APPNAPPIAN CORP

Services-Prepackaged Software

Revenue: $727M; 18% YoY
Operating margin: 0.1%; 101% YoY
EBITDA: $10M; 120% YoY
Market cap: $3.5B
Employees: 2,149; $338K revenue each
Net debt / EBITDA: 11.1×; $115M net debt
AI in 10-K: 18.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
51× net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$338K · 29th pct
Bottom quartile of its SIC industry
Quiet on AINo
18.6 per 10K words · 98th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
11.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$369M	$468M	$545M	$617M	$727M	18%
Operating income	−$84M	−$145M	−$108M	−$61M	$609K	101%
Net income	−$89M	−$151M	−$111M	−$92M	$1M	101%
Operating cash flow	−$54M	−$107M	−$110M	$7M	$63M	814%
Capex	$6M	$9M	$10M	$4M	$3M	13%
Stock-based comp	$24M	$39M	$43M	$39M	$42M	6.4%
Buybacks	—	$0	$0	$50M	$20M	60%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 5, 2026	Fivespan Partners, LP	SCHEDULE 13D/A	15.8%	Passive
Jan 27, 2026	Fivespan Partners, LP	SCHEDULE 13D	12.3%	Passive
Aug 27, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	4.9%	Passive
Aug 14, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	6.2%	Passive
Aug 11, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	10.3%	Passive
Jul 25, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	13.3%	Passive
Jul 22, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	14.2%	Passive
Jul 9, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	91.4%	Passive
Jun 10, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	17.2%	Passive
Jun 3, 2025	Abdiel Qualified Master Fund LP	SCHEDULE 13D/A	18.7%	Passive

Insider trading

Open-market buys, 12 mo: $100K · 2
Open-market sells, 12 mo: $8M · 13
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$760K	22	258
FY2024	$1M	−$4M	20	203
FY2023	$1M	$5M	23	147
FY2022	$20M	$12M	20	89
FY2021	$982K	$32M	40	138