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Side-by-side financial comparison of APPIAN CORP (APPN) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -2.5%, a 14.8% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
APPN vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $187.0M |
| Net Profit | $-5.1M | $22.9M |
| Gross Margin | 64.8% | 72.5% |
| Operating Margin | -0.3% | 20.2% |
| Net Margin | -2.5% | 12.2% |
| Revenue YoY | 21.7% | -1.6% |
| Net Profit YoY | 62.6% | 36.8% |
| EPS (diluted) | $-0.06 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $187.0M | $188.7M | ||
| Q2 25 | $170.6M | $188.8M | ||
| Q1 25 | $166.4M | $188.4M | ||
| Q4 24 | $166.7M | $190.1M | ||
| Q3 24 | $154.1M | $193.6M | ||
| Q2 24 | $146.4M | $190.4M | ||
| Q1 24 | $149.8M | $196.1M |
| Q4 25 | $-5.1M | $22.9M | ||
| Q3 25 | $7.8M | $18.4M | ||
| Q2 25 | $-312.0K | $19.5M | ||
| Q1 25 | $-1.2M | $13.0M | ||
| Q4 24 | $-13.6M | $16.7M | ||
| Q3 24 | $-2.1M | $18.7M | ||
| Q2 24 | $-43.6M | $17.1M | ||
| Q1 24 | $-32.9M | $59.0M |
| Q4 25 | 64.8% | 72.5% | ||
| Q3 25 | 75.8% | 70.7% | ||
| Q2 25 | 74.3% | 70.5% | ||
| Q1 25 | 76.6% | 70.7% | ||
| Q4 24 | 67.8% | 72.5% | ||
| Q3 24 | 75.9% | 72.8% | ||
| Q2 24 | 73.1% | 72.6% | ||
| Q1 24 | 74.6% | 72.1% |
| Q4 25 | -0.3% | 20.2% | ||
| Q3 25 | 7.0% | 15.8% | ||
| Q2 25 | -6.4% | 16.5% | ||
| Q1 25 | -0.5% | 11.0% | ||
| Q4 24 | 3.0% | 14.5% | ||
| Q3 24 | -4.6% | 15.8% | ||
| Q2 24 | -26.8% | 17.2% | ||
| Q1 24 | -13.0% | 48.9% |
| Q4 25 | -2.5% | 12.2% | ||
| Q3 25 | 4.2% | 9.8% | ||
| Q2 25 | -0.2% | 10.3% | ||
| Q1 25 | -0.7% | 6.9% | ||
| Q4 24 | -8.2% | 8.8% | ||
| Q3 24 | -1.4% | 9.7% | ||
| Q2 24 | -29.8% | 9.0% | ||
| Q1 24 | -22.0% | 30.1% |
| Q4 25 | $-0.06 | $0.23 | ||
| Q3 25 | $0.10 | $0.17 | ||
| Q2 25 | $0.00 | $0.19 | ||
| Q1 25 | $-0.02 | $0.10 | ||
| Q4 24 | $-0.18 | $0.19 | ||
| Q3 24 | $-0.03 | $0.18 | ||
| Q2 24 | $-0.60 | $0.16 | ||
| Q1 24 | $-0.45 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $946.0M |
| Total Assets | $691.4M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $23.3M | ||
| Q3 25 | $191.6M | $26.3M | ||
| Q2 25 | $184.8M | $26.1M | ||
| Q1 25 | $199.7M | $19.3M | ||
| Q4 24 | $159.9M | $50.4M | ||
| Q3 24 | $99.2M | $69.9M | ||
| Q2 24 | $120.8M | $59.0M | ||
| Q1 24 | $170.1M | $64.2M |
| 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 | $946.0M | ||
| Q3 25 | $-48.5M | $973.1M | ||
| Q2 25 | $-53.7M | $1.0B | ||
| Q1 25 | $-31.7M | $1.0B | ||
| Q4 24 | $-32.6M | $1.1B | ||
| Q3 24 | $-49.8M | $986.9M | ||
| Q2 24 | $-45.7M | $1.2B | ||
| Q1 24 | $-9.7M | $1.3B |
| Q4 25 | $691.4M | $5.1B | ||
| Q3 25 | $611.7M | $5.1B | ||
| Q2 25 | $590.7M | $5.2B | ||
| Q1 25 | $592.9M | $5.3B | ||
| Q4 24 | $621.0M | $5.4B | ||
| Q3 24 | $549.9M | $5.4B | ||
| Q2 24 | $554.6M | $5.3B | ||
| Q1 24 | $595.4M | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $270.0K | $299.8M |
| FCF MarginFCF / Revenue | 0.1% | 160.3% |
| Capex IntensityCapex / Revenue | 0.4% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $338.5M | ||
| Q3 25 | $18.7M | $100.2M | ||
| Q2 25 | $-1.9M | $79.9M | ||
| Q1 25 | $45.0M | $85.6M | ||
| Q4 24 | $13.9M | $363.1M | ||
| Q3 24 | $-8.2M | $105.7M | ||
| Q2 24 | $-17.6M | $83.2M | ||
| Q1 24 | $18.9M | $94.0M |
| Q4 25 | $270.0K | $299.8M | ||
| Q3 25 | $18.1M | $88.0M | ||
| Q2 25 | $-3.1M | $73.8M | ||
| Q1 25 | $44.3M | $79.9M | ||
| Q4 24 | $13.4M | $344.4M | ||
| Q3 24 | $-8.6M | $101.8M | ||
| Q2 24 | $-18.3M | $79.5M | ||
| Q1 24 | $16.7M | $88.6M |
| Q4 25 | 0.1% | 160.3% | ||
| Q3 25 | 9.7% | 46.6% | ||
| Q2 25 | -1.8% | 39.1% | ||
| Q1 25 | 26.6% | 42.4% | ||
| Q4 24 | 8.0% | 181.2% | ||
| Q3 24 | -5.6% | 52.6% | ||
| Q2 24 | -12.5% | 41.7% | ||
| Q1 24 | 11.1% | 45.2% |
| Q4 25 | 0.4% | 20.7% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.7% | 3.2% | ||
| Q1 25 | 0.4% | 3.0% | ||
| Q4 24 | 0.3% | 9.8% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.5% | 1.9% | ||
| Q1 24 | 1.5% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | 2.39× | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
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% |
NSA
Segment breakdown not available.
