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Side-by-side financial comparison of APPIAN CORP (APPN) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $202.9M, roughly 1.7× APPIAN CORP). APPIAN CORP runs the higher net margin — -2.5% vs -12.9%, a 10.4% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs -0.4%). APPIAN CORP produced more free cash flow last quarter ($270.0K vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
APPN vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $340.0M |
| Net Profit | $-5.1M | $-13.9M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | -17.2% |
| Net Margin | -2.5% | -12.9% |
| Revenue YoY | 21.7% | -0.4% |
| Net Profit YoY | 62.6% | -131.0% |
| EPS (diluted) | $-0.06 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $187.0M | $337.7M | ||
| Q2 25 | $170.6M | $319.2M | ||
| Q1 25 | $166.4M | $237.4M | ||
| Q4 24 | $166.7M | $341.5M | ||
| Q3 24 | $154.1M | $292.3M | ||
| Q2 24 | $146.4M | $270.7M | ||
| Q1 24 | $149.8M | $228.1M |
| Q4 25 | $-5.1M | $-13.9M | ||
| Q3 25 | $7.8M | $33.5M | ||
| Q2 25 | $-312.0K | $34.0M | ||
| Q1 25 | $-1.2M | $2.8M | ||
| Q4 24 | $-13.6M | $44.8M | ||
| Q3 24 | $-2.1M | $28.8M | ||
| Q2 24 | $-43.6M | $22.7M | ||
| Q1 24 | $-32.9M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 7.0% | 13.6% | ||
| Q2 25 | -6.4% | 14.5% | ||
| Q1 25 | -0.5% | 2.2% | ||
| Q4 24 | 3.0% | 15.3% | ||
| Q3 24 | -4.6% | 12.8% | ||
| Q2 24 | -26.8% | 10.4% | ||
| Q1 24 | -13.0% | 6.0% |
| Q4 25 | -2.5% | -12.9% | ||
| Q3 25 | 4.2% | 9.9% | ||
| Q2 25 | -0.2% | 10.6% | ||
| Q1 25 | -0.7% | 1.2% | ||
| Q4 24 | -8.2% | 13.1% | ||
| Q3 24 | -1.4% | 9.9% | ||
| Q2 24 | -29.8% | 8.4% | ||
| Q1 24 | -22.0% | 5.2% |
| Q4 25 | $-0.06 | $-0.41 | ||
| Q3 25 | $0.10 | $0.98 | ||
| Q2 25 | $0.00 | $0.99 | ||
| Q1 25 | $-0.02 | $0.08 | ||
| Q4 24 | $-0.18 | $1.32 | ||
| Q3 24 | $-0.03 | $0.85 | ||
| Q2 24 | $-0.60 | $0.67 | ||
| 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 | $299.3M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $1.7B |
| Total Assets | $691.4M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $299.3M | ||
| Q3 25 | $191.6M | $274.8M | ||
| Q2 25 | $184.8M | $233.7M | ||
| Q1 25 | $199.7M | $181.0M | ||
| Q4 24 | $159.9M | $279.3M | ||
| Q3 24 | $99.2M | $179.8M | ||
| Q2 24 | $120.8M | $208.1M | ||
| Q1 24 | $170.1M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $-48.5M | $1.8B | ||
| Q2 25 | $-53.7M | $1.8B | ||
| Q1 25 | $-31.7M | $1.7B | ||
| Q4 24 | $-32.6M | $1.7B | ||
| Q3 24 | $-49.8M | $1.7B | ||
| Q2 24 | $-45.7M | $1.7B | ||
| Q1 24 | $-9.7M | $1.7B |
| Q4 25 | $691.4M | $5.1B | ||
| Q3 25 | $611.7M | $5.8B | ||
| Q2 25 | $590.7M | $4.7B | ||
| Q1 25 | $592.9M | $4.5B | ||
| Q4 24 | $621.0M | $4.4B | ||
| Q3 24 | $549.9M | $4.6B | ||
| Q2 24 | $554.6M | $4.2B | ||
| Q1 24 | $595.4M | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $270.0K | $-680.1M |
| FCF MarginFCF / Revenue | 0.1% | -200.0% |
| Capex IntensityCapex / Revenue | 0.4% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $-664.3M | ||
| Q3 25 | $18.7M | $-948.1M | ||
| Q2 25 | $-1.9M | $-238.5M | ||
| Q1 25 | $45.0M | $-281.1M | ||
| Q4 24 | $13.9M | $129.4M | ||
| Q3 24 | $-8.2M | $-202.0M | ||
| Q2 24 | $-17.6M | $-237.8M | ||
| Q1 24 | $18.9M | $38.4M |
| Q4 25 | $270.0K | $-680.1M | ||
| Q3 25 | $18.1M | $-950.4M | ||
| Q2 25 | $-3.1M | $-241.0M | ||
| Q1 25 | $44.3M | $-284.7M | ||
| Q4 24 | $13.4M | $116.4M | ||
| Q3 24 | $-8.6M | $-204.0M | ||
| Q2 24 | $-18.3M | $-241.7M | ||
| Q1 24 | $16.7M | $35.2M |
| Q4 25 | 0.1% | -200.0% | ||
| Q3 25 | 9.7% | -281.5% | ||
| Q2 25 | -1.8% | -75.5% | ||
| Q1 25 | 26.6% | -120.0% | ||
| Q4 24 | 8.0% | 34.1% | ||
| Q3 24 | -5.6% | -69.8% | ||
| Q2 24 | -12.5% | -89.3% | ||
| Q1 24 | 11.1% | 15.4% |
| Q4 25 | 0.4% | 4.6% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.4% | 1.5% | ||
| Q4 24 | 0.3% | 3.8% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.5% | 1.4% | ||
| Q1 24 | 1.5% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
Segment breakdown not available.
