# Appian Corporation (APPN)

> Source: Nexqual · https://nexqual.com/APPN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Appian Corporation (APPN), nexqual.com/APPN" · informational, not investment advice.

**Price:** USD 50.47 (-2.87% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 51.96 · day 47.65–51.65 · 52w 18.63–54.12 · market cap $3.62B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $795M, net income -$10.6M (-1.3% margin), free cash flow $76.7M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $7.3M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $100K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.14 on a 1–5 scale) (7 analysts), mean target USD 34.8 (range 30–42).
- Total return with dividends: 1Y +74.3% vs S&P 500 +14.8%; 5Y -49.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.33, revenue estimate $217M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: APPN paid no cash dividend in the last five years.
- Short interest: 12.04% of float (as of 2026-10-15), 5.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $369M | $468M | $545M | $617M | $727M | $795M |
| Gross profit | $265M | $335M | $385M | $449M | $527M | — |
| Operating income | -$83.9M | -$145M | -$108M | -$60.9M | $609K | $10.1M |
| Net income | -$88.6M | -$151M | -$111M | -$92.3M | $1.2M | -$10.6M |
| EPS (diluted) | -$1.25 | -$2.08 | -$1.52 | -$1.26 | $0.02 | — |
| Free cash flow | -$60.0M | -$116M | -$120M | $3.1M | $59.6M | $76.7M |
| Gross margin | 71.8% | 71.5% | 70.6% | 72.7% | 72.5% | — |
| Operating margin | -22.7% | -31.0% | -19.8% | -9.9% | 0.1% | 1.3% |
| Net margin | -24.0% | -32.2% | -20.4% | -15.0% | 0.2% | -1.3% |
| Revenue growth | +21.2% | +26.7% | +16.5% | +13.1% | +17.8% | — |
| Cash + short-term investments | $156M | $196M | $159M | $160M | $187M | — |
| Total debt | $0K | $118M | $207M | $250M | $241M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.5x · EV/EBITDA 193.9x · EV/Sales 4.6x · P/FCF 47.1x · FCF yield 2.12% · Earnings yield -0.29% · Buyback yield (TTM) 2.10% · Net debt $68.1M · EV $3.68B
P/E at fiscal year-ends: Dec 2025 2144.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | Calkins Matthew W | CEO and President | 45,000 | $1.7M | 2.8% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Calkins Matthew W | CEO and President | 45,000 | $1.6M | 2.7% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Calkins Matthew W | CEO and President | 45,000 | $1.6M | 2.6% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07 | Calkins Matthew W | CEO and President | 50,000 | $1.2M | 2.8% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Calkins Matthew W | CEO and President | 50,000 | $1.2M | 2.7% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $100K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-13 | Dorsey Mark | Chief Revenue Officer | 5,227 | $100K | 19.13 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.14 on a 1–5 scale), 7 analysts; mean target USD 34.8 (low 30, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Target raised | Underweight | $26 → $30 |
| 2026-08-14 | DA Davidson | Target raised | Neutral | $34 → $42 |
| 2026-08-08 | DA Davidson | Target raised | Neutral | $22 → $34 |
| 2026-08-07 | Citigroup | Target raised | Buy | $37 → $40 |
| 2026-08-07 | Morgan Stanley | Target raised | Equal-Weight | $25 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +74.3% | -49.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +74.9% | -12.7% |
| Volatility (annualized) | 68.3% | 57.8% |
| Max drawdown | -59.0% (Nov 2025→May 2026) | -80.3% (Oct 2021→May 2026) |

## Dividends
APPN paid no cash dividend in the last five years.

## Short interest
4,570,605 shares sold short, 12.04% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,787,904 shares (+20.7%). Days to cover: 5.7 (short shares ÷ average daily volume).

## Peers (Software - Infrastructure)
PAY (Paymentus Holdings, Inc.) USD 32.26 +2.02% · BLSH (Bullish) USD 28.47 -0.90% · CORZ (Core Scientific, Inc.) USD 14.43 -3.80% · RELY (Remitly Global, Inc.) USD 24.64 +1.52% · BB (BlackBerry Limited) USD 9.19 -2.23% · VRNS (Varonis Systems, Inc.) USD 48.82 -0.16%

## More
Full page: https://nexqual.com/APPN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscriptions | $157.7M | 77.6% | +18.9% |
| — Cloud subscriptions (part of Subscriptions) | $131.7M | 64.8% | +23.2% |
| — Other subscriptions (part of Subscriptions) | $26.0M | 12.8% | +1.1% |
| Professional services | $45.6M | 22.4% | +20.0% |
| Total revenue | $203.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic | $125.5M | 61.8% | +19.3% |
| International | $77.7M | 38.2% | +18.8% |
| Total revenue | $203.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 26.1% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "ET to discuss Appian's financial results for the second quarter ended June 30, 2026 and business outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.33 | $0.33 | +1.6% | $216.9M | 7 |
| Next quarter (ends 2026-12-31) | $0.37 | $0.39 | -5.2% | $228.2M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.08 | $0.98 | +10.3% | $849.9M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.42 | $1.26 | +13.2% | $941.8M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±16.6%; last 8 reports averaged ±10.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 81.6% | ±16.6% |
| 2026-12-18 | 50 | 70.6% | ±21.2% |
| 2027-01-15 | 78 | 67.0% | ±25.0% |
| 2027-02-19 | 113 | 67.8% | ±30.2% |
| 2027-05-21 | 204 | 66.3% | ±39.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.13 | $0.00 | Beat +$0.13 | +15.6% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.27 | $0.18 | Beat +50.0% | -5.4% |
| Feb 19, 2026 | Quarter ended Dec 31, 2025 | $0.15 | $0.08 | Beat +87.5% | +4.5% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.32 | $0.05 | Beat +540.0% | +37.4% |
| Aug 7, 2025 | — | — | — | — | +7.9% |
| May 8, 2025 | — | — | — | — | +4.2% |
| Feb 19, 2025 | — | — | — | — | +8.1% |
| Nov 7, 2024 | — | — | — | — | +0.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | RPD Fund Management LLC, RPD Opportunity Fund LP: 4.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1441683/000091957426005228/0000919574-26-005228-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1441683/000144168326000053/0001441683-26-000053-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1441683/000144168326000050/0001441683-26-000050-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.