Appian Corporation (APPN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.1%

$44.30

vs $48.75 price

Levered DCF

$66.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.97

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2,120.96×	-26.17×	-24.78×	-15.65×	-52.17×	-337.69×	-49.62×	-33.39×
P/B	-55.81×	-73.75×	52.6×	16.19×	19.8×	37.74×	12.19×	22.68×
P/S	3.61×	3.9×	5.05×	5.04×	12.54×	36.75×	9.61×	7.32×
EV / EBITDA	76.55×	-45.2×	-35.61×	-16.96×	-56.13×	-424.06×	-53.46×	-33.3×
Gross margin	72.5%	75.7%	73.7%	71.5%	71.8%	70.9%	64.0%	62.5%
Operating margin	0.1%	-9.9%	-19.8%	-31.0%	-22.7%	-12.4%	-19.4%	-20.6%
Net margin	0.2%	-15.0%	-20.4%	-32.2%	-24.0%	-11.0%	-19.5%	-21.8%
Current ratio	1.15×	1.23×	1.12×	1.56×	1.57×	2.34×	2.47×	1.63×
Debt / equity	-7.35×	-9.65×	5.3×	1.26×	0.24×	0.2×	0.25×	0×
Interest coverage	0.03×	-2.58×	-6.04×	-86.68×	-225.56×	-79.29×	-137.51×	-235.95×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	282.7%	-212.9%	-103.6%	-37.9%	-11.3%	-24.7%	-67.6%
Return on invested capital	0.0%	-21.1%	-32.3%	-43.2%	-28.3%	-10.4%	-19.1%	-44.6%
Return on assets	0.2%	-14.9%	-17.8%	-25.4%	-17.6%	-6.5%	-13.7%	-21.2%
Free cash flow yield	2.3%	0.1%	-4.4%	-4.9%	-1.3%	-0.1%	-1.7%	-2.3%
Earnings yield	0.0%	-3.8%	-4.0%	-6.4%	-1.9%	-0.3%	-2.0%	-3.0%
Enterprise value	$2.8B	$2.6B	$2.9B	$2.4B	$4.6B	$11.1B	$2.4B	$1.6B
Net debt / EBITDA	5.66×	-3.41×	-1.58×	-0.25×	0.54×	2.07×	2.4×	2.02×
Cash conversion cycle (days)	128	105	99	108	108	104	78	88