Stock

Appian Corporation

APPN

Software - Infrastructure · Technology

Also trades as: 0HGM.L GBP 0.38 (+2.78%)

Price

$38.21

+1.53 (+4.17%)

Market Cap

$2.83B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

10/30

Growth

Good

10/20

Cash Flow

Mixed

3/10

Stability

Weak

0/10

Valuation

Data not available

0/10

Ownership

Good

8/15

Dividends

Not counted

n/a

31 of 95 counted points = Winston Score 33. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+5.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 71.0M (2021) → 74.6M (2025)

§Winston Score History

The full picture

Appian Corporation provides low-code automation platform in the United States and internationally. The company's platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that are needed to be manually coded. The company also offers professional and customer support services. It serves to financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation industries.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$172M/ year

↑ Rising (+11% vs prior year)

23.7% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

9.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$168M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Appian Corporation is putting 24% of revenue into R&D and that number is rising. That's 1.6x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

71.2%

Premium pricing power — 71.2% gross margin

Profit after running costs

Operating Margin

-2.7%

Losing money on operations — -2.7%

Return on the money invested

ROCE

-4.2%

Weak — -4.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+20.9%

Fast-growing sales (+20.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

15.8%

Converts sales into free cash efficiently (15.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

3.95

—

Heavy debt load (3.95)

Covers its interest

Interest Cover

0.56x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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