Workiva Inc (WK)

Price$76.55Cached quoteAs of 2026-09-05 04:47 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because improving cash generation offsets a still-demanding earnings valuation.

At the observed market price, Workiva’s equity value is roughly $4.1 billion using about 54.4 million shares outstanding. Management guides to about $1.04 billion of 2026 revenue and a 21% free-cash-flow margin, meaning cash left after running and investing in the business would equal about 21% of revenue. That puts the shares near 19 times guided free cash flow and about 22 times adjusted earnings, which exclude stock compensation and some acquisition costs, but above 60 times guided reported earnings. Growth makes those levels defensible, not clearly cheap.

Big pictureRevenue keeps growing near twenty percent while profits and cash flow finally turn durable.

Revenue rose from $352 million in 2020 to $885 million in 2025, with no annual decline in the supplied history. The latest quarter added 19% growth, 97% gross retention, meaning few customer dollars left, and 111% net retention, meaning existing customers expanded spending after churn. Reported operating margin—the operating profit or loss as a share of revenue—improved from a 10.2% loss a year earlier to a 4.6% profit. First-half free cash flow reached $104 million versus $41 million. Compliance-heavy subscriptions should also be less cyclical than discretionary software.

Business strengthSticky subscriptions, rising large accounts, and ample liquid assets give Workiva a durable operating base.

Subscription and support revenue was $236 million in the second quarter, 19% higher than a year earlier, while customers above $300,000 of annual contract value rose 34%. The June balance sheet held about $815 million of cash plus marketable securities against about $769 million of convertible notes, debt that can convert into shares, and current assets exceeded current liabilities by about $341 million. Stockholders’ equity was still negative $97 million. Stock compensation was $58 million in the first half; buybacks of about $173 million reduced share count but used real cash.

What could change the storyFaster profitable growth would create upside; slower expansion or weaker retention would expose the valuation quickly.

The bull case is straightforward: sustain roughly 19% revenue growth while keeping free-cash-flow margins near 21%, and today’s price of about 19 times annual cash generation could become cheap as earnings catch up. The bear case is growth slipping toward the low teens while stock compensation stays near its recent dollar level, leaving less value for owners than headline cash flow suggests. Watch net retention, large-contract growth, reported operating margins, and share count. Renewed losses or rising dilution would weaken the thesis quickly.

AI: News

Second-quarter profit turnWorkiva beat quarterly expectations and raised profitability guidance, but investors initially questioned whether growth could stay near twenty percent.

On August 4, 2026, second-quarter revenue reached $255 million, up 19%, while reported operating margin improved to 4.6% from a 10.2% loss a year earlier. Management raised full-year reported operating-margin guidance to 5.7%-5.8% and free-cash-flow margin guidance to about 21%. Investing.com reported an 8.2% after-hours share decline despite the beat and said investors focused on the outlook. The initial reaction was negative, but later trading changed, so it should not be treated as proof of a lasting reassessment.

Profitability and repurchase resetA strong year-end report and a much larger share repurchase plan reset expectations for faster profit improvement.

On February 19, 2026, Workiva reported 2025 revenue of $885 million, up 20%, and free cash flow of $138 million, up from $86 million in 2024. Fourth-quarter reported operating margin turned positive at 3.4%. The board also added $250 million to the share repurchase authorization. Investing.com reported shares rose 7.2% after hours. The combination mattered because it paired durable growth with visible margin progress and a larger commitment to reducing the share count.

Activist pushes strategic reviewIrenic’s stake introduced pressure for board changes, better efficiency, and a possible sale of Workiva.

Reuters reported on September 29, 2025 that Irenic Capital had built roughly a 2% stake and wanted two board seats, annual director elections, a simpler share structure, better operating efficiency, and a review of strategic alternatives including a sale. Reuters-linked market coverage said the shares briefly rose about 1.1% after the report. The event mattered because it created an outside path to faster cost discipline or a transaction, though neither outcome was guaranteed.

Loading local price history

Revenue

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014 · Dec 31	2014 · Dec 10	2013	2012
Revenue	$884.6M	$738.7M	$630.0M	$537.9M	$443.3M	$351.6M	$297.9M	$244.3M	$207.9M	$178.6M	$29.0M	$21.4M	—	$20.0M	$18.2M
Gross profit	$694.1M	$566.6M	$475.8M	$408.0M	$339.5M	$261.4M	$212.9M	$178.5M	$147.6M	$127.0M	$105.1M	$78.8M	—	$60.5M	$33.9M
Gross margin	78.47%	76.71%	75.52%	75.85%	76.58%	74.35%	71.46%	73.05%	71.02%	71.10%	362.50%	368.70%	—	302.71%	185.87%
Research & development	$214.8M	$192.9M	$172.8M	$151.7M	$115.7M	$94.8M	$89.9M	$81.6M	$68.2M	$57.4M	$50.5M	$44.1M	—	$34.1M	$18.4M
Operating expenses	$736.6M	$643.2M	$570.3M	$496.8M	$368.8M	$299.2M	$258.3M	$228.3M	$191.9M	$170.6M	$148.8M	$117.4M	—	$89.8M	$62.1M
Operating income	−$42.4M	−$76.5M	−$94.5M	−$88.8M	−$29.4M	−$37.8M	−$45.4M	−$49.8M	−$44.3M	−$43.6M	−$43.7M	−$38.6M	—	−$29.3M	−$28.2M
Operating margin	−4.80%	−10.36%	−15.00%	−16.50%	−6.62%	−10.75%	−15.24%	−20.38%	−21.31%	−24.39%	−150.71%	−180.61%	—	−146.51%	−154.66%
EBITDA	−$31.5M	−$65.5M	−$83.4M	−$78.6M	−$24.1M	−$33.5M	−$41.6M	−$46.0M	−$40.8M	−$39.8M	−$39.3M	−$34.7M	—	−$26.9M	−$27.2M
EBITDA margin	−3.56%	−8.87%	−13.24%	−14.60%	−5.44%	−9.53%	−13.95%	−18.83%	−19.61%	−22.26%	−135.50%	−162.48%	—	−134.63%	−148.96%
Net income	−$26.2M	−$55.0M	−$127.5M	−$90.9M	−$37.7M	−$48.4M	−$47.5M	−$50.1M	−$44.4M	−$44.0M	−$43.4M	−$41.2M	−$35.2M	−$29.5M	−$30.6M
Net profit margin	−2.96%	−7.45%	−20.24%	−16.91%	−8.51%	−13.77%	−15.94%	−20.49%	−21.37%	−24.62%	−149.73%	−192.52%	—	−147.82%	−167.72%
Basic EPSper basic share	-$0.47	-$0.99	-$2.36	-$1.72	-$0.74	-$1.00	-$1.03	-$1.15	-$1.07	-$1.08	-$1.09	-$1.28	—	-$0.94	-$1.16
Diluted EPSper diluted share	-$0.47	-$0.99	-$2.36	-$1.72	-$0.74	-$1.00	-$1.03	-$1.15	-$1.07	-$1.08	-$1.09	-$1.28	—	-$0.94	-$1.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.90%of listed shares

BlackRock, Inc.5.51M shares · Jun 30, 2026

View holders

Top 20 reported holders of WK
Holder	% owned
BlackRock, Inc.	10.90%5.51M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	8.01%4.05M shares
Jericho Capital Asset Management L.P.	6.89%3.48M shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	5.10%2.58M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.53%2.29M shares
FMR LLC	3.36%1.7M shares
STATE STREET CORP	2.92%1.48M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.81%1.42M shares
GEODE CAPITAL MANAGEMENT, LLC	2.56%1.29M shares
EDMOND DE ROTHSCHILD HOLDING S.A.	2.51%1.27M shares
Squarepoint Ops LLC	2.47%1.25M shares
FIRST TRUST ADVISORS LP	2.23%1.13M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.91%966.64K shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.87%943.49K shares
Topline Capital Management, LLC	1.72%871.1K shares
MAIRS & POWER INC	1.64%829.49K shares
BANK OF AMERICA CORP /DE/	1.59%804.18K shares
UBS Group AG	1.56%787.65K shares
VANDERPLOEG MARTIN J.	≈1.45%732.16K shares
AQR CAPITAL MANAGEMENT LLC	1.41%713.21K shares

Percentages use 50.52M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$895.8K disclosed value

Sells (SEC code S)17$7.38M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4	Herz Robert HDirector	SellClass A Common Stock	1.5K	$51.23	$76.8K	37.4K
May 29, 2026Form 4	Herz Robert HDirector	SellClass A Common Stock	1.0K	$49.69	$49.7K	34.8K
Dec 10, 2025Form 4	Herz Robert HDirector	SellClass A Common Stock	1.5K	$91.44	$137.2K	35.8K
Dec 10, 2025Form 4	MULCAHY DAVID S.Director	SellClass A Common Stock	1.2K	$91.50	$106.3K	240.4K
Nov 26, 2025Form 4	MULCAHY DAVID S.Director	SellClass A Common Stock	808	$92.01	$74.3K	241.5K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about WK yet. Start the conversation.

Write the first post

Workiva Inc (WK)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.