APPN Class A Appian Corporation - Class A Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026APPN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Appian Corporation - Class A Common Stock Company overview from Wikipedia
Appian Corporation is an enterprise software company that specializes in process automation and AI agent orchestrations. It is headquartered in McLean, Virginia, part of Dulles Technology Corridor. The company sells software to automate complex processes in large enterprises and governments in North America, Europe, the Middle East, South America, Oceania and Southeast Asia.
History
Founding and early growth: 1999–2013
Appian was founded in 1999 by Michael Beckley, Robert Kramer, Marc Wilson and Matthew Calkins, who is CEO.
In 2001, the company developed Army Knowledge Online, regarded at the time as "the world's largest intranet."
In 2008, the company completed a $10,000,000 Series A funding by Novak Biddle Venture Partners. In 2010, Appian Cloud was accredited with Federal Information Security Management Act (FISMA) low-level security by the U.S. Education Department. In 2013, it received FISMA Moderate Authorization and Accreditation from the General Services Administration (GSA).
Secondary investments and Nasdaq: 2014–2017
In 2014, the company received $37.5 million in secondary investments from New Enterprise Associates, which was paid out to shareholders.
On May 25, 2017, Appian became a publicly traded company, trading as APPN on the NASDAQ Global Exchange.
Process mining and artificial intelligence: 2018–present
In May 2019, Appian released Appian AI. In March 2020, the company updated the platform's artificial intelligence and robotic process automation capabilities.
In 2020, Appian Cloud was certified as compliant with the Payment Card Industry (PCI) Data Security Standards (SS) maintained by the Payment Card Industry Security Standards Council. Also in 2020, Appian RPA achieved authorization from the Federal Risk and Authorization Management Program (FedRAMP) as part of Appian Cloud. In 2025, Appian Government Cloud (AGC) obtained Federal Risk and Authorization management Program (FedRAMP) High authorization and renewed its Impact Level 5 (IL5) Provisional Authority to Operate (PA) from the Defense Information Systems Agency (DISA) for a three-year period.
In April 2022, process mining was integrated into all Appian products, including its automation, artificial intelligence, and low-code capabilities.
In May 2022, Appian was awarded $2.04 billion in damages against Pegasystems Inc. Pegasystems was found to have violated the Virginia Computer Crimes Act when it hired a developer to spy on Appian, stealing trade secrets in an operation Pegasystems referred to as "Project Crush". In January 2026, following the decision from the Supreme Court of Virginia remanding the case for retrial and rejecting Pega's arguments seeking to dismiss the case entirely. Appian announced that it would press its trade secret claims against Pegasystems Inc.
In 2025, Appian released AI Document Center (renamed DocCenter in December 2025), which extended the company's intelligent document processing (IDP) capabilities with AI.
Products and services
Appian develops software for business process automation, application development, and process orchestration. Its platform is used to build applications and automate workflows that involved human users, software systems, and robotic process automation tools.
The company has expanded the platform over time to include artificial intelligence features, document processing, and tools for building and managing AI agents. In 2025, Appian introduced Agent Studio, a product for development AI agents for us in business processes.
Appian also offers a data fabric intended to connect data from source systems without requiring full migration into a single database. The company says this capability supports both reading from and writing to connected systems.
Following its 2021 acquisition of process mining company Lana Labs, Appian added process mining to its platform. In 2024, it introduced Process HQ, a product that combines process mining, AI, and data integration tools.
Acquisitions
On January 7, 2020, Appian announced acquisition of Novayre Solutions SL, developer of the Jidoka robotic process automation (RPA) platform. In August 2021, Appian acquired the process mining company Lana Labs. The company's applications help companies discover the work patterns being used within their organization by looking through system logs for common actions and sequences.
Analyst recognition
Appian has been recognized by industry analyst firms including Gartner, Forrester, IDC, and Everest Group across categories such as business process automation, digital process automation, and low-code application platforms.
Appian was named a Leader in the 2025 Gartner Magic Quadrant for Business Orchestration and Automation Technologies (BOAT)
Appian was named a Leader in the 2025 Forrester Wave: Digital Process Automation Software, Q3 2025, Q3 2023, and Q3 2021
Appian was named a Leader in the Everest Group PEAK Matrix Assessment for Process Orchestration consecutively from 2022 through 2025
Appian was named a Leader in the Gartner Magic Quadrant for Enterprise Low-Code Application Platforms in 2023, 2024, and 2025
Appian has received the Voice of the Customer for Enterprise Low-Code Application Platforms recognition from Gartner Peer Insights in 2025, 2022
Appian is ranked #1 in Automated Processing Use Cases for IDP by Gartner in the 2025 Gartner Critical Capabilities for Intelligent Document Processing Solutions
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | APPN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -262.05Y avg ≈330.4 | ≈330.4 | · | · | |
| P/S (TTM) | 3.35Y avg ≈4.4 | ≈4.4 | 6.3 | Undervalued | |
| P/B (MRQ) | -25.05Y avg ≈-15.4 | ≈-15.4 | · | · | |
| EV / EBITDA | 4515.75Y avg ≈1076.4 | ≈1076.4 | 18.4 | Overvalued | |
| Price / FCF (TTM) | 34.35Y avg ≈198.2 | ≈198.2 | · | · | |
| Price / Cash Flow (TTM) | 32.65Y avg ≈87.3 | ≈87.3 | 15.1 | Overvalued | |
| EV / Revenue (TTM) | 3.45Y avg ≈4.5 | ≈4.5 | · | · | |
| EV / FCF (TTM) | 35.25Y avg ≈205.9 | ≈205.9 | · | · | |
| Price / Tangible Book (MRQ) | -24.9 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | APPN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 71.1%5Y avg ≈73.0% | ≈73.0% | 76.8% | Weak | |
| Operating Margin (TTM) | 1.3%5Y avg ≈-16.7% | ≈-16.7% | 11.5% | Weak | |
| EBITDA Margin | 0.08%5Y avg ≈-15.9% | ≈-15.9% | 11.5% | Weak | |
| Pretax Margin (TTM) | -0.67%5Y avg ≈-17.9% | ≈-17.9% | 11.4% | Weak | |
| Net Profit Margin (TTM) | -1.3%5Y avg ≈-18.3% | ≈-18.3% | 4.9% | Weak | |
| ROA (TTM) | -1.8%5Y avg ≈-15.5% | ≈-15.5% | 1.6% | Below avg | |
| ROE (TTM) | 13.4%5Y avg ≈-18.9% | ≈-18.9% | 18.0% | Weak | |
| ROIC | 0.06%5Y avg ≈-32.5% | ≈-32.5% | 15.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | APPN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -2.25Y avg ≈-2.0 | ≈-2.0 | 0.5 | Low debt | |
| Current Ratio (MRQ) | 1.05Y avg ≈1.3 | ≈1.3 | 1.3 | Low liquidity | |
| Quick Ratio (MRQ) | 0.85Y avg ≈1.1 | ≈1.1 | 1.0 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | -2.25Y avg ≈-2.2 | ≈-2.2 | 0.3 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | APPN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 17.8%5Y avg ≈19.1% | ≈19.1% | · | · | |
| Revenue CAGR 3Y | 15.8%5Y avg ≈18.6% | ≈18.6% | · | · | |
| Revenue CAGR 5Y | 19.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | APPN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.15Y avg ≈0.9 | ≈0.9 | 0.5 | Top tier | |
| Receivables Turnover | 3.25Y avg ≈3.2 | ≈3.2 | 4.3 | Weak | |
| Revenue / Employee | ≈$338.3K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $0.13 | $0.00 | — |
| March 31, 2026 | $0.27 | $0.19 | 44.1% | |
| Dec. 31, 2025 | $0.15 | $0.09 | 67.0% | |
| Sept. 30, 2025 | $0.32 | $0.05 | 483.9% | |
| June 30, 2025 | $0.00 | $-0.13 | 100.0% | |
| March 31, 2025 | $0.13 | $0.03 | 305.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $727M | $617M | $545M | $468M | $369M | $305M | $260M | $227M | $177M | $133M | |
| Cost of Revenue | $200M | $168M | $160M | $133M | $104M | $89M | $94M | $85M | $65M | $50M | |
| Gross Profit | $527M | $449M | $385M | $335M | $265M | $216M | $167M | $142M | $112M | $83M | |
| R&D Expense | $172M | $163M | $160M | $139M | $98M | $70M | $58M | $45M | $35M | $23M | |
| SG&A Expense | $113M | $108M | $83M | $120M | $84M | $53M | $41M | $38M | $27M | $17M | |
| Operating Expenses | $527M | $510M | $493M | $480M | $349M | $254M | $217M | $189M | $144M | $94M | |
| Operating Income | $609.0K | $-61M | $-108M | $-145M | $-84M | $-38M | $-50M | $-47M | $-32M | $-11M | |
| Interest Income | $7M | $7M | $9M | $900.0K | $0 | · | · | · | · | · | |
| Other Non-op | $27M | $-7M | $18M | $-4M | $-4M | $6M | $941.0K | $-2M | $2M | $-2M | |
| Pretax Income | $6M | $-91M | $-108M | $-150M | $-88M | $-33M | $-50M | $-49M | $-30M | $-14M | |
| Income Tax | $5M | $1M | $3M | $692.0K | $778.0K | $883.0K | $820.0K | $239.0K | $761.0K | $-2M | |
| Net Income | $1M | $-92M | $-111M | $-151M | $-89M | $-33M | $-51M | $-49M | $-31M | $-12M | |
| EPS (Basic) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | · | · | · | |
| EPS (Diluted) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | · | · | · | |
| Shares (Basic) | 74,049,000 | 72,988,000 | 73,102,000 | 72,455,000 | 71,036,000 | 69,050,565 | 65,479,327 | · | · | · | |
| Shares (Diluted) | 74,649,000 | 72,988,000 | 73,102,000 | 72,455,000 | 71,036,000 | 69,050,565 | 65,479,327 | · | · | · | |
| EBITDA | $609.0K | $-61M | $-100M | $-139M | $-79M | $-33M | $-46M | $-45M | $-31M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $136M | $119M | $149M | $148M | $101M | $112M | $160M | $95M | $74M | $31M | |
| Short-term Investments | $51M | $41M | $10M | $48M | $55M | $110M | $0 | · | · | · | |
| Receivables | $255M | $195M | $172M | $166M | $130M | $97M | $70M | $79M | $55M | $47M | |
| Prepaid Expense | $42M | $44M | $50M | $28M | $27M | $28M | $33M | $21M | $7M | $3M | |
| Current Assets | $519M | $436M | $414M | $422M | $338M | $365M | $278M | $210M | $145M | $88M | |
| PP&E (Net) | · | · | · | · | · | · | $40M | $8M | $3M | $3M | |
| PP&E (Gross) | · | · | · | · | · | · | $47M | $15M | $8M | $8M | |
| Accum. Depreciation | · | · | · | · | · | · | $7M | $7M | $6M | $5M | |
| Goodwill | $29M | $26M | $27M | $26M | $28M | $5M | $0 | · | · | · | |
| Intangibles | $1M | $2M | $4M | $5M | $7M | $2M | $0 | · | · | · | |
| Other Non-current Assets | $12M | $25M | $36M | $3M | $2M | $4M | $592.0K | $601.0K | $510.0K | $381.0K | |
| Total Assets | $691M | $621M | $628M | $594M | $505M | $513M | $371M | $233M | $161M | $103M | |
| Accounts Payable | $7M | $4M | $6M | $8M | $6M | $3M | $5M | $9M | $5M | $5M | |
| Accrued Liabilities | $18M | $11M | $11M | $12M | $15M | $6M | $7M | $7M | $6M | $3M | |
| Current Liabilities | $452M | $355M | $371M | $270M | $216M | $156M | $112M | $128M | $95M | $76M | |
| Capital Leases | $46M | $52M | $59M | $57M | $49M | $51M | $44M | $0 | · | · | |
| Deferred Tax | · | $0 | $2.0K | $102.0K | $209.0K | $70.0K | $38.0K | $42.0K | $87.0K | $32.0K | |
| Other Non-current Liabilities | $398.0K | $431.0K | $0 | $0 | $3M | $5M | $0 | $15M | $1M | $2M | |
| Total Liabilities | $738M | $654M | $575M | $449M | $271M | $216M | $166M | $160M | $116M | $111M | |
| Long-term Debt | $241M | $250M | $207M | $118M | $0 | · | · | · | $0 | $20M | |
| Total Debt | $241M | $250M | $207M | $118M | · | · | · | · | $0 | · | |
| Common Stock | · | · | · | · | · | · | · | · | $0 | $3.0K | |
| Retained Earnings | $-611M | $-612M | $-520M | $-408M | $-258M | $-169M | $-135M | $-146M | $-96M | $-65M | |
| Treasury Stock | $17M | $0 | $0 | · | · | · | · | · | · | · | |
| AOCI | $-36M | $-12M | $-24M | $-7M | $-6M | $-5M | $-285.0K | $542.0K | $439.0K | $1M | |
| Stockholders' Equity | $-47M | $-33M | $52M | $146M | $234M | $297M | $205M | $73M | $46M | $-63M | |
| Liabilities + Equity | $691M | $621M | $628M | $594M | $505M | $513M | $371M | $233M | $161M | $103M | |
| Shares Outstanding | 73,954,625 | 74,028,786 | 73,366,766 | 72,817,887 | 71,462,094 | 70,679,190 | 67,468,022 | · | 0 | 34,274,718 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $10M | $8M | $6M | $5M | $5M | $5M | $2M | $900.0K | $800.0K | |
| Stock-based Comp | $42M | $39M | $43M | $39M | $24M | $15M | $16M | $16M | $13M | $0 | |
| Deferred Tax | $-342.0K | $-949.0K | $-2M | $-908.0K | $-472.0K | $-184.0K | $-334.0K | $-218.0K | $-251.0K | $-1M | |
| Amort. of Intangibles | $1M | $2M | $2M | $2M | $800.0K | $400.0K | · | · | · | · | |
| Other Non-cash | · | · | $-49M | $647.0K | $6M | $5M | $21M | $294.0K | $8M | · | |
| Operating Cash Flow | $63M | $7M | $-110M | $-107M | $-54M | $-8M | $-9M | $-31M | $-9M | $-8M | |
| CapEx | $3M | $4M | $10M | $9M | $6M | $1M | $32M | $7M | $433.0K | $984.0K | |
| Investing Cash Flow | $-13M | $-35M | $29M | $10M | $42M | $-153M | $-32M | $-7M | $-433.0K | $-984.0K | |
| Net Debt Issued | · | · | · | · | · | · | $0 | $0 | $-40M | · | |
| Stock Issued | · | · | · | · | · | · | $102M | $58M | $0 | $0 | |
| Stock Repurchased | $20M | $50M | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-20M | $-50M | · | · | · | · | $102M | $58M | · | · | |
| Financing Cash Flow | $-36M | $-258.0K | $79M | $143M | $3M | $110M | $106M | $61M | $51M | $10M | |
| Net Change in Cash | $17M | $-31M | $-1M | $46M | $-9M | $-47M | $65M | $21M | $43M | $-250.0K | |
| Taxes Paid | $5M | $3M | $4M | · | · | · | · | · | · | · | |
| Free Cash Flow | $60M | $3M | $-120M | $-116M | $-60M | $-9M | $-41M | $-38M | $-10M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.5% | 75.7% | 73.7% | 71.5% | 71.8% | 70.9% | 64.0% | 62.5% | 63.4% | · | |
| Operating Margin | 0.08% | -9.9% | -19.8% | -31.0% | -22.7% | -12.4% | -19.4% | -20.6% | -18.0% | · | |
| Net Margin | 0.17% | -14.9% | -20.4% | -32.2% | -24.0% | -11.0% | -19.5% | -21.8% | -17.5% | · | |
| Pretax Margin | 0.89% | -14.8% | -19.9% | -32.1% | -23.8% | -10.7% | -19.2% | -21.7% | -17.1% | · | |
| EBITDA Margin | 0.08% | -9.9% | -18.3% | -29.8% | -21.4% | -10.7% | -17.6% | -19.7% | -17.5% | · | |
| ROA | 0.19% | -14.8% | -18.2% | -27.5% | -17.4% | -7.6% | -16.8% | -25.1% | -23.5% | · | |
| ROE | -2.5% | 223.8% | -185.1% | -94.7% | -36.1% | -11.3% | -24.2% | -63.8% | 345.1% | · | |
| ROIC | 0.06% | -28.3% | -42.9% | -55.2% | -36.2% | -13.1% | -25.0% | -64.1% | -71.6% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.2 | 1.1 | 1.6 | 1.6 | 2.3 | 2.5 | 1.6 | 1.5 | · | |
| Quick Ratio | 1.0 | 1.0 | 0.9 | 1.3 | 1.3 | 2.0 | 2.0 | 1.4 | 1.4 | · | |
| Debt / Equity | -5.1 | -7.7 | 3.9 | 0.8 | · | · | · | · | 0.0 | · | |
| LT Debt / Equity | -4.9 | -7.4 | 2.7 | 0.8 | · | · | · | · | 0.0 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.0 | 0.9 | 0.9 | 0.7 | 0.7 | 0.9 | 1.2 | 1.3 | · | |
| Receivables Turnover | 3.2 | 3.4 | 3.2 | 3.2 | 3.2 | 3.6 | 3.5 | 3.4 | 3.5 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.64 | $-0.44 | $0.71 | $2.00 | · | · | · | · | · | · | |
| Revenue / Share | $9.74 | $8.45 | $7.46 | $6.46 | $5.20 | · | · | · | · | · | |
| Cash Flow / Share | $0.84 | $0.09 | $-1.51 | $-1.47 | $-0.76 | · | · | · | · | · | |
| Cash / Share | $1.84 | $1.60 | $2.04 | $2.03 | · | · | · | · | · | · | |
| EPS (TTM) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 17.8% | 13.1% | 16.5% | 26.7% | 21.2% | · | · | · | · | · | |
| Revenue CAGR 3Y | 15.8% | 18.7% | 21.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 19.0% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $727M | $617M | $545M | $468M | $369M | $305M | $260M | $227M | $177M | · | |
| Net Income TTM | $1M | $-92M | $-111M | $-151M | $-89M | $-33M | $-51M | $-49M | $-31M | · | |
| Market Cap | $2.62B | $2.44B | $2.76B | $2.37B | · | · | · | · | $0 | · | |
| Enterprise Value | $2.67B | $2.53B | $2.81B | $2.29B | · | · | · | · | $-74M | · | |
| P/E | 1771.0 | -26.2 | -24.8 | -15.7 | -52.2 | -337.7 | -49.6 | · | · | · | |
| P/S | 3.6 | 4.0 | 5.1 | 5.1 | · | · | · | · | 0.0 | · | |
| P/B | -55.8 | -74.8 | 52.8 | 16.3 | · | · | · | · | · | · | |
| P / Tangible Book | · | · | 129.4 | 20.8 | · | · | · | · | · | · | |
| P / Cash Flow | 41.7 | 354.8 | -25.0 | -22.3 | · | · | · | · | 0.0 | · | |
| P / FCF | 44.0 | 792.4 | -23.0 | -20.5 | · | · | · | · | 0.0 | · | |
| EV / EBITDA | 4391.9 | -41.6 | -28.1 | -16.5 | · | · | · | · | 2.4 | · | |
| EV / FCF | 44.9 | 821.8 | -23.4 | -19.8 | · | · | · | · | 7.7 | · | |
| EV / Revenue | 3.7 | 4.1 | 5.2 | 4.9 | · | · | · | · | -0.4 | · | |
| Earnings Yield | 0.06% | -3.8% | -4.0% | -6.4% | -1.9% | -0.30% | -2.0% | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $203M | $202M | $203M | $187M | $171M | $166M | $167M | $154M | $146M | $150M | $145M | $137M | $128M | $135M | $126M | $118M | |
| Cost of Revenue | $59M | $54M | $71M | $45M | $49M | $44M | $54M | $37M | $39M | $38M | $51M | $36M | $37M | $36M | $35M | $34M | |
| Gross Profit | $145M | $148M | $131M | $142M | $122M | $122M | $113M | $117M | $107M | $112M | $94M | $101M | $91M | $99M | $90M | $84M | |
| R&D Expense | $47M | $46M | $52M | $40M | $43M | $42M | $46M | $39M | $39M | $40M | $42M | $37M | $40M | $42M | $38M | $38M | |
| SG&A Expense | $33M | $34M | $6M | $36M | $28M | $25M | $-546.0K | $35M | $40M | $33M | $264.0K | $23M | $29M | $30M | $30M | $29M | |
| Operating Expenses | $150M | $145M | $132M | $129M | $133M | $123M | $108M | $124M | $146M | $131M | $111M | $116M | $132M | $134M | $131M | $122M | |
| Operating Income | $-5M | $3M | $-687.0K | $13M | $-11M | $-834.0K | $5M | $-7M | $-39M | $-20M | $-17M | $-15M | $-41M | $-35M | $-41M | $-38M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $500.0K | $200.0K | |
| Other Non-op | $-827.0K | $84.0K | $2M | $1M | $18M | $6M | $-13M | $13M | $2M | $-8M | $13M | $-2M | $4M | $3M | $9M | $-6M | |
| Pretax Income | $-10M | $-932.0K | $-4M | $9M | $1M | $-436.0K | $-13M | $-781.0K | $-44M | $-33M | $-9M | $-22M | $-42M | $-36M | $-33M | $-44M | |
| Income Tax | $2M | $593.0K | $2M | $1M | $2M | $741.0K | $364.0K | $1M | $-164.0K | $-465.0K | $1M | $178.0K | $824.0K | $1M | $2M | $255.0K | |
| Net Income | $-12M | $-2M | $-5M | $8M | $-312.0K | $-1M | $-14M | $-2M | $-44M | $-33M | $-10M | $-22M | $-42M | $-37M | $-34M | $-44M | |
| EPS (Basic) | $-0.16 | $-0.02 | $-0.07 | $0.11 | $0.00 | $-0.02 | $-0.18 | $-0.03 | $-0.60 | $-0.45 | $-0.13 | $-0.30 | $-0.58 | $-0.51 | $-0.47 | $-0.61 | |
| EPS (Diluted) | $-0.16 | $-0.02 | $-0.06 | $0.10 | $0.00 | $-0.02 | $-0.18 | $-0.03 | $-0.60 | $-0.45 | $-0.13 | $-0.30 | $-0.58 | $-0.51 | $-0.47 | $-0.61 | |
| Shares (Basic) | 72,896,000 | 73,820,000 | · | 74,008,000 | 74,202,000 | 74,094,000 | · | 72,396,000 | 72,300,000 | 73,300,000 | · | 73,178,000 | 73,041,000 | 72,869,000 | · | 72,503,000 | |
| Shares (Diluted) | 72,896,000 | 73,820,000 | · | 74,575,000 | 74,202,000 | 74,094,000 | · | 72,396,000 | 72,300,000 | 73,300,000 | · | 73,178,000 | 73,041,000 | 72,869,000 | · | 72,503,000 | |
| EBITDA | $-5M | $3M | · | $13M | $-11M | $-834.0K | · | $-5M | $-37M | $-18M | · | $-13M | $-39M | $-33M | · | $-36M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $121M | $150M | $136M | $125M | $112M | $135M | $119M | $99M | $121M | $170M | · | $131M | $172M | $199M | $148M | $52M | |
| Short-term Investments | $47M | $56M | $51M | $66M | $73M | $65M | $41M | · | · | $0 | · | $39M | $65M | $56M | · | $41M | |
| Receivables | $171M | $174M | $255M | $173M | $151M | $136M | $195M | $140M | $132M | $129M | · | $134M | $134M | $148M | · | $143M | |
| Prepaid Expense | $33M | $39M | $42M | $41M | $41M | $41M | $44M | $45M | $48M | $56M | · | $51M | $33M | $37M | · | $32M | |
| Current Assets | $410M | $454M | $519M | $439M | $412M | $412M | $436M | $360M | $364M | $390M | · | $385M | $436M | $472M | · | $298M | |
| Goodwill | $28M | $28M | $29M | $29M | $29M | $27M | $26M | $27M | $26M | $27M | $27M | $26M | $27M | $27M | $26M | $24M | |
| Intangibles | $588.0K | $904.0K | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | · | $4M | $5M | $5M | · | $5M | |
| Other Non-current Assets | $14M | $14M | $12M | $15M | $18M | $22M | $25M | $28M | $27M | $32M | · | $41M | $3M | $3M | · | $3M | |
| Total Assets | $586M | $623M | $691M | $612M | $591M | $593M | $621M | $550M | $555M | $595M | · | $597M | $612M | $645M | · | $455M | |
| Accounts Payable | $8M | $4M | $7M | $9M | $9M | $7M | $4M | $7M | $6M | $10M | · | $6M | $7M | $4M | · | $5M | |
| Accrued Liabilities | $22M | $22M | $18M | $20M | $15M | $14M | $11M | $11M | $14M | $12M | · | $11M | $12M | $15M | · | $13M | |
| Current Liabilities | $412M | $403M | $452M | $370M | $347M | $330M | $355M | $298M | $294M | $294M | · | $323M | $325M | $324M | · | $224M | |
| Capital Leases | $45M | $44M | $46M | $48M | $50M | $52M | $52M | $54M | $56M | $57M | · | $60M | $60M | $56M | · | $53M | |
| Deferred Tax | · | · | · | · | · | · | · | $0 | $0 | $2.0K | · | $87.0K | $86.0K | $103.0K | · | $153.0K | |
| Other Non-current Liabilities | $311.0K | $341.0K | $398.0K | $435.0K | $493.0K | $374.0K | $431.0K | $375.0K | $435.0K | $493.0K | · | · | · | · | · | $956.0K | |
| Total Liabilities | $691M | $682M | $738M | $660M | $644M | $625M | $654M | $600M | $600M | $605M | · | $529M | $532M | $528M | · | $282M | |
| Long-term Debt | $236M | $238M | $241M | $246M | $246M | $248M | $250M | $253M | $254M | $255M | · | $207M | $208M | $209M | · | · | |
| Total Debt | $236M | $238M | · | $246M | $246M | $248M | · | $253M | $254M | $255M | · | $207M | $208M | $209M | · | · | |
| Retained Earnings | $-624M | $-612M | $-611M | $-606M | $-614M | $-613M | $-612M | $-599M | $-596M | $-553M | · | $-510M | $-488M | $-445M | · | $-374M | |
| Treasury Stock | $70M | $29M | $17M | $20M | $10M | · | $0 | $43M | $46M | $50M | · | · | · | · | · | · | |
| AOCI | $-34M | $-36M | $-36M | $-35M | $-35M | $-16M | $-12M | $-23M | $-12M | $-11M | · | $-10M | $-11M | $-8M | · | $-3M | |
| Stockholders' Equity | $-105M | $-59M | $-47M | $-49M | $-54M | $-32M | $-33M | $-50M | $-46M | $-10M | $52M | $68M | $81M | $116M | $146M | $173M | |
| Liabilities + Equity | $586M | $623M | $691M | $612M | $591M | $593M | $621M | $550M | $555M | $595M | · | $597M | $612M | $645M | · | $455M | |
| Shares Outstanding | 71,800,000 | 73,500,000 | 74,000,000 | 73,800,000 | 74,000,000 | 74,220,200 | 74,028,786 | 72,400,000 | 72,300,000 | 72,200,000 | 73,366,766 | 73,224,030 | 73,113,333 | 72,955,379 | 72,817,887 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $2M | $2M | $2M | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $11M | $12M | $11M | $10M | $11M | $10M | $9M | $10M | $10M | $11M | $10M | $11M | $11M | $11M | $11M | $11M | |
| Amort. of Intangibles | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $400.0K | $400.0K | $400.0K | $300.0K | $400.0K | $400.0K | $400.0K | $300.0K | $400.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $39M | · | · | · | $-1M | · | · | |
| Operating Cash Flow | $12M | $49M | $1M | $19M | $-2M | $45M | $14M | $-8M | $-18M | $19M | $-8M | $-65M | $-12M | $-25M | $-13M | $-44M | |
| CapEx | $2M | $188.0K | $867.0K | $654.0K | $1M | $651.0K | $511.0K | $355.0K | $734.0K | $2M | $1M | $473.0K | $3M | $4M | $3M | $1M | |
| Investing Cash Flow | $7M | $-5M | $15M | $6M | $-9M | $-24M | $-1M | $-13M | $-29M | $7M | $28M | $26M | $-13M | $-12M | $-10M | $20M | |
| Stock Repurchased | $44M | $22M | $0 | $10M | $10M | $0 | $0 | $0 | $0 | $50M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-22M | · | · | · | $0 | · | · | · | $-50M | · | · | · | · | · | · | |
| Financing Cash Flow | $-47M | $-29M | $-6M | $-11M | $-13M | $-6M | $8M | $-2M | $-2M | $-4M | $-3M | $-3M | $-2M | $88M | $118M | $175.0K | |
| Net Change in Cash | $-29M | $14M | $11M | $13M | $-23M | $16M | $19M | $-22M | $-49M | $21M | $19M | $-43M | $-27M | $51M | $97M | $-25M | |
| Free Cash Flow | · | $49M | · | · | · | $44M | · | · | · | $17M | · | · | · | $-30M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.2% | 73.1% | · | 75.8% | 74.3% | 76.6% | · | 75.9% | 73.1% | 74.6% | · | 73.7% | 71.2% | 73.3% | · | 71.4% | |
| Operating Margin | -2.7% | 1.6% | · | 7.0% | -6.4% | -0.50% | · | -4.7% | -26.8% | -13.0% | · | -11.1% | -31.8% | -26.1% | · | -32.0% | |
| Net Margin | -5.8% | -0.75% | · | 4.2% | -0.18% | -0.71% | · | -1.4% | -29.8% | -22.0% | · | -16.2% | -33.2% | -27.2% | · | -37.3% | |
| Pretax Margin | -4.9% | -0.46% | · | 4.9% | 0.74% | -0.26% | · | -0.51% | -29.9% | -22.3% | · | -16.1% | -32.5% | -26.4% | · | -37.1% | |
| EBITDA Margin | -2.7% | 1.6% | · | 7.0% | -6.4% | -0.50% | · | -3.2% | -25.3% | -11.7% | · | -9.6% | -30.3% | -24.6% | · | -30.9% | |
| ROA | -2.0% | -0.25% | · | 1.4% | -0.05% | -0.20% | · | -0.37% | -7.5% | -5.3% | · | -4.2% | -7.8% | -6.4% | · | -9.3% | |
| ROE | 14.9% | 3.4% | · | -15.9% | 0.63% | 5.7% | · | -22.9% | -249.3% | -61.7% | · | -18.5% | -29.6% | -20.5% | · | -20.5% | |
| ROIC | -4.9% | 2.9% | · | 5.7% | 1.4% | -1.0% | · | -9.5% | -18.7% | -7.8% | · | -5.6% | -14.3% | -11.2% | · | -22.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.1 | · | 1.2 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.3 | · | 1.2 | 1.3 | 1.5 | · | 1.3 | |
| Quick Ratio | 0.8 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 0.8 | 0.9 | 1.0 | · | 0.9 | 1.1 | 1.2 | · | 1.1 | |
| Debt / Equity | -2.2 | -4.0 | · | -5.1 | -4.6 | -7.8 | · | -5.1 | -5.6 | -26.4 | · | 3.0 | 2.6 | 1.8 | · | · | |
| LT Debt / Equity | -2.2 | -3.9 | · | -4.8 | -4.4 | -7.5 | · | -4.9 | -5.4 | -25.7 | · | 2.1 | 1.8 | 1.2 | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.3 | 1.3 | · | 1.2 | 1.2 | 1.3 | · | 1.1 | 1.1 | 1.1 | · | 1.0 | 1.0 | 1.0 | · | 0.9 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.46 | $-0.80 | · | $-0.66 | $-0.73 | $-0.43 | · | $-0.69 | $-0.63 | $-0.13 | · | $0.93 | $1.10 | $1.60 | · | · | |
| Revenue / Share | $2.79 | $2.74 | · | $2.51 | $2.30 | $2.25 | · | $2.13 | $2.03 | $2.04 | · | $1.87 | $1.75 | $1.86 | · | $1.63 | |
| Cash Flow / Share | · | $0.66 | · | · | · | $0.61 | · | · | · | $0.26 | · | · | · | $-0.35 | · | · | |
| Cash / Share | $1.69 | $2.04 | · | $1.70 | $1.52 | $1.82 | · | $1.37 | $1.67 | $2.36 | · | $1.79 | $2.35 | $2.72 | · | · | |
| EPS (TTM) | $-0.14 | $0.02 | · | $-0.10 | $-0.23 | $-0.83 | · | $-1.21 | $-1.48 | $-1.46 | · | $-1.86 | $-2.17 | $-2.27 | · | $-1.97 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $795M | $763M | · | $691M | $658M | $634M | · | $596M | $579M | $560M | · | $526M | $507M | $489M | · | $447M | |
| Net Income TTM | $-11M | $885.0K | · | $-7M | $-17M | $-61M | · | $-89M | $-109M | $-108M | · | $-136M | $-158M | $-165M | · | $-142M | |
| Market Cap | $1.64B | $1.77B | · | $2.26B | $2.21B | $2.14B | · | $2.47B | $2.23B | $2.88B | · | $3.34B | $3.48B | $3.24B | · | · | |
| Enterprise Value | $1.71B | $1.80B | · | $2.31B | $2.27B | $2.19B | · | $2.63B | $2.36B | $2.97B | · | $3.38B | $3.45B | $3.19B | · | · | |
| P/E | -163.6 | 1205.5 | · | -305.7 | -129.8 | -34.7 | · | -28.2 | -20.9 | -27.4 | · | -24.5 | -21.9 | -19.6 | · | -20.7 | |
| P/S | 2.1 | 2.3 | · | 3.3 | 3.4 | 3.4 | · | 4.1 | 3.9 | 5.2 | · | 6.4 | 6.9 | 6.6 | · | · | |
| P/B | -15.6 | -30.1 | · | -46.5 | -41.1 | -67.4 | · | -49.6 | -48.9 | -298.4 | · | 49.0 | 43.2 | 27.8 | · | · | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | 87.8 | 70.4 | 38.2 | · | · | |
| P / Cash Flow | · | 36.3 | · | · | · | 47.6 | · | · | · | 152.9 | · | · | · | -128.2 | · | · | |
| EV / Revenue | 2.2 | 2.4 | · | 3.3 | 3.5 | 3.5 | · | 4.4 | 4.1 | 5.3 | · | 6.4 | 6.8 | 6.5 | · | · | |
| Earnings Yield | -0.61% | 0.08% | · | -0.33% | -0.77% | -2.9% | · | -3.5% | -4.8% | -3.6% | · | -4.1% | -4.6% | -5.1% | · | -4.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $727M | $617M | $545M | $468M | $369M |
| Gross Margin % | 72.5% | 75.7% | 73.7% | 71.5% | 71.8% |
| Operating Margin % | 0.08% | -9.9% | -19.8% | -31.0% | -22.7% |
| Net Income | $1M | $-92M | $-111M | $-151M | $-89M |
| Diluted EPS | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | -5.1 | -7.7 | 3.9 | 0.8 | · |
| Current Ratio | 1.1 | 1.2 | 1.1 | 1.6 | 1.6 |
| Quick Ratio | 1.0 | 1.0 | 0.9 | 1.3 | 1.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $60M | $3M | $-120M | $-116M | $-60M |
Institutional owners (13F) 239 filers · $1.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 36 (-11 vs prior Q) | 28 (-42 vs prior Q) | 83 (+13 vs prior Q) | 54 (-21 vs prior Q) | -1.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $215,916,920 | 6,095,904 | 19.75% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $95,854,499 | 4,185,786 | 8.77% | Shares |
| BlackRock, Inc. | $81,989,031 | 3,580,307 | 7.50% | Shares |
| Fivespan Partners, LP | $80,399,770 | 3,510,907 | 7.35% | Shares |
| Lead Edge Capital Management, LLC | $65,918,658 | 2,878,544 | 6.03% | Shares |
| RPD Fund Management LLC | $42,524,865 | 1,856,981 | 3.89% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $38,354,775 | 1,674,881 | 3.51% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $32,313,320 | 1,411,062 | 2.96% | Shares |
| FIRST TRUST ADVISORS LP | $32,084,709 | 1,401,079 | 2.93% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $31,708,829 | 1,384,665 | 2.90% | Shares |
| STATE STREET CORP | $24,852,660 | 1,085,269 | 2.27% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $24,274,000 | 1,059,811 | 2.22% | Shares |
| Mudita Advisors LLP | $19,222,260 | 839,400 | 1.76% | Shares |
| BAILLIE GIFFORD & CO | $16,835,118 | 735,158 | 1.54% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $15,796,992 | 689,825 | 1.44% | Shares |
| CITADEL ADVISORS LLC | $14,175,673 | 619,025 | 1.30% | Shares |
| Qube Research & Technologies Ltd | $12,334,535 | 538,626 | 1.13% | Shares |
| MORGAN STANLEY | $9,592,787 | 418,899 | 0.88% | Shares |
| FMR LLC | $9,554,852 | 417,242 | 0.87% | Shares |
| Trexquant Investment LP | $9,083,995 | 396,681 | 0.83% | Shares |
| Squarepoint Ops LLC | $8,752,632 | 382,211 | 0.80% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $8,390,354 | 366,391 | 0.77% | Shares |
| NORTHERN TRUST CORP | $8,379,522 | 365,918 | 0.77% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,971,513 | 348,101 | 0.73% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,685,927 | 335,630 | 0.70% | Shares |
| D. E. Shaw & Co., Inc. | $7,604,930 | 332,093 | 0.70% | Shares |
| GOLDMAN SACHS GROUP INC | $7,253,232 | 316,735 | 0.66% | Shares |
| Nuveen, LLC | $7,062,314 | 308,398 | 0.65% | Shares |
| ARMISTICE CAPITAL, LLC | $6,870,000 | 300,000 | 0.63% | Shares |
| National Philanthropic Trust | $6,859,283 | 299,532 | 0.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,442,640 | 281,338 | 0.59% | Shares |
| Russell Investments Group, Ltd. | $6,230,635 | 274,414 | 0.57% | Shares |
| Cubist Systematic Strategies, LLC | $6,158,609 | 201,459 | 0.56% | Shares |
| UBS Group AG | $4,913,928 | 214,582 | 0.45% | Shares |
| JPMORGAN CHASE & CO | $4,861,727 | 216,269 | 0.44% | Shares |
| Holocene Advisors, LP | $4,718,339 | 206,041 | 0.43% | Shares |
| TWO SIGMA ADVISERS, LP | $4,280,578 | 120,852 | 0.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,071,208 | 177,782 | 0.37% | Shares |
| JANE STREET GROUP, LLC | $4,044,140 | 176,600 | 0.37% | Call option |
| Point72 Asset Management, L.P. | $4,021,881 | 175,628 | 0.37% | Shares |
| Harber Asset Management LLC | $3,853,978 | 168,296 | 0.35% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $3,629,650 | 158,500 | 0.33% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,543,935 | 154,757 | 0.32% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $2,942,971 | 128,514 | 0.27% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,897,148 | 126,513 | 0.26% | Shares |
| Bank of New York Mellon Corp | $2,674,983 | 116,811 | 0.24% | Shares |
| Gotham Asset Management, LLC | $2,509,016 | 109,564 | 0.23% | Shares |
| BARCLAYS PLC | $2,140,876 | 93,488 | 0.20% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $2,073,461 | 86,000 | 0.19% | Shares |
| Nebula Research & Development LLC | $2,022,448 | 67,731 | 0.18% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Fivespan Partners, LP, Dylan Haggart ×2 filings | Feb. 5, 2026 | 7.90% | Amendment | · | SEC |
| Abdiel Qualified Master Fund, LP, Abdiel Capital, LP, Abdiel Partners, LLC, Abdiel Capital Management, LLC, Abdiel Capital Advisors, LP, Colin T. Moran ×55 filings | Aug. 27, 2025 | 4.90% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 31 insiders · 11 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew W Calkins | CEO and President | Sept. 8, 2026 S | 1,629,144 | 0 | 10 | $-5,577,083 |
| Srdjan Tanjga | Chief Financial Officer | Aug. 5, 2026 M | 39,799 | 0 | 0 | $0 |
| Mark Matheos | Chief Financial Officer | Nov. 5, 2024 M | 10,925 | 0 | 0 | $0 |
| Mark Dorsey | Chief Revenue Officer | Aug. 5, 2026 M | 17,174 | 2 | 0 | $99,993 |
| Pavel Zamudio-Ramirez | Chief Customer Officer | May 5, 2026 A | 33,062 | 0 | 0 | $0 |
| Robert Charles Kramer | General Manager | March 3, 2026 M | 313,937 | 0 | 0 | $0 |
| Christopher Winters | General Counsel | Nov. 5, 2025 M | 29,782 | 0 | 0 | $0 |
| Christopher M Jones | Chief Revenue Officer | Sept. 11, 2023 S | 7,983 | 0 | 0 | $0 |
| Eric Calvin Cross | Chief Revenue Officer | May 10, 2022 M | 0 | 0 | 0 | $0 |
| David Leon Mitchell | Senior VP, Worldwide Sales | March 6, 2020 M | 15,646 | 0 | 0 | $0 |
| Edward L Hughes | Senior VP, Worldwide Sales | Dec. 3, 2018 C | 114,364 | 0 | 0 | $0 |
| David Forrest Link | Director | Oct. 1, 2026 A | 4,317 | 0 | 0 | $0 |
| Carl Joseph Hartman II | Director | Oct. 1, 2026 A | 9,442 | 0 | 0 | $0 |
| Shirley Ann Edwards | Director | Oct. 1, 2026 A | 15,069 | 0 | 0 | $0 |
| Mark Steven Lynch | Director | Oct. 1, 2026 A | 47,514 | 0 | 1 | $-257,310 |
| Bobbie G Kilberg | Director | Oct. 1, 2026 A | 886 | 0 | 0 | $0 |
| William D. Mccarthy | Director | April 1, 2026 A | 14,243 | 0 | 0 | $0 |
| Albert G.W. Biddle III | Director | Jan. 1, 2026 A | 32,735 | 0 | 0 | $0 |
| Michael J. Mulligan | Director | April 1, 2024 A | 28,276 | 0 | 0 | $0 |
| Prashanth Boccassam | Director | April 3, 2023 A | 27,214 | 0 | 0 | $0 |
| Michael G Devine | Director | Oct. 1, 2022 A | 5,859 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | 10% owner | Feb. 13, 2018 C | 1,924 | 0 | 0 | $0 |
| Peter W. Sonsini | 10% owner | Feb. 13, 2018 C | 339 | 0 | 0 | $0 |
| New Enterprise Associates 14, L.P. | 10% owner | Feb. 13, 2018 C | 0 | 0 | 0 | $0 |
| Ravi Viswanathan | 10% owner | Feb. 13, 2018 C | 509 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | Feb. 13, 2018 C | 2,031 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | Feb. 13, 2018 C | 679 | 0 | 0 | $0 |
| Patrick J. Kerins | 10% owner | Feb. 13, 2018 C | 1,523 | 0 | 0 | $0 |
| David M Mott | 10% owner | Feb. 13, 2018 C | 2,031 | 0 | 0 | $0 |
| James M Barrett | 10% owner | Feb. 13, 2018 C | 1,015 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | Feb. 13, 2018 C | 1,167 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 29 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ABLS · Abacus FCF ETF Trust | 2.07% | 356 NS | July 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.16% | 75,191 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 374,953 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 42,807 SH | Aug. 19, 2026 | Daily |
| IGV · iShares Trust | 0.05% | 182,004 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 1,028,325 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.04% | 11,646 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 19,091 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 24,755 SH | Sept. 30, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 6,812 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 229,836 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.02% | 484,163 SH | Aug. 19, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.02% | 114,453 NS | July 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,054 SH | Oct. 1, 2026 | Daily |
| TECB · iShares Trust | 0.01% | 1,641 SH | Sept. 10, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 2,099 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 457,401 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 822,793 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.01% | 813,947 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 0.01% | 17,887 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 52,619 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 10,587 SH | Sept. 9, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 972 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,144,415 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 35,458 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,313 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.00% | 8,661 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 1,614 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 163,811 SH | Sept. 11, 2026 | Daily |
APPN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
5 analysts · 2026-09-30Mean target $34.00 -7.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| APPN | $2.62B | 1771.0 | 17.8% | 0.17% | -2.5% | 72.5% |
| VRNS | $3.86B | -29.0 | 13.2% | -20.7% | -27.5% | 78.8% |
| TENB | · | -78.4 | 11.0% | -3.6% | -10.7% | 78.1% |
| ADEA | $1.88B | 17.4 | 17.9% | 25.1% | 25.3% | · |
| TDC | $2.82B | 22.5 | -5.0% | 7.8% | 64.0% | 59.4% |
| ATEN | $1.26B | 31.0 | 11.0% | 14.5% | 20.3% | 79.3% |
| PRGS | $1.75B | 24.9 | 29.8% | 7.5% | 15.7% | 80.8% |
| AIP | $686M | -18.9 | 22.3% | -49.2% | 313.6% | 90.2% |
| RPD | · | 42.2 | 1.9% | · | · | · |
| NABL | · | -74.8 | 9.3% | -3.7% | · | 76.9% |
| MSFT | $2.77T | 20.8 | 17.8% | 40.3% | 34.0% | 67.9% |
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