Appian Financials
Appian (APPN) reported $726.9M in revenue for fiscal year 2025, up 17.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable gross margins near 72.0% let growth cover overhead, pushing Appian toward a self-funding operating model.
After operating cash flow turned positive in FY2024, FY2025 produced$62.9M of OCF and$59.6M of FCF. Net income was only$1.2M , so the cash-profit gap shows the business is funding itself before GAAP earnings have developed much cushion.
Gross margin stayed tightly clustered between
The balance sheet is still carrying negative equity, with
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Appian's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Appian has an operating margin of 0.1%, meaning the company retains less than $1 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -9.9% the prior year.
Appian's revenue surged 17.8% year-over-year to $726.9M, reflecting rapid business expansion. This strong growth earns a score of 76/100.
Appian's current ratio of 1.15 is below the typical benchmark, resulting in a score of 27/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Appian's free cash flow margin of 8.2% results in a low score of 28/100. Capital expenditures of $3.3M absorb a large share of operating cash flow.
Appian scores 2.16, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.7B) relative to total liabilities ($738.4M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Appian passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Appian reported $1.2M of net income while generating $62.9M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Appian earns $0.03 in operating income for every $1 of interest expense ($609K vs $20.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Appian generated $726.9M in revenue in fiscal year 2025. This represents an increase of 17.8% from the prior year.
Appian's EBITDA was $10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 120.3% from the prior year.
Appian reported $1.2M in net income in fiscal year 2025. This represents an increase of 101.3% from the prior year.
Appian earned $0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 101.6% from the prior year.
Cash & Balance Sheet
Appian generated $59.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1833.6% from the prior year.
Appian held $135.8M in cash against $231.2M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Appian's gross margin was 72.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.
Appian's operating margin was 0.1% in fiscal year 2025, reflecting core business profitability. This is up 9.9 percentage points from the prior year.
Appian's net profit margin was 0.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Appian invested $172.2M in research and development in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Appian spent $20.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 60.0% from the prior year.
Appian invested $3.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.6% from the prior year.
APPN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $795.3M | $726.9M+17.8% | $617.0M+13.1% | $545.4M+16.5% | $468.0M+26.7% | $369.3M+21.2% | $304.6M+17.0% | $260.4M+14.8% | $226.7M+28.3% | $176.7M+33.0% | $132.9M+19.5% | $111.2M |
| Cost of Revenue | $219.5M | $199.6M+18.6% | $168.2M+4.9% | $160.3M+20.3% | $133.3M+28.1% | $104.1M+17.3% | $88.8M-5.4% | $93.8M+10.5% | $84.9M+31.5% | $64.6M+28.9% | $50.1M+3.4% | $48.5M |
| Gross Profit | $575.8M | $527.3M+17.5% | $448.8M+16.6% | $385.0M+15.0% | $334.7M+26.2% | $265.2M+22.9% | $215.8M+29.6% | $166.5M+17.4% | $141.8M+26.5% | $112.1M+35.4% | $82.8M+32.0% | $62.7M |
| R&D Expenses | $181.3M | $172.2M+5.4% | $163.4M+1.9% | $160.4M+15.2% | $139.2M+42.8% | $97.5M+38.8% | $70.2M+21.0% | $58.0M+29.8% | $44.7M+28.4% | $34.8M+51.5% | $23.0M+37.3% | $16.8M |
| SG&A Expenses | $126.9M | $113.4M+5.2% | $107.8M+30.5% | $82.6M-31.2% | $120.1M+43.5% | $83.7M+57.5% | $53.2M+28.1% | $41.5M+9.7% | $37.8M+39.3% | $27.1M+59.3% | $17.0M+36.1% | $12.5M |
| Operating Income | $10.1M | $609K+101.0% | -$60.9M+43.6% | -$108.0M+25.5% | -$145.0M-72.8% | -$83.9M-121.4% | -$37.9M+24.9% | -$50.5M-8.0% | -$46.7M-46.9% | -$31.8M-179.8% | -$11.4M-134.8% | -$4.8M |
| Interest Expense | $18.2M | $20.9M-11.6% | $23.6M+32.0% | $17.9M+967.7% | $1.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $5.3M | $5.2M+394.4% | $1.1M-67.2% | $3.2M+363.7% | $692K-11.1% | $778K-11.9% | $883K+7.7% | $820K+243.1% | $239K-68.6% | $761K+145.2% | -$1.7M-545.2% | $378K |
| Net Income | -$10.6M | $1.2M+101.3% | -$92.3M+17.2% | -$111.4M+26.2% | -$150.9M-70.3% | -$88.6M-164.8% | -$33.5M+34.0% | -$50.7M-2.6% | -$49.5M-59.5% | -$31.0M-148.8% | -$12.5M-78.3% | -$7.0M |
| EPS (Diluted) | — | $0.02+101.6% | -$1.26+17.1% | -$1.52+26.9% | -$2.08-66.4% | -$1.25-160.4% | -$0.48+37.7% | -$0.77 | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APPN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $691.4M+11.3% | $621.0M-1.0% | $627.5M+5.6% | $594.2M+17.8% | $504.5M-1.6% | $512.5M+38.0% | $371.5M+59.3% | $233.2M+44.8% | $161.1M+56.8% | $102.7M | N/A |
| Current Assets | $519.4M+19.3% | $435.5M+5.1% | $414.4M-1.9% | $422.5M+24.9% | $338.3M-7.4% | $365.4M+31.6% | $277.7M+32.5% | $209.6M+44.3% | $145.2M+64.3% | $88.4M | N/A |
| Cash & Equivalents | $135.8M+14.6% | $118.6M-20.6% | $149.4M+0.8% | $148.1M+47.0% | $100.8M-10.4% | $112.5M-29.6% | $159.8M+68.3% | $94.9M+28.7% | $73.8M+136.8% | $31.1M-0.8% | $31.4M |
| Accounts Receivable | $255.1M+30.8% | $195.1M+13.7% | $171.6M+3.4% | $166.0M+27.7% | $130.0M+33.6% | $97.3M+38.2% | $70.4M-11.3% | $79.4M+43.5% | $55.3M+18.2% | $46.8M | N/A |
| Goodwill | $28.8M+12.7% | $25.6M-5.7% | $27.1M+2.9% | $26.3M-5.2% | $27.8M+471.7% | $4.9M | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $738.4M+13.0% | $653.7M+13.7% | $575.2M+28.2% | $448.5M+65.7% | $270.6M+25.3% | $215.9M+29.9% | $166.2M+3.9% | $160.0M+38.5% | $115.5M-30.5% | $166.2M | N/A |
| Current Liabilities | $452.1M+27.4% | $354.8M-4.4% | $371.2M+37.3% | $270.3M+25.3% | $215.7M+38.4% | $155.9M+38.8% | $112.3M-12.6% | $128.4M+35.0% | $95.1M+25.1% | $76.0M | N/A |
| Long-Term Debt | $231.2M-4.0% | $240.8M+71.7% | $140.2M+21.5% | $115.4M | $0 | N/A | N/A | N/A | $0-100.0% | $13.9M | N/A |
| Total Equity | -$47.0M-44.0% | -$32.6M-162.4% | $52.3M-64.1% | $145.7M-37.7% | $233.9M-21.1% | $296.6M+44.5% | $205.2M+180.4% | $73.2M+60.8% | $45.5M+171.7% | -$63.5M-25.6% | -$50.5M |
| Retained Earnings | -$610.9M+0.2% | -$612.2M-17.7% | -$519.9M-27.3% | -$408.5M-58.6% | -$257.5M-52.5% | -$168.9M-24.7% | -$135.4M+7.0% | -$145.6M-51.4% | -$96.2M-48.4% | -$64.8M | N/A |
Not reported in any period shown, so not listed: Inventory.
APPN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $80.8M | $62.9M+814.1% | $6.9M+106.2% | -$110.4M-3.7% | -$106.6M-97.6% | -$53.9M-607.6% | -$7.6M+14.6% | -$8.9M+71.5% | -$31.3M-243.1% | -$9.1M-17.7% | -$7.8M-261.6% | -$2.1M |
| Capital Expenditures | $4.0M | $3.3M-12.6% | $3.8M-60.6% | $9.6M+6.0% | $9.1M+50.1% | $6.1M+384.3% | $1.3M-96.1% | $32.4M+362.2% | $7.0M+1519.9% | $433K-56.0% | $984K+87.8% | $524K |
| Free Cash Flow | $76.7M | $59.6M+1833.6% | $3.1M+102.6% | -$120.1M-3.8% | -$115.6M-92.8% | -$60.0M-576.1% | -$8.9M+78.5% | -$41.3M-7.9% | -$38.3M-301.0% | -$9.6M-9.4% | -$8.7M-227.5% | -$2.7M |
| Investing Cash Flow | $22.0M | -$12.8M+63.8% | -$35.4M-223.8% | $28.6M+178.5% | $10.3M-75.5% | $41.9M+127.3% | -$153.4M-373.0% | -$32.4M-362.5% | -$7.0M-1518.9% | -$433K+56.0% | -$984K-87.8% | -$524K |
| Financing Cash Flow | -$93.6M | -$36.3M-13961.2% | -$258K-100.3% | $79.2M-44.6% | $142.9M+5028.0% | $2.8M-97.5% | $110.5M+4.7% | $105.5M+73.1% | $61.0M+19.7% | $50.9M+409.5% | $10.0M0.0% | $10.0M |
| Share Buybacks | $75.7M | $20.0M-60.0% | $50.0M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APPN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.5%-0.2pp | 72.7%+2.1pp | 70.6%-0.9pp | 71.5%-0.3pp | 71.8%+0.9pp | 70.9%+6.9pp | 64.0%+1.4pp | 62.5%-0.9pp | 63.4%+1.2pp | 62.3%+5.9pp | 56.4% |
| Operating Margin | 0.1%+9.9pp | -9.9%+9.9pp | -19.8%+11.2pp | -31.0%-8.3pp | -22.7%-10.3pp | -12.4%+6.9pp | -19.4%+1.2pp | -20.6%-2.6pp | -18.0%-9.4pp | -8.6%-4.2pp | -4.3% |
| Net Margin | 0.2%+15.1pp | -14.9%+5.5pp | -20.4%+11.8pp | -32.3%-8.3pp | -24.0%-13.0pp | -11.0%+8.5pp | -19.5%+2.3pp | -21.8%-4.3pp | -17.5%-8.2pp | -9.4%-3.1pp | -6.3% |
| Return on Equity | N/A | N/A | -212.9%-109.3pp | -103.6%-65.7pp | -37.9%-26.6pp | -11.3%+13.4pp | -24.7%+42.9pp | -67.6%+0.6pp | -68.1% | N/A | N/A |
| Return on Assets | 0.2%+15.0pp | -14.9%+2.9pp | -17.8%+7.6pp | -25.4%-7.8pp | -17.6%-11.0pp | -6.5%+7.1pp | -13.7%+7.6pp | -21.2%-2.0pp | -19.3%-7.1pp | -12.1% | N/A |
| Current Ratio | 1.15-0.1x | 1.23+0.1x | 1.12-0.4x | 1.560.0x | 1.57-0.8x | 2.34-0.1x | 2.47+0.8x | 1.63+0.1x | 1.53+0.4x | 1.16 | N/A |
| Debt-to-Equity | N/A | N/A | 2.68+1.9x | 0.79+0.8x | 0.00-0.7x | 0.73-0.1x | 0.81-1.4x | 2.19+2.2x | 0.00 | N/A | N/A |
| FCF Margin | 8.2%+7.7pp | 0.5%+22.5pp | -22.0%+2.7pp | -24.7%-8.5pp | -16.2%-13.3pp | -2.9%+13.0pp | -15.9%+1.0pp | -16.9%-11.5pp | -5.4%+1.2pp | -6.6%-4.2pp | -2.4% |
Note: Shareholder equity is negative (-$47.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Appian Ranks
Frequently Asked Questions
What is Appian's annual revenue?
Appian (APPN) reported $726.9M in total revenue for fiscal year 2025. This represents a 17.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Appian's revenue growing?
Appian (APPN) revenue grew by 17.8% year-over-year, from $617.0M to $726.9M in fiscal year 2025.
Is Appian profitable?
Yes, Appian (APPN) reported a net income of $1.2M in fiscal year 2025, with a net profit margin of 0.2%.
What is Appian's EBITDA?
Appian (APPN) had EBITDA of $10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Appian have?
As of fiscal year 2025, Appian (APPN) had $135.8M in cash and equivalents against $231.2M in long-term debt.
What is Appian's gross margin?
Appian (APPN) had a gross margin of 72.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Appian's operating margin?
Appian (APPN) had an operating margin of 0.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Appian's net profit margin?
Appian (APPN) had a net profit margin of 0.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Appian's free cash flow?
Appian (APPN) generated $59.6M in free cash flow during fiscal year 2025. This represents a 1833.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Appian's operating cash flow?
Appian (APPN) generated $62.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Appian's total assets?
Appian (APPN) had $691.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Appian's capital expenditures?
Appian (APPN) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Appian spend on research and development?
Appian (APPN) invested $172.2M in research and development during fiscal year 2025.
What is Appian's current ratio?
Appian (APPN) had a current ratio of 1.15 as of fiscal year 2025, which is considered adequate.
What is Appian's return on assets (ROA)?
Appian (APPN) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Appian's debt-to-equity ratio negative or not reported?
Appian (APPN) has negative shareholder equity of -$47.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Appian's Altman Z-Score?
Appian (APPN) has an Altman Z-Score of 2.16, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Appian's Piotroski F-Score?
Appian (APPN) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Appian's earnings high quality?
Appian (APPN) reported $1.2M of net income while generating $62.9M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Appian cover its interest payments?
Appian (APPN) has an interest coverage ratio of 0.03x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Appian?
Appian (APPN) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.