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Side-by-side financial comparison of APPIAN CORP (APPN) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $202.9M, roughly 1.7× APPIAN CORP). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -2.5%, a 5.9% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 1.6%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
APPN vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $335.6M |
| Net Profit | $-5.1M | $11.3M |
| Gross Margin | 64.8% | 29.5% |
| Operating Margin | -0.3% | 4.4% |
| Net Margin | -2.5% | 3.4% |
| Revenue YoY | 21.7% | 1.6% |
| Net Profit YoY | 62.6% | 14.0% |
| EPS (diluted) | $-0.06 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $187.0M | $336.1M | ||
| Q2 25 | $170.6M | $328.7M | ||
| Q1 25 | $166.4M | $335.8M | ||
| Q4 24 | $166.7M | $330.2M | ||
| Q3 24 | $154.1M | $322.7M | ||
| Q2 24 | $146.4M | $309.1M | ||
| Q1 24 | $149.8M | $308.1M |
| Q4 25 | $-5.1M | $11.3M | ||
| Q3 25 | $7.8M | $11.8M | ||
| Q2 25 | $-312.0K | $11.6M | ||
| Q1 25 | $-1.2M | $13.1M | ||
| Q4 24 | $-13.6M | $9.9M | ||
| Q3 24 | $-2.1M | $9.0M | ||
| Q2 24 | $-43.6M | $9.2M | ||
| Q1 24 | $-32.9M | $8.0M |
| Q4 25 | 64.8% | 29.5% | ||
| Q3 25 | 75.8% | 29.5% | ||
| Q2 25 | 74.3% | 29.9% | ||
| Q1 25 | 76.6% | 30.3% | ||
| Q4 24 | 67.8% | 29.9% | ||
| Q3 24 | 75.9% | 29.6% | ||
| Q2 24 | 73.1% | 29.2% | ||
| Q1 24 | 74.6% | 29.3% |
| Q4 25 | -0.3% | 4.4% | ||
| Q3 25 | 7.0% | 4.6% | ||
| Q2 25 | -6.4% | 4.7% | ||
| Q1 25 | -0.5% | 5.2% | ||
| Q4 24 | 3.0% | 4.0% | ||
| Q3 24 | -4.6% | 3.7% | ||
| Q2 24 | -26.8% | 4.2% | ||
| Q1 24 | -13.0% | 3.7% |
| Q4 25 | -2.5% | 3.4% | ||
| Q3 25 | 4.2% | 3.5% | ||
| Q2 25 | -0.2% | 3.5% | ||
| Q1 25 | -0.7% | 3.9% | ||
| Q4 24 | -8.2% | 3.0% | ||
| Q3 24 | -1.4% | 2.8% | ||
| Q2 24 | -29.8% | 3.0% | ||
| Q1 24 | -22.0% | 2.6% |
| Q4 25 | $-0.06 | $0.49 | ||
| Q3 25 | $0.10 | $0.51 | ||
| Q2 25 | $0.00 | $0.50 | ||
| Q1 25 | $-0.02 | $0.56 | ||
| Q4 24 | $-0.18 | $0.43 | ||
| Q3 24 | $-0.03 | $0.38 | ||
| Q2 24 | $-0.60 | $0.40 | ||
| Q1 24 | $-0.45 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $220.0M |
| Total Assets | $691.4M | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $23.2M | ||
| Q3 25 | $191.6M | $17.1M | ||
| Q2 25 | $184.8M | $13.2M | ||
| Q1 25 | $199.7M | $21.2M | ||
| Q4 24 | $159.9M | $6.3M | ||
| Q3 24 | $99.2M | $8.9M | ||
| Q2 24 | $120.8M | $13.9M | ||
| Q1 24 | $170.1M | $11.0M |
| 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 | $220.0M | ||
| Q3 25 | $-48.5M | $212.4M | ||
| Q2 25 | $-53.7M | $202.5M | ||
| Q1 25 | $-31.7M | $193.0M | ||
| Q4 24 | $-32.6M | $181.9M | ||
| Q3 24 | $-49.8M | $174.3M | ||
| Q2 24 | $-45.7M | $167.8M | ||
| Q1 24 | $-9.7M | $160.0M |
| Q4 25 | $691.4M | $668.6M | ||
| Q3 25 | $611.7M | $670.5M | ||
| Q2 25 | $590.7M | $659.0M | ||
| Q1 25 | $592.9M | $664.6M | ||
| Q4 24 | $621.0M | $648.9M | ||
| Q3 24 | $549.9M | $655.5M | ||
| Q2 24 | $554.6M | $654.4M | ||
| Q1 24 | $595.4M | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $270.0K | $11.6M |
| FCF MarginFCF / Revenue | 0.1% | 3.4% |
| Capex IntensityCapex / Revenue | 0.4% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $21.1M | ||
| Q3 25 | $18.7M | $15.6M | ||
| Q2 25 | $-1.9M | $2.9M | ||
| Q1 25 | $45.0M | $34.1M | ||
| Q4 24 | $13.9M | $2.7M | ||
| Q3 24 | $-8.2M | $24.5M | ||
| Q2 24 | $-17.6M | $12.4M | ||
| Q1 24 | $18.9M | $20.2M |
| Q4 25 | $270.0K | $11.6M | ||
| Q3 25 | $18.1M | $7.5M | ||
| Q2 25 | $-3.1M | $-4.2M | ||
| Q1 25 | $44.3M | $27.6M | ||
| Q4 24 | $13.4M | $-6.9M | ||
| Q3 24 | $-8.6M | $18.0M | ||
| Q2 24 | $-18.3M | $3.6M | ||
| Q1 24 | $16.7M | $9.8M |
| Q4 25 | 0.1% | 3.4% | ||
| Q3 25 | 9.7% | 2.2% | ||
| Q2 25 | -1.8% | -1.3% | ||
| Q1 25 | 26.6% | 8.2% | ||
| Q4 24 | 8.0% | -2.1% | ||
| Q3 24 | -5.6% | 5.6% | ||
| Q2 24 | -12.5% | 1.2% | ||
| Q1 24 | 11.1% | 3.2% |
| Q4 25 | 0.4% | 2.9% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.4% | 1.9% | ||
| Q4 24 | 0.3% | 2.9% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.5% | 2.9% | ||
| Q1 24 | 1.5% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | 2.39× | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
