Appian (APPN)
Market Price (9/6/2026): $38.0 | Market Cap: $2.8 BilSector: Information Technology | Industry: Systems Software
Appian (APPN)
Market Price (9/6/2026): $38.0Market Cap: $2.8 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% 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 -18%, 3Y Excs Rtn is -91% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 218x Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% 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 -4.7% Key risksAPPN key risks include [1] its challenging path to sustained profitability due to high operating costs, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| 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 -18%, 3Y Excs Rtn is -91% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 218x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% |
| 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 -4.7% |
| Key risksAPPN key risks include [1] its challenging path to sustained profitability due to high operating costs, Show more. |
Qualitative Assessment
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Updated on 9/4/2026
Appian (APPN) stock has gained about 65% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations.
Appian reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly beating analyst estimates. Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, and total revenue increased 19% year-over-year to $203.3 million, surpassing analyst expectations of $193.38 million. The company also achieved a non-GAAP net income per share of $0.13, notably beating the consensus estimate of $0.00. Furthermore, adjusted EBITDA doubled to $16.2 million compared to the prior year period.
2. Optimistic Future Guidance Signifying Continued Growth.
Following the strong Q2 performance, Appian provided optimistic guidance for fiscal Q3 2026 and the full fiscal year 2026. For Q3 2026, cloud subscriptions revenue is projected to be between $133.0 million and $135.0 million, representing 17% to 19% year-over-year growth, with total revenue expected between $214.0 million and $218.0 million. Full-year 2026 guidance anticipates cloud subscriptions revenue between $525.0 million and $529.0 million (20% to 21% year-over-year growth) and total revenue between $845.0 million and $853.0 million (16% to 17% year-over-year increase).
Show more
Appian (APPN) stock has gained about 65% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations.
Appian reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly beating analyst estimates. Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, and total revenue increased 19% year-over-year to $203.3 million, surpassing analyst expectations of $193.38 million. The company also achieved a non-GAAP net income per share of $0.13, notably beating the consensus estimate of $0.00. Furthermore, adjusted EBITDA doubled to $16.2 million compared to the prior year period.
2. Optimistic Future Guidance Signifying Continued Growth.
Following the strong Q2 performance, Appian provided optimistic guidance for fiscal Q3 2026 and the full fiscal year 2026. For Q3 2026, cloud subscriptions revenue is projected to be between $133.0 million and $135.0 million, representing 17% to 19% year-over-year growth, with total revenue expected between $214.0 million and $218.0 million. Full-year 2026 guidance anticipates cloud subscriptions revenue between $525.0 million and $529.0 million (20% to 21% year-over-year growth) and total revenue between $845.0 million and $853.0 million (16% to 17% year-over-year increase).
Show more
Updated on 9/4/2026
Appian (APPN) stock has gained about 65% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations.
Appian reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly beating analyst estimates. Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, and total revenue increased 19% year-over-year to $203.3 million, surpassing analyst expectations of $193.38 million. The company also achieved a non-GAAP net income per share of $0.13, notably beating the consensus estimate of $0.00. Furthermore, adjusted EBITDA doubled to $16.2 million compared to the prior year period.
2. Optimistic Future Guidance Signifying Continued Growth.
Following the strong Q2 performance, Appian provided optimistic guidance for fiscal Q3 2026 and the full fiscal year 2026. For Q3 2026, cloud subscriptions revenue is projected to be between $133.0 million and $135.0 million, representing 17% to 19% year-over-year growth, with total revenue expected between $214.0 million and $218.0 million. Full-year 2026 guidance anticipates cloud subscriptions revenue between $525.0 million and $529.0 million (20% to 21% year-over-year growth) and total revenue between $845.0 million and $853.0 million (16% to 17% year-over-year increase).
3. Strategic Focus and Innovation in AI Automation.
Appian's continuous emphasis on its AI automation capabilities and platform enhancements has been a key driver. The company positions itself as providing AI automation for mission-critical work, integrating process orchestration, artificial intelligence, and data to automate complex business operations. Recent developments, including announcements at Appian World 2026, showcased AI-assisted spec-driven development, Model Context Protocol (MCP) agent integration, and a new data partnership with Snowflake's Cortex AI. This strategic direction, labeled an "AI-First, Big-Deal Centric" strategy, has resonated positively with investors.
4. Positive Analyst Revisions and Price Target Upgrades.
In response to Appian's performance and outlook, several prominent analyst firms upgraded their ratings and increased price targets. Post-Q2 earnings, on August 7, 2026, Morgan Stanley raised its target price from $25.00 to $32.00, Zacks Research upgraded the stock from a "hold" to a "strong-buy" rating, and Citigroup increased its target price from $37.00 to $40.00. These revisions signal increased confidence in Appian's valuation and growth prospects.
Show less
Appian (APPN) stock has gained about 65% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations.
Appian reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly beating analyst estimates. Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, and total revenue increased 19% year-over-year to $203.3 million, surpassing analyst expectations of $193.38 million. The company also achieved a non-GAAP net income per share of $0.13, notably beating the consensus estimate of $0.00. Furthermore, adjusted EBITDA doubled to $16.2 million compared to the prior year period.
2. Optimistic Future Guidance Signifying Continued Growth.
Following the strong Q2 performance, Appian provided optimistic guidance for fiscal Q3 2026 and the full fiscal year 2026. For Q3 2026, cloud subscriptions revenue is projected to be between $133.0 million and $135.0 million, representing 17% to 19% year-over-year growth, with total revenue expected between $214.0 million and $218.0 million. Full-year 2026 guidance anticipates cloud subscriptions revenue between $525.0 million and $529.0 million (20% to 21% year-over-year growth) and total revenue between $845.0 million and $853.0 million (16% to 17% year-over-year increase).
3. Strategic Focus and Innovation in AI Automation.
Appian's continuous emphasis on its AI automation capabilities and platform enhancements has been a key driver. The company positions itself as providing AI automation for mission-critical work, integrating process orchestration, artificial intelligence, and data to automate complex business operations. Recent developments, including announcements at Appian World 2026, showcased AI-assisted spec-driven development, Model Context Protocol (MCP) agent integration, and a new data partnership with Snowflake's Cortex AI. This strategic direction, labeled an "AI-First, Big-Deal Centric" strategy, has resonated positively with investors.
4. Positive Analyst Revisions and Price Target Upgrades.
In response to Appian's performance and outlook, several prominent analyst firms upgraded their ratings and increased price targets. Post-Q2 earnings, on August 7, 2026, Morgan Stanley raised its target price from $25.00 to $32.00, Zacks Research upgraded the stock from a "hold" to a "strong-buy" rating, and Citigroup increased its target price from $37.00 to $40.00. These revisions signal increased confidence in Appian's valuation and growth prospects.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 64.0% change in APPN stock from 5/31/2026 to 9/5/2026 was primarily driven by a 55.3% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.40 | 38.37 | 64.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 763 | 795 | 4.3% |
| P/S Multiple | 2.3 | 3.5 | 55.3% |
| Shares Outstanding (Mil) | 74 | 73 | 1.3% |
| Cumulative Contribution | 64.0% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| APPN | 64.0% | |
| Market (SPY) | 1.8% | 10.4% |
| Sector (XLK) | -2.0% | -15.9% |
Fundamental Drivers
The 43.9% change in APPN stock from 2/28/2026 to 9/5/2026 was primarily driven by a 29.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.67 | 38.37 | 43.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 727 | 795 | 9.4% |
| P/S Multiple | 2.7 | 3.5 | 29.7% |
| Shares Outstanding (Mil) | 74 | 73 | 1.4% |
| Cumulative Contribution | 43.9% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| APPN | 43.9% | |
| Market (SPY) | 12.6% | 6.1% |
| Sector (XLK) | 35.1% | -5.0% |
Fundamental Drivers
The 24.7% change in APPN stock from 8/31/2025 to 9/5/2026 was primarily driven by a 20.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.78 | 38.37 | 24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 658 | 795 | 20.9% |
| P/S Multiple | 3.5 | 3.5 | 1.3% |
| Shares Outstanding (Mil) | 74 | 73 | 1.8% |
| Cumulative Contribution | 24.7% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| APPN | 24.7% | |
| Market (SPY) | 20.4% | 9.2% |
| Sector (XLK) | 43.3% | 2.7% |
Fundamental Drivers
The -21.2% change in APPN stock from 8/31/2023 to 9/5/2026 was primarily driven by a -49.9% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.70 | 38.37 | -21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 507 | 795 | 57.0% |
| P/S Multiple | 7.0 | 3.5 | -49.9% |
| Shares Outstanding (Mil) | 73 | 73 | 0.2% |
| Cumulative Contribution | -21.2% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| APPN | -21.2% | |
| Market (SPY) | 77.1% | 32.0% |
| Sector (XLK) | 117.2% | 26.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APPN Return | -60% | -50% | 16% | -12% | 7% | 15% | -75% |
| Peers Return | 17% | -35% | 61% | 44% | 7% | -11% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| APPN Win Rate | 25% | 25% | 58% | 58% | 42% | 33% | |
| Peers Win Rate | 55% | 27% | 63% | 67% | 47% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| APPN Max Drawdown | -72% | -52% | -35% | -35% | -31% | -47% | |
| Peers Max Drawdown | -20% | -44% | -19% | -20% | -32% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/4/2026 (YTD)
How Low Can It Go
| Event | APPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 212 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.7% | -7.8% |
| % Gain to Breakeven | 21.4% | 8.5% |
| Time to Breakeven | 37 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.5% | -6.7% |
| % Gain to Breakeven | 19.8% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.5% | -33.7% |
| % Gain to Breakeven | 97.9% | 50.9% |
| Time to Breakeven | 53 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.7% | -19.2% |
| % Gain to Breakeven | 26.1% | 23.8% |
| Time to Breakeven | 35 days | 105 days |
In The Past
Appian's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | APPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 212 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.5% | -33.7% |
| % Gain to Breakeven | 97.9% | 50.9% |
| Time to Breakeven | 53 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.7% | -19.2% |
| % Gain to Breakeven | 26.1% | 23.8% |
| Time to Breakeven | 35 days | 105 days |
In The Past
Appian's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% 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 (APPN) is a technology company specializing in a low-code automation platform. This platform empowers organizations to rapidly build and deploy sophisticated software applications and automated processes with minimal manual coding. Essentially, it streamlines the development of various software components that traditionally require extensive programming.
The core product automates the creation of essential software elements such as forms, workflows, data structures, reports, and user interfaces. By abstracting away complex coding, Appian enables businesses to quickly develop custom applications that drive efficiency and digital transformation. Beyond the platform, Appian also provides professional services and customer support to help clients implement and optimize their solutions.
Appian serves a wide array of enterprise customers across numerous industries. Its solutions are utilized by organizations in financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation, helping them automate critical business operations and improve their digital capabilities.
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Here are 1-3 brief analogies for Appian:
- Canva for enterprise software
- Wix for custom business applications
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- 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.
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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.
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- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- Microsoft Corporation (MSFT)
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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.
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Key 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.
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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.
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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.
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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.
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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.
Peer Outperformance in Systems Software
APPN has trailed 57% of its 67 Systems Software peers over 5Y. Among the peers that beat it are PANW, FTNT and MSFT. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that APPN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 85 industry peers · 25.5% return
3Y
39%
of 74 industry peers · -22.8% return
5Y
43%
of 67 industry peers · -66.3% return
Systems Software peers with revenue growth within 4pp of APPN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| APPN | Appian | 16.3% | -263.4x | 25.5% | -22.8% | -66.3% | — |
| PANW | Palo Alto Networks | 17.8% | 316.7x | 71.4% | 171.8% | 327.1% | +393pp |
| FTNT | Fortinet | 14.7% | 54.0x | 98.3% | 151.1% | 144.1% | +210pp |
| MSFT | Microsoft | 16.1% | 27.7x | 1.8% | 53.6% | 72.9% | +139pp |
| CVLT | CommVault Systems | 15.8% | 82.6x | -23.8% | 101.5% | 62.6% | +129pp |
| NTNX | Nutanix | 16.3% | 68.4x | -2.7% | 93.6% | 57.4% | +124pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is APPN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.1% | 179.7% | 288.0% | TTMI 806% · FLEX 677% · JBL 408% |
| Semiconductor Materials & Equipment | 27 | 130.8% | 66.9% | 100.2% | AEHR 928% · AXTI 528% · KLAC 470% |
| Technology Distributors | 9 | 30.2% | 66.3% | 83.9% | CLMB 351% · AVT 164% · SNX 119% |
| Communications Equipment | 36 | 19.3% | 79.7% | 67.7% | AAOI 1267% · LITE 890% · ANET 754% |
| Electronic Components | 26 | 49.9% | 62.7% | 60.4% | CLS 3241% · BELFA 1279% · COHR 358% |
| Semiconductors | 55 | 21.1% | 20.9% | 18.4% | POET 1845% · MU 1312% · NVDA 912% |
| Technology Hardware, Storage & Peripherals | 21 | 37.2% | 77.3% | 16.9% | DELL 1079% · STX 992% · SMCI 942% |
| Internet Services & Infrastructure | 6 | 19.8% | 40.5% | 13.7% | DOCN 53% · GDDY 35% · VRSN 35% |
| Electronic Equipment & Instruments | 27 | -7.3% | 8.8% | -8.2% | PI 197% · OSIS 108% · ACFN 98% |
| IT Consulting & Other Services | 28 | -23.8% | -11.8% | -28.6% | CHRN 533058% · APLD 1150% · TSSI 665% |
| Application Software | 123 | -23.9% | -14.3% | -46.5% | VIDA 199900% · INLX 4861% · PLTR 554% |
| Systems Software ← | 68 | -9.9% | 0.1% | -57.6% | PAYS 447% · QNC 392% · PANW 327% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is 15.3% Fall In Appian (APPN) Stock A Buying Opportunity? | 05/01/2026 | |
| 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 | |
| ARTICLES | ||
| Time To Buy The Dip In Appian Stock? | 06/04/2026 | |
| Appian Stock To $15? | 05/01/2026 | |
| Appian Stock To $20? | 01/22/2026 | |
| Appian Stock To $26? | 01/07/2026 | |
| Appian Stock To $27? | 12/12/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 188.07 |
| Mkt Cap | 109.4 |
| Rev LTM | 29,335 |
| Op Inc LTM | 5,568 |
| FCF LTM | 8,858 |
| FCF 3Y Avg | 8,052 |
| CFO LTM | 10,098 |
| CFO 3Y Avg | 9,146 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 13.3% |
| Rev Chg Q | 14.3% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 43.5% |
| Op Mgn LTM | 14.9% |
| Op Mgn 3Y Avg | 15.3% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 32.7% |
| CFO/Rev 3Y Avg | 29.7% |
| FCF/Rev LTM | 24.3% |
| FCF/Rev 3Y Avg | 25.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 109.4 |
| P/S | 3.5 |
| P/Op Inc | 23.2 |
| P/EBIT | 19.9 |
| P/E | 19.9 |
| P/CFO | 14.2 |
| Total Yield | 5.4% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 19.3% |
| 3M Rtn | 22.9% |
| 6M Rtn | 18.1% |
| 12M Rtn | -0.6% |
| 3Y Rtn | 35.9% |
| 1M Excs Rtn | 19.2% |
| 3M Excs Rtn | 18.4% |
| 6M Excs Rtn | 3.6% |
| 12M Excs Rtn | -20.4% |
| 3Y Excs Rtn | -34.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $38.37 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 05/25/2017 | |
| Distance from 52W High | -15.9% | |
| 50 Days | 200 Days | |
| DMA Price | $30.63 | $28.36 |
| DMA Trend | up | up |
| Distance from DMA | 25.3% | 35.3% |
| 3M | 1YR | |
| Volatility | 67.0% | 65.8% |
| Downside Capture | 20.96 | 85.99 |
| Upside Capture | 218.73 | 94.13 |
| Correlation (SPY) | 6.9% | 9.3% |
APPN Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.17 | 0.21 | 0.46 | 0.20 | 0.42 | 1.14 |
| Up Beta | 1.97 | -2.36 | -2.12 | -1.23 | -0.46 | 0.85 |
| Down Beta | 1.27 | -1.46 | -0.03 | 0.37 | 0.36 | 1.06 |
| Up Capture | 611% | 452% | 363% | 117% | 86% | 181% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 15 | 27 | 38 | 68 | 129 | 369 |
| Down Capture | -374% | -122% | 6% | 21% | 72% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 15 | 26 | 59 | 122 | 378 |
[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 | 28.4% | 65.7% | 0.63 | - |
| Sector ETF (XLK) | 43.4% | 26.2% | 1.34 | 2.7% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 9.4% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 2.5% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -6.2% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 8.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 10.1% |
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 | -19.4% | 61.9% | -0.10 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 42.1% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 44.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 2.9% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 4.9% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 31.5% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 26.6% |
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 | 9.5% | 66.1% | 0.43 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 40.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 39.2% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 4.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 9.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.2% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.5% | 16.2% | 36.2% |
| 5/7/2026 | 2.5% | -19.2% | 6.7% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 10 | 14 |
| # Negative | 8 | 14 | 10 |
| Median Positive | 3.9% | 10.3% | 8.0% |
| Median Negative | -11.5% | -13.2% | -16.4% |
| Max Positive | 30.8% | 55.6% | 109.3% |
| Max Negative | -20.3% | -26.8% | -34.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.5% | 16.2% | 36.2% |
| 5/7/2026 | 2.5% | -19.2% | 6.7% |
| 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% |
| 2/15/2024 | 12.7% | -1.2% | 8.4% |
| 11/2/2023 | -4.4% | -14.6% | -8.7% |
| 8/3/2023 | 2.8% | -1.1% | 2.8% |
| 5/9/2023 | 5.1% | 0.7% | 34.0% |
| 2/16/2023 | 2.5% | -5.4% | -9.5% |
| 11/3/2022 | -18.6% | -15.9% | -22.0% |
| 8/5/2022 | 1.5% | -0.6% | -20.7% |
| 5/5/2022 | 0.7% | 10.3% | 4.9% |
| 2/17/2022 | 12.9% | 19.2% | 23.5% |
| 11/4/2021 | -12.2% | -13.7% | -34.1% |
| 8/5/2021 | -7.6% | -8.8% | 1.6% |
| 5/6/2021 | -10.8% | -21.7% | -4.3% |
| 2/18/2021 | -5.9% | -22.0% | -30.0% |
| 11/5/2020 | 20.4% | 25.5% | 109.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 10 | 14 |
| # Negative | 8 | 14 | 10 |
| Median Positive | 3.9% | 10.3% | 8.0% |
| Median Negative | -11.5% | -13.2% | -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 |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Cloud subscriptions revenue | Reported | 133.00 Mil | 134.00 Mil | 135.00 Mil | ||||
| Q3 2026 Total revenue | Reported | 214.00 Mil | 216.00 Mil | 218.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 30.00 Mil | 31.50 Mil | 33.00 Mil | ||||
| Q3 2026 Non-GAAP earnings per share | Reported | 0.31 | 0.33 | 0.35 | ||||
| 2026 Cloud subscriptions revenue | Reported | 525.00 Mil | 527.00 Mil | 529.00 Mil | 1.7% | Raised | Guidance: 518.00 Mil for 2026 | |
| 2026 Total revenue | Reported | 845.00 Mil | 849.00 Mil | 853.00 Mil | 2.9% | Raised | Guidance: 825.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 104.00 Mil | 107.00 Mil | 110.00 Mil | 5.9% | Raised | Guidance: 101.00 Mil for 2026 | |
| 2026 Non-GAAP earnings per share | Reported | 1.04 | 1.08 | 1.12 | 8.5% | Raised | Guidance: 0.99 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Cloud subscriptions revenue | Reported | 126.00 Mil | 127.00 Mil | 128.00 Mil | ||||
| Q2 2026 Total revenue | Reported | 191.00 Mil | 193.00 Mil | 195.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 5.00 Mil | 6.50 Mil | 8.00 Mil | ||||
| Q2 2026 Non-GAAP earnings per share | Reported | -0.02 | 0 | 0.02 | ||||
| 2026 Cloud subscriptions revenue | Reported | 515.00 Mil | 518.00 Mil | 521.00 Mil | 2.4% | Raised | Guidance: 506.00 Mil for 2026 | |
| 2026 Total revenue | Reported | 819.00 Mil | 825.00 Mil | 831.00 Mil | 2.0% | Raised | Guidance: 809.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 97.00 Mil | 101.00 Mil | 105.00 Mil | 7.4% | Raised | Guidance: 94.00 Mil for 2026 | |
| 2026 Non-GAAP earnings per share | Reported | 0.94 | 0.99 | 1.05 | 11.8% | Raised | Guidance: 0.89 for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Cloud Subscriptions Revenue | Reported | 119.00 Mil | 120.00 Mil | 121.00 Mil | 3.4% | Higher New | Guidance: 116.00 Mil for Q4 2025 | |
| Q1 2026 Total Revenue | Reported | 189.00 Mil | 191.00 Mil | 193.00 Mil | 1.1% | Higher New | Guidance: 189.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 19.00 Mil | 20.50 Mil | 22.00 Mil | 78.3% | Higher New | Guidance: 11.50 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Net Income Per Share | Reported | 0.16 | 0.18 | 0.2 | 200.0% | Higher New | Guidance: 0.06 for Q4 2025 | |
| 2026 Cloud Subscriptions Revenue | Reported | 502.00 Mil | 506.00 Mil | 510.00 Mil | 16.1% | Higher New | Guidance: 436.00 Mil for 2025 | |
| 2026 Total Revenue | Reported | 801.00 Mil | 809.00 Mil | 817.00 Mil | 13.5% | Higher New | Guidance: 713.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 89.00 Mil | 94.00 Mil | 99.00 Mil | 37.2% | Higher New | Guidance: 68.50 Mil for 2025 | |
| 2026 Non-GAAP Net Income Per Share | Reported | 0.82 | 0.89 | 0.96 | 71.2% | Higher New | Guidance: 0.52 for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Cloud subscriptions revenue | Reported | 115.00 Mil | 116.00 Mil | 117.00 Mil | 5.5% | Higher New | Actual: 110.00 Mil for Q3 2025 | |
| Q4 2025 Total revenue | Reported | 187.00 Mil | 189.00 Mil | 191.00 Mil | 8.6% | Higher New | Actual: 174.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | Reported | 10.00 Mil | 11.50 Mil | 13.00 Mil | 9.5% | Higher New | Actual: 10.50 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP net income per share | Reported | 0.04 | 0.06 | 0.08 | 20.0% | Higher New | Actual: 0.05 for Q3 2025 | |
| 2025 Cloud subscriptions revenue | Reported | 435.00 Mil | 436.00 Mil | 437.00 Mil | 1.2% | Raised | Guidance: 431.00 Mil for 2025 | |
| 2025 Total revenue | Reported | 711.00 Mil | 713.00 Mil | 715.00 Mil | 2.0% | Raised | Guidance: 699.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 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 | Reported | 0.5 | 0.52 | 0.54 | 62.5% | Raised | Guidance: 0.32 for 2025 | |
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Calkins, Matthew W | CEO and President | Direct | Sell | 8112026 | 34.46 | 45,000 | 1,550,570 | 57,686,184 | Form |
| 2 | Calkins, Matthew W | CEO and President | Direct | Sell | 7082026 | 24.72 | 50,000 | 1,236,243 | 42,505,598 | Form |
| 3 | Calkins, Matthew W | CEO and President | Direct | Sell | 6102026 | 24.13 | 50,000 | 1,206,500 | 42,689,445 | Form |
| 4 | Dorsey, Mark | Chief Revenue Officer | Direct | Buy | 5132026 | 19.13 | 5,227 | 99,993 | 267,686 | Form |
| 5 | Lynch, Mark Steven | Direct | Sell | 3032026 | 27.00 | 9,530 | 257,310 | 1,187,136 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Calkins, Matthew W | CEO and President | Direct | Sell | 8112026 | 34.46 | 45,000 | 1,550,570 | 57,686,184 | Form |
| 2 | Calkins, Matthew W | CEO and President | Direct | Sell | 7082026 | 24.72 | 50,000 | 1,236,243 | 42,505,598 | Form |
| 3 | Calkins, Matthew W | CEO and President | Direct | Sell | 6102026 | 24.13 | 50,000 | 1,206,500 | 42,689,445 | Form |
| 4 | Dorsey, Mark | Chief Revenue Officer | Direct | Buy | 5132026 | 19.13 | 5,227 | 99,993 | 267,686 | Form |
| 5 | Lynch, Mark Steven | Direct | Sell | 3032026 | 27.00 | 9,530 | 257,310 | 1,187,136 | Form | |
| 6 | Abdiel, Capital Advisors, LP | Abdiel Qualified Master Fund, LP | Sell | 8082025 | 29.11 | 275,416 | 8,017,360 | 124,020,128 | Form | |
| 7 | Abdiel, Capital Advisors, LP | Abdiel Capital, LP | Sell | 8082025 | 29.11 | 13,216 | 384,718 | 123,635,410 | Form | |
| 8 | Abdiel, Capital Advisors, LP | Abdiel Partners, LLC | Sell | 8082025 | 29.36 | 896 | 26,307 | 124,670,898 | Form | |
| 9 | Abdiel, Capital Advisors, LP | Abdiel Qualified Master Fund, LP | Sell | 8082025 | 29.86 | 729,220 | 21,776,445 | 135,491,284 | Form | |
| 10 | Abdiel, Capital Advisors, LP | Abdiel Capital, LP | Sell | 8082025 | 29.86 | 34,991 | 1,044,924 | 135,474,726 | Form | |
| 11 | Abdiel, Capital Advisors, LP | Abdiel Partners, LLC | Sell | 8082025 | 31.00 | 784 | 24,304 | 140,610,172 | Form | |
| 12 | Abdiel, Capital Advisors, LP | Abdiel Qualified Master Fund, LP | Sell | 8082025 | 27.88 | 3,187 | 88,854 | 147,790,096 | Form | |
| 13 | Abdiel, Capital Advisors, LP | Abdiel Capital, LP | Sell | 8082025 | 27.88 | 129 | 3,597 | 147,786,499 | Form |
Investor Activity (13F)
Updated Sep 6, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Appian — Investor Video Playlist
Products & Services
June 2026 - Quarterly Product Innovation Webinar
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2026 Appian World Recap
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Appian World 2026 Unpacked: The Best of AI Automation
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Appian Around the World 2025 - APJ - CISO Fireside Chat
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Appian Around the World 2025 - APJ - Opening Keynote
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CEO Opening Keynote: Unlocking Public Sector Potential Through AI-Powered Process Innovation
Leadership
CEO Opening Keynote: Putting AI to Work
Investor / Analyst
AATW - Australia 2024 - Opening Keynote: Building the AI Enterprise
Products & Services
Unveiling Stratus: Appian’s Next Generation Cloud Native Strategy
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