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Side-by-side financial comparison of APPIAN CORP (APPN) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $186.9M, roughly 1.1× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -2.5%, a 9.1% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 21.7%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $270.0K). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 16.4%).
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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
APPN vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $186.9M |
| Net Profit | $-5.1M | $12.3M |
| Gross Margin | 64.8% | 25.7% |
| Operating Margin | -0.3% | 9.4% |
| Net Margin | -2.5% | 6.6% |
| Revenue YoY | 21.7% | 30.1% |
| Net Profit YoY | 62.6% | 25.0% |
| EPS (diluted) | $-0.06 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $187.0M | $184.6M | ||
| Q2 25 | $170.6M | $142.2M | ||
| Q1 25 | $166.4M | $133.1M | ||
| Q4 24 | $166.7M | $143.7M | ||
| Q3 24 | $154.1M | $133.9M | ||
| Q2 24 | $146.4M | $122.2M | ||
| Q1 24 | $149.8M | $119.0M |
| Q4 25 | $-5.1M | $12.3M | ||
| Q3 25 | $7.8M | $8.8M | ||
| Q2 25 | $-312.0K | $7.8M | ||
| Q1 25 | $-1.2M | $10.2M | ||
| Q4 24 | $-13.6M | $9.8M | ||
| Q3 24 | $-2.1M | $7.5M | ||
| Q2 24 | $-43.6M | $6.0M | ||
| Q1 24 | $-32.9M | $7.6M |
| Q4 25 | 64.8% | 25.7% | ||
| Q3 25 | 75.8% | 24.2% | ||
| Q2 25 | 74.3% | 28.0% | ||
| Q1 25 | 76.6% | 27.6% | ||
| Q4 24 | 67.8% | 30.3% | ||
| Q3 24 | 75.9% | 27.0% | ||
| Q2 24 | 73.1% | 27.4% | ||
| Q1 24 | 74.6% | 26.1% |
| Q4 25 | -0.3% | 9.4% | ||
| Q3 25 | 7.0% | 7.2% | ||
| Q2 25 | -6.4% | 7.5% | ||
| Q1 25 | -0.5% | 5.9% | ||
| Q4 24 | 3.0% | 9.1% | ||
| Q3 24 | -4.6% | 8.1% | ||
| Q2 24 | -26.8% | 6.7% | ||
| Q1 24 | -13.0% | 5.5% |
| Q4 25 | -2.5% | 6.6% | ||
| Q3 25 | 4.2% | 4.8% | ||
| Q2 25 | -0.2% | 5.5% | ||
| Q1 25 | -0.7% | 7.7% | ||
| Q4 24 | -8.2% | 6.9% | ||
| Q3 24 | -1.4% | 5.6% | ||
| Q2 24 | -29.8% | 4.9% | ||
| Q1 24 | -22.0% | 6.4% |
| Q4 25 | $-0.06 | $1.01 | ||
| Q3 25 | $0.10 | $0.73 | ||
| Q2 25 | $0.00 | $0.64 | ||
| Q1 25 | $-0.02 | $0.85 | ||
| Q4 24 | $-0.18 | $0.81 | ||
| Q3 24 | $-0.03 | $0.62 | ||
| Q2 24 | $-0.60 | $0.50 | ||
| Q1 24 | $-0.45 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | $240.8M | $30.5M |
| Stockholders' EquityBook value | $-47.0M | $195.7M |
| Total Assets | $691.4M | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $11.3M | ||
| Q3 25 | $191.6M | $9.8M | ||
| Q2 25 | $184.8M | $38.9M | ||
| Q1 25 | $199.7M | $38.1M | ||
| Q4 24 | $159.9M | $44.9M | ||
| Q3 24 | $99.2M | $51.2M | ||
| Q2 24 | $120.8M | $59.5M | ||
| Q1 24 | $170.1M | $48.2M |
| Q4 25 | $240.8M | $30.5M | ||
| Q3 25 | $245.7M | $56.3M | ||
| Q2 25 | $245.6M | $28.4M | ||
| Q1 25 | $248.0M | $23.7M | ||
| Q4 24 | $250.4M | $23.6M | ||
| Q3 24 | $252.8M | $20.5M | ||
| Q2 24 | $254.0M | $19.7M | ||
| Q1 24 | $255.1M | $19.4M |
| Q4 25 | $-47.0M | $195.7M | ||
| Q3 25 | $-48.5M | $181.6M | ||
| Q2 25 | $-53.7M | $170.5M | ||
| Q1 25 | $-31.7M | $161.1M | ||
| Q4 24 | $-32.6M | $153.5M | ||
| Q3 24 | $-49.8M | $142.2M | ||
| Q2 24 | $-45.7M | $133.0M | ||
| Q1 24 | $-9.7M | $125.5M |
| Q4 25 | $691.4M | $381.1M | ||
| Q3 25 | $611.7M | $409.1M | ||
| Q2 25 | $590.7M | $343.0M | ||
| Q1 25 | $592.9M | $336.4M | ||
| Q4 24 | $621.0M | $352.1M | ||
| Q3 24 | $549.9M | $324.4M | ||
| Q2 24 | $554.6M | $303.9M | ||
| Q1 24 | $595.4M | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $270.0K | $27.9M |
| FCF MarginFCF / Revenue | 0.1% | 14.9% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $28.1M | ||
| Q3 25 | $18.7M | $13.3M | ||
| Q2 25 | $-1.9M | $2.0M | ||
| Q1 25 | $45.0M | $2.2M | ||
| Q4 24 | $13.9M | $19.3M | ||
| Q3 24 | $-8.2M | $4.9M | ||
| Q2 24 | $-17.6M | $16.5M | ||
| Q1 24 | $18.9M | $-3.9M |
| Q4 25 | $270.0K | $27.9M | ||
| Q3 25 | $18.1M | $12.8M | ||
| Q2 25 | $-3.1M | $1.2M | ||
| Q1 25 | $44.3M | $11.0K | ||
| Q4 24 | $13.4M | $18.0M | ||
| Q3 24 | $-8.6M | $4.6M | ||
| Q2 24 | $-18.3M | $13.2M | ||
| Q1 24 | $16.7M | $-6.5M |
| Q4 25 | 0.1% | 14.9% | ||
| Q3 25 | 9.7% | 7.0% | ||
| Q2 25 | -1.8% | 0.8% | ||
| Q1 25 | 26.6% | 0.0% | ||
| Q4 24 | 8.0% | 12.5% | ||
| Q3 24 | -5.6% | 3.4% | ||
| Q2 24 | -12.5% | 10.8% | ||
| Q1 24 | 11.1% | -5.5% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.3% | ||
| Q2 25 | 0.7% | 0.6% | ||
| Q1 25 | 0.4% | 1.7% | ||
| Q4 24 | 0.3% | 0.9% | ||
| Q3 24 | 0.2% | 0.3% | ||
| Q2 24 | 0.5% | 2.7% | ||
| Q1 24 | 1.5% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | 2.39× | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | — | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
