What is Appian Corp worth?
With the base-case assumptions below, a discounted cash flow model on Appian Corp's reported free cash flow gives $24.82 per share. The share price was $36.01 on September 25, 2026, 45% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $14.48 | -60% |
| Base | 15.0% | 9.0% | $24.82 | -31% |
| Bull | 20.0% | 8.0% | $44.08 | +22% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $32.65 | $35.09 | $38.08 | $41.81 | $46.60 |
| 8.0% | $26.77 | $28.35 | $30.22 | $32.47 | $35.21 |
| 9.0% | $22.49 | $23.57 | $24.82 | $26.28 | $28.00 |
| 10.0% | $19.24 | $20.01 | $20.88 | $21.88 | $23.03 |
| 11.0% | $16.70 | $17.27 | $17.90 | $18.61 | $19.41 |
Where the presets come from
Base: years 1 to 5 grow at Appian Corp's revenue growth rate over the last 5 fiscal years (19.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions