APPIAN CORP
APPN · Services-Prepackaged Software · 74.0M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Reference price $24.13 · est. market cap ~$1.8B — last insider sale, 2026-06-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Low-code automation vendor at breakeven with positive FCF, but negative equity and a long path to profit.
Strengths
- Strong growth — revenue +17.8% (65th)
- Positive FCF — $59.6M, FCF margin 8.2%
- High gross margin — 72.5%
Risks
- Breakeven/near-loss — operating margin 0.1%, net income -101.3% (16th)
- Negative equity — D/E -4.92
- Competitive low-code/BPM market — per 10-K
Notable findings
- Customer concentration~36% of revenue from one customer/distributor — 6%, and 35
- Negative equityNegative book equity (debt/equity -4.92)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP, RENAISSANCE TECHNOLOGIES LLC
- Strong balance sheetStrong balance sheet — $187M cash & investments
- Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, STATE STREET CORP, FMR LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
72.5%
Operating margin
0.1%
Net margin
0.2%
Return on equity
-2.6%
Return on assets
0.2%
ROIC
0.3%
Revenue growth (QoQ)
-0.3%
Debt / equity
-4.9×
Net debt / EBITDA
4.3×
Current ratio
1.1×
Free cash flow
$60M
EBITDA
$10M
Tangible book value
-$77M
Cash & investments
$187M
Stock comp / revenue
5.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-08 | Calkins Matthew W | Sell | 50K | $24.13 |
| 2026-05-13 | Dorsey Mark | Buy | 7 | $19.15 |
| 2026-05-13 | Dorsey Mark | Buy | 5.2K | $19.13 |
| 2026-05-06 | Zamudio-Ramirez Pavel | Option exercise | 10K | — |
| 2026-05-06 | Zamudio-Ramirez Pavel | Tax withheld | 3.3K | $22.72 |
| 2026-04-10 | Kilberg Bobbie G | Conversion | 11K | — |
| 2026-04-01 | Edwards Shirley Ann | Grant | 1.3K | — |
| 2026-04-01 | Link David Forrest | Grant | 1.3K | — |
| 2026-04-01 | Hartman Carl Joseph II | Grant | 1.3K | — |
| 2026-04-01 | Lynch Mark Steven | Grant | 1.3K | — |
| 2026-04-01 | McCarthy William D. | Grant | 1.3K | — |
| 2026-04-01 | Kilberg Bobbie G | Grant | 1.3K | — |
| 2026-03-05 | Tanjga Srdjan | Option exercise | 16K | — |
| 2026-03-05 | Tanjga Srdjan | Tax withheld | 7.0K | $26.99 |
| 2026-03-05 | Dorsey Mark | Option exercise | 3.8K | — |
| 2026-03-05 | Dorsey Mark | Tax withheld | 1.2K | $26.99 |
| 2026-03-03 | Lynch Mark Steven | Sell | 9.5K | $27.00 |
| 2026-03-03 | Zamudio-Ramirez Pavel | Option exercise | 2.3K | — |
| 2026-03-03 | Zamudio-Ramirez Pavel | Tax withheld | 822 | $27.34 |
| 2026-03-03 | Lynch Mark Steven | Conversion | 9.4K | $9.46 |
| 2026-03-03 | Lynch Mark Steven | Conversion | 100 | $12.00 |
| 2026-03-03 | Kramer Robert Charles | Option exercise | 3.8K | — |
| 2026-03-03 | Kramer Robert Charles | Tax withheld | 1.2K | $27.34 |
| 2026-03-03 | Calkins Matthew W | Option exercise | 64K | — |
| 2026-03-03 | Calkins Matthew W | Tax withheld | 24K | $27.34 |
| 2026-02-18 | Kilberg Bobbie G | Conversion | 22K | — |
| 2026-02-04 | Link David Forrest | Grant | 771 | — |
| 2026-01-01 | Hartman Carl Joseph II | Grant | 882 | — |
| 2026-01-01 | Edwards Shirley Ann | Grant | 882 | — |
| 2026-01-01 | Lynch Mark Steven | Grant | 882 | — |
| 2026-01-01 | Biddle Albert G.W. III | Grant | 235 | — |
| 2026-01-01 | McCarthy William D. | Grant | 882 | — |
| 2026-01-01 | Kilberg Bobbie G | Grant | 882 | — |
| 2025-12-04 | Kilberg Bobbie G | Conversion | 22K | — |
| 2025-11-05 | Dorsey Mark | Option exercise | 8.7K | — |
| 2025-11-05 | Dorsey Mark | Tax withheld | 2.6K | $29.33 |
| 2025-11-05 | Zamudio-Ramirez Pavel | Option exercise | 1.0K | — |
| 2025-11-05 | Zamudio-Ramirez Pavel | Tax withheld | 331 | $29.33 |
| 2025-11-05 | Winters Christopher | Option exercise | 6.1K | — |
| 2025-11-05 | Winters Christopher | Tax withheld | 1.8K | $29.33 |
| 2025-10-01 | McCarthy William D. | Grant | 1.0K | — |
| 2025-10-01 | Biddle Albert G.W. III | Grant | 1.0K | — |
| 2025-10-01 | Edwards Shirley Ann | Grant | 1.0K | — |
| 2025-10-01 | Hartman Carl Joseph II | Grant | 1.0K | — |
| 2025-10-01 | Kilberg Bobbie G | Grant | 1.0K | — |
| 2025-10-01 | Lynch Mark Steven | Grant | 1.0K | — |
| 2025-08-08 | Abdiel Capital Advisors, LP | Sell | 13K | $29.11 |
| 2025-08-08 | Abdiel Capital Advisors, LP | Sell | 896 | $29.36 |
| 2025-08-08 | Abdiel Capital Advisors, LP | Sell | 275K | $29.11 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 13K | $30.09 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 105K | $31.10 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 5.0K | $31.10 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 12K | $32.17 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 552 | $32.17 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 784 | $31.00 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 336K | $29.21 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 16K | $29.21 |
| 2025-08-07 | Abdiel Capital Advisors, LP | Sell | 277K | $30.09 |
| 2025-08-06 | Abdiel Capital Advisors, LP | Sell | 129 | $27.88 |
| 2025-08-06 | Abdiel Capital Advisors, LP | Sell | 3.2K | $27.88 |
| 2025-07-29 | Abdiel Capital Advisors, LP | Sell | 512 | $29.71 |
| 2025-07-29 | Abdiel Capital Advisors, LP | Sell | 11K | $29.71 |
| 2025-07-29 | Abdiel Capital Advisors, LP | Sell | 482 | $30.28 |
| 2025-07-29 | Abdiel Capital Advisors, LP | Sell | 10K | $30.28 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 853 | $29.86 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 18K | $29.86 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 312K | $30.40 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 15K | $30.40 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 18K | $31.01 |
| 2025-07-28 | Abdiel Capital Advisors, LP | Sell | 876 | $31.01 |
| 2025-07-25 | Abdiel Capital Advisors, LP | Sell | 11K | $29.73 |
| 2025-07-25 | Abdiel Capital Advisors, LP | Sell | 239K | $29.73 |
| 2025-07-24 | Abdiel Capital Advisors, LP | Sell | 46K | $29.59 |
| 2025-07-24 | Abdiel Capital Advisors, LP | Sell | 2.2K | $29.59 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 158 | $28.77 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 3.3K | $28.77 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 259K | $29.54 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 12K | $29.54 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 167K | $30.14 |
| 2025-07-23 | Abdiel Capital Advisors, LP | Sell | 8.0K | $30.14 |
| 2025-07-22 | Abdiel Capital Advisors, LP | Sell | 3.6K | $29.37 |
| 2025-07-22 | Abdiel Capital Advisors, LP | Sell | 75K | $29.37 |
| 2025-07-21 | Abdiel Capital Advisors, LP | Sell | 41K | $29.03 |
| 2025-07-21 | Abdiel Capital Advisors, LP | Sell | 2.0K | $29.03 |
| 2025-07-18 | Abdiel Capital Advisors, LP | Sell | 9.2K | $28.81 |
| 2025-07-18 | Abdiel Capital Advisors, LP | Sell | 192K | $28.81 |
| 2025-07-18 | Abdiel Capital Advisors, LP | Sell | 641 | $28.49 |
| 2025-07-17 | Abdiel Capital Advisors, LP | Sell | 2.1K | $28.51 |
| 2025-07-17 | Abdiel Capital Advisors, LP | Sell | 629 | $28.80 |
| 2025-07-17 | Abdiel Capital Advisors, LP | Sell | 43K | $28.51 |
| 2025-07-16 | Abdiel Capital Advisors, LP | Sell | 5.7K | $28.81 |
| 2025-07-16 | Abdiel Capital Advisors, LP | Sell | 119K | $28.81 |
| 2025-07-14 | Abdiel Capital Advisors, LP | Sell | 6.7K | $30.12 |
| 2025-07-14 | Abdiel Capital Advisors, LP | Sell | 321 | $30.12 |
| 2025-07-11 | Abdiel Capital Advisors, LP | Sell | 1.9K | $30.12 |
| 2025-07-11 | Abdiel Capital Advisors, LP | Sell | 89 | $30.12 |
| 2025-07-10 | Abdiel Capital Advisors, LP | Sell | 3.7K | $30.71 |
| 2025-07-10 | Abdiel Capital Advisors, LP | Sell | 130 | $31.06 |
| 2025-07-10 | Abdiel Capital Advisors, LP | Sell | 2.8K | $31.06 |
| 2025-07-10 | Abdiel Capital Advisors, LP | Sell | 80K | $30.71 |
| 2025-07-09 | Abdiel Capital Advisors, LP | Sell | 191K | $31.19 |
| 2025-07-09 | Abdiel Capital Advisors, LP | Sell | 8.4K | $31.19 |
| 2025-07-08 | Abdiel Capital Advisors, LP | Sell | 75K | $31.27 |
| 2025-07-08 | Abdiel Capital Advisors, LP | Sell | 598 | $31.19 |
| 2025-07-07 | Abdiel Capital Advisors, LP | Sell | 92K | $30.77 |
| 2025-07-07 | Abdiel Capital Advisors, LP | Sell | 108K | $31.14 |
| 2025-07-07 | Abdiel Capital Advisors, LP | Sell | 587 | $31.02 |
| 2025-07-03 | Abdiel Capital Advisors, LP | Sell | 25K | $30.45 |
| 2025-07-03 | Abdiel Capital Advisors, LP | Sell | 597 | $30.51 |
| 2025-07-02 | Abdiel Capital Advisors, LP | Sell | 85K | $30.29 |
| 2025-07-01 | Kilberg Bobbie G | Grant | 1.0K | — |
| 2025-07-01 | Abdiel Capital Advisors, LP | Sell | 100K | $30.24 |
| 2025-07-01 | Abdiel Capital Advisors, LP | Sell | 375 | $30.15 |
| 2025-07-01 | Hartman Carl Joseph II | Grant | 1.0K | — |
| 2025-07-01 | Edwards Shirley Ann | Grant | 1.0K | — |
| 2025-07-01 | Lynch Mark Steven | Grant | 1.0K | — |
| 2025-07-01 | Biddle Albert G.W. III | Grant | 1.0K | — |
| 2025-07-01 | McCarthy William D. | Grant | 1.0K | — |
| 2025-06-30 | Abdiel Capital Advisors, LP | Sell | 21K | $29.92 |
| 2025-06-11 | Abdiel Capital Advisors, LP | Sell | 10K | $31.45 |
| 2025-06-10 | Abdiel Capital Advisors, LP | Sell | 50K | $31.59 |
| 2025-06-09 | Abdiel Capital Advisors, LP | Sell | 55K | $32.05 |
| 2025-06-09 | Abdiel Capital Advisors, LP | Sell | 1.5K | $32.15 |
| 2025-06-09 | Lynch Mark Steven | Grant | 266 | — |
| 2025-06-06 | Abdiel Capital Advisors, LP | Sell | 720 | $32.01 |
| 2025-06-06 | Abdiel Capital Advisors, LP | Sell | 216K | $32.21 |
| 2025-06-06 | Abdiel Capital Advisors, LP | Sell | 9.5K | $32.21 |
| 2025-06-05 | Abdiel Capital Advisors, LP | Sell | 66K | $31.82 |
| 2025-06-05 | Abdiel Capital Advisors, LP | Sell | 2.9K | $31.82 |
| 2025-06-05 | Abdiel Capital Advisors, LP | Sell | 150K | $32.30 |
| 2025-06-05 | Abdiel Capital Advisors, LP | Sell | 6.6K | $32.30 |
| 2025-06-05 | Abdiel Capital Advisors, LP | Sell | 615 | $32.17 |
| 2025-06-04 | Abdiel Capital Advisors, LP | Sell | 120K | $31.80 |
| 2025-06-04 | Abdiel Capital Advisors, LP | Sell | 5.2K | $31.80 |
| 2025-06-04 | Abdiel Capital Advisors, LP | Sell | 615 | $31.93 |
| 2025-06-03 | Abdiel Capital Advisors, LP | Sell | 287K | $31.83 |
| 2025-06-03 | Abdiel Capital Advisors, LP | Sell | 13K | $31.83 |
| 2025-06-02 | Abdiel Capital Advisors, LP | Sell | 1.6K | $31.43 |
| 2025-06-02 | Abdiel Capital Advisors, LP | Sell | 36K | $31.43 |
| 2025-05-30 | Abdiel Capital Advisors, LP | Sell | 9.5K | $31.47 |
| 2025-05-30 | Abdiel Capital Advisors, LP | Sell | 291K | $31.47 |
| 2025-05-29 | Abdiel Capital Advisors, LP | Sell | 53K | $31.45 |
| 2025-05-28 | Abdiel Capital Advisors, LP | Sell | 4.7K | $31.51 |
| 2025-05-27 | Abdiel Capital Advisors, LP | Sell | 73K | $31.71 |
| 2025-05-21 | Abdiel Capital Advisors, LP | Sell | 1.4K | $32.01 |
| 2025-05-20 | Abdiel Capital Advisors, LP | Sell | 150K | $32.20 |
| 2025-05-16 | Abdiel Capital Advisors, LP | Sell | 164K | $32.66 |
| 2025-05-15 | Abdiel Capital Advisors, LP | Sell | 665 | $32.77 |
| 2025-05-15 | Abdiel Capital Advisors, LP | Sell | 22K | $33.08 |
| 2025-05-15 | Abdiel Capital Advisors, LP | Sell | 78K | $32.55 |
| 2025-05-08 | Abdiel Capital Advisors, LP | Sell | 76K | $31.76 |
| 2025-05-08 | Abdiel Capital Advisors, LP | Sell | 64K | $32.19 |
| 2025-05-08 | Abdiel Capital Advisors, LP | Sell | 896 | $31.98 |
| 2025-05-05 | Lynch Mark Steven | Tax withheld | 1.9K | $30.99 |
| 2025-05-05 | Lynch Mark Steven | Option exercise | 6.5K | — |
| 2025-05-05 | Zamudio-Ramirez Pavel | Option exercise | 4.9K | — |
| 2025-05-05 | Zamudio-Ramirez Pavel | Tax withheld | 1.6K | $30.99 |
| 2025-04-16 | Abdiel Capital Advisors, LP | Sell | 5.1K | $27.02 |
| 2025-04-15 | Abdiel Capital Advisors, LP | Sell | 42K | $27.43 |
| 2025-04-14 | Abdiel Capital Advisors, LP | Sell | 33K | $27.11 |
| 2025-04-11 | Abdiel Capital Advisors, LP | Sell | 30K | $27.04 |
| 2025-04-10 | Abdiel Capital Advisors, LP | Sell | 42K | $27.30 |
| 2025-04-09 | Abdiel Capital Advisors, LP | Sell | 35K | $28.08 |
| 2025-04-04 | Abdiel Capital Advisors, LP | Sell | 77K | $26.49 |
| 2025-04-04 | Abdiel Capital Advisors, LP | Sell | 899 | $26.14 |
| 2025-04-04 | Abdiel Capital Advisors, LP | Sell | 550 | $27.01 |
| 2025-04-03 | Abdiel Capital Advisors, LP | Sell | 100K | $27.89 |
| 2025-04-03 | Abdiel Capital Advisors, LP | Sell | 895 | $27.90 |
| 2025-04-02 | Abdiel Capital Advisors, LP | Sell | 4.6K | $28.77 |
| 2025-04-02 | Abdiel Capital Advisors, LP | Sell | 975 | $29.54 |
| 2025-04-02 | Abdiel Capital Advisors, LP | Sell | 52K | $29.58 |
| 2025-04-01 | Kilberg Bobbie G | Grant | 1.1K | — |
| 2025-04-01 | Biddle Albert G.W. III | Grant | 1.1K | — |
| 2025-04-01 | Edwards Shirley Ann | Grant | 1.1K | — |
| 2025-04-01 | Hartman Carl Joseph II | Grant | 1.1K | — |
| 2025-04-01 | McCarthy William D. | Grant | 1.1K | — |
| 2025-02-24 | Biddle Albert G.W. III | Sell | 990 | $33.21 |
| 2025-01-06 | Lynch Mark Steven | Tax withheld | 434 | $33.89 |
| 2025-01-06 | Lynch Mark Steven | Option exercise | 1.4K | — |
| 2025-01-02 | Hartman Carl Joseph II | Grant | 947 | — |
| 2025-01-02 | Edwards Shirley Ann | Grant | 947 | — |
| 2025-01-02 | Lynch Mark Steven | Grant | 947 | — |
| 2025-01-02 | McCarthy William D. | Grant | 947 | — |
| 2025-01-02 | Kilberg Bobbie G | Grant | 947 | — |
| 2025-01-02 | Lynch Mark Steven | Grant | 0 | — |
| 2025-01-02 | Biddle Albert G.W. III | Grant | 947 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-03 | 0001441683-26-000036 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001441683-26-000032 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001441683-26-000029 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001441683-26-000013 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001441683-26-000008 ↗ |
| 8-K | 2026-01-21 | 2026-01-21 | 0001441683-26-000003 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001441683-25-000068 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001441683-25-000066 ↗ |
| 8-K | 2025-10-02 | 2025-09-29 | 0001441683-25-000060 ↗ |
| 8-K | 2025-08-29 | 2025-08-29 | 0001441683-25-000057 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001441683-25-000050 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001441683-25-000053 ↗ |