APPEN LIMITED (APX)
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APX

APX - APPEN LIMITED

FNArena Sector : IT & Support
Year End: December
GICS Industry Group : Software & Services
Debt/EBITDA: 0.88
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

$1.56

04 Mar
2026

-0.130

OPEN

$1.65

-7.69%

HIGH

$1.72

5,366,301

LOW

$1.55

TARGET
$0.52 -66.7% downside
Franking for last dividend paid out: 50%
OTHER COMPANIES IN THE SAME SECTOR
DTL . FLN . HSN . IRI . OCL . STG . STH . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
APX: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 12.8 - 15.9 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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-12.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx357.9 M
Book Value Per Share xxxxxxxxxxxxxxx53.4
Net Operating Cash Flow xxxxxxxxxxxxxxx35.6 M
Net Profit Margin xxxxxxxxxxxxxxx-9.45 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-20.73 %
Return on Invested Capital xxxxxxxxxxxxxxx-19.53 %
Return on Assets xxxxxxxxxxxxxxx-13.42 %
Return on Equity xxxxxxxxxxxxxxx-20.73 %
Return on Total Capital xxxxxxxxxxxxxxx-18.21 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx29.4 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx6 M
Long Term Debt xxxxxxxxxxxxxxx8 M
Total Debt xxxxxxxxxxxxxxx14 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx90 M
Price To Book Value xxxxxxxxxxxxxxx1.50

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx25.8 M
Capex % of Sales xxxxxxxxxxxxxxx7.21 %
Cost of Goods Sold xxxxxxxxxxxxxxx346 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx44 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 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

-1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

28/08/2025

5

Underweight

$0.52

-66.67%

Morgan Stanley has an Underweight rating and 52c target price on Appen.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of minus -15.85 cents.
Access Stockbroker Research History >
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

03/02/2026

1

Speculative Buy

$1.80

15.38%

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 FY26 dividend of 0.00 cents and EPS of 1.37 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.30 cents.
Access Extra Coverage Research History >

APX STOCK CHART

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