Latest Ratios: P/E Ratio -615.0x · EV/EBITDA 142.5x · ROE N/A. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $2.6B | $2.4B | $2.8B | $2.4B | $4.6B | $11.2B | $2.5B | $1.7B | $1.6B | — |
| Enterprise Value | $4.0B | $2.9B | $2.6B | $2.9B | $2.4B | $4.6B | $11.1B | $2.4B | $1.6B | $1.5B | — |
| P/E Ratio → | -615.02 | 2146.67 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.53 | 3.64 | 3.90 | 5.05 | 5.04 | 12.54 | 36.75 | 9.61 | 7.32 | 8.82 | — |
| P/B Ratio | — | — | — | 52.60 | 16.19 | 19.80 | 37.74 | 12.19 | 22.68 | 34.25 | — |
| P/FCF | 98.69 | 44.40 | 781.54 | — | — | — | — | — | — | — | — |
| P/OCF | 60.72 | 42.05 | 349.98 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.93 | 4.22 | 5.28 | 5.12 | 12.43 | 36.57 | 9.20 | 6.90 | 8.40 | — |
| EV / EBITDA | 142.48 | 276.65 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 6612.66 | 104.55 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 47.92 | 845.32 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.5% | 72.5% | 75.7% | 73.7% | 71.5% | 71.8% | 70.9% | 64.0% | 62.5% | 63.5% | 62.3% |
| Operating Margin | 0.1% | 0.1% | -9.9% | -19.8% | -31.0% | -22.7% | -12.4% | -19.4% | -20.6% | -18.0% | -8.6% |
| Net Profit Margin | 0.2% | 0.2% | -15.0% | -20.4% | -32.2% | -24.0% | -11.0% | -19.5% | -21.8% | -17.5% | -9.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -936.6% | -112.5% | -79.5% | -33.4% | -13.3% | -36.4% | -83.3% | -165.6% | — |
| ROA | 0.2% | 0.2% | -14.8% | -18.2% | -27.5% | -17.4% | -7.6% | -16.8% | -25.1% | -23.5% | -13.4% |
| ROIC | 0.3% | 0.3% | -26.5% | -44.7% | -58.5% | -29.1% | -16.7% | -99.8% | — | — | — |
| ROCE | 0.2% | 0.2% | -23.3% | -37.2% | -47.3% | -26.0% | -12.3% | -27.7% | -54.7% | -68.7% | -40.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 5.30 | 1.26 | 0.24 | 0.20 | 0.25 | — | — | — |
| Debt / EBITDA | 33.48 | 33.48 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | 2.45 | 0.25 | -0.19 | -0.18 | -0.52 | -1.30 | -1.62 | — |
| Net Debt / EBITDA | 20.32 | 20.32 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 3.52 | 63.78 | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.31 | 1.31 | -2.87 | -5.06 | -88.80 | -235.19 | -67.19 | -134.95 | -247.55 | -62.95 | -13.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.23 | 1.12 | 1.56 | 1.57 | 2.34 | 2.47 | 1.63 | 1.53 | 1.16 |
| Quick Ratio | 1.15 | 1.15 | 1.23 | 1.12 | 1.56 | 1.57 | 2.34 | 2.47 | 1.63 | 1.53 | 1.16 |
| Cash Ratio | 0.41 | 0.41 | 0.45 | 0.43 | 0.73 | 0.72 | 1.43 | 1.42 | 0.74 | 0.78 | 0.41 |
| Asset Turnover | — | 1.05 | 0.99 | 0.87 | 0.79 | 0.73 | 0.59 | 0.70 | 0.97 | 1.10 | 1.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 139.81 | 115.39 | 114.82 | 129.44 | 128.55 | 116.58 | 98.71 | 127.79 | 114.24 | 128.55 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.5% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 0.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.0% | 2.3% | 0.1% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.8% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — |
| Total Shareholder Yield | 0.5% | 0.8% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | — |
| Shares Outstanding | — | $75M | $73M | $73M | $72M | $71M | $69M | $65M | $62M | $50M | $55M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying APPN stock.
Appian Corporation's current P/E ratio is -615.0x. This places it at the 50th percentile of its historical range.
Appian Corporation's current EV/EBITDA is 142.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Based on historical data, Appian Corporation is trading at a P/E of -615.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Appian Corporation has 72.5% gross margin and 0.1% operating margin.
Appian Corporation's Debt/EBITDA ratio is 33.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Legal overhang and margin volatility
Metrics are mathematically derived from official filings.
Margin Inflection Remains Elusive
Gross margin slipped to 71.2% in 2026Q2 from 74.3% a year earlier, per income statement data, while operating margin swung to -2.7%, indicating persistent cost pressure despite revenue growth.
The blended gross margin reflects a heavier mix of low-margin professional services, which dilutes the high-margin cloud subscription base. Operating margin volatility—ranging from -26.8% in 2024Q2 to +7.0% in 2025Q3—suggests the company has not yet achieved consistent operating leverage. The recent EPS miss and maintained guidance imply management expects a back-half improvement, but the wide swings warrant caution.
Negative Returns on Invested Capital
ROIC has been negative in most quarters, with -5.3% in 2026Q2 and -19.6% in 2024Q2, as reported in financial statements, indicating the company is not yet generating returns above its cost of capital.
The persistent negative ROIC, despite occasional positive quarters like +7.1% in 2025Q3, suggests that Appian's asset-light model is still in an investment phase. The lack of consistent positive returns implies that the market's forward multiples are pricing in a future inflection that has not yet materialized. Investors should monitor whether the shift toward AI-driven process mining can improve capital efficiency without further diluting margins.
Working Capital Swings Drive Cash Flow
DSO rose to 77 days in 2026Q2 from 77 a year earlier, while DPO fell to 9 days from 16, per balance sheet data, indicating a lengthening cash conversion cycle that pressures liquidity.
The cash conversion cycle is not calculable due to missing DIO, but the combination of high DSO and very low DPO suggests Appian is financing its customers while receiving little supplier credit. This is typical for a services-heavy model, but the trend toward lower DPO may indicate weakening negotiating power with vendors. The large working capital contributions to operating cash flow in recent quarters (e.g., $31.5M in 2026Q2) highlight the lumpy nature of cash generation, which is not yet stable.
Negative Equity Masks Debt Burden
With shareholders' equity at -$105.2M in 2026Q2, per balance sheet data, traditional D/E is incalculable, but debt-to-assets of 50.4% indicates elevated leverage relative to the asset base.
The negative equity position, driven by cumulative losses and buybacks, means that the company's debt is effectively unsecured by equity cushion. Interest coverage turned negative in 2026Q2 at -1.66, suggesting that operating income is insufficient to cover interest expenses. While the company has maintained guidance, the combination of negative equity and thin liquidity (current ratio of 1.00) implies limited financial flexibility if the back-half ramp disappoints.
Liquidity Cushion Nears Critical Level
Current ratio fell to 1.00 in 2026Q2 from 1.33 in 2024Q1, as reported in financial statements, indicating that current assets barely cover short-term obligations, leaving little room for error.
The quick ratio is identical to the current ratio, suggesting minimal inventory, which is typical for a software company. However, the thin liquidity buffer means that any delay in collections or unexpected expense could strain the balance sheet. The company's ability to generate positive operating cash flow in 2026Q2 provides some comfort, but the reliance on working capital swings makes the liquidity position vulnerable to timing mismatches.
Misapplied EV/EBITDA Multiple
The trailing EV/EBITDA of 274.29 is misleading for Appian, as EBITDA is near zero and heavily distorted by stock-based compensation, per reported figures, making forward EV/EBITDA of 10.57 more indicative of future profitability.
Appian's business model is asset-light with minimal capex, but its heavy SBC (averaging over $10M per quarter) inflates EBITDA relative to true cash earnings. The trailing multiple is meaningless given the near-zero EBITDA, while the forward multiple assumes a dramatic margin expansion that may not materialize. Investors should instead focus on EV/Sales (3.60) and P/FCF (43.99) to gauge valuation, as these metrics better capture the company's recurring revenue and cash generation potential.