APPNAppian Corporation
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is APPN?
Appian Corporation keeps 1.3% of every revenue dollar as operating profit, against 7.5% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 7.5% · 12 months to Q2 2026
- Share count, year on year
- −1.8%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 23%
R&D as % of revenue
- Gross margin
- 71%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −12% |
| FY2021 | −23% |
| FY2022 | −31% |
| FY2023 | −20% |
| FY2024 | −9.9% |
| FY2025 | 0.08% |
Details›
- Gross margin12 months to Q2 2026
- 71%
- Operating margin12 months to Q2 2026
- 1.3%
- Net margin12 months to Q2 2026
- −1.3%
- Free cash flow margin
- 9.7%
- R&D as % of revenue
- 23%
- Revenue, trailing twelve months
- $795M
- Free cash flow, trailing twelve months
- $77M
- Net income, trailing twelve months
- −$11M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from APPN and who it buys from, as the companies report it.
- U.S. government25%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; APPN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
Ranks #54 of 78 by RyuScore