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Side-by-side financial comparison of APPIAN CORP (APPN) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $104.0M, roughly 2.0× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -2.5%, a 41.3% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 12.5%).
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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
APPN vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $104.0M |
| Net Profit | $-5.1M | $40.3M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | 48.3% |
| Net Margin | -2.5% | 38.8% |
| Revenue YoY | 21.7% | 12.5% |
| Net Profit YoY | 62.6% | 16.9% |
| EPS (diluted) | $-0.06 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $187.0M | $102.9M | ||
| Q2 25 | $170.6M | $95.7M | ||
| Q1 25 | $166.4M | $89.4M | ||
| Q4 24 | $166.7M | $92.4M | ||
| Q3 24 | $154.1M | $90.7M | ||
| Q2 24 | $146.4M | $85.0M | ||
| Q1 24 | $149.8M | $82.2M |
| Q4 25 | $-5.1M | $40.3M | ||
| Q3 25 | $7.8M | $41.7M | ||
| Q2 25 | $-312.0K | $36.0M | ||
| Q1 25 | $-1.2M | $32.6M | ||
| Q4 24 | $-13.6M | $34.5M | ||
| Q3 24 | $-2.1M | $32.5M | ||
| Q2 24 | $-43.6M | $29.3M | ||
| Q1 24 | $-32.9M | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | 7.0% | 50.4% | ||
| Q2 25 | -6.4% | 46.8% | ||
| Q1 25 | -0.5% | 44.9% | ||
| Q4 24 | 3.0% | 46.8% | ||
| Q3 24 | -4.6% | 45.0% | ||
| Q2 24 | -26.8% | 43.3% | ||
| Q1 24 | -13.0% | 41.8% |
| Q4 25 | -2.5% | 38.8% | ||
| Q3 25 | 4.2% | 40.6% | ||
| Q2 25 | -0.2% | 37.6% | ||
| Q1 25 | -0.7% | 36.4% | ||
| Q4 24 | -8.2% | 37.3% | ||
| Q3 24 | -1.4% | 35.8% | ||
| Q2 24 | -29.8% | 34.5% | ||
| Q1 24 | -22.0% | 33.8% |
| Q4 25 | $-0.06 | $2.63 | ||
| Q3 25 | $0.10 | $2.73 | ||
| Q2 25 | $0.00 | $2.34 | ||
| Q1 25 | $-0.02 | $2.08 | ||
| Q4 24 | $-0.18 | $2.21 | ||
| Q3 24 | $-0.03 | $2.10 | ||
| Q2 24 | $-0.60 | $1.92 | ||
| Q1 24 | $-0.45 | $1.82 |
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 | — |
| Total DebtLower is stronger | $240.8M | $134.9M |
| Stockholders' EquityBook value | $-47.0M | $1.3B |
| Total Assets | $691.4M | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | — | ||
| Q3 25 | $191.6M | — | ||
| Q2 25 | $184.8M | — | ||
| Q1 25 | $199.7M | — | ||
| Q4 24 | $159.9M | — | ||
| Q3 24 | $99.2M | — | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $170.1M | — |
| Q4 25 | $240.8M | $134.9M | ||
| Q3 25 | $245.7M | $134.6M | ||
| Q2 25 | $245.6M | $134.3M | ||
| Q1 25 | $248.0M | $156.6M | ||
| Q4 24 | $250.4M | $161.4M | ||
| Q3 24 | $252.8M | $161.2M | ||
| Q2 24 | $254.0M | $162.4M | ||
| Q1 24 | $255.1M | $162.3M |
| Q4 25 | $-47.0M | $1.3B | ||
| Q3 25 | $-48.5M | $1.2B | ||
| Q2 25 | $-53.7M | $1.2B | ||
| Q1 25 | $-31.7M | $1.2B | ||
| Q4 24 | $-32.6M | $1.2B | ||
| Q3 24 | $-49.8M | $1.1B | ||
| Q2 24 | $-45.7M | $1.1B | ||
| Q1 24 | $-9.7M | $1.1B |
| Q4 25 | $691.4M | $9.2B | ||
| Q3 25 | $611.7M | $9.0B | ||
| Q2 25 | $590.7M | $8.9B | ||
| Q1 25 | $592.9M | $9.0B | ||
| Q4 24 | $621.0M | $8.8B | ||
| Q3 24 | $549.9M | $8.6B | ||
| Q2 24 | $554.6M | $8.6B | ||
| Q1 24 | $595.4M | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| 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 | $153.5M |
| Free Cash FlowOCF − Capex | $270.0K | $149.4M |
| FCF MarginFCF / Revenue | 0.1% | 143.7% |
| Capex IntensityCapex / Revenue | 0.4% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $153.5M | ||
| Q3 25 | $18.7M | $45.9M | ||
| Q2 25 | $-1.9M | $38.9M | ||
| Q1 25 | $45.0M | $41.8M | ||
| Q4 24 | $13.9M | $133.7M | ||
| Q3 24 | $-8.2M | $39.6M | ||
| Q2 24 | $-17.6M | $37.3M | ||
| Q1 24 | $18.9M | $23.4M |
| Q4 25 | $270.0K | $149.4M | ||
| Q3 25 | $18.1M | $45.9M | ||
| Q2 25 | $-3.1M | $38.4M | ||
| Q1 25 | $44.3M | $41.3M | ||
| Q4 24 | $13.4M | $116.8M | ||
| Q3 24 | $-8.6M | $34.7M | ||
| Q2 24 | $-18.3M | $34.4M | ||
| Q1 24 | $16.7M | $20.1M |
| Q4 25 | 0.1% | 143.7% | ||
| Q3 25 | 9.7% | 44.6% | ||
| Q2 25 | -1.8% | 40.1% | ||
| Q1 25 | 26.6% | 46.2% | ||
| Q4 24 | 8.0% | 126.4% | ||
| Q3 24 | -5.6% | 38.3% | ||
| Q2 24 | -12.5% | 40.5% | ||
| Q1 24 | 11.1% | 24.4% |
| Q4 25 | 0.4% | 3.9% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.7% | 0.6% | ||
| Q1 25 | 0.4% | 0.5% | ||
| Q4 24 | 0.3% | 18.3% | ||
| Q3 24 | 0.2% | 5.4% | ||
| Q2 24 | 0.5% | 3.5% | ||
| Q1 24 | 1.5% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | 2.39× | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
