Appian Corp (APPN) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of Appian Corp stock $8.50, price $52.35, upside -83.8%, quality 66 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 24, 2026.
How to read this chart
60‑month range $18.72 – $125.77 · fair‑value band $4.12 – $10.81 · the $52.35 price screens above the $8.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 24, 2026.
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Appian Corporation operates as a software company in the United States, Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and internationally.
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The company offers The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize critical business processes.
The company also offers cloud subscriptions bundled with maintenance and support and hosting services, license subscriptions, and maintenance and support for license subscriptions; and professional and customer support services.
In addition, the company offers platforms, such as artificial intelligence, low-code, data fabric, process automation, intelligent document processing, process mining, process intelligence, and case management studio; and solutions, including federal acquisition, public sector case management, state and local e-procurement, contract lifecycle management, insurance connected underwriting, and insurance claims processing.
It serves financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation industries. Appian Corporation was incorporated in 1999 and is headquartered in McLean, Virginia.
Stock analysis
Appian Corp (APPN) currently trades at $52.35, while our model-based Fair Value estimate is $8.50, 83.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $8.50 per share, and 0 of the 16 models we run sit above the $52.35 price.
Bear case: the Growth DCF group reads lowest at $4.30, and 16 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: $4.12 (bear) to $10.81 (bull), the price of $52.35 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Appian Corp reported revenue of $727M in FY2025 versus $369M in FY2021, a compound +18.5%/yr. Reported net income was $1.2M in FY2025.
Key figures
Market cap $3.8B Mid · P/S ratio 3.18 · EPS (TTM) $−0.1400 · Net margin −1.3% · Return on equity −937% · Return on assets (EBIT) −13.6% · Operating margin 0.4% · Revenue (TTM) $795M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 180% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −28% fair-value upside, at −84%, APPN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.2900 to $24.09). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$4.12Fair Value $8.50Bull$10.81
Price $52.35 · Upside -83.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+17.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Start year 2020 (pandemic). Over 10 years: +20.7% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−12.4% (2020) → 0.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +28.7% a year for the price and +8.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: High gross margins from its workflow platform form the main strength while very weak net profitability and negative equity represent the central weakness limiting any durable moat.
Main risk: Temporary momentum in cloud subscriptions for the workflow platform that competition erodes would hit recurring revenue growth and overall demand.
Appian’s cloud subscriptions grew 23% year over year in the latest quarter on strong AI feature uptake and the company raised its full-year outlook. Our models nevertheless view the shares as overvalued. Does this acceleration reflect durable demand for its workflow platform or temporary momentum that competition will erode?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 342 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−83.8% · Bottom 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets0.2% · Below median
Net margin (12 months)−1.3% · Below median
Operating margin (12 months)0.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)19.1% · Above median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)4.80× · Pricier than median
Price / free cash flow64.1× · Priciest 25%
EV/EBITDA98.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)96· sector 56
PAST (return on equity)0· sector 21
HEALTH (low debt)0· sector 98
DIVIDEND (yield)0· sector 33
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Appian Corp Fair Value". https://www.fairvalue-calculator.com/stock/APPN
Frequently asked questions
Is Appian Corp (APPN) overvalued or undervalued?
As of Oct 24, 2026, our model estimates a fair value of $8.50 versus a price of $52.35, about −84% upside (overvalued).
What is the fair value of APPN?
Our model-based fair value for Appian Corp is $8.50 (as of Oct 24, 2026), built from audited fundamentals. The current price: $52.35.
What is the quality score of APPN?
Appian Corp has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Appian Corp (APPN)?
Our model-based price target is the fair value of $8.50 (as of Oct 24, 2026) from 17 valuation models. Cautious scenario $4.12, optimistic scenario $10.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Appian Corp stock forecast for 2026?
Our models put fair value at $8.50, about −84% upside versus a price of $52.35 (overvalued). Cautious scenario $4.12, optimistic scenario $10.81. The calculation is refreshed regularly with new filings.
What is the revenue of Appian Corp (APPN)?
Appian Corp reported trailing-twelve-month revenue of about $795M (latest available figure, as of Oct 24, 2026).
What growth is priced into Appian Corp (APPN)?
For today's price to be fair in a discounted-cash-flow model, Appian Corp would have to grow free cash flow by +31.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.0 % per year. As of Oct 24, 2026.
What discount rate (WACC) does the fair value of APPN use?
Our models discount Appian Corp at 9.6 %: a base by market capitalisation (mid), damped by beta 0.94, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Appian Corp that is +31.8 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Appian Corp (APPN) delivered so far?
Over the past 5 years revenue at Appian Corp grew +19.0 % a year. The price currently implies +31.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Appian Corp (APPN) growing?
The median revenue growth in the sector is +10.8 % a year. That is the yardstick for the growth priced into Appian Corp (+31.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Appian Corp (APPN)?
The free-cash-flow yield on the price is 1.56 %: that much free cash flow Appian Corp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Appian Corp (APPN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Appian Corp it is $8.50 per share (as of Oct 24, 2026), against a price of $52.35. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Appian Corp stock overvalued or undervalued in 2026?
As of Oct 24, 2026, APPN trades above its calculated fair value: price $52.35, fair value $8.50, a gap of about −84% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of APPN?
No. The price is what the market pays today ($52.35); the fair value is what the company's own numbers justify ($8.50). For Appian Corp the two are $43.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Appian Corp worth?
The market values Appian Corp at about $3.8B (market capitalisation, as of Oct 24, 2026). Per share that is $52.35; our models calculate a fair value of $8.50 per share.
What do the bullish and bearish scenarios say about APPN?
Our models span a range for Appian Corp: cautious scenario $4.12, base $8.50, optimistic $10.81 per share (as of Oct 24, 2026, price $52.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Appian Corp (APPN)?
Balance-sheet figures for Appian Corp (as of Oct 24, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is APPN from its 52-week high?
Appian Corp trades at $52.35, at its 52-week high of $52.35 and 180% above the low of $18.72 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of $8.50 is for.
Which stocks are comparable to Appian Corp?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Appian Corp stock attractive at the current price?
The data as of Oct 24, 2026: price $52.35, calculated fair value $8.50 (−84%), Quality Score 66/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of APPN calculated?
We run Appian Corp through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $8.50, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.5 % above its aggregate fair value. Appian Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Appian Corp (APPN)?
The closing price on Oct 23, 2026 was $52.35. Our model-based fair value is $8.50, about −84% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Appian Corp right now?
The price sits above even our optimistic bull case ($10.81). The favourable scenario is already priced in. The model range is unusually wide ($4.12 to $10.81). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Appian Corp
How large is the market capitalisation of Appian Corp (APPN)?
The market capitalisation of Appian Corp is $3.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Appian Corp (APPN)?
The price-to-sales ratio of Appian Corp is 3.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Appian Corp (APPN)?
Earnings per share at Appian Corp are $−0.1400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Appian Corp (APPN)?
The net margin of Appian Corp is −1.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Appian Corp (APPN)?
The return on equity (ROE) of Appian Corp is −937% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Appian Corp (APPN)?
On an EBIT basis the return on assets of Appian Corp is −13.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Appian Corp (APPN)?
The operating margin of Appian Corp is 0.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Appian Corp (APPN)?
Revenue at Appian Corp is growing +19.1% versus a year earlier (3y avg +15.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Appian Corp (APPN) carry?
The net debt of Appian Corp is $210M (fiscal year 2025, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 24, 2026