Estados financieros detallados de Appian Corporation (APPN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Appian Corporation registró ingresos de $726.9M en el último ejercicio fiscal, con un CAGR de 5 años del 19.0%.
Márgenes de los últimos 12 meses: margen bruto 73.1%, margen operativo 1.3%, margen neto -1.3%.
Al precio actual de $37.50, APPN presenta beneficios negativos (P/E no significativo) y un ROE del 16.36%. La capitalización bursátil es de $2.8B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $132.9M | $176.7M | $226.7M | $260.4M | $304.6M | $369.3M | $468.0M | $545.4M | $617.0M | $726.9M |
| Coste de Ventas | $50.1M | $64.6M | $84.9M | $93.8M | $88.8M | $104.1M | $133.3M | $143.3M | $150.2M | $199.6M |
| Beneficio Bruto | $82.8M | $112.1M | $141.8M | $166.5M | $215.8M | $265.2M | $334.7M | $402.0M | $466.8M | $527.3M |
| I+D | $23.0M | $34.8M | $44.7M | $58.0M | $70.2M | $97.5M | $139.2M | $153.1M | $155.0M | $172.2M |
| Generales y Administrativos | $71.2M | $109.1M | $143.8M | $158.9M | $183.5M | $251.6M | $340.5M | $356.9M | $372.7M | $354.5M |
| Gastos Operativos | $94.2M | $144.0M | $188.5M | $217.0M | $253.7M | $349.1M | $479.7M | $510.0M | $527.7M | $526.7M |
| Beneficio Operativo | -$11.4M | -$31.8M | -$46.7M | -$50.5M | -$37.9M | -$83.9M | -$145.0M | -$108.0M | -$60.9M | $609000 |
| EBITDA | -$12.4M | -$28.9M | -$47.0M | -$44.8M | -$26.3M | -$81.7M | -$141.3M | -$80.9M | -$57.6M | $37.0M |
| Gastos por Intereses | $982000 | $473000 | $198000 | $367000 | $478000 | $372000 | $1.7M | $17.9M | $23.6M | $20.9M |
| Beneficio Antes de Impuestos | -$14.1M | -$30.2M | -$49.2M | -$49.9M | -$32.6M | -$87.9M | -$150.2M | -$108.2M | -$91.2M | $6.4M |
| Impuestos | -$1.7M | $761000 | $239000 | $820000 | $883000 | $778000 | $692000 | $3.2M | $1.1M | $5.2M |
| Beneficio Neto | -$12.5M | -$31.0M | -$49.5M | -$50.7M | -$33.5M | -$88.6M | -$150.9M | -$111.4M | -$92.3M | $1.2M |
| BPA | $-0.23 | $-0.63 | $-0.80 | $-0.77 | $-0.48 | $-1.25 | $-2.08 | $-1.52 | $-1.26 | $0.02 |
| BPA Diluido | $-0.23 | $-0.63 | $-0.80 | $-0.77 | $-0.48 | $-1.25 | $-2.08 | $-1.52 | $-1.26 | $0.02 |
| Acciones en Circulación (Diluidas) | $54.7M | $49.5M | $62.1M | $65.5M | $69.1M | $71.0M | $72.5M | $73.1M | $73.0M | $74.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $187.0M | $202.9M | $202.2M | $203.3M |
| Beneficio Bruto | $141.7M | $147.0M | $147.8M | $144.7M |
| Beneficio Operativo | $13.1M | -$687000 | $3.2M | -$5.4M |
| EBITDA | $17.0M | $3.6M | $5.5M | -$1.5M |
| Beneficio Neto | $7.8M | -$5.1M | -$1.5M | -$11.8M |
| BPA | $0.10 | $-0.07 | $-0.02 | $-0.16 |
| BPA Diluido | $0.10 | $-0.07 | $-0.02 | $-0.16 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $31.1M | $73.8M | $94.9M | $159.8M | $112.5M | $100.8M | $148.1M | $149.4M | $118.6M | $135.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $109.8M | $55.2M | $47.9M | $9.7M | $41.3M | $51.4M |
| Cuentas por Cobrar | $46.8M | $55.3M | $79.4M | $70.4M | $97.3M | $130.0M | $166.0M | $171.6M | $195.1M | $278.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $88.4M | $145.2M | $209.6M | $277.7M | $365.4M | $338.3M | $422.5M | $414.4M | $435.5M | $519.4M |
| Inmovilizado Material | $3.1M | $2.7M | $7.5M | $63.8M | $66.1M | $64.8M | $79.1M | $82.7M | $68.2M | $60.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $4.9M | $27.8M | $26.3M | $27.1M | $25.6M | $28.8M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $1.7M | $7.1M | $5.3M | $3.9M | $2.2M | $1.2M |
| Activos Totales | $102.7M | $161.1M | $233.2M | $371.5M | $512.5M | $504.5M | $594.2M | $627.5M | $621.0M | $691.4M |
| Cuentas por Pagar | $5.1M | $5.2M | $9.2M | $5.2M | $3.0M | $5.8M | $8.0M | $6.2M | $4.3M | $6.7M |
| Deuda a Corto | $6.1M | 0 | 0 | 0 | 0 | 0 | $2.7M | $66.4M | $9.6M | $22.8M |
| Pasivos Corrientes | $76.0M | $95.1M | $128.4M | $112.3M | $155.9M | $215.7M | $270.3M | $371.2M | $354.8M | $452.1M |
| Deuda a Largo | $13.9M | 0 | 0 | 0 | 0 | 0 | $115.4M | $140.2M | $240.8M | $276.9M |
| Pasivos Totales | $110.8M | $115.5M | $160.0M | $166.2M | $215.9M | $270.6M | $448.5M | $575.2M | $653.7M | $738.4M |
| Reservas | -$64.8M | -$96.2M | -$145.6M | -$135.4M | -$168.9M | -$257.5M | -$408.5M | -$519.9M | -$612.2M | -$610.9M |
| Patrimonio Neto | -$8.1M | $45.5M | $73.2M | $205.2M | $296.6M | $233.9M | $145.7M | $52.3M | -$32.6M | -$47.0M |
| Deuda Total | $20.0M | 0 | 0 | $52.1M | $58.1M | $56.9M | $184.0M | $277.4M | $315.0M | $345.4M |
| Deuda Neta | -$11.1M | -$73.8M | -$94.9M | -$107.7M | -$164.2M | -$99.1M | -$12.0M | $118.3M | $155.1M | $158.2M |
| Capital Circulante | $12.4M | $50.1M | $81.2M | $165.4M | $209.5M | $122.5M | $152.2M | $43.2M | $80.8M | $67.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $125.2M | $135.8M | $150.0M | $121.1M |
| Activos Totales | $611.7M | $691.4M | $623.4M | $585.7M |
| Pasivos Totales | $660.3M | $738.4M | $682.3M | $690.9M |
| Patrimonio Neto | -$48.5M | -$47.0M | -$59.0M | -$105.2M |
| Deuda Total | $306.6M | $345.4M | $295.2M | $295.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$12.5M | -$31.0M | -$49.5M | -$50.7M | -$33.5M | -$88.6M | -$150.9M | -$111.4M | -$92.3M | $1.2M |
| Amortizaciones | $764000 | $886000 | $2.0M | $4.7M | $5.9M | $5.7M | $7.3M | $9.5M | $10.0M | $9.7M |
| Compensación en Acciones | 0 | $13.0M | $16.1M | $16.4M | $15.3M | $23.8M | $38.8M | $43.4M | $39.0M | $41.5M |
| Cambio en Capital Circulante | $4.9M | $7.5M | $66000 | $20.7M | $3.9M | $5.1M | -$2.0M | -$39.6M | $26.4M | $33.4M |
| Flujo de Caja Operativo | -$7.8M | -$9.1M | -$31.3M | -$8.9M | -$7.6M | -$53.9M | -$106.6M | -$110.4M | $6.9M | $62.9M |
| Inversiones (CapEx) | -$984000 | -$433000 | -$7.0M | -$32.4M | -$1.3M | -$6.1M | -$9.1M | -$9.6M | -$3.8M | -$3.3M |
| Adquisiciones | 0 | 0 | $4000 | 0 | -$6.1M | -$30.7M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$2.4M | 0 | 0 | 0 | 0 | 0 | 0 | -$50.0M | -$20.0M |
| Dividendos Pagados | 0 | -$7.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.7M | -$9.6M | -$38.3M | -$41.3M | -$8.9M | -$60.0M | -$115.6M | -$120.1M | $3.1M | $59.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $18.7M | $1.1M | $48.8M | $12.1M |
| Inversiones (CapEx) | -$654000 | -$867000 | -$188000 | -$2.3M |
| Flujo de Caja Libre | $18.1M | $270000 | $48.6M | $9.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $10.3M | $10.5M | $11.9M | $10.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +33.0% | +28.3% | +14.8% | +17.0% | +21.2% | +26.7% | +16.5% | +13.1% | +17.8% |
| Crecimiento Beneficio Neto (anual) | | -148.8% | -59.5% | -2.6% | +34.0% | -164.8% | -70.3% | +26.2% | +17.2% | +101.3% |
| Crecimiento BPA (anual) | | -173.9% | -27.0% | +3.8% | +37.7% | -160.4% | -66.4% | +26.9% | +17.1% | +101.3% |
| Cambio en Acciones (anual) | | -9.5% | +25.5% | +5.4% | +5.5% | +2.9% | +2.0% | +0.9% | -0.2% | +2.3% |
| Crecimiento FCF (anual) | | -9.4% | -301.0% | -7.9% | +78.5% | -576.1% | -92.8% | -3.8% | +102.6% | +1833.6% |
| Margen Bruto | 62.3% | 63.5% | 62.5% | 64.0% | 70.9% | 71.8% | 71.5% | 73.7% | 75.7% | 72.5% |
| Margen Operativo | -8.6% | -18.0% | -20.6% | -19.4% | -12.4% | -22.7% | -31.0% | -19.8% | -9.9% | 0.1% |
| Margen EBITDA | -9.3% | -16.3% | -20.7% | -17.2% | -8.6% | -22.1% | -30.2% | -14.8% | -9.3% | 5.1% |
| Margen Neto | -9.4% | -17.5% | -21.8% | -19.5% | -11.0% | -24.0% | -32.2% | -20.4% | -15.0% | 0.2% |
| Margen FCF | -6.6% | -5.4% | -16.9% | -15.9% | -2.9% | -16.2% | -24.7% | -22.0% | 0.5% | 8.2% |
| Tasa Impositiva Efectiva | 11.9% | -2.5% | -0.5% | -1.6% | -2.7% | -0.9% | -0.5% | -3.0% | -1.2% | 80.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.16 | $-0.19 | $-0.62 | $-0.63 | $-0.13 | $-0.84 | $-1.60 | $-1.64 | $0.04 | $0.80 |
| Dividendo por Acción | $0.00 | $0.15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $54.7M | $49.5M | $62.1M | $65.5M | $69.1M | $71.0M | $72.5M | $73.1M | $73.0M | $74.0M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 16.36% |
| Rentabilidad sobre capital invertido | 5.13% |
| Rentabilidad sobre activos | -1.81% |
| Margen bruto | 73.08% |
| Margen operativo | 1.28% |
| Margen neto | -1.34% |
Salud financiera
| Deuda / Patrimonio | -2.81 |
| Ratio corriente | 1.00 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.07 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -65.26 | -49.97 | -33.39 | -49.62 | -337.69 | -52.17 | -15.65 | -24.78 | -26.17 | 2120.96 |
| P/VC | -101.70 | 34.25 | 22.68 | 12.19 | 37.74 | 19.80 | 16.19 | 52.60 | -73.75 | -55.81 |
| P/V | 6.18 | 8.82 | 7.32 | 9.61 | 36.75 | 12.54 | 5.04 | 5.05 | 3.90 | 3.61 |
| Margen Bruto | 62.3% | 63.5% | 62.5% | 64.0% | 70.9% | 71.8% | 71.5% | 73.7% | 75.7% | 72.5% |
| Margen Operativo | -8.6% | -18.0% | -20.6% | -19.4% | -12.4% | -22.7% | -31.0% | -19.8% | -9.9% | 0.1% |
| Margen Neto | -9.4% | -17.5% | -21.8% | -19.5% | -11.0% | -24.0% | -32.2% | -20.4% | -15.0% | 0.2% |