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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's recent performance was driven by its Q3 2025 earnings and revenue beat, with quarterly earnings of $0.55 per share exceeding the Zacks Consensus Estimate of $0.38 per share. The company's AI-powered platform for transparency, accountability, and trust saw broad-based demand across its solution portfolio. Workiva's operational improvements focus on go-to-market efficiency, AI monetization, and strong momentum in Governance, Risk, and Compliance (GRC) segments. The appointment of Michael Pinto as Chief Revenue Officer, with over 25 years of experience driving growth at innovative technology companies, is expected to further boost growth.

1.c. Company Highlights

2. Workiva's Q3 2025 Earnings: A Strong Beat on Revenue and Margin

Workiva delivered a robust Q3 2025, with total revenue reaching $224 million, a 21% increase from Q3 2024, and subscription revenue growing 23% year-over-year. The company's non-GAAP operating margin for the quarter was 12.7%, a 470 basis point beat on the high end of guidance. The actual EPS came out at $0.55, significantly higher than the estimated $0.38. The strong financial performance was driven by continued demand for Workiva's broad portfolio of solutions and its AI-powered platform.

Publication Date: Nov -15

📋 Highlights
  • Revenue Growth Exceeds Guidance: Total revenue reached $224M (21% YoY) with subscription revenue up 23%, surpassing Q3 2024 figures.
  • Large Contract Expansion: Contracts over $100k, $300k, and $500k grew 23%, 41%, and 42% respectively, reflecting strong enterprise demand.
  • Margin Improvement: Non-GAAP operating margin hit 12.7%, a 470-basis-point beat vs. guidance and 860-basis-point increase YoY.
  • Strategic Deal Wins: Secured mid-6-figure account expansions with a top-5 pharma company and a North American telecom/media firm.
  • Guidance Raised: Full-year 2025 revenue updated to $880–$882M, with subscription growth of ≥21% and non-GAAP margin guidance raised by 200 bps.

Revenue Growth Drivers

The growth in subscription revenue was led by customers with multiple solutions, with 73% of subscription revenue generated from customers with multiple solutions, up from 68% in Q3 2024. Large contract customer metrics also reflected strong momentum, with 2,372 contracts valued at over $100,000 per year, up 23% from Q3 2024. Representative Q3 deals demonstrate Workiva's success as a global platform company, such as a top 5 global pharmaceutical company signing a mid-6-figure 2-solution account expansion deal.

Margin Expansion and Guidance

Workiva is raising its full year 2025 revenue guidance due to the Q3 revenue beat and is also increasing its non-GAAP operating margin guide by 200 basis points at the midpoint. The company's commitment to productivity and operational efficiency has led to a 400 basis point improvement in operating margin. Workiva expects to continue making progress towards its 2027 medium-term revenue and operating margin goals.

Valuation and Outlook

With a P/S Ratio of 6.33, the market is pricing in a certain level of revenue growth. Analysts estimate next year's revenue growth at 15.9%. Considering Workiva's strong Q3 performance and guidance, it remains to be seen if the company can meet or exceed these expectations. The stock's ROE of 113.44% and ROIC of -12.07% indicate a mixed picture, with high returns on equity but negative returns on invested capital.

3. NewsRoom

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Workiva to Present at Upcoming Investor Conference

Dec -03

Source: businesswire.com

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Edgestream Partners L.P. Invests $5.02 Million in Workiva Inc. $WK

Dec -03

Source: defenseworld.net

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Is Workiva's Slide Creating an Opening for Long-Term Investors as a Major Fund Initiates a New Stake?

Dec -03

Source: fool.com

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Workiva Appoints Deepak Bharadwaj as EVP & Chief Product Officer to Fuel AI-Powered Platform Innovation

Dec -01

Source: businesswire.com

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Salesforce Inc. Leads HOTCHKIS & WILEY's Strategic Portfolio Moves

Nov -14

Source: gurufocus.com

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Acadian Asset Management LLC Has $5.89 Million Stock Position in Workiva Inc. $WK

Nov -14

Source: defenseworld.net

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Aggressive Accumulation: Fund Manager Backs Up the Truck for Software Stock

Nov -10

Source: fool.com

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1 Glorious Growth Stock Down 48% to Buy Hand Over Fist, According to Wall Street

Nov -09

Source: fool.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: 5.1/10

Value: 1.3

Growth: 8.0

Quality: 9.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Workiva

A-Score: 4.9/10

Value: 6.5

Growth: 6.7

Quality: 6.5

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Lyft

A-Score: 4.7/10

Value: 2.9

Growth: 7.7

Quality: 6.1

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

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RingCentral

A-Score: 4.6/10

Value: 8.1

Growth: 7.8

Quality: 5.3

Yield: 0.0

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Guidewire Software

A-Score: 4.5/10

Value: 0.0

Growth: 8.3

Quality: 6.2

Yield: 0.0

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Zeta Global

A-Score: 2.6/10

Value: 3.1

Growth: 4.4

Quality: 4.8

Yield: 0.0

Momentum: 1.0

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

92.15$

Current Price

92.15$

Potential

-0.00%

Expected Cash-Flows