Appian (APPN)
Market Price (4/23/2026): $21.58 | Market Cap: $1.6 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
Appian (APPN)
Market Price (4/23/2026): $21.58Market Cap: $1.6 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% Megatrend and thematic driversMegatrends include Automation & Robotics, Cloud Computing, and Artificial Intelligence. Themes include Process / Warehouse Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -118% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 1,310x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% Key risksAPPN key risks include [1] its challenging path to sustained profitability due to high operating costs, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Cloud Computing, and Artificial Intelligence. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -118% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 1,310x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% |
| Key risksAPPN key risks include [1] its challenging path to sustained profitability due to high operating costs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Appian (APPN) stock has lost about 40% since 12/31/2025 because of the following key factors:
1. Moderating 2026 Revenue Growth Outlook.
Appian's guidance for full-year 2026 cloud subscriptions revenue growth of 15% to 17% (midpoint 16%) and total revenue growth of 10% to 12%, while positive, signaled a deceleration compared to market expectations for a high-growth software company. This forward-looking outlook, provided with the Q4 2025 earnings report on February 19, 2026, contributed to investor concerns about the company's future expansion pace.
2. Negative Sentiment from Analyst Downgrades and Price Target Cuts.
Multiple analyst firms responded to Appian's performance and outlook with downgrades and reduced price targets. Zacks Research downgraded Appian from "strong-buy" to "hold" on March 26, 2026. Citigroup cut its price objective on shares of Appian from $48.00 to $38.00 on February 20, 2026, and UBS Group set a price target of $21.00 on the same date. Barclays maintained an "Underweight" rating and lowered its price target from $37 to $34 on January 12, 2026, further reducing it to $21.00 on February 20, 2026. The consensus analyst rating for Appian shifted to "Hold" with an average price target of $30.00 as of late March 2026.
Show more
1. Moderating 2026 Revenue Growth Outlook.
Appian's guidance for full-year 2026 cloud subscriptions revenue growth of 15% to 17% (midpoint 16%) and total revenue growth of 10% to 12%, while positive, signaled a deceleration compared to market expectations for a high-growth software company. This forward-looking outlook, provided with the Q4 2025 earnings report on February 19, 2026, contributed to investor concerns about the company's future expansion pace.
2. Negative Sentiment from Analyst Downgrades and Price Target Cuts.
Multiple analyst firms responded to Appian's performance and outlook with downgrades and reduced price targets. Zacks Research downgraded Appian from "strong-buy" to "hold" on March 26, 2026. Citigroup cut its price objective on shares of Appian from $48.00 to $38.00 on February 20, 2026, and UBS Group set a price target of $21.00 on the same date. Barclays maintained an "Underweight" rating and lowered its price target from $37 to $34 on January 12, 2026, further reducing it to $21.00 on February 20, 2026. The consensus analyst rating for Appian shifted to "Hold" with an average price target of $30.00 as of late March 2026.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -38.3% change in APPN stock from 12/31/2025 to 4/22/2026 was primarily driven by a -41.4% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.42 | 21.86 | -38.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 691 | 727 | 5.2% |
| P/S Multiple | 3.8 | 2.2 | -41.4% |
| Shares Outstanding (Mil) | 74 | 74 | 0.2% |
| Cumulative Contribution | -38.3% |
Market Drivers
12/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| APPN | -38.3% | |
| Market (SPY) | -5.4% | 25.5% |
| Sector (XLK) | 9.8% | 25.4% |
Fundamental Drivers
The -28.5% change in APPN stock from 9/30/2025 to 4/22/2026 was primarily driven by a -35.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.57 | 21.86 | -28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 658 | 727 | 10.5% |
| P/S Multiple | 3.4 | 2.2 | -35.6% |
| Shares Outstanding (Mil) | 74 | 74 | 0.4% |
| Cumulative Contribution | -28.5% |
Market Drivers
9/30/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| APPN | -28.5% | |
| Market (SPY) | -2.9% | 13.4% |
| Sector (XLK) | 12.3% | 13.5% |
Fundamental Drivers
The -24.1% change in APPN stock from 3/31/2025 to 4/22/2026 was primarily driven by a -35.7% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.81 | 21.86 | -24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 617 | 727 | 17.8% |
| P/S Multiple | 3.5 | 2.2 | -35.7% |
| Shares Outstanding (Mil) | 74 | 74 | 0.1% |
| Cumulative Contribution | -24.1% |
Market Drivers
3/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| APPN | -24.1% | |
| Market (SPY) | 16.3% | 32.4% |
| Sector (XLK) | 53.8% | 30.7% |
Fundamental Drivers
The -50.7% change in APPN stock from 3/31/2023 to 4/22/2026 was primarily driven by a -67.8% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.38 | 21.86 | -50.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 468 | 727 | 55.3% |
| P/S Multiple | 6.9 | 2.2 | -67.8% |
| Shares Outstanding (Mil) | 73 | 74 | -1.6% |
| Cumulative Contribution | -50.7% |
Market Drivers
3/31/2023 to 4/22/2026| Return | Correlation | |
|---|---|---|
| APPN | -50.7% | |
| Market (SPY) | 63.3% | 40.0% |
| Sector (XLK) | 113.5% | 37.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APPN Return | -60% | -50% | 16% | -12% | 7% | -41% | -87% |
| Peers Return | 17% | -35% | 61% | 44% | 7% | -25% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 88% |
Monthly Win Rates [3] | |||||||
| APPN Win Rate | 25% | 25% | 58% | 58% | 42% | 0% | |
| Peers Win Rate | 55% | 27% | 63% | 67% | 47% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| APPN Max Drawdown | -60% | -51% | -4% | -29% | -22% | -43% | |
| Peers Max Drawdown | -12% | -43% | -5% | -8% | -23% | -34% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NOW, PEGA, MSFT, CRM, IBM. See APPN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)
How Low Can It Go
| Event | APPN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -86.8% | -25.4% |
| % Gain to Breakeven | 655.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.5% | -33.9% |
| % Gain to Breakeven | 101.8% | 51.3% |
| Time to Breakeven | 179 days | 148 days |
| 2018 Correction | ||
| % Loss | -46.6% | -19.8% |
| % Gain to Breakeven | 87.3% | 24.7% |
| Time to Breakeven | 288 days | 120 days |
Compare to NOW, PEGA, MSFT, CRM, IBM
In The Past
Appian's stock fell -86.8% during the 2022 Inflation Shock from a high on 1/27/2021. A -86.8% loss requires a 655.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Appian (APPN)
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. The company was incorporated in 1999 and is headquartered in McLean, Virginia.
AI Analysis | Feedback
Here are 1-3 brief analogies for Appian:
- Canva for enterprise software
- Wix for custom business applications
AI Analysis | Feedback
```html- Low-code Automation Platform: A platform that automates the creation of software elements such as forms, workflows, and user interfaces, reducing the need for manual coding.
- Professional Services: Services offered to assist clients with the implementation and optimal utilization of the Appian platform.
- Customer Support Services: Services provided to help customers with ongoing technical assistance and inquiries related to the Appian platform.
AI Analysis | Feedback
Appian (APPN) sells its low-code automation platform primarily to other companies and government entities (B2B). While specific revenue contributions from individual customers are not typically disclosed, Appian frequently highlights its work with numerous large organizations across various industries. Major customers and customer categories include:
- T. Rowe Price (NYSE: TROW): A global investment management firm.
- Santander (NYSE: SAN): A major global financial services company.
- GSK (NYSE: GSK): A multinational pharmaceutical and biotechnology company.
- General Motors (NYSE: GM): A leading global automotive manufacturer.
- Various U.S. Government agencies, including the U.S. Army, FEMA, and the IRS.
AI Analysis | Feedback
- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- Microsoft Corporation (MSFT)
AI Analysis | Feedback
Matt Calkins, Founder, CEO, Chairman, and President
Matt Calkins co-founded Appian in 1999 and has served as its CEO since its inception. He grew Appian from a startup into a publicly-traded company, which completed its IPO in 2017. Prior to founding Appian, he was the Director of the Enterprise Product Group at MicroStrategy. Calkins graduated as the top Economics student from Dartmouth College. He is also recognized as an accomplished designer and player of board games. As of June 2025, he is the largest individual shareholder of Appian, holding 39% of outstanding shares.
Serge Tanjga, Chief Financial Officer
Serge Tanjga is Appian's Chief Financial Officer. He brings more than 20 years of financial experience to the company.
Michael Beckley, Founder and Chief Technology Officer
Michael Beckley co-founded Appian in 1999. As Chief Technology Officer, he is responsible for driving the company's technical vision and overseeing the development and implementation of innovative solutions. Before Appian, he held a role in Product Management at MicroStrategy.
Robert Kramer, Founder and General Manager
Robert Kramer is a co-founder of Appian, established in 1999. In his role as General Manager, he coordinates business and technical operations across the company.
Marc Wilson, Founder and Chief Executive Ambassador
Marc Wilson is one of the four founders of Appian, which he co-founded in 1999. As Chief Executive Ambassador, he oversees Appian's executive-level engagement with customers and partners.
AI Analysis | Feedback
```htmlKey Risks to Appian (APPN)
- Intense Competition and AI Disruption: Appian operates in a highly competitive market for low-code automation platforms, facing numerous established and emerging vendors, some with significantly greater financial and technical resources. The rapid evolution of AI technologies presents a significant risk, as failure to effectively integrate AI advancements into its platform or compete with AI-powered solutions could adversely impact Appian's market position, growth, and ability to attract and retain customers.
- Customer Concentration and Dependence on U.S. Federal Government Contracts: A substantial portion of Appian's revenue is derived from a limited number of customers, particularly U.S. federal government agencies. This concentration exposes the company to risks associated with changes in government spending priorities, budget fluctuations, and procurement policies. The loss of a significant government contract or any substantial reduction in government spending could materially impact Appian's financial performance.
- Profitability and Valuation Concerns: Historically, Appian has incurred operating losses, prioritizing market share growth. While the company has shown signs of improving profitability recently, its stock often trades at a high valuation, which is typically based on expectations of significant future growth. Any deceleration in its cloud subscription revenue growth rate or failure to consistently achieve and maintain profitability could lead to a sharp correction in its stock price and raise concerns about its long-term financial resilience.
AI Analysis | Feedback
The emergence of highly capable Artificial Intelligence (AI) for code generation and autonomous application development represents a clear emerging threat to Appian. As AI models become more adept at translating natural language descriptions or high-level requirements into functional code, forms, workflows, and user interfaces, they could potentially reduce the reliance on specialized low-code platforms. This shift could enable enterprises to automate software creation with even less manual intervention than currently offered by low-code solutions, thereby disrupting the core value proposition of Appian's platform by offering a potentially more direct and efficient alternative for application development.
AI Analysis | Feedback
Appian (APPN) operates in significant and growing addressable markets, primarily within the low-code development platform and intelligent process automation sectors.
The global low-code development platform market was estimated at approximately USD 24.8 billion in 2023 and is projected to reach around USD 101.68 billion by 2030, with some estimates going as high as USD 167.0 billion by 2030. North America is a dominant region within this market, holding a substantial share, for example, 45% in 2023 and 38.5%.
Another closely related addressable market for Appian is the intelligent process automation market. Globally, this market was estimated at USD 14.55 billion in 2024 and is projected to grow to approximately USD 44.74 billion by 2030. North America also holds a significant portion of this market, accounting for an estimated 38.0% of the revenue in 2024.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Appian (APPN) over the next 2-3 years:- Growth in Cloud Subscriptions: Appian's strategic shift towards a subscription-based revenue model, particularly cloud subscriptions, is a primary driver of future growth. The company has consistently reported strong year-over-year growth in cloud subscriptions revenue and provides optimistic guidance for this segment. For example, Appian expects cloud subscriptions revenue to be between $502.0 million and $510.0 million for the full year 2026, representing a year-over-year growth of 15% to 17%. This sustained growth is a key indicator of continued adoption of its cloud-based low-code automation platform.
- AI Integration and Monetization: Appian is actively integrating Artificial Intelligence (AI) capabilities into its low-code automation platform, which is significantly contributing to revenue growth. The company has seen a substantial increase in AI usage on its platform, with 70% of its cloud customers adopting AI and AI usage growing nearly eightfold year-over-year in Q1 2025. The introduction of new AI-inclusive pricing tiers and higher prices for customers upgrading to the AI license tier, alongside an increase in seven-figure AI-driven deals, are direct revenue accelerators.
- Expansion in Regulated Industries and Upmarket Strategy: Appian is focused on and gaining significant traction in regulated industries such as financial services, government, life sciences, and insurance. Over 77% of its 2024 subscriptions revenue came from these key verticals, demonstrating a successful penetration strategy. The company's "upmarket strategy" and ability to secure larger deals, including a notable $500 million, ten-year enterprise agreement with the U.S. Army, indicate strong momentum in acquiring and expanding relationships with large enterprises and public sector clients.
- Leveraging the Growing Low-Code Automation Market: The broader low-code application development platform market is experiencing robust growth, with projections indicating it will reach $101.7 billion by 2030, expanding at a compound annual growth rate of 22.3% from 2024 to 2030. This market trend, driven by the increasing demand for faster and more efficient software creation and digital transformation initiatives, provides a significant tailwind for Appian's platform. Appian's comprehensive platform, known for dynamic case management and business process automation, is well-positioned to capitalize on this expanding market.
- Strong Customer Retention and Expansion within Existing Accounts: Appian demonstrates robust customer loyalty and the ability to expand its footprint within existing accounts. The cloud subscription revenue retention rate was 114% as of December 31, 2025, and 112% as of March 31, 2025, meaning existing customers are increasing their spending with Appian over time. This consistent expansion within its customer base, driven by increased adoption and usage of its platform, including new AI features, is a reliable source of recurring revenue growth.
AI Analysis | Feedback
Share Repurchases
- Appian's Board of Directors authorized a share repurchase program of up to $50 million of its common stock, effective from February 2026 through February 2028.
- An earlier program authorized in May 2025 allowed for repurchases of up to $10 million through December 31, 2025, primarily to offset share issuances to employees for compensation.
Share Issuance
- Appian's shares outstanding have seen a gradual increase, reaching 74 million at the end of 2025 and in Q4 2025.
- The company issues shares to employees as part of compensation, including for annual bonuses and other stock-based plans.
Capital Expenditures
- Capital expenditures for Appian were $3 million in 2025 and $4 million in 2024.
- In the fourth quarter of 2025, the company invested $867,000 in capital expenditures, focusing on funding long-term assets and infrastructure.
- Projected capital expenditures for 2026 are estimated to be $11 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is 22.8% Fall In Appian (APPN) Stock A Buying Opportunity? | 01/07/2026 | |
| Appian Earnings Notes | 12/29/2026 | |
| Now Is Not The Time To Buy Appian Stock | 12/12/2025 | |
| Is Appian Stock Built to Withstand More Downside? | 12/12/2025 | |
| How Does Appian Stock Stack Up Against Its Peers? | 08/13/2025 | |
| APPN Dip Buy Analysis | 07/10/2025 | |
| Appian Total Shareholder Return (TSR): -12.4% in 2024 and -20.3% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Appian Market Price | 02/20/2025 | |
| ARTICLES | ||
| Appian Stock To $20? | 01/22/2026 | |
| Appian Stock To $26? | 01/07/2026 | |
| Appian Stock To $27? | 12/12/2025 | |
| With Appian Stock Sliding, Have You Assessed The Risk? | 12/12/2025 |
Trade Ideas
Select ideas related to APPN.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PANW | Palo Alto Networks | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03312026 | ALKT | Alkami Technology | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | DBX | Dropbox | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.6% | 2.6% | 0.0% |
| 03272026 | DLB | Dolby Laboratories | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 03272026 | PTC | PTC | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 01312023 | APPN | Appian | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 24.3% | -21.1% | -22.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 146.44 |
| Mkt Cap | 142.3 |
| Rev LTM | 27,402 |
| Op Inc LTM | 5,370 |
| FCF LTM | 7,994 |
| FCF 3Y Avg | 7,658 |
| CFO LTM | 9,318 |
| CFO 3Y Avg | 8,572 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.1% |
| Rev Chg 3Y Avg | 12.4% |
| Rev Chg Q | 14.4% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | 22.5% |
| Op Inc Chg 3Y Avg | 66.3% |
| Op Mgn LTM | 16.1% |
| Op Mgn 3Y Avg | 14.6% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 33.2% |
| CFO/Rev 3Y Avg | 29.3% |
| FCF/Rev LTM | 27.2% |
| FCF/Rev 3Y Avg | 25.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 142.3 |
| P/S | 4.0 |
| P/Op Inc | 27.6 |
| P/EBIT | 27.1 |
| P/E | 25.4 |
| P/CFO | 18.8 |
| Total Yield | 4.7% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.8% |
| 3M Rtn | -16.3% |
| 6M Rtn | -27.1% |
| 12M Rtn | -5.6% |
| 3Y Rtn | 32.0% |
| 1M Excs Rtn | -13.3% |
| 3M Excs Rtn | -20.1% |
| 6M Excs Rtn | -31.1% |
| 12M Excs Rtn | -41.4% |
| 3Y Excs Rtn | -40.5% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $21.86 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 05/25/2017 | |
| Distance from 52W High | -52.1% | |
| 50 Days | 200 Days | |
| DMA Price | $24.26 | $30.35 |
| DMA Trend | down | down |
| Distance from DMA | -9.9% | -28.0% |
| 3M | 1YR | |
| Volatility | 51.2% | 54.5% |
| Downside Capture | 1.07 | 0.77 |
| Upside Capture | 170.45 | 93.68 |
| Correlation (SPY) | 28.7% | 23.1% |
APPN Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 1.24 | 0.98 | 0.67 | 0.93 | 1.35 |
| Up Beta | 2.41 | 1.04 | 1.54 | 1.10 | 0.97 | 1.08 |
| Down Beta | -0.06 | 0.14 | 0.07 | 0.31 | 0.75 | 1.12 |
| Up Capture | -21% | 149% | 41% | 44% | 77% | 278% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 21 | 28 | 60 | 121 | 364 |
| Down Capture | 90% | 176% | 188% | 106% | 115% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 21 | 35 | 66 | 129 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APPN | |
|---|---|---|---|---|
| APPN | -18.3% | 54.5% | -0.19 | - |
| Sector ETF (XLK) | 69.4% | 20.7% | 2.44 | 22.5% |
| Equity (SPY) | 26.7% | 12.5% | 1.77 | 24.5% |
| Gold (GLD) | 38.9% | 27.4% | 1.19 | -4.3% |
| Commodities (DBC) | 23.5% | 16.2% | 1.32 | -0.3% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 11.3% |
| Bitcoin (BTCUSD) | -12.8% | 42.6% | -0.21 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APPN | |
|---|---|---|---|---|
| APPN | -31.3% | 61.7% | -0.36 | - |
| Sector ETF (XLK) | 18.0% | 24.7% | 0.65 | 46.6% |
| Equity (SPY) | 10.5% | 17.1% | 0.48 | 45.9% |
| Gold (GLD) | 21.5% | 17.8% | 0.99 | 1.7% |
| Commodities (DBC) | 10.7% | 18.8% | 0.47 | 7.3% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 31.9% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APPN | |
|---|---|---|---|---|
| APPN | 3.5% | 65.8% | 0.34 | - |
| Sector ETF (XLK) | 23.0% | 24.3% | 0.86 | 43.1% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 40.6% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 4.5% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 10.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 29.9% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/19/2026 | 2.0% | 9.4% | 7.5% |
| 11/6/2025 | 30.8% | 55.6% | 46.7% |
| 8/7/2025 | 8.3% | 10.2% | 13.4% |
| 5/8/2025 | 5.3% | 8.4% | 5.8% |
| 2/19/2025 | 16.2% | 4.2% | -6.2% |
| 11/7/2024 | 2.6% | -1.4% | 0.4% |
| 8/1/2024 | -20.3% | -26.8% | -12.1% |
| 5/2/2024 | -15.5% | -12.6% | -22.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 9 | 14 |
| # Negative | 9 | 15 | 10 |
| Median Positive | 5.1% | 10.2% | 8.0% |
| Median Negative | -10.8% | -10.2% | -16.4% |
| Max Positive | 30.8% | 55.6% | 109.3% |
| Max Negative | -20.3% | -26.8% | -34.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Cloud Subscriptions Revenue | 119.00 Mil | 120.00 Mil | 121.00 Mil | 3.4% | Raised | Guidance: 116.00 Mil for Q4 2025 | |
| Q1 2026 Total Revenue | 189.00 Mil | 191.00 Mil | 193.00 Mil | 1.1% | Raised | Guidance: 189.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 19.00 Mil | 20.50 Mil | 22.00 Mil | 78.3% | Raised | Guidance: 11.50 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Net Income Per Share | 0.16 | 0.18 | 0.2 | 200.0% | Raised | Guidance: 0.06 for Q4 2025 | |
| 2026 Cloud Subscriptions Revenue | 502.00 Mil | 506.00 Mil | 510.00 Mil | 16.1% | Raised | Guidance: 436.00 Mil for 2025 | |
| 2026 Total Revenue | 801.00 Mil | 809.00 Mil | 817.00 Mil | 13.5% | Raised | Guidance: 713.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | 89.00 Mil | 94.00 Mil | 99.00 Mil | 37.2% | Raised | Guidance: 68.50 Mil for 2025 | |
| 2026 Non-GAAP Net Income Per Share | 0.82 | 0.89 | 0.96 | 71.2% | Raised | Guidance: 0.52 for 2025 | |
Prior: Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Cloud subscriptions revenue | 115.00 Mil | 116.00 Mil | 117.00 Mil | Higher New | |||
| Q4 2025 Total revenue | 187.00 Mil | 189.00 Mil | 191.00 Mil | Higher New | |||
| Q4 2025 Adjusted EBITDA | 10.00 Mil | 11.50 Mil | 13.00 Mil | Higher New | |||
| Q4 2025 Non-GAAP net income per share | 0.04 | 0.06 | 0.08 | Higher New | |||
| 2025 Cloud subscriptions revenue | 435.00 Mil | 436.00 Mil | 437.00 Mil | 1.2% | Raised | Guidance: 431.00 Mil for 2025 | |
| 2025 Total revenue | 711.00 Mil | 713.00 Mil | 715.00 Mil | 2.0% | Raised | Guidance: 699.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 67.00 Mil | 68.50 Mil | 70.00 Mil | 31.7% | Raised | Guidance: 52.00 Mil for 2025 | |
| 2025 Non-GAAP net income per share | 0.5 | 0.52 | 0.54 | 62.5% | Raised | Guidance: 0.32 for 2025 | |
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.