Appian Corporation — Earnings Quality Grade F
APPN · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 13 days
AR outpaced revenue for 2 consecutive years
Revenue 17.8%, CFFO 814.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -12.6% vs revenue 17.8%. Normal
SG&A/Gross Profit = 67.2%. Normal
Gross margin 72.5%, change -0.2pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 51.0x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 48.30
Accruals ratio = -8.9%. Low accruals
Cash $0.2B covers 62% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = -64% of equity. Manageable
Debt/EBITDA = 8.1x (>4x). Interest coverage = 0.0x (<2x). Financial stress
Other assets -52.9% vs revenue 17.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 8% YoY. Normal
Manipulation Score
M-Score = -2.69 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25