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Side-by-side financial comparison of APPIAN CORP (APPN) and VSE CORP (VSEC). Click either name above to swap in a different company.
VSE CORP is the larger business by last-quarter revenue ($324.6M vs $202.9M, roughly 1.6× APPIAN CORP). VSE CORP runs the higher net margin — 9.0% vs -2.5%, a 11.5% gap on every dollar of revenue. On growth, VSE CORP posted the faster year-over-year revenue change (26.8% vs 21.7%). APPIAN CORP produced more free cash flow last quarter ($270.0K vs $-68.7M). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 10.5%).
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.
VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators. The fleet segment specializes i...
APPN vs VSEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $324.6M |
| Net Profit | $-5.1M | $29.1M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | 10.1% |
| Net Margin | -2.5% | 9.0% |
| Revenue YoY | 21.7% | 26.8% |
| Net Profit YoY | 62.6% | — |
| EPS (diluted) | $-0.06 | — |
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 | — | $324.6M | ||
| Q4 25 | $202.9M | $301.2M | ||
| Q3 25 | $187.0M | $282.9M | ||
| Q2 25 | $170.6M | $272.1M | ||
| Q1 25 | $166.4M | $256.0M | ||
| Q4 24 | $166.7M | $299.0M | ||
| Q3 24 | $154.1M | $273.6M | ||
| Q2 24 | $146.4M | $266.0M |
| Q1 26 | — | $29.1M | ||
| Q4 25 | $-5.1M | $13.6M | ||
| Q3 25 | $7.8M | $3.9M | ||
| Q2 25 | $-312.0K | $3.2M | ||
| Q1 25 | $-1.2M | $-9.0M | ||
| Q4 24 | $-13.6M | $13.1M | ||
| Q3 24 | $-2.1M | $11.7M | ||
| Q2 24 | $-43.6M | $-2.8M |
| Q1 26 | — | — | ||
| 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 26 | — | 10.1% | ||
| Q4 25 | -0.3% | 10.8% | ||
| Q3 25 | 7.0% | 3.6% | ||
| Q2 25 | -6.4% | 8.3% | ||
| Q1 25 | -0.5% | 9.6% | ||
| Q4 24 | 3.0% | 9.2% | ||
| Q3 24 | -4.6% | 8.7% | ||
| Q2 24 | -26.8% | 2.3% |
| Q1 26 | — | 9.0% | ||
| Q4 25 | -2.5% | 4.5% | ||
| Q3 25 | 4.2% | 1.4% | ||
| Q2 25 | -0.2% | 1.2% | ||
| Q1 25 | -0.7% | -3.5% | ||
| Q4 24 | -8.2% | 4.4% | ||
| Q3 24 | -1.4% | 4.3% | ||
| Q2 24 | -29.8% | -1.0% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.06 | $0.64 | ||
| Q3 25 | $0.10 | $0.19 | ||
| Q2 25 | $0.00 | $0.16 | ||
| Q1 25 | $-0.02 | $-0.44 | ||
| Q4 24 | $-0.18 | $0.79 | ||
| Q3 24 | $-0.03 | $0.63 | ||
| Q2 24 | $-0.60 | $-0.16 |
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 | $-1.2B |
| Total DebtLower is stronger | $240.8M | $361.0M |
| Stockholders' EquityBook value | $-47.0M | $2.7B |
| Total Assets | $691.4M | $3.3B |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-1.2B | ||
| Q4 25 | $187.2M | $69.4M | ||
| Q3 25 | $191.6M | $8.8M | ||
| Q2 25 | $184.8M | $16.9M | ||
| Q1 25 | $199.7M | $5.7M | ||
| Q4 24 | $159.9M | $29.0M | ||
| Q3 24 | $99.2M | $7.9M | ||
| Q2 24 | $120.8M | $19.0M |
| Q1 26 | — | $361.0M | ||
| Q4 25 | $240.8M | $292.8M | ||
| Q3 25 | $245.7M | $356.1M | ||
| Q2 25 | $245.6M | $379.2M | ||
| Q1 25 | $248.0M | $465.0M | ||
| Q4 24 | $250.4M | $430.2M | ||
| Q3 24 | $252.8M | $450.3M | ||
| Q2 24 | $254.0M | $463.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $-47.0M | $1.4B | ||
| Q3 25 | $-48.5M | $983.3M | ||
| Q2 25 | $-53.7M | $979.5M | ||
| Q1 25 | $-31.7M | $975.7M | ||
| Q4 24 | $-32.6M | $988.2M | ||
| Q3 24 | $-49.8M | $787.8M | ||
| Q2 24 | $-45.7M | $781.3M |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $691.4M | $2.0B | ||
| Q3 25 | $611.7M | $1.6B | ||
| Q2 25 | $590.7M | $1.6B | ||
| Q1 25 | $592.9M | $1.7B | ||
| Q4 24 | $621.0M | $1.7B | ||
| Q3 24 | $549.9M | $1.5B | ||
| Q2 24 | $554.6M | $1.5B |
| Q1 26 | — | 0.14× | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.59× |
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 | $-62.3M |
| Free Cash FlowOCF − Capex | $270.0K | $-68.7M |
| FCF MarginFCF / Revenue | 0.1% | -21.2% |
| Capex IntensityCapex / Revenue | 0.4% | 2.0% |
| Cash ConversionOCF / Net Profit | — | -2.14× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-13.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-62.3M | ||
| Q4 25 | $1.1M | $37.6M | ||
| Q3 25 | $18.7M | $24.1M | ||
| Q2 25 | $-1.9M | $11.9M | ||
| Q1 25 | $45.0M | $-46.6M | ||
| Q4 24 | $13.9M | $55.4M | ||
| Q3 24 | $-8.2M | $10.2M | ||
| Q2 24 | $-17.6M | $-17.5M |
| Q1 26 | — | $-68.7M | ||
| Q4 25 | $270.0K | $30.9M | ||
| Q3 25 | $18.1M | $18.0M | ||
| Q2 25 | $-3.1M | $6.3M | ||
| Q1 25 | $44.3M | $-49.5M | ||
| Q4 24 | $13.4M | $52.1M | ||
| Q3 24 | $-8.6M | $4.4M | ||
| Q2 24 | $-18.3M | $-21.5M |
| Q1 26 | — | -21.2% | ||
| Q4 25 | 0.1% | 10.3% | ||
| Q3 25 | 9.7% | 6.4% | ||
| Q2 25 | -1.8% | 2.3% | ||
| Q1 25 | 26.6% | -19.3% | ||
| Q4 24 | 8.0% | 17.4% | ||
| Q3 24 | -5.6% | 1.6% | ||
| Q2 24 | -12.5% | -8.1% |
| Q1 26 | — | 2.0% | ||
| Q4 25 | 0.4% | 2.2% | ||
| Q3 25 | 0.3% | 2.1% | ||
| Q2 25 | 0.7% | 2.1% | ||
| Q1 25 | 0.4% | 1.1% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.2% | 2.1% | ||
| Q2 24 | 0.5% | 1.5% |
| Q1 26 | — | -2.14× | ||
| Q4 25 | — | 2.77× | ||
| Q3 25 | 2.39× | 6.16× | ||
| Q2 25 | — | 3.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.24× | ||
| Q3 24 | — | 0.87× | ||
| Q2 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% |
VSEC
| Products | $202.3M | 62% |
| Services | $122.2M | 38% |
