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Side-by-side financial comparison of APPIAN CORP (APPN) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $113.9M, roughly 1.8× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -2.5%, a 1.0% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
APPN vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $113.9M |
| Net Profit | $-5.1M | $-1.8M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | -22.1% |
| Net Margin | -2.5% | -1.6% |
| Revenue YoY | 21.7% | 3.1% |
| Net Profit YoY | 62.6% | 92.6% |
| EPS (diluted) | $-0.06 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $187.0M | $110.9M | ||
| Q2 25 | $170.6M | $112.1M | ||
| Q1 25 | $166.4M | $111.9M | ||
| Q4 24 | $166.7M | $110.5M | ||
| Q3 24 | $154.1M | $108.9M | ||
| Q2 24 | $146.4M | $110.6M | ||
| Q1 24 | $149.8M | $112.2M |
| Q4 25 | $-5.1M | $-1.8M | ||
| Q3 25 | $7.8M | $-21.6M | ||
| Q2 25 | $-312.0K | $-21.3M | ||
| Q1 25 | $-1.2M | $-21.5M | ||
| Q4 24 | $-13.6M | $-24.1M | ||
| Q3 24 | $-2.1M | $-25.0M | ||
| Q2 24 | $-43.6M | $-23.2M | ||
| Q1 24 | $-32.9M | $-23.4M |
| Q4 25 | 64.8% | — | ||
| Q3 25 | 75.8% | — | ||
| Q2 25 | 74.3% | — | ||
| Q1 25 | 76.6% | — | ||
| Q4 24 | 67.8% | — | ||
| Q3 24 | 75.9% | — | ||
| Q2 24 | 73.1% | — | ||
| Q1 24 | 74.6% | — |
| Q4 25 | -0.3% | -22.1% | ||
| Q3 25 | 7.0% | -29.4% | ||
| Q2 25 | -6.4% | -30.8% | ||
| Q1 25 | -0.5% | -26.9% | ||
| Q4 24 | 3.0% | -31.1% | ||
| Q3 24 | -4.6% | -33.5% | ||
| Q2 24 | -26.8% | -32.4% | ||
| Q1 24 | -13.0% | -31.7% |
| Q4 25 | -2.5% | -1.6% | ||
| Q3 25 | 4.2% | -19.4% | ||
| Q2 25 | -0.2% | -19.0% | ||
| Q1 25 | -0.7% | -19.2% | ||
| Q4 24 | -8.2% | -21.8% | ||
| Q3 24 | -1.4% | -22.9% | ||
| Q2 24 | -29.8% | -20.9% | ||
| Q1 24 | -22.0% | -20.9% |
| Q4 25 | $-0.06 | $-0.02 | ||
| Q3 25 | $0.10 | $-0.33 | ||
| Q2 25 | $0.00 | $-0.32 | ||
| Q1 25 | $-0.02 | $-0.33 | ||
| Q4 24 | $-0.18 | $-0.37 | ||
| Q3 24 | $-0.03 | $-0.38 | ||
| Q2 24 | $-0.60 | $-0.35 | ||
| Q1 24 | $-0.45 | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | $240.8M | $4.2B |
| Stockholders' EquityBook value | $-47.0M | $489.7M |
| Total Assets | $691.4M | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $94.8M | ||
| Q3 25 | $191.6M | $83.2M | ||
| Q2 25 | $184.8M | $58.6M | ||
| Q1 25 | $199.7M | $108.0M | ||
| Q4 24 | $159.9M | $131.7M | ||
| Q3 24 | $99.2M | $153.9M | ||
| Q2 24 | $120.8M | $146.2M | ||
| Q1 24 | $170.1M | $128.4M |
| Q4 25 | $240.8M | $4.2B | ||
| Q3 25 | $245.7M | $4.2B | ||
| Q2 25 | $245.6M | $4.2B | ||
| Q1 25 | $248.0M | $4.3B | ||
| Q4 24 | $250.4M | $4.3B | ||
| Q3 24 | $252.8M | $4.3B | ||
| Q2 24 | $254.0M | $4.3B | ||
| Q1 24 | $255.1M | $4.3B |
| Q4 25 | $-47.0M | $489.7M | ||
| Q3 25 | $-48.5M | $494.1M | ||
| Q2 25 | $-53.7M | $519.1M | ||
| Q1 25 | $-31.7M | $539.5M | ||
| Q4 24 | $-32.6M | $562.0M | ||
| Q3 24 | $-49.8M | $585.9M | ||
| Q2 24 | $-45.7M | $618.3M | ||
| Q1 24 | $-9.7M | $643.2M |
| Q4 25 | $691.4M | $5.2B | ||
| Q3 25 | $611.7M | $5.2B | ||
| Q2 25 | $590.7M | $5.2B | ||
| Q1 25 | $592.9M | $5.4B | ||
| Q4 24 | $621.0M | $5.4B | ||
| Q3 24 | $549.9M | $5.5B | ||
| Q2 24 | $554.6M | $5.5B | ||
| Q1 24 | $595.4M | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $270.0K | $42.0M |
| FCF MarginFCF / Revenue | 0.1% | 36.9% |
| Capex IntensityCapex / Revenue | 0.4% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $60.7M | ||
| Q3 25 | $18.7M | $22.7M | ||
| Q2 25 | $-1.9M | $18.4M | ||
| Q1 25 | $45.0M | $11.4M | ||
| Q4 24 | $13.9M | $2.0M | ||
| Q3 24 | $-8.2M | $-3.4M | ||
| Q2 24 | $-17.6M | $10.8M | ||
| Q1 24 | $18.9M | $8.0M |
| Q4 25 | $270.0K | $42.0M | ||
| Q3 25 | $18.1M | $17.6M | ||
| Q2 25 | $-3.1M | $15.2M | ||
| Q1 25 | $44.3M | $5.0M | ||
| Q4 24 | $13.4M | $-3.7M | ||
| Q3 24 | $-8.6M | $-5.9M | ||
| Q2 24 | $-18.3M | $9.4M | ||
| Q1 24 | $16.7M | $5.9M |
| Q4 25 | 0.1% | 36.9% | ||
| Q3 25 | 9.7% | 15.9% | ||
| Q2 25 | -1.8% | 13.5% | ||
| Q1 25 | 26.6% | 4.5% | ||
| Q4 24 | 8.0% | -3.4% | ||
| Q3 24 | -5.6% | -5.5% | ||
| Q2 24 | -12.5% | 8.5% | ||
| Q1 24 | 11.1% | 5.2% |
| Q4 25 | 0.4% | 16.4% | ||
| Q3 25 | 0.3% | 4.6% | ||
| Q2 25 | 0.7% | 2.9% | ||
| Q1 25 | 0.4% | 5.7% | ||
| Q4 24 | 0.3% | 5.2% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 0.5% | 1.3% | ||
| Q1 24 | 1.5% | 1.9% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ILPT
Segment breakdown not available.
