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Appen Ltd (APX) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Appen Ltd A$1.11, price A$1.17, upside -4.4%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · AU · ISIN AU000000APX3

AL Appen Ltd logo Thin data Sep 24, 2026

Appen Ltd

APX · AU

Low PriorityFair Value upside is limited and quality is weak.

·Fair value A$1.11 · Fairly valued (−4%)
!Quality 43/100
!Weak Growth (revenue 5y −16.8 %/yr)
!Loss-making · -9.4% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (3/11)
!Narrow moat 14/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 27 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$12.22 A$0.2650 Fair Value A$1.11 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range A$0.2650 – A$12.22 · fair‑value band A$0.9095 – A$1.34 · the A$1.17 price screens above the A$1.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Appen Limited operates as an AI lifecycle company that provides data sourcing, data annotation, and model evaluation solutions in Australia, the United States, and internationally. It operates through the Appen Global and Appen China segments.

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Appen Limited operates as an AI lifecycle company that provides data sourcing, data annotation, and model evaluation solutions in Australia, the United States, and internationally. It operates through the Appen Global and Appen China segments. The company offers CrowdGen, the interface for its global crowd workforce; Mercury, the backend system used to design projects, manage the crowd workforce, and automate operational workflows; AI Data Platform (ADAP), which enables internal teams and external customers to design, manage, and execute human annotation and evaluation tasks; MatrixGo, the core platform supporting data collection and annotation services; Elite AI, the expert crowdsourcing platform enables expert recruitment, task publishing, and campaign referral expansion for user acquisition; MediGo, a medical LLM and image annotation; RoboGo, an embodied intelligence; and Appen Task, a mobile data collection application. The company serves technology, automotive, financial services, retail, government, and healthcare sectors. The company was formerly known as Appen Holdings Pty Limited and changed its name to Appen Limited in October 2014. Appen Limited was founded in 1996 and is headquartered in Chatswood, Australia.

Stock analysis

Appen Ltd (APX) currently trades at A$1.17, while our model-based Fair Value estimate is A$1.11, implying the stock looks roughly 4.6% fairly valued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of A$1.10 per share, and 3 of the 11 models we run sit above the A$1.17 price.

Bear case: the Asset-Based group reads lowest at A$0.2400, and 8 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: A$0.9095 (bear) to A$1.34 (bull), the price of A$1.17 sits inside 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 43/100 (below-average quality), in the Technology sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Appen Ltd reported revenue of $239M in FY2025 versus $446M in FY2021, a compound −14.5%/yr. Reported net income was −$22.6M in FY2025.

Key figures

Market cap A$308M (≈ $217M) · P/S ratio 1.01 · EPS (TTM) A$−0.1200 · Net margin −9.5% · Return on equity −20.9% · Return on assets (EBIT) −12.5% · Operating margin −1.1% · Revenue (TTM) $233M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 79% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 66% fair-value upside, at −4%, APX screens richer than that median.

Fair Value models

Bear A$0.9095 Fair Value A$1.11 Bull A$1.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF A$0.8600 A$1.14 A$1.50 82
Growth DCF A$0.8600 A$1.10 A$1.38 80
Owner Earnings A$0.4200 A$0.5100 A$0.6200 78
All 11 models by family
DCF Models
FCF DCF A$0.8600 A$1.14 A$1.50 82
Owner Earnings A$0.4200 A$0.5100 A$0.6200 78
5Y Revenue Exit A$0.8600 A$1.22 A$1.69 73
5Y EBITDA Exit A$0.7700 A$1.05 A$1.38 76
10Y Revenue Exit A$0.8400 A$1.14 A$1.55 67
10Y EBITDA Exit A$0.8000 A$1.04 A$1.34 70
Multiples
EV/EBITDA A$0.7600 A$0.9400 A$1.12 67
EV/Revenue A$0.8900 A$1.17 A$1.46 54
Asset-Based
NCAV (Graham) A$0.1800 A$0.2400 A$0.3500 54
Growth DCF
Growth DCF A$0.8600 A$1.10 A$1.38 80
Rev-Margin DCF A$0.8600 A$1.22 A$1.66 73

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Quality Score breakdown

Overall quality 43/100

Of which business quality 46 · Market factors (momentum, volatility) 41

Profitability 22
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 2
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 21/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.9%
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.
−14.5%
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.
−16.8%
Start year 2020 (pandemic). Over 10 years: +11.2% a year
Revenue growth 16 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.
+21.4%
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.
7.1% (2020) → −9.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
The price assumes more growth than the company has delivered so far and less 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).
+9.5%
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.
+23.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +6.9% a year for the price and +20.1% for the forecasts.
Forecast 2026 (sales)+63.8%
Forecast 2027 (sales)+17.4%
Projected 2028 (sales)+15.5%
Projected 2029 (sales)+13.5%
Projected 2030 (sales)+11.6%

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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.Information Technology Services · 497 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside −9% · Below median
Profitability
Return on assets −7% · Bottom 25%
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) −1% · Bottom 25%
Growth and dividend
Revenue growth 7% · Above median

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/B 2.40× · Pricier than median
P/S (TTM) 0.98× · Pricier than median
P/FCF 11.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 45
FUTURE (revenue growth)34 · sector 32
PAST (return on equity)0 · sector 36
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 43

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $232.76 $188.22 −19%
Accenture plc ACN $183.52 $305.06 +66%
Tata Consultancy Services Limited TCS ₹2,090 ₹2,993 +43%
Infosys Limited INFY ₹1,021 ₹1,690 +66%
HCL Technologies Limited HCLTECH ₹1,257 ₹1,926 +53%
Fidelity National Information Services, Inc FIS $34.67 $32.47 −6%
Cognizant Technology Solutions Corporation CTSH $59.14 $132.01 +123%
Wipro Limited WIPRO ₹164.90 ₹287.90 +75%
Capgemini SE CAP €103.75 €223.90 +116%
CDW Corporation CDW $146.16 $162.00 +11%

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Appen Ltd · Fair Value
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Cite: Fair Value Calculator (2026). "Appen Ltd Fair Value". https://www.fairvalue-calculator.com/stock/APX

Frequently asked questions

Is Appen Ltd (APX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of A$1.11 versus a price of A$1.17, about −4% upside (fairly valued).
What is the fair value of APX?
Our model-based fair value for Appen Ltd is A$1.11 (as of Sep 24, 2026), built from audited fundamentals. The current price: A$1.17.
What is the quality score of APX?
Appen Ltd has a Quality Score of 43/100. 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 Appen Ltd (APX)?
Our model-based price target is the fair value of A$1.11 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario A$0.9095, optimistic scenario A$1.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Appen Ltd stock forecast for 2026?
Our models put fair value at A$1.11, about −4% upside versus a price of A$1.17 (fairly valued). Cautious scenario A$0.9095, optimistic scenario A$1.34. The calculation is refreshed regularly with new filings.
What is the revenue of Appen Ltd (APX)?
Appen Ltd reported trailing-twelve-month revenue of about $233M (latest available figure, as of Sep 24, 2026).
What growth is priced into Appen Ltd (APX)?
For today's price to be fair in a discounted-cash-flow model, Appen Ltd would have to grow free cash flow by +9.5 % per year for five years (discount rate 14.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of APX use?
Our models discount Appen Ltd at 14.8 %: a base by market capitalisation (micro), damped by beta 1.74, country premium for Australia. 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 Appen Ltd that is +9.5 % per year a year over ten years, using the same discount rate (14.8 %) and the same formula as our fair value.
How much growth has Appen Ltd (APX) delivered so far?
Over the past 5 years revenue at Appen Ltd grew -16.8 % a year. The price currently implies +9.5 % 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 Appen Ltd (APX) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Appen Ltd (+9.5 % 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 Appen Ltd (APX)?
The free-cash-flow yield on the price is 9.04 %: that much free cash flow Appen Ltd produces per unit of market value. When it exceeds the discount rate of our models (14.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Appen Ltd (APX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Appen Ltd it is A$1.11 per share (as of Sep 24, 2026), against a price of A$1.17. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Appen Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, APX trades above its calculated fair value: price A$1.17, fair value A$1.11, a gap of about −4% (fairly valued). 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 APX?
No. The price is what the market pays today (A$1.17); the fair value is what the company's own numbers justify (A$1.11). For Appen Ltd the two are A$0.0510 per share apart. That gap is exactly why we show both numbers side by side.
How much is Appen Ltd worth?
The market values Appen Ltd at about A$308M (market capitalisation, as of Sep 24, 2026). Per share that is A$1.17; our models calculate a fair value of A$1.11 per share.
What do the bullish and bearish scenarios say about APX?
Our models span a range for Appen Ltd: cautious scenario A$0.9095, base A$1.11, optimistic A$1.34 per share (as of Sep 24, 2026, price A$1.17). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Appen Ltd (APX)?
Balance-sheet figures for Appen Ltd (as of Sep 24, 2026): return on equity −20.9%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is APX from its 52-week high?
Appen Ltd trades at A$1.17, about 39% below its 52-week high of A$1.90 and 79% above the low of A$0.6500 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of A$1.11 is for.
Which stocks are comparable to Appen Ltd?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 Appen Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price A$1.17, calculated fair value A$1.11 (−4%), Quality Score 43/100, from 11 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 APX calculated?
We run Appen Ltd through 11 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 A$1.11, 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 13.0 % above its aggregate fair value. Appen Ltd 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 Appen Ltd (APX)?
The closing price on Sep 24, 2026 was A$1.17. Our model-based fair value is A$1.11, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Appen Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Appen Ltd

How large is the market capitalisation of Appen Ltd (APX)?
The market capitalisation of Appen Ltd is A$308M (≈ $217M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Appen Ltd (APX)?
The price-to-sales ratio of Appen Ltd is 1.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Appen Ltd (APX)?
Earnings per share at Appen Ltd are A$−0.1200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Appen Ltd (APX)?
The net margin of Appen Ltd is −9.5% (fiscal year 2025). 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 Appen Ltd (APX)?
The return on equity (ROE) of Appen Ltd is −20.9% (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 Appen Ltd (APX)?
On an EBIT basis the return on assets of Appen Ltd is −12.5% (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 Appen Ltd (APX)?
The operating margin of Appen Ltd is −1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Appen Ltd (APX)?
Revenue at Appen Ltd is growing +6.7% versus a year earlier (3y avg −14.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Appen Ltd (APX)?
Earnings per share at Appen Ltd are growing +5.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Appen Ltd (APX) hold?
Appen Ltd holds more cash than debt, $45.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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