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Side-by-side financial comparison of APPIAN CORP (APPN) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $202.9M, roughly 1.1× APPIAN CORP). Perella Weinberg Partners runs the higher net margin — 6.3% vs -2.5%, a 8.8% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $270.0K). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 16.4%).
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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
APPN vs PWP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $219.2M |
| Net Profit | $-5.1M | $13.8M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | 8.5% |
| Net Margin | -2.5% | 6.3% |
| Revenue YoY | 21.7% | -2.9% |
| Net Profit YoY | 62.6% | — |
| EPS (diluted) | $-0.06 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $187.0M | $164.6M | ||
| Q2 25 | $170.6M | $155.3M | ||
| Q1 25 | $166.4M | $211.8M | ||
| Q4 24 | $166.7M | $225.7M | ||
| Q3 24 | $154.1M | $278.2M | ||
| Q2 24 | $146.4M | $272.0M | ||
| Q1 24 | $149.8M | $102.1M |
| Q4 25 | $-5.1M | $13.8M | ||
| Q3 25 | $7.8M | $6.0M | ||
| Q2 25 | $-312.0K | $2.7M | ||
| Q1 25 | $-1.2M | $17.3M | ||
| Q4 24 | $-13.6M | — | ||
| Q3 24 | $-2.1M | $16.4M | ||
| Q2 24 | $-43.6M | $-66.0M | ||
| Q1 24 | $-32.9M | $-35.8M |
| 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% | 8.5% | ||
| Q3 25 | 7.0% | 5.4% | ||
| Q2 25 | -6.4% | 5.8% | ||
| Q1 25 | -0.5% | 5.5% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | -4.6% | 12.9% | ||
| Q2 24 | -26.8% | -30.2% | ||
| Q1 24 | -13.0% | -52.4% |
| Q4 25 | -2.5% | 6.3% | ||
| Q3 25 | 4.2% | 3.6% | ||
| Q2 25 | -0.2% | 1.8% | ||
| Q1 25 | -0.7% | 8.2% | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | -1.4% | 5.9% | ||
| Q2 24 | -29.8% | -24.3% | ||
| Q1 24 | -22.0% | -35.1% |
| Q4 25 | $-0.06 | $0.11 | ||
| Q3 25 | $0.10 | $0.08 | ||
| Q2 25 | $0.00 | $0.04 | ||
| Q1 25 | $-0.02 | $0.24 | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.03 | $0.24 | ||
| Q2 24 | $-0.60 | $-1.21 | ||
| Q1 24 | $-0.45 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $-127.4M |
| Total Assets | $691.4M | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $255.9M | ||
| Q3 25 | $191.6M | $185.5M | ||
| Q2 25 | $184.8M | $145.0M | ||
| Q1 25 | $199.7M | $111.2M | ||
| Q4 24 | $159.9M | $407.4M | ||
| Q3 24 | $99.2M | $335.1M | ||
| Q2 24 | $120.8M | $185.3M | ||
| Q1 24 | $170.1M | $156.7M |
| 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 | $-127.4M | ||
| Q3 25 | $-48.5M | $-302.4M | ||
| Q2 25 | $-53.7M | $-318.4M | ||
| Q1 25 | $-31.7M | $-323.1M | ||
| Q4 24 | $-32.6M | $-421.4M | ||
| Q3 24 | $-49.8M | $-360.8M | ||
| Q2 24 | $-45.7M | $-283.0M | ||
| Q1 24 | $-9.7M | $161.9M |
| Q4 25 | $691.4M | $797.6M | ||
| Q3 25 | $611.7M | $650.2M | ||
| Q2 25 | $590.7M | $606.7M | ||
| Q1 25 | $592.9M | $570.5M | ||
| Q4 24 | $621.0M | $876.8M | ||
| Q3 24 | $549.9M | $810.9M | ||
| Q2 24 | $554.6M | $645.5M | ||
| Q1 24 | $595.4M | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $270.0K | $30.5M |
| FCF MarginFCF / Revenue | 0.1% | 13.9% |
| Capex IntensityCapex / Revenue | 0.4% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $34.8M | ||
| Q3 25 | $18.7M | $59.2M | ||
| Q2 25 | $-1.9M | $56.1M | ||
| Q1 25 | $45.0M | $-176.5M | ||
| Q4 24 | $13.9M | $223.4M | ||
| Q3 24 | $-8.2M | $200.3M | ||
| Q2 24 | $-17.6M | $90.0M | ||
| Q1 24 | $18.9M | $-206.3M |
| Q4 25 | $270.0K | $30.5M | ||
| Q3 25 | $18.1M | $57.6M | ||
| Q2 25 | $-3.1M | $55.3M | ||
| Q1 25 | $44.3M | $-177.6M | ||
| Q4 24 | $13.4M | $207.0M | ||
| Q3 24 | $-8.6M | $199.3M | ||
| Q2 24 | $-18.3M | $83.7M | ||
| Q1 24 | $16.7M | $-214.8M |
| Q4 25 | 0.1% | 13.9% | ||
| Q3 25 | 9.7% | 35.0% | ||
| Q2 25 | -1.8% | 35.6% | ||
| Q1 25 | 26.6% | -83.8% | ||
| Q4 24 | 8.0% | 91.7% | ||
| Q3 24 | -5.6% | 71.6% | ||
| Q2 24 | -12.5% | 30.8% | ||
| Q1 24 | 11.1% | -210.3% |
| Q4 25 | 0.4% | 2.0% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.4% | 0.5% | ||
| Q4 24 | 0.3% | 7.3% | ||
| Q3 24 | 0.2% | 0.4% | ||
| Q2 24 | 0.5% | 2.3% | ||
| Q1 24 | 1.5% | 8.3% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | 2.39× | 9.85× | ||
| Q2 25 | — | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
PWP
Segment breakdown not available.
