NASDAQ · APPN

Appian Corporation

Technology · Software - Infrastructure

$38.16▲ 1.77% ($0.66)today

As of 3:37 PM ET

52-week

$18.63$46.06

Market cap

$2.82B

P/E

2,310.50

EPS (TTM)

-$0.15

Next earnings

Nov 5, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $38.16, this model requires revenue to grow by 35.51%/yr over the next 10 years, compounded annually.

Historical revenue grew by 18.45%/yr over the past 4 years. The required annual growth rate is 17.06 percentage points higher.

Selected forecast · Base scenario

11.5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 18.03%

Market-implied · Base operating assumptions + edited margins

35.51%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$38.16

Estimated value / share

$5.22

Base scenario

This estimate is 86.33% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 18.03% · Ending margin 2.47% · Discount rate 9.73%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:37 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:38 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveModerate confidence

1Y Price: 21.08%Revenue (TTM): 20.9%FCF (TTM): 66.87%P/S: 14th pct

What changed

The stock rose 21.08% over the last year. Revenue grew 20.9% over the trailing twelve months. Operating margin moved from -2.12% to 1.28%. Free cash flow grew 66.87% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 14th percentile of their historical P/S range.

What would invalidate this read

Operating margin is at 1.28%. Revenue grew 20.9% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.

Performance

Return analysis

Company profile

Appian Corporation provides a sophisticated low-code automation platform, serving clients across the United States and globally.

CEOMatthew W. Calkins

SectorTechnology

IndustrySoftware - Infrastructure

Employees2,149

IPO dateMay 25, 2017

https://www.appian.com

Market multiples

Forward P/E—

EV/EBITDA76.55

Enterprise value$2.83B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth19.11%

Gross margin (FY2025)72.54%▼3.1ppvs FY2024

Operating margin (FY2025)0.08%▲9.9ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$30.50▼20.08%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $0.31 · Revenue est $216.78M

View

NASDAQ · APPN

Appian Corporation

Technology · Software - Infrastructure

$38.16▲ 1.77% ($0.66)today

As of 3:37 PM ET

52-week

$18.63$46.06

Market cap

$2.82B

P/E

2,310.50

EPS (TTM)

-$0.15

Next earnings

Nov 5, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $38.16, this model requires revenue to grow by 35.51%/yr over the next 10 years, compounded annually.

Historical revenue grew by 18.45%/yr over the past 4 years. The required annual growth rate is 17.06 percentage points higher.

Selected forecast · Base scenario

11.5%/yr · actual 10-year annualized revenue growth

Year 1 growth: 18.03%

Market-implied · Base operating assumptions + edited margins

35.51%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$38.16

Estimated value / share

$5.22

Base scenario

This estimate is 86.33% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 18.03% · Ending margin 2.47% · Discount rate 9.73%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:37 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:38 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveModerate confidence

1Y Price: 21.08%Revenue (TTM): 20.9%FCF (TTM): 66.87%P/S: 14th pct

What changed

The stock rose 21.08% over the last year. Revenue grew 20.9% over the trailing twelve months. Operating margin moved from -2.12% to 1.28%. Free cash flow grew 66.87% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 14th percentile of their historical P/S range.

What would invalidate this read

Performance

Return analysis

Company profile

Appian Corporation provides a sophisticated low-code automation platform, serving clients across the United States and globally.

CEOMatthew W. Calkins

SectorTechnology

IndustrySoftware - Infrastructure

Employees2,149

IPO dateMay 25, 2017

https://www.appian.com

Market multiples

Forward P/E—

EV/EBITDA76.55

Enterprise value$2.83B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth19.11%

Gross margin (FY2025)72.54%▼3.1ppvs FY2024

Operating margin (FY2025)0.08%▲9.9ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$30.50▼20.08%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $0.31 · Revenue est $216.78M

View