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Side-by-side financial comparison of APPIAN CORP (APPN) and MERIT MEDICAL SYSTEMS INC (MMSI). Click either name above to swap in a different company.
MERIT MEDICAL SYSTEMS INC is the larger business by last-quarter revenue ($381.9M vs $202.9M, roughly 1.9× APPIAN CORP). MERIT MEDICAL SYSTEMS INC runs the higher net margin — 10.7% vs -2.5%, a 13.3% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 7.5%). MERIT MEDICAL SYSTEMS INC produced more free cash flow last quarter ($24.7M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 6.3%).
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.
Merit Medical Systems Inc. is a global medical device firm that designs, manufactures, and markets a broad portfolio of interventional and diagnostic products used across cardiology, radiology, oncology, endoscopy, and critical care segments. It primarily serves hospitals, clinics, and healthcare providers worldwide, focusing on minimally invasive solutions that enhance patient outcomes and streamline clinical workflows.
APPN vs MMSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $381.9M |
| Net Profit | $-5.1M | $41.0M |
| Gross Margin | 64.8% | 48.4% |
| Operating Margin | -0.3% | 11.6% |
| Net Margin | -2.5% | 10.7% |
| Revenue YoY | 21.7% | 7.5% |
| Net Profit YoY | 62.6% | 36.0% |
| EPS (diluted) | $-0.06 | $0.68 |
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.
| Q1 26 | — | $381.9M | ||
| Q4 25 | $202.9M | $393.9M | ||
| Q3 25 | $187.0M | $384.2M | ||
| Q2 25 | $170.6M | $382.5M | ||
| Q1 25 | $166.4M | $355.4M | ||
| Q4 24 | $166.7M | $355.2M | ||
| Q3 24 | $154.1M | $339.8M | ||
| Q2 24 | $146.4M | $338.0M |
| Q1 26 | — | $41.0M | ||
| Q4 25 | $-5.1M | $38.0M | ||
| Q3 25 | $7.8M | $27.8M | ||
| Q2 25 | $-312.0K | $32.6M | ||
| Q1 25 | $-1.2M | $30.1M | ||
| Q4 24 | $-13.6M | $27.9M | ||
| Q3 24 | $-2.1M | $28.4M | ||
| Q2 24 | $-43.6M | $35.7M |
| Q1 26 | — | 48.4% | ||
| Q4 25 | 64.8% | 49.6% | ||
| Q3 25 | 75.8% | 48.5% | ||
| Q2 25 | 74.3% | 48.2% | ||
| Q1 25 | 76.6% | 48.4% | ||
| Q4 24 | 67.8% | 48.7% | ||
| Q3 24 | 75.9% | 46.4% | ||
| Q2 24 | 73.1% | 47.7% |
| Q1 26 | — | 11.6% | ||
| Q4 25 | -0.3% | 13.8% | ||
| Q3 25 | 7.0% | 11.1% | ||
| Q2 25 | -6.4% | 12.3% | ||
| Q1 25 | -0.5% | 11.5% | ||
| Q4 24 | 3.0% | 10.3% | ||
| Q3 24 | -4.6% | 11.0% | ||
| Q2 24 | -26.8% | 13.6% |
| Q1 26 | — | 10.7% | ||
| Q4 25 | -2.5% | 9.6% | ||
| Q3 25 | 4.2% | 7.2% | ||
| Q2 25 | -0.2% | 8.5% | ||
| Q1 25 | -0.7% | 8.5% | ||
| Q4 24 | -8.2% | 7.9% | ||
| Q3 24 | -1.4% | 8.4% | ||
| Q2 24 | -29.8% | 10.6% |
| Q1 26 | — | $0.68 | ||
| Q4 25 | $-0.06 | $0.64 | ||
| Q3 25 | $0.10 | $0.46 | ||
| Q2 25 | $0.00 | $0.54 | ||
| Q1 25 | $-0.02 | $0.49 | ||
| Q4 24 | $-0.18 | $0.46 | ||
| Q3 24 | $-0.03 | $0.48 | ||
| Q2 24 | $-0.60 | $0.61 |
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 | $488.1M |
| Total DebtLower is stronger | $240.8M | $735.2M |
| Stockholders' EquityBook value | $-47.0M | $1.6B |
| Total Assets | $691.4M | $2.7B |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $488.1M | ||
| Q4 25 | $187.2M | $446.4M | ||
| Q3 25 | $191.6M | $392.5M | ||
| Q2 25 | $184.8M | $341.8M | ||
| Q1 25 | $199.7M | $395.5M | ||
| Q4 24 | $159.9M | $376.7M | ||
| Q3 24 | $99.2M | $523.1M | ||
| Q2 24 | $120.8M | $636.7M |
| Q1 26 | — | $735.2M | ||
| Q4 25 | $240.8M | $734.0M | ||
| Q3 25 | $245.7M | $732.9M | ||
| Q2 25 | $245.6M | $731.8M | ||
| Q1 25 | $248.0M | $730.7M | ||
| Q4 24 | $250.4M | $729.6M | ||
| Q3 24 | $252.8M | $750.5M | ||
| Q2 24 | $254.0M | $801.3M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $-47.0M | $1.6B | ||
| Q3 25 | $-48.5M | $1.5B | ||
| Q2 25 | $-53.7M | $1.5B | ||
| Q1 25 | $-31.7M | $1.4B | ||
| Q4 24 | $-32.6M | $1.4B | ||
| Q3 24 | $-49.8M | $1.3B | ||
| Q2 24 | $-45.7M | $1.3B |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $691.4M | $2.7B | ||
| Q3 25 | $611.7M | $2.6B | ||
| Q2 25 | $590.7M | $2.6B | ||
| Q1 25 | $592.9M | $2.5B | ||
| Q4 24 | $621.0M | $2.4B | ||
| Q3 24 | $549.9M | $2.4B | ||
| Q2 24 | $554.6M | $2.4B |
| Q1 26 | — | 0.45× | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.62× |
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 | — |
| Free Cash FlowOCF − Capex | $270.0K | $24.7M |
| FCF MarginFCF / Revenue | 0.1% | 6.5% |
| Capex IntensityCapex / Revenue | 0.4% | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $220.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1M | $98.5M | ||
| Q3 25 | $18.7M | $75.0M | ||
| Q2 25 | $-1.9M | $83.3M | ||
| Q1 25 | $45.0M | $40.6M | ||
| Q4 24 | $13.9M | $68.7M | ||
| Q3 24 | $-8.2M | $47.3M | ||
| Q2 24 | $-17.6M | $68.5M |
| Q1 26 | — | $24.7M | ||
| Q4 25 | $270.0K | $74.0M | ||
| Q3 25 | $18.1M | $52.5M | ||
| Q2 25 | $-3.1M | $69.6M | ||
| Q1 25 | $44.3M | $19.5M | ||
| Q4 24 | $13.4M | $65.3M | ||
| Q3 24 | $-8.6M | $38.0M | ||
| Q2 24 | $-18.3M | $57.9M |
| Q1 26 | — | 6.5% | ||
| Q4 25 | 0.1% | 18.8% | ||
| Q3 25 | 9.7% | 13.7% | ||
| Q2 25 | -1.8% | 18.2% | ||
| Q1 25 | 26.6% | 5.5% | ||
| Q4 24 | 8.0% | 18.4% | ||
| Q3 24 | -5.6% | 11.2% | ||
| Q2 24 | -12.5% | 17.1% |
| Q1 26 | — | 4.2% | ||
| Q4 25 | 0.4% | 6.2% | ||
| Q3 25 | 0.3% | 5.8% | ||
| Q2 25 | 0.7% | 3.6% | ||
| Q1 25 | 0.4% | 5.9% | ||
| Q4 24 | 0.3% | 1.0% | ||
| Q3 24 | 0.2% | 2.8% | ||
| Q2 24 | 0.5% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.59× | ||
| Q3 25 | 2.39× | 2.70× | ||
| Q2 25 | — | 2.56× | ||
| Q1 25 | — | 1.35× | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.92× |
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% |
MMSI
Segment breakdown not available.
