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Side-by-side financial comparison of APPIAN CORP (APPN) and AVIAT NETWORKS, INC. (AVNW). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $111.5M, roughly 1.8× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -2.5%, a 7.6% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 0.3%).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
APPN vs AVNW — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $111.5M |
| Net Profit | $-5.1M | $5.7M |
| Gross Margin | 64.8% | 32.4% |
| Operating Margin | -0.3% | 6.5% |
| Net Margin | -2.5% | 5.1% |
| Revenue YoY | 21.7% | -5.7% |
| Net Profit YoY | 62.6% | 27.2% |
| EPS (diluted) | $-0.06 | $0.44 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $202.9M | $111.5M | ||
| Q3 25 | $187.0M | $107.3M | ||
| Q2 25 | $170.6M | $115.3M | ||
| Q1 25 | $166.4M | $112.6M | ||
| Q4 24 | $166.7M | $118.2M | ||
| Q3 24 | $154.1M | $88.4M | ||
| Q2 24 | $146.4M | $116.7M | ||
| Q1 24 | $149.8M | $110.8M |
| Q4 25 | $-5.1M | $5.7M | ||
| Q3 25 | $7.8M | $162.0K | ||
| Q2 25 | $-312.0K | $5.2M | ||
| Q1 25 | $-1.2M | $3.5M | ||
| Q4 24 | $-13.6M | $4.5M | ||
| Q3 24 | $-2.1M | $-11.9M | ||
| Q2 24 | $-43.6M | $1.5M | ||
| Q1 24 | $-32.9M | $3.9M |
| Q4 25 | 64.8% | 32.4% | ||
| Q3 25 | 75.8% | 33.2% | ||
| Q2 25 | 74.3% | 34.2% | ||
| Q1 25 | 76.6% | 34.9% | ||
| Q4 24 | 67.8% | 34.6% | ||
| Q3 24 | 75.9% | 22.4% | ||
| Q2 24 | 73.1% | 35.3% | ||
| Q1 24 | 74.6% | 32.5% |
| Q4 25 | -0.3% | 6.5% | ||
| Q3 25 | 7.0% | 4.8% | ||
| Q2 25 | -6.4% | 7.7% | ||
| Q1 25 | -0.5% | 8.3% | ||
| Q4 24 | 3.0% | 6.7% | ||
| Q3 24 | -4.6% | -17.6% | ||
| Q2 24 | -26.8% | 4.7% | ||
| Q1 24 | -13.0% | 5.1% |
| Q4 25 | -2.5% | 5.1% | ||
| Q3 25 | 4.2% | 0.2% | ||
| Q2 25 | -0.2% | 4.5% | ||
| Q1 25 | -0.7% | 3.1% | ||
| Q4 24 | -8.2% | 3.8% | ||
| Q3 24 | -1.4% | -13.4% | ||
| Q2 24 | -29.8% | 1.3% | ||
| Q1 24 | -22.0% | 3.5% |
| Q4 25 | $-0.06 | $0.44 | ||
| Q3 25 | $0.10 | $0.01 | ||
| Q2 25 | $0.00 | $0.42 | ||
| Q1 25 | $-0.02 | $0.27 | ||
| Q4 24 | $-0.18 | $0.35 | ||
| Q3 24 | $-0.03 | $-0.94 | ||
| Q2 24 | $-0.60 | $0.11 | ||
| Q1 24 | $-0.45 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $86.5M |
| Total DebtLower is stronger | $240.8M | $105.4M |
| Stockholders' EquityBook value | $-47.0M | $271.6M |
| Total Assets | $691.4M | $659.4M |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $86.5M | ||
| Q3 25 | $191.6M | $64.8M | ||
| Q2 25 | $184.8M | $59.7M | ||
| Q1 25 | $199.7M | $49.4M | ||
| Q4 24 | $159.9M | $52.6M | ||
| Q3 24 | $99.2M | $51.0M | ||
| Q2 24 | $120.8M | $64.6M | ||
| Q1 24 | $170.1M | $59.2M |
| Q4 25 | $240.8M | $105.4M | ||
| Q3 25 | $245.7M | $106.5M | ||
| Q2 25 | $245.6M | $87.6M | ||
| Q1 25 | $248.0M | $73.9M | ||
| Q4 24 | $250.4M | $74.9M | ||
| Q3 24 | $252.8M | $83.4M | ||
| Q2 24 | $254.0M | $48.4M | ||
| Q1 24 | $255.1M | $48.9M |
| Q4 25 | $-47.0M | $271.6M | ||
| Q3 25 | $-48.5M | $263.6M | ||
| Q2 25 | $-53.7M | $263.2M | ||
| Q1 25 | $-31.7M | $256.1M | ||
| Q4 24 | $-32.6M | $249.6M | ||
| Q3 24 | $-49.8M | $247.1M | ||
| Q2 24 | $-45.7M | $255.9M | ||
| Q1 24 | $-9.7M | $256.0M |
| Q4 25 | $691.4M | $659.4M | ||
| Q3 25 | $611.7M | $643.3M | ||
| Q2 25 | $590.7M | $633.3M | ||
| Q1 25 | $592.9M | $628.3M | ||
| Q4 24 | $621.0M | $594.1M | ||
| Q3 24 | $549.9M | $590.9M | ||
| Q2 24 | $554.6M | $535.2M | ||
| Q1 24 | $595.4M | $490.3M |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1M | $23.9M |
| Free Cash FlowOCF − Capex | $270.0K | $22.5M |
| FCF MarginFCF / Revenue | 0.1% | 20.2% |
| Capex IntensityCapex / Revenue | 0.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 4.18× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $16.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $23.9M | ||
| Q3 25 | $18.7M | $-11.7M | ||
| Q2 25 | $-1.9M | $10.5M | ||
| Q1 25 | $45.0M | $1.6M | ||
| Q4 24 | $13.9M | $20.8M | ||
| Q3 24 | $-8.2M | $-27.2M | ||
| Q2 24 | $-17.6M | $8.3M | ||
| Q1 24 | $18.9M | $15.3M |
| Q4 25 | $270.0K | $22.5M | ||
| Q3 25 | $18.1M | $-13.5M | ||
| Q2 25 | $-3.1M | $8.2M | ||
| Q1 25 | $44.3M | $-1.2M | ||
| Q4 24 | $13.4M | $18.3M | ||
| Q3 24 | $-8.6M | $-32.6M | ||
| Q2 24 | $-18.3M | $7.5M | ||
| Q1 24 | $16.7M | $14.8M |
| Q4 25 | 0.1% | 20.2% | ||
| Q3 25 | 9.7% | -12.6% | ||
| Q2 25 | -1.8% | 7.1% | ||
| Q1 25 | 26.6% | -1.0% | ||
| Q4 24 | 8.0% | 15.5% | ||
| Q3 24 | -5.6% | -36.8% | ||
| Q2 24 | -12.5% | 6.4% | ||
| Q1 24 | 11.1% | 13.4% |
| Q4 25 | 0.4% | 1.3% | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.7% | 2.0% | ||
| Q1 25 | 0.4% | 2.5% | ||
| Q4 24 | 0.3% | 2.1% | ||
| Q3 24 | 0.2% | 6.1% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 1.5% | 0.4% |
| Q4 25 | — | 4.18× | ||
| Q3 25 | 2.39× | -72.48× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 4.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.37× | ||
| Q1 24 | — | 3.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
