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Side-by-side financial comparison of APPIAN CORP (APPN) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $134.3M, roughly 1.5× Mayville Engineering Company, Inc.). APPIAN CORP runs the higher net margin — -2.5% vs -3.2%, a 0.7% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
APPN vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $134.3M |
| Net Profit | $-5.1M | $-4.4M |
| Gross Margin | 64.8% | 6.8% |
| Operating Margin | -0.3% | -4.1% |
| Net Margin | -2.5% | -3.2% |
| Revenue YoY | 21.7% | 10.7% |
| Net Profit YoY | 62.6% | -127.3% |
| EPS (diluted) | $-0.06 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $187.0M | $144.3M | ||
| Q2 25 | $170.6M | $132.3M | ||
| Q1 25 | $166.4M | $135.6M | ||
| Q4 24 | $166.7M | $121.3M | ||
| Q3 24 | $154.1M | $135.4M | ||
| Q2 24 | $146.4M | $163.6M | ||
| Q1 24 | $149.8M | $161.3M |
| Q4 25 | $-5.1M | $-4.4M | ||
| Q3 25 | $7.8M | $-2.7M | ||
| Q2 25 | $-312.0K | $-1.1M | ||
| Q1 25 | $-1.2M | $20.0K | ||
| Q4 24 | $-13.6M | $16.0M | ||
| Q3 24 | $-2.1M | $3.0M | ||
| Q2 24 | $-43.6M | $3.8M | ||
| Q1 24 | $-32.9M | $3.2M |
| Q4 25 | 64.8% | 6.8% | ||
| Q3 25 | 75.8% | 11.0% | ||
| Q2 25 | 74.3% | 10.3% | ||
| Q1 25 | 76.6% | 11.3% | ||
| Q4 24 | 67.8% | 8.9% | ||
| Q3 24 | 75.9% | 12.6% | ||
| Q2 24 | 73.1% | 13.6% | ||
| Q1 24 | 74.6% | 13.0% |
| Q4 25 | -0.3% | -4.1% | ||
| Q3 25 | 7.0% | 0.0% | ||
| Q2 25 | -6.4% | 0.1% | ||
| Q1 25 | -0.5% | 1.2% | ||
| Q4 24 | 3.0% | 19.0% | ||
| Q3 24 | -4.6% | 4.2% | ||
| Q2 24 | -26.8% | 5.0% | ||
| Q1 24 | -13.0% | 4.7% |
| Q4 25 | -2.5% | -3.2% | ||
| Q3 25 | 4.2% | -1.9% | ||
| Q2 25 | -0.2% | -0.8% | ||
| Q1 25 | -0.7% | 0.0% | ||
| Q4 24 | -8.2% | 13.2% | ||
| Q3 24 | -1.4% | 2.2% | ||
| Q2 24 | -29.8% | 2.3% | ||
| Q1 24 | -22.0% | 2.0% |
| Q4 25 | $-0.06 | $-0.22 | ||
| Q3 25 | $0.10 | $-0.13 | ||
| Q2 25 | $0.00 | $-0.05 | ||
| Q1 25 | $-0.02 | $0.00 | ||
| Q4 24 | $-0.18 | $0.76 | ||
| Q3 24 | $-0.03 | $0.14 | ||
| Q2 24 | $-0.60 | $0.18 | ||
| Q1 24 | $-0.45 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $240.7M |
| Total Assets | $691.4M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $1.5M | ||
| Q3 25 | $191.6M | $1.2M | ||
| Q2 25 | $184.8M | $206.0K | ||
| Q1 25 | $199.7M | $183.0K | ||
| Q4 24 | $159.9M | $206.0K | ||
| Q3 24 | $99.2M | $178.0K | ||
| Q2 24 | $120.8M | $314.0K | ||
| Q1 24 | $170.1M | $314.0K |
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | — | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
| Q4 25 | $-47.0M | $240.7M | ||
| Q3 25 | $-48.5M | $244.8M | ||
| Q2 25 | $-53.7M | $246.8M | ||
| Q1 25 | $-31.7M | $250.0M | ||
| Q4 24 | $-32.6M | $251.8M | ||
| Q3 24 | $-49.8M | $238.4M | ||
| Q2 24 | $-45.7M | $238.1M | ||
| Q1 24 | $-9.7M | $234.0M |
| Q4 25 | $691.4M | $563.6M | ||
| Q3 25 | $611.7M | $585.6M | ||
| Q2 25 | $590.7M | $433.7M | ||
| Q1 25 | $592.9M | $447.7M | ||
| Q4 24 | $621.0M | $445.6M | ||
| Q3 24 | $549.9M | $466.0M | ||
| Q2 24 | $554.6M | $488.2M | ||
| Q1 24 | $595.4M | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $270.0K | $10.2M |
| FCF MarginFCF / Revenue | 0.1% | 7.6% |
| Capex IntensityCapex / Revenue | 0.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $13.4M | ||
| Q3 25 | $18.7M | $1.9M | ||
| Q2 25 | $-1.9M | $15.0M | ||
| Q1 25 | $45.0M | $8.3M | ||
| Q4 24 | $13.9M | $38.0M | ||
| Q3 24 | $-8.2M | $17.9M | ||
| Q2 24 | $-17.6M | $23.3M | ||
| Q1 24 | $18.9M | $10.6M |
| Q4 25 | $270.0K | $10.2M | ||
| Q3 25 | $18.1M | $-1.1M | ||
| Q2 25 | $-3.1M | $12.5M | ||
| Q1 25 | $44.3M | $5.4M | ||
| Q4 24 | $13.4M | $35.6M | ||
| Q3 24 | $-8.6M | $15.1M | ||
| Q2 24 | $-18.3M | $19.2M | ||
| Q1 24 | $16.7M | $7.8M |
| Q4 25 | 0.1% | 7.6% | ||
| Q3 25 | 9.7% | -0.8% | ||
| Q2 25 | -1.8% | 9.5% | ||
| Q1 25 | 26.6% | 4.0% | ||
| Q4 24 | 8.0% | 29.4% | ||
| Q3 24 | -5.6% | 11.1% | ||
| Q2 24 | -12.5% | 11.7% | ||
| Q1 24 | 11.1% | 4.9% |
| Q4 25 | 0.4% | 2.4% | ||
| Q3 25 | 0.3% | 2.1% | ||
| Q2 25 | 0.7% | 1.8% | ||
| Q1 25 | 0.4% | 2.2% | ||
| Q4 24 | 0.3% | 1.9% | ||
| Q3 24 | 0.2% | 2.1% | ||
| Q2 24 | 0.5% | 2.5% | ||
| Q1 24 | 1.5% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
