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Held by 198 of 5,944 reporting institutions (92th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $38.11 today, the market must believe free cash flow compounds 28.9%/yr for a decade (off $31M normalized FCF).
The market's 28.9% is more conservative than its 1-yr track record.
2-stage DCF · 0.07B shares · net debt $105M
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $20M buybacks = $20M returned on $60M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $136M covers all $119M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.7% on $241M of debt.
Cash of $136M fully covers short-term debt of $10M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $726.9M 100.0% | $617.0M 100.0% | $545.4M 100.0% | $468.0M 100.0% | $369.3M 100.0% | $304.6M 100.0% | $260.4M 100.0% | $226.7M 100.0% | $176.7M 100.0% | $132.9M 100.0% |
| Cost of Revenue | $199.6M 27.5% | $168.2M 27.3% | $160.3M 29.4% | $133.3M 28.5% | $104.1M 28.2% | $88.8M 29.1% | $93.8M 36.0% | $84.9M 37.5% | $64.6M 36.5% | $50.1M 37.7% |
| Gross Profit | $527.3M 72.5% | $448.8M 72.7% | $385.0M 70.6% | $334.7M 71.5% | $265.2M 71.8% | $215.8M 70.9% | $166.5M 64.0% | $141.8M 62.5% | $112.1M 63.5% | $82.8M 62.3% |
| Research & Development | $172.2M 23.7% | $163.4M 26.5% | $160.4M 29.4% | $139.2M 29.7% | $97.5M 26.4% | $70.2M 23.1% | $58.0M 22.3% | $44.7M 19.7% | $34.8M 19.7% | $23.0M 17.3% |
| Selling, General & Admin | $113.4M 15.6% | $107.8M 17.5% | $82.6M 15.1% | $120.1M 25.7% | $83.7M 22.7% | $53.2M 17.5% | $41.5M 15.9% | $37.8M 16.7% | $27.1M 15.4% | $17.0M 12.8% |
| Total Operating Expenses | $526.7M 72.5% | $509.6M 82.6% | $493.0M 90.4% | $479.7M 102.5% | $349.1M 94.5% | $253.7M 83.3% | $217.0M 83.3% | $188.5M 83.2% | $144.0M 81.4% | $94.2M 70.8% |
| Operating Income | $609K 0.1% | -$60.9M -9.9% | -$108.0M -19.8% | -$145.0M -31.0% | -$83.9M -22.7% | -$37.9M -12.4% | -$50.5M -19.4% | -$46.7M -20.6% | -$31.8M -18.0% | -$11.4M -8.6% |
| Interest Expense | $20.9M 2.9% | $23.6M 3.8% | $17.9M 3.3% | $1.7M 0.4% | — | — | — | — | — | — |
| Interest & Investment Income | $6.9M 0.9% | $6.8M 1.1% | $9.0M 1.7% | $900K 0.2% | $0 0.0% | — | — | — | — | — |
| Other Income (Expense), net | $5.8M 0.8% | -$30.4M -4.9% | -$259K -0.0% | -$5.2M -1.1% | -$4.0M -1.1% | $5.3M 1.7% | $574K 0.2% | -$2.5M -1.1% | $1.6M 0.9% | -$2.8M -2.1% |
| Pretax Income | $6.4M 0.9% | -$91.2M -14.8% | -$108.2M -19.8% | -$150.2M -32.1% | -$87.9M -23.8% | -$32.6M -10.7% | -$49.9M -19.2% | -$49.2M -21.7% | -$30.2M -17.1% | -$14.1M -10.6% |
| Income Tax Expense | $5.2M 0.7% | $1.1M 0.2% | $3.2M 0.6% | $692K 0.1% | $778K 0.2% | $883K 0.3% | $820K 0.3% | $239K 0.1% | $761K 0.4% | -$1.7M -1.3% |
| Net Income | $1.2M 0.2% | -$92.3M -15.0% | -$111.4M -20.4% | -$150.9M -32.2% | -$88.6M -24.0% | -$33.5M -11.0% | -$50.7M -19.5% | -$49.5M -21.8% | -$31.0M -17.5% | -$12.5M -9.4% |
| Per Share | ||||||||||
| EPS (Basic) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | — | — | — |
| EPS (Diluted) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | — | — | — |
| Weighted Avg Shares (Basic) | 74.0M | 73.0M | 73.1M | 72.5M | 71.0M | 69.1M | 65.5M | — | — | — |
| Weighted Avg Shares (Diluted) | 74.6M | 73.0M | 73.1M | 72.5M | 71.0M | 69.1M | 65.5M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $10.83T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.20T | 43.6× | 39.0× | 24.1× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.91T | 44.6× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.64T | 27.3× | 19.3× | 11.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.61T | 71.2× | 63.6× | 25.2× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.04T | 122.1× | 57.5× | 27.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $835.4B | 193.4× | 197.6× | 24.1× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $504.6B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $426.7B | 42.3× | 35.8× | 7.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $416.9B | 276.7× | 288.5× | 93.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $367.3B | 64.9× | 34.6× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.6B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $329.4B | 48.0× | 37.9× | 11.6× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $325.1B | — | — | 1051.3× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $283.0B | — | — | — | — | — | — | — | — | — | 302 |
| SAP | $261.9B | — | — | — | — | — | — | — | — | — | 794 |
| ARM | $259.6B | 287.0× | 223.6× | 52.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| PANW | $250.9B | 234.8× | 156.8× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| ANET | $248.2B | 71.8× | 62.7× | 27.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| TXN | $236.9B | 47.8× | 31.2× | 13.4× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $232.8B | 32.1× | 25.2× | 5.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.5B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| SNDK | $221.9B | — | — | 30.2× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| QCOM | $198.5B | 36.9× | 14.9× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| MRVL | $194.6B | 74.8× | 127.2× | 23.8× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| APPN | $2.8B | 1875.0× | 316.2× | 3.8× | 17.8% | 72.5% | 0.2% | -2.6% | 0.6% | 26.4× | 198 |
Peers = companies sharing APPN's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 9-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 37.5 | 36.0 | 29.1 | 28.2 | 28.5 | 29.4 | 27.3 | 27.5 |
| Gross Profit | 62.5 | 64.0 | 70.9 | 71.8 | 71.5 | 70.6 | 72.7 | 72.5 |
| R&D | 19.7 | 22.3 | 23.1 | 26.4 | 29.7 | 29.4 | 26.5 | 23.7 |
| SG&A | 16.7 | 15.9 | 17.5 | 22.7 | 25.7 | 15.1 | 17.5 | 15.6 |
| Operating Income | -20.6 | -19.4 | -12.4 | -22.7 | -31.0 | -19.8 | -9.9 | 0.1 |
| Income Tax | 0.1 | 0.3 | 0.3 | 0.2 | 0.1 | 0.6 | 0.2 | 0.7 |
| Net Income | -21.8 | -19.5 | -11.0 | -24.0 | -32.2 | -20.4 | -15.0 | 0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on APPN: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.