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Sells a low-code software platform that businesses use to quickly build applications and automate workflows.
Sells a low-code software platform that businesses use to quickly build applications and automate workflows.
Sells subscriptions to its platform, mainly in the cloud, plus professional services to build and deploy apps. Customers commit to multi-year contracts, so growth depends on existing customers adding applications. Founder Matt Calkins holds control through Class B shares.
Moat: narrow (switching costs, IP / patents). Mission-critical workflow apps built on Appian are costly to migrate, but low-code is a competitive category.
Headquarters: McLean, Virginia, United States · Founded: 1999 · Employees: 2,149
Size Appian (APPN) is a United States Information Technology company (Packaged Software) with a market value of $3.70B, the 1397th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.60 on 6 Nov 2026.
Performance Over six months the shares gained 135.4%, against +7.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 20.9% over the last twelve months (peer median +21.7%); the operating margin is 4.4% (peer median 7.9%).
Valuation It trades at 41.6× forward earnings against a peer median of 23.5× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Backlog Backlog (remaining performance obligations) was $636M at 30 Sep 2026, up 10% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 11.3% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $795M | $727M | $617M | $545M | $468M |
| Revenue growth | — | +18% | +13% | +17% | — |
| Gross profit | $567M | $514M | $455M | $393M | $327M |
| EBITDA | $48.5M | $39.1M | -$31.4M | -$92.2M | -$138M |
| Net income | -$10.6M | $1.23M | -$92.3M | -$111M | -$151M |
| Free cash flow | $76.7M | $59.6M | $3.08M | -$120M | -$116M |
| Capital expenditure | $4.01M | $3.32M | $3.80M | $9.64M | $9.10M |
| Total debt | $295M | $300M | $315M | $277M | $184M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Appian APPN | $3.70B | +135% | +21% | 4% | 41.6× | 42.9% |
| Pegasystems PEGA | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% |
| ServiceNow NOW | $106B | +12% | +22% | 13% | 22.4× | 29.5% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APPN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +33.5% | +7.2% | highest of 21 |
| 6-month return | +135.4% | +7.5% | highest of 20 |
| Distance from 52-week high | -8.5% | -37.9% | 5th highest of 21 |
| Revenue growth (TTM) | +20.9% | +21.7% | 11th highest of 21 |
| Operating margin | 4.4% | 7.9% | 9th lowest of 20 |
| Forward P/E | 41.6× | 23.5× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 42.9% | 19.0% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +19.0% | +20.6% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | +23.9 pp | -4.6 pp | 3rd most demanding of 14 |
| EV / EBITDA | 78.9× | 25.3× | most expensive of 9 |
| Net debt / EBITDA | 2.6× | -3.1× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Appian APPN | United States | $3.70B | +135% | +21% | 4% | 41.6× | 42.9% | +19.0% |
| monday.com MNDY | United States | $3.72B | +22% | +24% | 3% | 14.2× | 23.6% | +50.2% |
| Glory View Technology 301396.SZ | China | $3.72B | -49% | +53% | n/a | 25.3× | n/a | n/a |
| Koei Tecmo 3635.T | Japan | $3.74B | +15% | +19% | 43% | 15.1× | -5.7% | +7.9% |
| G-Bits Network Technology (Xiamen) 603444.SS | China | $3.77B | -14% | +35% | 40% | 12.5× | -0.9% | +17.7% |
| Geovis Technology 688568.SS | China | $3.78B | -45% | -64% | -70% | n/a | n/a | n/a |
| Core Scientific CORZ | United States | $3.78B | -49% | +26% | -31% | n/a | n/a | n/a |
| Thunder Software Technology 300496.SZ | China | $3.83B | -13% | +40% | 6% | 40.0× | n/a | n/a |
| Life360 LIF | United States | $3.86B | +8% | +34% | 1% | 33.9× | n/a | n/a |
| AvePoint AVPT | United States | $3.50B | +45% | +25% | 10% | 37.6× | 31.6% | +22.6% |
| Magnite MGNI | United States | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% | +26.4% |
| DLocal DLO | United States | $3.94B | +2% | +57% | 18% | 14.4× | 2.4% | +60.0% |
| Agilysys AGYS | United States | $3.42B | +69% | +15% | 13% | 41.6× | 22.9% | +18.4% |
| Kinaxis KXS.TO | Canada | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% | +20.6% |
| Momenta Global 6880.HK | Hong Kong | $4.02B | n/a | +82% | -32% | n/a | n/a | n/a |
| First Advantage FA | United States | $4.04B | +47% | +33% | 11% | 17.4× | 20.8% | +25.3% |
| Intapp INTA | United States | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% | +21.9% |
| Talkweb Information System 002261.SZ | China | $4.11B | -39% | +9% | 1% | n/a | n/a | n/a |
| Kingdee International Software 0268.HK | Hong Kong | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% | +15.0% |
| Perfect World 002624.SZ | China | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% | -8.2% |
| Hexaware Technologies HEXT.NS | India | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% | +16.5% |
Appian reported $636M of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 2% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.04.