APPN
Appian Corporation
Is APPN Halal?
Low-code automation platform with permissible business model.
What You Should Know
Appian provides low-code development platform for enterprise applications. Core business is halal, acceptable debt levels under Islamic screens. Its March 31, 2026 Form 10-Q reports $623.363 million of assets, $238.426 million of interest-bearing debt, $150.025 million of cash, $55.963 million of investments, $173.874 million of receivables and $202.180 million of quarterly revenue. Debt/assets is 38.25%, liquidity/assets is 33.04%, receivables-plus-cash/assets is 51.96%, and disclosed interest income is 0.74% of revenue; debt and receivables fail the examined asset-based screens.
⚠️ Concerns
- •Debt/assets 38.25% exceeds examined limits
- •Receivables-plus-cash/assets 51.96% exceeds examined limits
- •Interest income on investments
- •Government and regulated-industry end uses
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
238.426 / 623.363
205.988 / 623.363
323.899 / 623.363
1.5 / 202.18
- Financial
- Fails
- Overall
- Fails
Debt/assets is 38.25%, liquidity/assets is 33.04%, receivables-plus-cash/assets is 51.96% and disclosed interest income is 0.74% of revenue; debt and receivables exceed the examined limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 38.25% and receivables-plus-cash/assets is 51.96%, above the examined MSCI limits; liquidity/assets is 33.04%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 38.25%, above the examined Malaysia limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Appian provides low-code process-automation software and related services. The core activity is generally permissible, while government, financial-services, healthcare and AI end uses require qualitative review.
Limitation: The filing does not provide a universal prohibited-activity numerator across customers, product workflows and professional services.
Purification
Appian reports $1.5 million of interest income on investments, but does not provide a complete prohibited-activity numerator or scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Appian's March 31, 2026 Form 10-Q.
- Interest-bearing debt is $238.426 million, comprising the $62.0 million revolving facility and $177.062 million secured term loan, net of issuance costs; operating lease liabilities are excluded.
- Cash and cash equivalents are $150.025 million and short-term investments and marketable securities are $55.963 million.
- Accounts receivable are $173.874 million, quarterly revenue is $202.180 million and interest income on investments is $1.5 million.
- Process-automation software is generally permissible, but government, financial-services, healthcare and AI customer end uses are not reduced to a universal prohibited-activity revenue numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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