APPEN LIMITED (APX)
Share Price Analysis and Chart

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APX

APX - APPEN LIMITED

FNArena Sector : IT & Support
Year End: December
GICS Industry Group : Software & Services
Debt/EBITDA: 4.54
Index: ALL-ORDS | ALL-TECH

Appen is a software developer providing and improving data for the development of machine learning and artificial intelligence products. It became a listed entity in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.90

03 Feb
2026

0.220

OPEN

$1.75

13.10%

HIGH

$1.93

17,586,192

LOW

$1.74

TARGET
$1.085 -42.9% downside
Franking for last dividend paid out: 50%
OTHER COMPANIES IN THE SAME SECTOR
DTL . FLN . HSN . IRI . OCL . STG . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
APX: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 13.3 - 15.4 xxx
DPS (cps) xxx 0.0 N/A xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 31/08 - ex-div 4.5c (franking 50%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-13.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx355.2 M
Book Value Per Share xxxxxxxxxxxxxxx70.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-1.0 M
Net Profit Margin xxxxxxxxxxxxxxx-8.54 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-18.92 %
Return on Invested Capital xxxxxxxxxxxxxxx-17.52 %
Return on Assets xxxxxxxxxxxxxxx-12.06 %
Return on Equity xxxxxxxxxxxxxxx-18.92 %
Return on Total Capital xxxxxxxxxxxxxxx-17.62 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-3.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx6 M
Long Term Debt xxxxxxxxxxxxxxx12 M
Total Debt xxxxxxxxxxxxxxx18 M
Goodwill - Gross xxxxxxxxxxxxxxx391 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx89 M
Price To Book Value xxxxxxxxxxxxxxx3.73

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx19.5 M
Capex % of Sales xxxxxxxxxxxxxxx5.48 %
Cost of Goods Sold xxxxxxxxxxxxxxx344 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx43 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

31/07/2025

1

Buy

$1.65

-13.16%

Ord Minnett explains Appen announced a mixed 2Q2025 update, with revenue of $52m, down -6% on a year earlier, and 1H25 revenue falling -10%, which was approximately -11% below expectations.

The analyst highlights ex-Google and China revenue fell -20%, reflecting pressures in the US.

China managed a 77% rise year-on-year to $24m, with the region now running at an annualised level of $100m.

Earnings (EBITDA) of $2m came in well below the broker’s $5m forecast. Management lowered 2025 revenue guidance to the lower end of the $235–$260m range, and no earnings guidance was offered. Cost-out initiatives are continuing.

Buy rating is retained, but due to earnings downgrades, the target price is reduced to $1.65 from $2.70.
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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

29/01/2026

1

Speculative Buy

$1.80

-5.26%

Canaccord Genuity highlights an earnings (EBITDA) beat in 4Q for Appen, driven by an impressive 46% gross margin, which exceeded expectations and lifted 2025 earnings (EBITDA) well above forecast.

The broker notes Appen’s business in China continues to outperform, now reported as a standalone segment, with 81% y/y growth in 4Q and annualised revenue exiting 2025 at US$135m.

Global revenue showed seasonal recovery supported by faster-than-expected generative AI work.

A growing pipeline of generative AI contracts, including productisation into consumer apps, expert video editing, robotics simulation and multi-speaker voice model training, underpins revenue momentum into 2026, according to the analyst.

Canaccord upgrades its 2026 EBITDA forecast to US$20.6m from US$13.3m on a higher gross margin assumption of 41%, noting strong cash generation with US$59.8m exiting 2025.

The broker reiterates its Speculative Buy rating and lifts its target to $1.80 from $1.60.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -7.70 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.08 cents.
Access Extra Coverage Research History >

APX STOCK CHART

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