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The Moat Index

Appian Corporation

APPN · Technology · $1.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

38/ 100
No moat

The four filters

Pricing power96

Median gross margin 70.7% over 10y, very stable.

Returns on capital0

Median ROIC -49.8%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 10.2x, interest coverage 0x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$26.11
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

Appian Corporation booked $726.9M of revenue in FY2025 in the Technology sector and kept 72.5% of it as gross profit — a high-margin business by that measure. After every other cost, 0.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $111.2M (FY2015) to $726.9M (FY2025) — about 20.7% a year compounded over 10 years.

It earned 0.7% on invested capital in FY2025, with a median of −49.8% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $240.8M of total debt in FY2025 against $7.6M of owner earnings — roughly 31.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count rose 115.9% between FY2016 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (96/100) and Returns on Capital the weakest (0/100), which is how APPN lands at 38/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2014–FY2025 · 12 fiscal years, normalized from APPN’s SEC filings

RevenueSales, as filed$726.9M FY2025
$0$500M2014201820222025
Gross marginRevenue kept after cost of goods72.5% FY2025
0%50%2014201820222025
Return on invested capitalOperating profit on the capital employed0.7% FY2025
−100%−50%0%2014201820222025
Owner earningsCash an owner could take out$7.6M FY2025
−$100M$02014201820222025

Gaps in a line mean that item isn’t in APPN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — APPN has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#341 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #339PDFS PDF SOLUTIONS INC37.7No moat
  2. #340WSC WILLSCOT HOLDINGS CORPORATION37.7No moat
  3. #342PRTH Priority Technology Holdings, Inc.37.6No moat
  4. #343BELFA BEL FUSE INC /NJ37.4No moat

Compare APPN with its nearest peers →All Technology companies on the Index →

Common questions about APPN

Does Appian Corporation have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Appian Corporation (APPN) 37.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 0, balance-sheet safety 0, capital discipline 44.
How has APPN's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 37.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell APPN. See the disclaimer.

Appian Corporation (APPN) Moat Score — The Moat Index · Buy Like Buffett