Company Analysis

Appian Corporation (APPN)

Nasdaq: APPN · Services-Prepackaged Software · Mclean, VA · filing with the SEC since 2008
Grade5.7
◀ Past 6.5● Present 5.6▶ Future 5.3
1 est.

The grade of Appian Corporation

Nine metrics read from its own filings, by tense
Headline grade
5.7/10
◀ Past6.525% of the headline
● Present5.635% of the headline
▶ Future5.340% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
7.3/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 22% of this tense · 73rd percentile among 230 sector filers · read for itself

From the record

Appian Corporation's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
5.9/10

What has it actually done, year after year?

+20.8% a year over 10 filed years; profitable in 1 of 10.

weight 45% of this tense · 59th percentile among 213 sector filers · read for its customers

From the record

Appian Corporation's 10 filed years say what it did: revenue went from $133 million in fiscal 2016 to $727 million in fiscal 2025, up 20.8% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 1 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span20.8%top 46% of its family
  • the share of years revenue rosetop 27% of its family
  • the share of filed years with a profitbottom 35% of its family
  • the deepest fall from a revenue peak0.0%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
6.8/10

How has it treated the people who own it?

SI estimate 6.8/10, confidence 35 of 100 (one part).

weight 33% of this tense · 68th percentile among 216 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 32% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 216 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Appian Corporation's shareholder treatment is put at 6.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 32% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.6/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
5.1/10

Is it financially healthy right now?

Leverage 107%: owes 107¢ per asset dollar.

weight 45% of this tense · 51st percentile among 217 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Appian Corporation's shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 76 cents per dollar of everything the company owns. Leverage: it owed about 107 cents per dollar of assets, and net share issuance: its share count grew 2.3% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 6% of its family
  • gross profit against assetstop 7% of its family
  • the share count against the year beforetop 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.9/10

How strong is its position in its industry?

top 41% of 218 in its family; net margin 0.2%.

weight 33% of this tense · 59th percentile among 218 sector filers · read for its customers

From the record

Appian Corporation's standing among 218 graded names in its industry family: revenue of $727 million in fiscal 2025 ranks in the top 41% by size; a net margin of 0.2% ranks in the top 45%; revenue growth of 15.8% a year over the last 3 filed years ranks in the top 37% (its annual reports).

What it rests on

  • revenue against the family$727Mtop 41% of its family
  • net margin0.2%top 45% of its family
  • three-year revenue growth15.8%top 37% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
5.9/10

What are the people in charge doing?

top 41% of 139 in its family for leadership; chief executive since 2017.

weight 22% of this tense · 59th percentile among 139 sector filers · read for its shareholders

From the record

Appian Corporation's leadership, from its insiders' filings and its current reports: the chief executive on the record is Calkins, Matthew W (CEO and President, as filed), filing under that title since 2017-05-24, 9.5 years (top 16% of its family); the 13 officers and directors filing in the last fifteen months have been on the record a median of 4.7 years (bottom 34%); 6 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (top 41%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge6 in three years among 13 peopletop 41% of its family
  • the median years the people in charge have filed4.7 yearsbottom 34% of its family
  • the chief executive's years on the record9.5 yearstop 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.3/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed
4.2/10

How much room does it have to grow?

bottom 42% of 216 in its family for room to expand.

weight 22% of this tense · 42nd percentile among 216 sector filers · read for itself

From the record

Appian Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $136 million against debt of $231 million leaves -13.8% of its assets as net cash, bottom 11% of its family; cash from operations less capital spending is 8.2% of revenue (bottom 40%); a gross margin of 72.5% (top 45%); research spending of 23.7% of revenue (top 39%) (its annual report).

What it rests on

  • cash less debt against assets-13.8%bottom 11% of its family
  • cash from operations less capital spending against revenue8.2%bottom 40% of its family
  • gross margin72.5%top 45% of its family
  • research spending against revenue23.7%top 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
4.6/10

What could actually drive growth from here?

bottom 46% of 213 in its family for growth drivers.

weight 45% of this tense · 46th percentile among 213 sector filers · read for its customers

From the record

Appian Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 15.8% a year over the last three filed years against 20.8% over all 10, slowing (top 50% of its family); the newest year grew 17.8% (top 36%); research spending grew 7.3% a year (top 49%); capital spending grew -28.5% a year (bottom 18%) (its annual reports). Appian Corporation reported 4 product lines in fiscal 2025: Cloud Subscriptions at $437 million (60%), Professional Services at $150 million (21%), License Subscriptions at $106 million (15%), and 1 more; 4 of 4 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-5.0 points a yeartop 50% of its family
  • the newest year's revenue growth17.8%top 36% of its family
  • three-year growth of research spending7.3%top 49% of its family
  • three-year growth of capital spending-28.5%bottom 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
7.2/10

Did its newest year beat what its own record pointed to?

top 28% of 194 in its family for expectations against reality.

weight 33% of this tense · 72nd percentile among 194 sector filers · read for its shareholders

From the record

Appian Corporation's newest year against its own record: revenue of $727 million in fiscal 2025 came in 2.6% above the $708 million its prior three years' pace pointed to (top 34% of its family); net income of $1 million against a prior three-year average of $118 million (top 24%); a net margin of 0.2% against -22.5% before (top 27%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace2.6%top 34% of its family
  • net income against the prior three years' average+101%top 24% of its family
  • net margin against its prior average+22.7 pointstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton APPN · research, not advice