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Side-by-side financial comparison of APPIAN CORP (APPN) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $202.9M, roughly 1.1× APPIAN CORP). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -2.5%, a 6.9% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 5.1%).
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.
APPN vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $233.0M |
| Net Profit | $-5.1M | $10.3M |
| Gross Margin | 64.8% | 39.7% |
| Operating Margin | -0.3% | 7.4% |
| Net Margin | -2.5% | 4.4% |
| Revenue YoY | 21.7% | 20.3% |
| Net Profit YoY | 62.6% | -61.9% |
| EPS (diluted) | $-0.06 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $187.0M | $277.0M | ||
| Q2 25 | $170.6M | $263.6M | ||
| Q1 25 | $166.4M | $230.5M | ||
| Q4 24 | $166.7M | $193.6M | ||
| Q3 24 | $154.1M | $227.9M | ||
| Q2 24 | $146.4M | $226.2M | ||
| Q1 24 | $149.8M | $210.9M |
| Q4 25 | $-5.1M | $10.3M | ||
| Q3 25 | $7.8M | $40.7M | ||
| Q2 25 | $-312.0K | $40.9M | ||
| Q1 25 | $-1.2M | $35.1M | ||
| Q4 24 | $-13.6M | $26.9M | ||
| Q3 24 | $-2.1M | $36.1M | ||
| Q2 24 | $-43.6M | $38.6M | ||
| Q1 24 | $-32.9M | $31.8M |
| Q4 25 | 64.8% | 39.7% | ||
| Q3 25 | 75.8% | 43.0% | ||
| Q2 25 | 74.3% | 43.8% | ||
| Q1 25 | 76.6% | 44.2% | ||
| Q4 24 | 67.8% | 41.4% | ||
| Q3 24 | 75.9% | 45.6% | ||
| Q2 24 | 73.1% | 47.5% | ||
| Q1 24 | 74.6% | 44.4% |
| Q4 25 | -0.3% | 7.4% | ||
| Q3 25 | 7.0% | 20.5% | ||
| Q2 25 | -6.4% | 20.8% | ||
| Q1 25 | -0.5% | 19.5% | ||
| Q4 24 | 3.0% | 15.3% | ||
| Q3 24 | -4.6% | 22.6% | ||
| Q2 24 | -26.8% | 24.3% | ||
| Q1 24 | -13.0% | 21.0% |
| Q4 25 | -2.5% | 4.4% | ||
| Q3 25 | 4.2% | 14.7% | ||
| Q2 25 | -0.2% | 15.5% | ||
| Q1 25 | -0.7% | 15.2% | ||
| Q4 24 | -8.2% | 13.9% | ||
| Q3 24 | -1.4% | 15.8% | ||
| Q2 24 | -29.8% | 17.1% | ||
| Q1 24 | -22.0% | 15.1% |
| Q4 25 | $-0.06 | $0.62 | ||
| Q3 25 | $0.10 | $2.41 | ||
| Q2 25 | $0.00 | $2.43 | ||
| Q1 25 | $-0.02 | $2.05 | ||
| Q4 24 | $-0.18 | $1.60 | ||
| Q3 24 | $-0.03 | $2.26 | ||
| Q2 24 | $-0.60 | $2.47 | ||
| Q1 24 | $-0.45 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $1.1B |
| Total Assets | $691.4M | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $40.2M | ||
| Q3 25 | $191.6M | $31.5M | ||
| Q2 25 | $184.8M | $38.0M | ||
| Q1 25 | $199.7M | $225.8M | ||
| Q4 24 | $159.9M | $213.8M | ||
| Q3 24 | $99.2M | $273.2M | ||
| Q2 24 | $120.8M | $18.9M | ||
| Q1 24 | $170.1M | $22.2M |
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | $800.1M | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | $166.0M |
| Q4 25 | $-47.0M | $1.1B | ||
| Q3 25 | $-48.5M | $1.1B | ||
| Q2 25 | $-53.7M | $1.1B | ||
| Q1 25 | $-31.7M | $1.1B | ||
| Q4 24 | $-32.6M | $1.0B | ||
| Q3 24 | $-49.8M | $1.0B | ||
| Q2 24 | $-45.7M | $650.2M | ||
| Q1 24 | $-9.7M | $615.7M |
| Q4 25 | $691.4M | $2.3B | ||
| Q3 25 | $611.7M | $1.5B | ||
| Q2 25 | $590.7M | $1.5B | ||
| Q1 25 | $592.9M | $1.4B | ||
| Q4 24 | $621.0M | $1.4B | ||
| Q3 24 | $549.9M | $1.4B | ||
| Q2 24 | $554.6M | $1.1B | ||
| Q1 24 | $595.4M | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $270.0K | $22.7M |
| FCF MarginFCF / Revenue | 0.1% | 9.8% |
| Capex IntensityCapex / Revenue | 0.4% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $28.9M | ||
| Q3 25 | $18.7M | $61.8M | ||
| Q2 25 | $-1.9M | $60.6M | ||
| Q1 25 | $45.0M | $27.3M | ||
| Q4 24 | $13.9M | $11.6M | ||
| Q3 24 | $-8.2M | $66.8M | ||
| Q2 24 | $-17.6M | $62.7M | ||
| Q1 24 | $18.9M | $22.4M |
| Q4 25 | $270.0K | $22.7M | ||
| Q3 25 | $18.1M | $58.7M | ||
| Q2 25 | $-3.1M | $57.7M | ||
| Q1 25 | $44.3M | $22.8M | ||
| Q4 24 | $13.4M | $8.5M | ||
| Q3 24 | $-8.6M | $61.3M | ||
| Q2 24 | $-18.3M | $59.6M | ||
| Q1 24 | $16.7M | $17.5M |
| Q4 25 | 0.1% | 9.8% | ||
| Q3 25 | 9.7% | 21.2% | ||
| Q2 25 | -1.8% | 21.9% | ||
| Q1 25 | 26.6% | 9.9% | ||
| Q4 24 | 8.0% | 4.4% | ||
| Q3 24 | -5.6% | 26.9% | ||
| Q2 24 | -12.5% | 26.3% | ||
| Q1 24 | 11.1% | 8.3% |
| Q4 25 | 0.4% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.4% | 2.0% | ||
| Q4 24 | 0.3% | 1.6% | ||
| Q3 24 | 0.2% | 2.4% | ||
| Q2 24 | 0.5% | 1.4% | ||
| Q1 24 | 1.5% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | 2.39× | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
