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Overvalued
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 0.59 Fair value 0.95 One-star price 1.51
Morningstar Quantitative Rating as of 23 OCT 2026.
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (0.59) to the one-star price (1.51).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4219 |
| Price - closing or last bid | 1.06 |
| Price - 12 month high | 1.98 |
| Price - 12 month low | 0.65 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 2.19 |
| Market capitalization | 285.16 |
| 12 Month High price date | 26 FEB 2026 |
| 12 Month Low price date | 24 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 3.22 |
| Price - 1 Day % Change | -2.30% |
| Price - 13 week price percent change | 13.37% |
| Price - 26 week price percent change | -35.17% |
| Price - 5 Day % Change | 13.37% |
| Price - 52 week price percent change | 38.56% |
| Price - YTD price percent change | 32.50% |
| Price % Change Month To Date | -5.78% |
| EPS excluding extraordinary items - most recent fiscal year | -0.083 |
| EPS excluding extraordinary items - trailing 12 month | -0.026 |
| EPS Normalized - most recent fiscal year | -0.039 |
| Revenue/share - most recent fiscal year | 0.873 |
| Revenue/share - trailing 12 month | 0.934 |
| Book value per share - most recent fiscal year | 0.356 |
| Book value per share - most recent half-year | 0.346 |
| Book value (tangible) per share - most recent fiscal year | 0.297 |
| Book value (tangible) per share - most recent half-year | 0.281 |
| Cash per share - most recent fiscal year | 0.225 |
| Cash per share - most recent half-year | 0.166 |
| Cash Flow per share - most recent fiscal year | 0.087 |
| Cash Flow per share - trailing 12 month | 0.021 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.063 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.083 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.026 |
| EPS including extraordinary items - most recent fiscal year | -0.083 |
| EPS including extraordinary items - trailing 12 month | -0.026 |
| Free Cash Flow per share - trailing 12 month | -0.048 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 0.77 |
| Price to Tangible Book - most fiscal year | 2.60 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | 33.73 |
| Price to Book - most recent fiscal year | 2.11 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | -37.28 |
| Net Debt, LFY | -50.42 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 6.33 |
| LT debt/equity - most recent fiscal year | 5.55% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 9.94% |
| LT debt/equity - most recent half-year | 3.89% |
| Total debt/total equity - most recent half-year | 7.98% |
| Free Cash Flow - trailing 12 month | -12.88 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 230.77 |
| Revenue - trailing 12 month | 248.62 |
| EBITD - most recent fiscal year | 9.48 |
| EBITD - trailing 12 month | 16.89 |
| Earnings before taxes - most recent fiscal year | -21.78 |
| Earnings before taxes - trailing 12 month | -6.98 |
| Net Income available to common - most recent fiscal year | -21.82 |
| Net Income available to common - trailing 12 months | -7.01 |
| Earnings before taxes Normalized - most recent fiscal year | -17.45 |
| Net Income Available to Common, Normalized - most recent fiscal year | -10.33 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.01 |
| Net Profit Margin % - 1st historical fiscal year | -9.45% |
| Net Profit Margin % - trailing 12 month | -2.82% |
| Operating margin - 1st historical fiscal year | -9.15% |
| Operating margin - trailing 12 month | -2.42% |
| Pretax margin - trailing 12 month | -2.81% |
| Pretax margin - 1st historical fiscal year | -9.44% |
| Operating Margin - 5 year average | -7.54% |
| Pretax Margin - 5 year average | -23.46% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -3.25% |
| Free Operating Cash Flow/Revenue, TTM | -5.18% |
| Net Profit Margin - 5 year average | -23.29% |
| Return on average assets - most recent fiscal year | -13.82% |
| Return on average assets - trailing 12 month | -4.60% |
| Return on average equity - most recent fiscal year | -21.41% |
| Return on average equity - trailing 12 month | -7.39% |
| Return on average assets - 5 year average | -22.89% |
| Return on average equity - 5 year average | -35.35% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | -10.96% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | -21.60% |
| Growth rate% - Revenue, 3 year | -15.91% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -33.31% |
| Capital Spending growth rate, 5 year | -2.36% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -33.58% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Appen APX has been an awful story for investors since COVID-19, yet it was an AI-focused business. They provide data sets to underpin AI and machine learning models, however, their problem has been simple: major customers, such as Alphabet (GOOGL US) has brought this in-house to have more control on the process. i.e. they didn't have a clear competitive advantage forcing companies to use APX, such is the case with NVDA at the extreme.
We read an interesting piece of research published by UBS this week following their 2-day VC conference where a bunch of well-regarded firms discuss emerging enterprise technology trends, the companies that these VC firms have invested in and the impacts these trends may have on publicly traded software stocks.
We looked at Appen (APX) in yesterday’s “The Match Out Report” after the digital marketing company broke below $3 for the first time in 5-years, after plunging almost 12% after yet another downgrade. Appen has a very select group of large customers who are cutting back on how they use their services, they have little control over this and it is a clear sign that what APX offers is peripheral rather than core. As Warren Buffet liked to say, it’s only when the tide goes out do we see who is swimming naked!
APX -11.71%: the digital marketing AI company fell below $3/sh for the first time since 2017 today following a downgrade to guidance. Just 6 weeks ago the company was talking to a stronger second half, though revenue was still expected to fall short of FY21 levels. Today, the company said conditions had failed to improve as expected and further uncertainty remains into...
APX -27.32%: The Artificial Intelligence (AI) company was whacked on the back of another major earnings downgrade with the company booking underlying EBITDA for the half of just $US8.9 million as revenue fell ~7% to $US182.9m as their core customers (Big US Tech) pull back spending on advertising-related AI projects. In short, the woes for APX...
The recent APX saga has been almost as dramatic as the stocks plunge from its 2020 high, a quick recap:
APX +29.22%: AI tech business announced a non-binding takeover offer had been put forward by Canada’s Telus International today, sending the stock soaring. The $1.7b bid at $9.50/sh is nearly a 50% premium to yesterday’s close, but it’s still not enough for Appen to give Telus a deeper looking into the books as they push for more out of the deal. Telus International was spun out of a Canadian telco Telus early last year and has already...
The MM Growth Portfolio was up +1.4% last week while the market fell -0.4% inclusive of dividends, performance was aided by strong moves in HUB24 (HUB) +13.9%, Whitehaven Coal (WHC) +12% and Altium (ALU) +6.2% while the major performance drags were Appen (APX) -23.2% and Virgin Money (VUK) -8.6%. For the month of February the portfolio was up +2.10%, largely inline with the market. Interestingly enough, Aussie stocks...
The APX share price was savaged yesterday after their result was a miss and management confirmed low visibility on near term earnings, although they offset that by putting big longer term targets out to the market, considering their ability to forecast earnings over the last few years that doesn’t bring with it any confidence and even if they prove correct it’s going to require...
APX -28.70%: This has been a polarising stock in recent times with some analysts forecasting downgrades while others doubled down and increased their conviction on the buy side, today the stock fell ~30% after missing FY21 earnings expectations and pulling FY22 guidance, in favour of longer term revenue targets which were big, a lot bigger than anyone in the market expected, however FY26...
MM is neutral towards APX
MM has no interest in APX
MM has no interest in APX
MM has no interest in APX
MM is neutral APX for now
MM is now neutral APX, at best
MM is now neutral APX, cutting the position from our Growth Portfolio
MM are selling APX in the Flagship Growth Portfolio, taking a loss around $6.30
MM will reconsider our APX position following its result on Thursday
MM thinks APX is looking for a low
Appen Ltd is engaged in the provision of quality data solutions and services for machine learning and artificial intelligence applications for technology companies, auto manufacturers, government agencies among others. The company's business segments are Appen Global and Appen China. It generates maximum revenue from the Appen Global segment which represents all operations outside of the China Group. The Appen China segment represents the China Group operations and includes Japan and Korea. Geographically, it derives a majority of its revenue from the United States of America, and has its presence in China, Australia and Others.
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