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1. Company Snapshot

1.a. Company Description

Workiva Inc., together with its subsidiaries, provides cloud-based compliance and regulatory reporting solutions worldwide.The company offers Workiva platform that offers controlled collaboration, data linking, data integrations, granular permissions, process management, and full audit trail services; and provides tools that enables customers to connect data from enterprise resource planning, governance risk and compliance, human capital management, and customer relationship management systems, as well as from other third-party cloud and on-premise applications.It serves public and private companies, government agencies, and higher-education institutions.


The company was founded in 2008 and is headquartered in Ames, Iowa.

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1.b. Last Insights on WK

Workiva Inc.'s recent performance was negatively impacted by heavy selling pressure, leading to a 30.6% decline in four weeks. However, the company's Q4 2025 earnings report revealed a 123% year-over-year EPS increase, beating estimates. Additionally, strong revenue growth, improved operating leverage, and positive earnings momentum were noted. A Zacks Rank upgrade to #2 (Buy) reflects growing optimism about earnings prospects. Several institutional investors, including Cwm LLC and Aberdeen Group plc, have increased their stakes in the company, signaling confidence in its future outlook.

1.c. Company Highlights

2. Workiva's Q4 2025 Earnings: A Strong Finish to a Record Year

Workiva reported a strong Q4 2025, with total revenue growing 20% year-over-year to $239 million, beating guidance by $3 million. Subscription revenue was $219 million, up 21% year-over-year. The company also delivered a non-GAAP operating margin of 19.1%, beating guidance by 160 basis points. Earnings per share (EPS) came in at $0.55, significantly above estimates of $0.38. For the full year 2025, Workiva achieved 20% total revenue growth and 22% subscription revenue growth, well ahead of initial guidance.

Publication Date: Feb -22

📋 Highlights
  • Revenue Growth:: Q4 total revenue surged 20% YoY to $239M, with subscription revenue up 21% to $219M; full-year revenue grew 20% to $944M.
  • Margin Expansion:: Q4 non-GAAP operating margin reached 19.1%, exceeding guidance by 160 bps and improving 1,170 bps YoY; full-year margin hit 9.9%.
  • Customer Expansion:: 2,507 contracts over $100K (up 22% YoY), 6,624 customers (319 net adds YoY), with 110% NRR and 96% GRR modeled for 2026.
  • AI Adoption:: 30% of customers enabled AI capabilities, driving adoption in financial reporting and GRC solutions, with 150%+ account expansions in key deals.
  • Leadership & Capital:: Added 3 C-suite leaders (CRO, CPO, CFO) and 2 board members; $892M cash reserves with $250M share repurchase boost.

Revenue Growth Drivers

The strong revenue growth was driven by broad-based demand across Workiva's AI-powered platform, particularly in the office of the CFO. The company signed several large deals, including a mid-6-figure deal with a global fintech and insurance brokerage firm and a mid-6-figure account expansion deal with a large regional bank and mortgage originator. Workiva's GRC solutions also showed strong momentum, with deals signed with a top 5 Canadian bank and a U.S.-based industrial technology company.

AI Adoption and Innovation

Workiva is seeing increasing adoption of its AI capabilities, with almost 30% of customers enabling AI on their platform. The company is also accelerating the pace of AI product innovation, having launched an AI-powered capability that analyzes queries and manages data directly within the Workiva platform. According to Julie Iskow, "AI is a strong topic of conversation in customer conversations, and it's playing a role in buying decisions, especially with customers who are ready to move in this moment."

Outlook and Valuation

For 2026, Workiva expects total revenue to range from $1.036 billion to $1.04 billion, with subscription revenue growing approximately 19% year-over-year. The company also expects non-GAAP operating margin to range from 15% to 15.5%. Analysts estimate revenue growth at 15.5% for next year. With a current P/S Ratio of 3.9, the market is pricing in moderate growth expectations. The company's ROE of 56.7% and Free Cash Flow Yield of 4.0% are positives, but the negative P/E Ratio and EV/EBITDA indicate that the market is cautious about the company's profitability.

3. NewsRoom

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Workiva Inc. (WK) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

Mar -03

Source: seekingalpha.com

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1 Glorious Growth Stock to Buy Before It Soars by 45%, According to Wall Street

Feb -24

Source: fool.com

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Workiva (WK) Moves to Buy: Rationale Behind the Upgrade

Feb -24

Source: zacks.com

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Down 30.6% in 4 Weeks, Here's Why Workiva (WK) Looks Ripe for a Turnaround

Feb -24

Source: zacks.com

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Workiva to Present at Upcoming Investor Conferences

Feb -24

Source: businesswire.com

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Workiva Q4 Earnings Call Highlights

Feb -24

Source: defenseworld.net

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Workiva Surges on Strong Q4 Results and Positive Future Outlook

Feb -20

Source: gurufocus.com

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Workiva Inc. (WK) Q4 2025 Earnings Call Transcript

Feb -20

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.72%)

6. Segments

Subscription and Support

Expected Growth: 12%

Workiva's Subscription and Support growth is driven by increasing adoption of cloud-based compliance and regulatory reporting solutions, expansion into new markets, and growing demand for integrated risk and compliance platforms. Additionally, the company's strategic partnerships, innovative product offerings, and high customer retention rates contribute to its 12% growth.

eXtensible Business Reporting Language Professional Services

Expected Growth: 10%

Workiva's eXtensible Business Reporting Language (XBRL) Professional Services segment growth is driven by increasing demand for cloud-based compliance and reporting solutions, expansion into new markets, and strategic partnerships. Additionally, growing adoption of XBRL standards globally, and the need for companies to improve transparency and accuracy in financial reporting are also contributing to the 10% growth.

Other Services

Expected Growth: 8%

Workiva's Other Services segment growth is driven by increasing demand for cloud-based compliance and regulatory reporting solutions, expansion into new markets, and strategic partnerships. The company's platform, Wdesk, is gaining traction among large enterprises, leading to higher revenue growth. Additionally, the acquisition of Tagetik has strengthened Workiva's position in the financial reporting and compliance market.

7. Detailed Products

Wdesk

Wdesk is a cloud-based platform that provides a single, unified platform for risk, compliance, and management reporting.

Wdata

Wdata is a cloud-based data platform that enables organizations to collect, validate, and connect large datasets.

Wprep

Wprep is a cloud-based platform that automates the preparation of financial reports and filings.

Wtag

Wtag is a cloud-based platform that enables organizations to create, manage, and analyze XBRL (eXtensible Business Reporting Language) tags.

8. Workiva Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Workiva Inc. operates in a niche market, providing cloud-based compliance and regulatory reporting solutions. While there are some substitutes available, they are not as comprehensive as Workiva's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

Workiva Inc.'s customers are largely dependent on its solutions for compliance and regulatory reporting, giving the company significant bargaining power over its customers.

Bargaining Power Of Suppliers

Workiva Inc. has a diversified supplier base, and its suppliers do not have significant bargaining power over the company.

Threat Of New Entrants

The cloud-based compliance and regulatory reporting solutions market has high barriers to entry, including significant investment requirements and regulatory hurdles, making it difficult for new entrants to compete with Workiva Inc.

Intensity Of Rivalry

The cloud-based compliance and regulatory reporting solutions market is moderately competitive, with a few established players, including Workiva Inc. However, the company's strong brand recognition and customer loyalty help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 112.70%
Debt Cost 6.58%
Equity Weight -12.70%
Equity Cost 9.09%
WACC 6.26%
Leverage -887.33%

11. Quality Control: Workiva Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Pegasystems

A-Score: 4.9/10

Value: 1.3

Growth: 8.0

Quality: 8.7

Yield: 0.0

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Workiva

A-Score: 4.6/10

Value: 6.2

Growth: 6.7

Quality: 6.4

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

1-Year Total Return ->

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RingCentral

A-Score: 4.6/10

Value: 8.4

Growth: 7.8

Quality: 5.3

Yield: 0.0

Momentum: 2.5

Volatility: 3.3

1-Year Total Return ->

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Lyft

A-Score: 4.5/10

Value: 3.4

Growth: 7.4

Quality: 5.5

Yield: 0.0

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

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Guidewire Software

A-Score: 4.4/10

Value: 0.0

Growth: 8.3

Quality: 5.8

Yield: 0.0

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

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Zeta Global

A-Score: 2.9/10

Value: 3.1

Growth: 4.4

Quality: 5.2

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

64.9$

Current Price

64.9$

Potential

-0.00%

Expected Cash-Flows