revenue grew 19% to $160.3M and total revenue grew 21% to $202.2M.
Negative Updates
Slight Compression in Gross Margins
Total gross margin was 74% (down from 75% year-over-year). Subscription gross margin was 86% (vs 87% year-over-year).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Cloud and Subscription Revenue Growth
Cloud subscription revenue grew 25% year-over-year to $124.5M (20% constant currency). Total subscription revenue grew 19% to $160.3M and total revenue grew 21% to $202.2M.
Read all positive updates
Company Guidance
Appian raised full-year 2026 guidance after a strong Q1 and provided Q2 and FY metrics: Q2 cloud subscription revenue $126–128M (≈19% YoY at the midpoint), total revenue $191–195M (≈13% YoY midpoint), adjusted EBITDA $5–8M, and non‑GAAP EPS of −$0.02 to $0.02 (assumes 74.2M diluted shares). Full‑year 2026 guidance calls for cloud subscription revenue $515–521M (≈18% YoY midpoint), total revenue $819–831M (≈13% YoY midpoint), adjusted EBITDA $97–105M (≈12% margin at midpoint), non‑GAAP EPS $0.94–1.05 (≈60% growth at midpoint; assumes 73.9M shares), with assumptions that non‑cloud subscriptions are down mid‑single digits in Q2 (flat to slightly up for the year), professional services up high‑single digits in Q2 and low‑double digits full year, other income/interest ≈$3M in Q2 and $12M for the year, FX to boost Q2 reported growth by ~1% (neutral thereafter), Q2 marketing/events to pressure sequential EBITDA, expectations of >1 percentage point adjusted EBITDA margin expansion in 2026, and an increased share buyback authorization to $100M to be executed in 2026.Appian Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
34
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 762.69M | 726.94M | 617.02M | 545.36M | 467.99M | 369.26M |
| Gross Profit | 563.16M | 527.34M | 466.84M | 402.04M | 334.69M | 265.17M |
| EBITDA | 35.18M | 37.00M | -57.60M | -80.90M | -141.26M | -81.75M |
| Net Income | 885.00K | 1.23M | -92.26M | -111.44M | -150.92M | -88.64M |
Balance Sheet | ||||||
| Total Assets | 623.36M | 691.39M | 621.04M | 627.50M | 594.21M | 504.52M |
| Cash, Cash Equivalents and Short-Term Investments | 205.99M | 187.22M | 159.86M | 159.00M | 196.00M | 155.97M |
| Total Debt | 295.21M | 345.39M | 314.99M | 277.35M | 184.03M | 56.89M |
| Total Liabilities | 682.33M | 738.39M | 653.68M | 575.16M | 448.51M | 270.60M |
| Stockholders Equity | -58.97M | -46.99M | -32.64M | 52.34M | 145.70M | 233.92M |
Cash Flow | ||||||
| Free Cash Flow | 63.88M | 59.56M | 3.08M | -120.08M | -115.65M | -59.98M |
| Operating Cash Flow | 66.73M | 62.87M | 6.88M | -110.44M | -106.55M | -53.92M |
| Investing Cash Flow | 5.97M | -12.83M | -35.39M | 28.59M | 10.26M | 41.94M |
| Financing Cash Flow | -59.56M | -36.28M | -258.00K | 79.17M | 142.87M | 2.79M |
Appian Technical Analysis
Positive
24.94
Price Trends
22.32
Positive
23.33
Positive
28.57
Negative
Market Momentum
0.06
Negative
59.88
Neutral
89.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APPN, the sentiment is Positive. The current price of 24.94 is above the 20-day moving average (MA) of 22.74, above the 50-day MA of 22.32, and below the 200-day MA of 28.57, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 59.88 is Neutral, neither overbought nor oversold. The STOCH value of 89.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APPN.
Appian Risk Analysis
Appian disclosed 58 risk factors in its most recent earnings report. Appian reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Appian Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $24.58B | 101.01 | 3.59% | ― | 11.75% | 85.38% | |
70 Outperform | $16.45B | 37.60 | 9.12% | ― | 6.15% | 0.30% | |
65 Neutral | $17.22B | -57.29 | 55.24% | ― | 45.73% | 48.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $1.79B | 1,544.30 | -1.70% | ― | 20.37% | ― | |
57 Neutral | $4.07B | 57.28 | 6.42% | ― | 28.28% | -72.43% |
* Technology Sector Average
APPN
Appian
24.40
-6.80
-21.79%
AKAM
Akamai
113.17
34.11
43.14%
OKTA
Okta
141.42
44.02
45.20%
FOUR
Shift4 Payments
51.35
-51.92
-50.28%
RBRK
Rubrik, Inc. Class A
83.64
-6.21
-6.91%
Appian Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Appian Stockholders Approve Directors, Auditor and Equity Plan
Positive
Jun 8, 2026
On June 3, 2026, Appian held its virtual annual meeting of stockholders, with approximately 92.79% of the combined voting power represented, constituting a quorum for business. Stockholders elected eight directors to serve until the 2027 annual me...
Business Operations and StrategyStock BuybackFinancial Disclosures
Appian Posts Strong Q1 Results and Authorizes Buyback
Positive
May 7, 2026
On May 7, 2026, Appian reported first-quarter 2026 results showing continued momentum in its cloud-based business, with cloud subscriptions revenue rising 25% year over year to $124.5 million and total revenue up 21% to $202.2 million. The company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.