Workiva Inc (WK)
NYSE:WK
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Workiva
(NYSE:WK)
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Rating:57Neutral
Price Target:
$54.00
▼(-3.78% Downside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by improving fundamentals—strong and growing free cash flow and expanding gross margins—offset by elevated balance-sheet risk (negative equity with substantial debt). Technicals are a major drag given the pronounced downtrend and very weak momentum indicators, while the earnings call guidance and retention strength provide a meaningful positive counterbalance. Valuation remains constrained by the lack of GAAP profitability and no dividend support.
Positive Factors
Cash generation
Workiva's rising free cash flow (FCF $138M in 2025, +5.9% YoY) provides a durable funding source for product investment, share repurchases and bolt-on initiatives without relying solely on equity financing. Strong FCF supports execution through cycles and reduces refinancing pressure while management converts operating momentum to liquidity.
Negative Factors
Elevated leverage
High absolute debt (~$792M) combined with negative equity (-$5.4M) leaves a thin balance sheet cushion. This structural leverage increases refinancing and covenant risk, limits strategic optionality and raises sensitivity to slower cash flow or higher rates, constraining long‑term capital allocation flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Workiva's rising free cash flow (FCF $138M in 2025, +5.9% YoY) provides a durable funding source for product investment, share repurchases and bolt-on initiatives without relying solely on equity financing. Strong FCF supports execution through cycles and reduces refinancing pressure while management converts operating momentum to liquidity.
Read all positive factors
Workiva (WK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.98B
Dividend YieldN/A
Average Volume (3M)727.56K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth19.86%
EPS Growth8.58%
CountryUS
Employees2,873
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.78
Shares Outstanding53,227,060
10 Day Avg. Volume652,904
30 Day Avg. Volume727,562
Financial Highlights & Ratios
PEG Ratio3.53
Price to Book (P/B)-892.84
Price to Sales (P/S)5.49
P/FCF Ratio35.17
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue4.07
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda-358.21
Forecast
1Y Price Target
$89.33Price Target Upside59.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.71
Revenue Forecast (FY)$1.04B
Workiva Business Overview & Revenue Model
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 permiss...
How the Company Makes Money
Workiva primarily makes money by selling subscriptions to its cloud-based software platform and related solutions. Revenue is mainly generated from recurring SaaS subscription fees paid by customers (typically enterprises) to access the Workiva pl...
Workiva Key Performance Indicators (KPIs)
Any
Customers Over $100,000 Annual Contract Value
Highlights the number of high-value clients, indicating the company's ability to attract and retain significant business relationships that drive substantial revenue.
Highlights the number of high-value clients, indicating the company's ability to attract and retain significant business relationships that drive substantial revenue.
Data provided by:
The Fly
The FlyWorkiva Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call communicated broad-based durable growth, accelerating profitability, strong cash generation, multi-product momentum, and rising AI adoption — with management providing confident 2026 guidance toward $1B+ revenue and improved margins. Noted headwinds were moderation in sustainability demand, measured IPO activity in Q4, flat professional services revenue, and modest favorable FX impacts. On balance, the positives — including revenue beats, margin outperformance, strong retention and cash flow — materially outweigh the limited challenges discussed.Positive Updates
Strong Q4 and Full-Year Revenue Growth
Q4 total revenue of $239M, up 20% year-over-year; Q4 subscription revenue of $219M, up 21% year-over-year. Full-year 2025 total revenue of $885M, up 20% and subscription revenue of $813M, up 22%.
Negative Updates
Moderation in Sustainability Demand
Management noted sustainability reporting demand moderated in 2025 versus 2024 highs, driven by changing political and regulatory landscape, though they remain optimistic for 2026 and beyond.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 and Full-Year Revenue Growth
Q4 total revenue of $239M, up 20% year-over-year; Q4 subscription revenue of $219M, up 21% year-over-year. Full-year 2025 total revenue of $885M, up 20% and subscription revenue of $813M, up 22%.
Read all positive updates
Company Guidance
Workiva guided Q1 2026 total revenue of $244–$246 million, services revenue to be roughly flat year‑over‑year, and non‑GAAP operating margin of 15.5%–16%; for full‑year 2026 they expect total revenue of $1.036–$1.04 billion, subscription revenue to grow ~19% YoY, services revenue roughly flat, non‑GAAP operating margin of 15%–15.5% and free cash flow margin of ~19%. They said the finance team is modeling 2026 gross retention at 96% and net retention at 110%, are assuming FX at January 2026 rates, reiterated the 2027 and 2030 targets remain unchanged, and expect to achieve GAAP profitability in 2026.Workiva Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
30
Negative
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 884.57M | 738.68M | 630.04M | 537.88M | 443.29M |
| Gross Profit | 694.14M | 566.63M | 475.82M | 407.99M | 339.45M |
| EBITDA | 1.35M | -25.57M | -59.32M | -72.75M | -19.84M |
| Net Income | -26.17M | -55.04M | -127.53M | -90.95M | -37.73M |
Balance Sheet | |||||
| Total Assets | 1.49B | 1.37B | 1.22B | 819.62M | 786.76M |
| Cash, Cash Equivalents and Short-Term Investments | 891.62M | 816.42M | 813.72M | 430.79M | 530.45M |
| Total Debt | 807.82M | 793.28M | 793.18M | 373.17M | 337.74M |
| Total Liabilities | 1.50B | 1.41B | 1.31B | 813.64M | 713.78M |
| Stockholders Equity | -5.44M | -41.68M | -89.39M | 5.98M | 72.98M |
Cash Flow | |||||
| Free Cash Flow | 138.00M | 86.15M | 68.52M | 7.72M | 46.09M |
| Operating Cash Flow | 140.07M | 87.71M | 70.88M | 11.33M | 49.84M |
| Investing Cash Flow | -34.95M | -45.25M | -357.25M | -68.01M | -68.63M |
| Financing Cash Flow | -74.94M | 6.74M | 301.26M | -1.59M | -3.39M |
Workiva Technical Analysis
Negative
56.12
Price Trends
62.12
Negative
74.80
Negative
76.94
Negative
Market Momentum
-2.12
Positive
39.27
Neutral
23.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WK, the sentiment is Negative. The current price of 56.12 is below the 20-day moving average (MA) of 59.08, below the 50-day MA of 62.12, and below the 200-day MA of 76.94, indicating a bearish trend. The MACD of -2.12 indicates Positive momentum. The RSI at 39.27 is Neutral, neither overbought nor oversold. The STOCH value of 23.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WK.
Workiva Risk Analysis
Workiva disclosed 46 risk factors in its most recent earnings report. Workiva reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Workiva Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $6.16B | 27.21 | 77.38% | 2.11% | 17.83% | 118.70% | |
73 Outperform | $2.15B | 19.41 | 18.70% | ― | 18.18% | 70.94% | |
66 Neutral | $1.60B | 26.41 | 7.96% | ― | 1.47% | 1077.70% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $2.98B | -185.47 | 56.70% | ― | 19.86% | 8.58% | |
56 Neutral | $5.37B | ― | -8.04% | ― | 24.27% | 73.11% | |
54 Neutral | $1.80B | 168.71 | 6.57% | ― | 7.36% | -40.62% |
* Technology Sector Average
WK
Workiva
56.12
-13.30
-19.16%
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Workiva Corporate Events
Business Operations and StrategyExecutive/Board Changes
Workiva reshapes board with new independent leadership
Positive
Jan 28, 2026
On January 27–28, 2026, Workiva announced a reshaping of its board, highlighted by the resignation of Lead Independent Director David S. Mulcahy and the appointment of Suku Radia as his successor, while simultaneously expanding the board to ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.