Appian Corporation Class A Common Stock (APPN)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with business quality and price. Appian provides an integrated automation platform, and the top line is growing: revenue rose to $726.9 million in fiscal 2025, the year ended 2025-12-31, from $617.0 million in fiscal 2024, the year ended 2024-12-31, and $545.4 million in fiscal 2023, the year ended 2023-12-31. But profitability is fragile. Fiscal 2025 net income was only $1.2 million, a slim turnaround after net losses of $92.3 million in fiscal 2024 and $111.4 million in fiscal 2023. More recently, fiscal Q1 2026, the quarter ended 2026-03-31, had a $1.5 million net loss, and fiscal Q2 2026, the quarter ended 2026-06-30, had a $11.8 million net loss on $203.3 million of revenue. That is not steady earning power. Financial health is mixed. Trailing free cash flow was $76.7 million, but against a $2.8 billion market cap at the 2026-10-13 close, that is only a 2.7% FCF yield. FairStock's calculations show an EV/EBITDA of 134.22, a negative P/E of -276.50, ROCE of 3.23%, an Altman Z-Score of 1.27, and a Piotroski F-Score of 4/9. Those are not bargain signals; they suggest value depends on future execution. The Lynch category is TURNAROUND, based on returning to profit after a loss within the last three years, but turnarounds need evidence, not hope. At $38.71, the stock sits mid-range between its 52-week low of $18.63 and high of $46.06. I see growth, positive cash flow, and a possible turnaround. But I also see thin profits, recent losses, high valuation multiples, and limited margin of safety. I would want consistent GAAP profits and a stronger balance sheet before calling this a classic value opportunity.

In plain English: Appian sells software that helps organizations design, automate, and optimize business processes. The company grew sales and made a tiny profit in fiscal 2025, but it slipped back to losses in the latest quarter and has not shown steady profits. At $38.71, the stock looks expensive compared with those profits and cash flow, so the price appears to depend on much better results ahead.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer