Appian Corporation (APPN) Stock

Appian Corporation (APPN) is a Technology stock trading at $37.24 (as of 2026-08-20), with a market capitalization of $2.67B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Appian Corporation offers a low-code automation platform that helps organizations build software components such as forms, workflows, data structures, reports, and user interfaces. The company also provides professional and customer support services to customers across industries including financial services, government, healthcare, and manufacturing.

Understand Appian Corporation: how it makes money

Appian provides a low-code automation platform that helps customers build forms, workflows, data structures, reports, and user interfaces, and it makes money mainly from subscription revenue for its platform (including cloud subscriptions), plus professional services and support.

Appian’s profit model depends on recurring cloud subscription renewals and expansion (net revenue retention above 100% and high gross renewal), and those recurring economics currently flow through to only a thin operating margin (1.6%).

Revenue by segment (latest quarter)
Subs$0.2B
ProServ$0.0B

Business quality (Mixed): Segment split between subscriptions and professional services is clear for the latest quarter, and the provided operating metrics focus on cloud retention and expansion, but the dataset does not include a broader set of operating drivers beyond those KPIs.

Valuation: Trades at 1201× trailing earnings · $2B market cap.

Bull case

  • Cloud subscription growth within the existing customer base: Cloud Subscription Net Revenue Retention is 115% (and Cloud Net Annual Recurring Revenue Expansion is 115%).
  • Retention appears strong for ongoing platform usage: Cloud Subscription Gross Renewal Rate is 99%, and overall Gross Renewal Rate is 98%.
  • High gross profitability profile: Gross margin is 73.1% for the latest quarter.

Bear case

  • Operating leverage looks limited in the latest quarter: Operating margin is 1.6%, which suggests costs are not scaling as fast as the revenue base.
  • Revenue sustainability depends on retention: Although renewal rates are high, the company also reports Attrition Rate (Company-Wide) of 3.2%, so declines in retention could pressure recurring revenue.
  • Non-subscription contribution may be smaller versus subscriptions: Professional Services Revenue is 0.04B versus Subscriptions Revenue of 0.16B in the provided segment set.
Valuation — source: SEC EDGAR (first-party)
Price$37.24
Market Cap$2.67B
EV / EBITDA122.1
Price / Sales3.36
FCF Yield8.0%
DCF Value (model)$8.69
DCF Upside vs Price-76.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$726.94M
Net Margin0.2%
Revenue Growth (YoY)17.8%
EPS Growth (YoY)-101.6%
FCF Growth (YoY)1833.6%
Financial Health — source: SEC EDGAR
Altman Z-Score2.17 (grey)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)33.9
Industry P/E (Business Services)30.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($215.92M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryBusiness Services
CEOMatthew W. Calkins
Employees2,033
CountryUS
IPO Date2017-05-25

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APPN earnings history · APPN institutional & insider holders · APPN KPIs & operating metrics · APPN financials · APPN investor presentations & press releases · APPN SEC filings · APPN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.