Appian Past Earnings Performance
Past criteria checks 2/6
Appian has been growing earnings at an average annual rate of 16.2%, while the Software industry saw earnings growing at 27.2% annually. Revenues have been growing at an average rate of 16.2% per year.
Key information
16.16%
Earnings growth rate
16.64%
EPS growth rate
| Software Industry Growth | 17.33% |
| Revenue growth rate | 16.23% |
| Return on equity | n/a |
| Net Margin | 0.12% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • 5h
Appian: Tech Platform With Margin And Cashflow Recovery Trends, Despite Q1 Net Loss
Summary Appian Corporation maintains a Hold rating due to robust revenue growth but ongoing lack of steady profitability and negative equity. APPN's Q1 showed 25% YoY cloud subscription growth and 31% YoY professional services growth, with FY26 revenue guidance of 18–19%. Operating cash flow is recovering, debt is declining, and share buybacks are ongoing, yet competitive pressures and muted upside persist. Despite undervaluation on EV/Sales and P/S, technicals and consensus forecasts suggest limited near-term price appreciation. Read the full article on Seeking Alpha
Narrative Update • May 28
APPN: AI Workflow Adoption And Margin Expansion Will Drive Future Upside Potential
Appian's updated analyst price target has moved from about $31 to roughly $26, as analysts incorporate lower sector P/E multiples while still highlighting the company's process automation and AI positioning, along with more constructive views on its potential AI-driven revenue mix and margin profile. Analyst Commentary Recent research updates show analysts cutting price targets for Appian while still acknowledging its positioning in process automation and AI driven workflows.
Narrative Update • May 13
APPN: Federal Demand And AI Usage Will Support Higher Future Multiple
Appian's updated analyst price target shifts down from $48 to $37 as analysts factor in slower cloud growth, mixed quarterly results, and a reset in future P/E expectations, even as Federal demand and larger deals provide some support. Analyst Commentary Recent research shows a wide range of views on Appian, but even within broadly cautious coverage, some analysts continue to highlight positives around execution, growth drivers, and potential valuation support.Narrative Update • Apr 29
APPN: Federal Demand And AI Adoption Will Drive Future Upside Potential
Narrative Update on Appian The updated analyst price target for Appian has moved to an average of around $31. This reflects a broad reset of targets across the Street as analysts balance slower 16% cloud growth with stronger US Federal demand, large-deal activity, and increasing AI usage on the platform.
Narrative Update • Apr 14
APPN: Slower Cloud Momentum And Federal Strength Will Shape AI Execution
Appian's updated analyst price target has shifted to $21.00, reflecting a series of lower Street targets in the $21 to $41 range as analysts weigh slower cloud growth against strength in federal deals, larger contracts, and increasing AI usage on the platform. Analyst Commentary Recent research updates show a cluster of price target cuts on Appian, with several bearish analysts recalibrating their expectations after the latest Q4 report.Narrative Update • Mar 30
APPN: Slower Cloud Progress Will Define Risk To AI Execution
Appian's updated fair value holds at $21.00, reflecting analysts' reduced price targets that balance slower cloud subscription growth with pockets of strength in U.S. federal demand and larger deal activity. Analyst Commentary Recent Street research shows a broad reset of expectations around Appian, with several firms cutting price targets even as they acknowledge areas of strength such as U.S. federal demand and larger deals.Narrative Update • Mar 16
APPN: Cloud Subscription Deceleration Will Define Risk To AI Execution Through 2027
Appian's analyst fair value estimate has been revised from $37 to $21. Analysts cited slower cloud subscription growth, mixed quarterly results, and recalibrated assumptions for revenue growth, margins, and future P/E multiples, despite continued strength in Federal and certain large deal activity.Narrative Update • Mar 02
APPN: Federal Momentum And AI Adoption Will Support Stronger Long Term Returns
We are lowering our Appian fair value estimate to $31 from $41 as analysts trim price targets across the board, citing slower 16% cloud growth along with stronger US Federal and large deal activity, improving platform AI usage, and healthier cloud expansion. Analyst Commentary Street research on Appian clusters around a common theme of moderating cloud growth at 16% alongside solid execution in Federal and larger enterprise deals.Narrative Update • Feb 16
APPN: Army Deal And 90-Day Catalyst Watch Will Support Higher Future Multiple
Analysts have adjusted their Appian price target to $48, citing updated assumptions around revenue growth, profit margin, discount rate and future P/E, and referencing recent research that includes an upside 90-day catalyst watch. Analyst Commentary Bullish analysts point to the revised US$48 price target as a reflection of updated views on Appian's revenue growth profile, margin potential and valuation framework.Analysis Article • Feb 12
Investors Don't See Light At End Of Appian Corporation's (NASDAQ:APPN) Tunnel And Push Stock Down 29%
To the annoyance of some shareholders, Appian Corporation ( NASDAQ:APPN ) shares are down a considerable 29% in the...Narrative Update • Feb 02
APPN: 90-Day Catalyst Watch And 2027 Outlook Will Support Stronger Returns
Analysts raised their price target on Appian to US$45 from US$29, citing updated estimates after Q3 results and a shift to a 2027 valuation framework, with some now highlighting a potential 90 day upside catalyst. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher US$45 price target as a sign that updated models support a stronger long term valuation framework through 2027.Narrative Update • Jan 19
APPN: 2027 Outlook And AI Adoption Will Support Stronger Long-Term Returns
Analysts nudged their fair value estimate for Appian slightly lower from US$41.60 to US$41.00, citing updated assumptions around long term growth and margins, as well as a roll forward of valuation frameworks that also supported a higher US$45 Street price target. Analyst Commentary Street research commentary around Appian focuses on how updated expectations for future years feed into valuation, especially as models shift further out in time.Narrative Update • Jan 04
APPN Will Balance AI Progress With Execution Risks Through 2027
Analysts raised their price target on Appian from $29 to $45, reflecting higher long term revenue growth expectations and updated valuation assumptions following stronger than anticipated Q3 results and a shift to 2027 estimates. Analyst Commentary While the higher price target reflects increased confidence in Appian's long term growth prospects, research commentary also underscores a measured stance on the shares.Narrative Update • Dec 21
APPN: Long Term Margin Expansion Will Support Stronger Future Earnings Multiple
Analysts have raised their price target on Appian from $42 to $48, citing higher long term revenue growth expectations, an improved margin outlook, and a more normalized future earnings multiple following recent estimate revisions and an updated valuation horizon. Analyst Commentary Bullish analysts point to Appian's recent execution and updated financial outlook as key drivers behind the higher price targets.Narrative Update • Dec 07
APPN: 2027 Outlook And AI Progress Will Drive Balanced Long-Term Returns
Analysts raised their price target on Appian to $45 from $29, citing updated post-Q3 estimates and a valuation framework that now extends to 2027. Analyst Commentary Analysts updated their models following the Q3 results, reflecting both improved confidence in Appian's medium term growth profile and lingering questions around profitability and execution consistency.Narrative Update • Nov 23
APPN: Recent AI Advances And Buyback Will Drive Balanced Long-Term Gains
Appian's analyst price target has increased significantly from $35.40 to $41.60, as analysts cite stronger revenue growth forecasts and an extended valuation period following recent quarterly results. Analyst Commentary Following the latest quarterly results, analysts have updated their perspectives on Appian, assessing both the company's growth prospects and potential risks that could impact its valuation trajectory.Analysis Article • Nov 08
What Appian Corporation's (NASDAQ:APPN) 36% Share Price Gain Is Not Telling You
Appian Corporation ( NASDAQ:APPN ) shareholders have had their patience rewarded with a 36% share price jump in the...Narrative Update • Nov 07
APPN: Share Buyback And AI Upgrades Will Drive Measured Long-Term Gains
Analysts have raised their price target for Appian from $33.80 to $35.40. This change reflects modest improvements in projected revenue growth and profit margins.Narrative Update • Sep 10
AI And Low-Code Automation Will Modernize Enterprise Workflows
Appian’s slightly higher future P/E and modestly lower net profit margin reflect expectations for weaker profitability, while the consensus analyst price target remains unchanged at $33.80. What's in the News Appian’s Board authorized a share repurchase program of up to $10 million, effective through August 28, 2027.Analysis Article • Jul 31
A Look At The Fair Value Of Appian Corporation (NASDAQ:APPN)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Appian fair value estimate is US$27.76 With US$28.63 share...Analysis Article • Jul 08
Revenues Working Against Appian Corporation's (NASDAQ:APPN) Share Price
With a price-to-sales (or "P/S") ratio of 3.7x Appian Corporation ( NASDAQ:APPN ) may be sending bullish signals at the...Analysis Article • Jun 17
Is Now The Time To Look At Buying Appian Corporation (NASDAQ:APPN)?
Appian Corporation ( NASDAQ:APPN ), might not be a large cap stock, but it saw a double-digit share price rise of over...Seeking Alpha • Apr 28
Appian Has Low Potential For Major Upside Catalyst On Lower Growth Rate
Summary Appian Corporation has achieved positive GAAP operating income, but faces slowing topline revenue growth, with forward growth rate expected at 10.6%. The low-code software market is projected to grow, driven by efficiency improvements and AI/ML integration. Despite positive operating income, Appian's free cash flow remains negative when accounting for stock-based compensation, and recent stock buybacks have only neutralized dilution. Appian's valuation is discounted compared to broader SaaS indices due to lower forward revenue growth expectations, and the rise of generative AI may further impact future demand for its solutions. I remain a neutral Hold on APPN stock for the near term. Read the full article on Seeking AlphaAnalysis Article • Mar 29
Subdued Growth No Barrier To Appian Corporation's (NASDAQ:APPN) Price
There wouldn't be many who think Appian Corporation's ( NASDAQ:APPN ) price-to-sales (or "P/S") ratio of 3.5x is worth...
New Narrative • Mar 22
AI-Powered Automation Will Improve Customer Value And Expand Federal Opportunities
Integrating AI into workflows and introducing tiered pricing could enhance customer value and drive increased revenue and retention.Analysis Article • Mar 11
Is There Now An Opportunity In Appian Corporation (NASDAQ:APPN)?
Appian Corporation ( NASDAQ:APPN ), might not be a large cap stock, but it saw significant share price movement during...Seeking Alpha • Feb 20
Appian's Automation Message Is Resonating Strongly With Customers
Summary Appian's focus on process automation and low-code solutions has driven significant growth, with revenue accelerating to 15% y/y in the company's Q4 results. APPN stock jumped more than 15% after posting earnings, and yet still trades at a below-market ~4x forward revenue multiple. The company is beginning to achieve significant adjusted EBITDA leverage, driven by improving gross margins and high net retention rates. Read the full article on Seeking AlphaAnalysis Article • Feb 07
Are Investors Undervaluing Appian Corporation (NASDAQ:APPN) By 28%?
Key Insights The projected fair value for Appian is US$46.90 based on 2 Stage Free Cash Flow to Equity Appian's...Seeking Alpha • Jan 06
Appian: Strong Deal Momentum Combined With Cost Efforts To Hit Adjusted EBITDA Profitability
Summary I'm reiterating my buy rating on Appian with a $49 price target. The stock trades at <4x forward revenue (compared to 7–8x revenue for similarly growing software industry peers), despite strong deal momentum. The Company notes that it has baked in price increases into renewal deals, while new deals in the pipeline are also entering at a larger size. APPN has barely grown its expense base, allowing it to make meaningful strides toward profitability on an adjusted EBITDA basis. Read the full article on Seeking AlphaAnalysis Article • Nov 01
Appian Corporation's (NASDAQ:APPN) Price Is Out Of Tune With Revenues
It's not a stretch to say that Appian Corporation's ( NASDAQ:APPN ) price-to-sales (or "P/S") ratio of 4.5x right now...Seeking Alpha • Oct 23
Appian: A Niche Tech Stock Awaiting Profitability, In A Competitive But Growing Sector
Summary Appian gets a hold/neutral rating today in line with the SA quant system, as its top-line revenue growth potential is offset by profitability issues. The firm serves a niche tech market that has shown growth and demand, but also competes with at least 3 key competitors in this space. Its low-code application development platform and top-tier client list reflects strong demand for process-improvement solutions on a subscription model. High operating costs are impacting profits, while liabilities exceed assets and create a negative equity scenario, casting a shadow on this firm's fundamentals. The share price shows undervaluation on P/S ratio, and trades below its moving average right now. Read the full article on Seeking AlphaAnalysis Article • Sep 26
When Should You Buy Appian Corporation (NASDAQ:APPN)?
Appian Corporation ( NASDAQ:APPN ), is not the largest company out there, but it saw a significant share price rise of...Analysis Article • Aug 30
Are Investors Undervaluing Appian Corporation (NASDAQ:APPN) By 43%?
Key Insights Appian's estimated fair value is US$56.86 based on 2 Stage Free Cash Flow to Equity Appian's US$32.48...Seeking Alpha • Aug 06
Appian: Underappreciated Amid Accelerating Growth Trends
Summary Shares of Appian have sunk ~20% after reporting strong Q2 results, creating a well-timed buying opportunity. The company accelerated both total and subscription revenue growth in Q2, which bucks the trend of many software companies reporting softer growth in the current macro. Management has also taken aggressive recent cost actions, prompting the company to lift its full-year adjusted EBITDA outlook to breakeven at the midpoint. Appian shares remain quite cheap at ~3.2x EV/FY25 revenue. Read the full article on Seeking AlphaAnalysis Article • Jul 17
Market Participants Recognise Appian Corporation's (NASDAQ:APPN) Revenues Pushing Shares 27% Higher
Appian Corporation ( NASDAQ:APPN ) shareholders would be excited to see that the share price has had a great month...Seeking Alpha • Jul 03
Appian Is Navigating Slower Revenue Growth Amid Cost Management
Summary Appian Corporation provides organizations with a low-code software development platform for various use cases. The market for low-code development platforms is expected to grow significantly in the coming years. However, Appian's financial trends show moderating revenue growth, with a focus on cost management. My near-term outlook remains Neutral (Hold) until management can restart meaningful growth while achieving operating breakeven. Read the full article on Seeking AlphaAnalysis Article • Apr 24
Appian Corporation's (NASDAQ:APPN) Earnings Haven't Escaped The Attention Of Investors
It's not a stretch to say that Appian Corporation's ( NASDAQ:APPN ) price-to-sales (or "P/S") ratio of 4.9x right now...Seeking Alpha • Apr 19
Appian: No Recovery Yet
Summary While a number of indicators point towards stabilization and a potential rebound in the market, Appian's growth continues to moderate. Recent hot inflation data likely means interest rates will remain higher for longer, which could cause software demand to weaken again. Appian's stock may appear attractively priced relative to peers, but the company is unprofitable, and growth is still declining. Read the full article on Seeking AlphaAnalysis Article • Mar 01
Does Appian (NASDAQ:APPN) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Feb 18
Appian: Great Moment To Buy (Rating Upgrade)
Summary Appian, a BPM software company, is a top choice for growth at a reasonable price stocks with a downside cushion. Despite a 20% decrease in shares, Appian has seen recent accelerating trends and strong Q4 results. Reasons to be bullish on Appian include strong net retention rates, AI tailwinds, public sector deals under its belt, and scaling gross margins. The stock trades at a reasonable 4.5x forward revenue. Read the full article on Seeking AlphaAnalysis Article • Dec 05
Should You Investigate Appian Corporation (NASDAQ:APPN) At US$38.10?
Appian Corporation ( NASDAQ:APPN ), is not the largest company out there, but it received a lot of attention from a...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Appian makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 763 | 1 | 360 | 177 |
| 31 Dec 25 | 727 | 1 | 343 | 172 |
| 30 Sep 25 | 691 | -7 | 322 | 168 |
| 30 Jun 25 | 658 | -17 | 317 | 166 |
| 31 Mar 25 | 634 | -61 | 322 | 165 |
| 31 Dec 24 | 617 | -92 | 332 | 163 |
| 30 Sep 24 | 596 | -89 | 368 | 152 |
| 30 Jun 24 | 579 | -109 | 364 | 151 |
| 31 Mar 24 | 560 | -108 | 356 | 151 |
| 31 Dec 23 | 545 | -111 | 330 | 159 |
| 30 Sep 23 | 526 | -136 | 357 | 156 |
| 30 Jun 23 | 507 | -158 | 362 | 157 |
| 31 Mar 23 | 489 | -165 | 356 | 151 |
| 31 Dec 22 | 468 | -151 | 340 | 139 |
| 30 Sep 22 | 447 | -142 | 323 | 128 |
| 30 Jun 22 | 422 | -124 | 301 | 117 |
| 31 Mar 22 | 395 | -98 | 274 | 107 |
| 31 Dec 21 | 369 | -89 | 252 | 98 |
| 30 Sep 21 | 346 | -69 | 226 | 90 |
| 30 Jun 21 | 331 | -47 | 209 | 82 |
| 31 Mar 21 | 315 | -35 | 191 | 75 |
| 31 Dec 20 | 305 | -33 | 183 | 70 |
| 30 Sep 20 | 292 | -38 | 176 | 67 |
| 30 Jun 20 | 280 | -49 | 170 | 65 |
| 31 Mar 20 | 279 | -47 | 169 | 60 |
| 31 Dec 19 | 260 | -51 | 159 | 58 |
| 30 Sep 19 | 252 | -54 | 155 | 55 |
| 30 Jun 19 | 241 | -54 | 154 | 51 |
| 31 Mar 19 | 235 | -55 | 150 | 49 |
| 31 Dec 18 | 227 | -49 | 144 | 45 |
| 30 Sep 18 | 217 | -42 | 135 | 41 |
| 30 Jun 18 | 207 | -34 | 123 | 38 |
| 31 Mar 18 | 190 | -37 | 118 | 37 |
| 31 Dec 17 | 177 | -31 | 109 | 35 |
| 30 Sep 17 | 160 | -29 | 98 | 32 |
| 30 Jun 17 | 146 | -28 | 91 | 30 |
| 31 Mar 17 | 135 | -17 | 78 | 25 |
| 31 Dec 16 | 133 | -13 | 71 | 23 |
| 31 Dec 15 | 111 | -8 | 51 | 17 |
Quality Earnings: APPN has a large one-off loss of $11.2M impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: APPN became profitable in the past.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: APPN has become profitable over the past 5 years, growing earnings by 16.2% per year.
Accelerating Growth: APPN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: APPN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Software industry (11.8%).
Return on Equity
High ROE: APPN's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/02 22:42 |
| End of Day Share Price | 2026/06/02 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Appian Corporation is covered by 15 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Raimo Lenschow | Barclays |
| Andrew DeGasperi | Berenberg |
| Joel Fishbein | BTIG |