Workiva (WK) AI Stock Analysis

• Market Cap: $3.28B
• Dividend Yield: N/A
• Average Volume (3M): 977.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: 19.86%
• EPS Growth: 8.58%
• Country: US
• Employees: 2,873
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.78
• Shares Outstanding: 53,227,060
• 10 Day Avg. Volume: 1,443,107
• 30 Day Avg. Volume: 977,695
• PEG Ratio: 3.53
• Price to Book (P/B): -892.84
• Price to Sales (P/S): 5.49
• P/FCF Ratio: 35.17
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 4.28
• Enterprise Value/Gross Profit: 5.46
• Enterprise Value/Ebitda: -376.61
• 1Y Price Target: $89.43
• Price Target Upside: 51.29% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 2.17
• Revenue Forecast (FY): $1.02B

• Rating: 57 Neutral
• Price Target: $61.00 ▲(3.20% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 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

Free cash flow generation

Consistent, rising free cash flow provides durable funding for R&D, strategic investments, and the $250M buyback capacity. Strong FCF cushions execution risk, supports debt service and gives management flexibility to pursue growth or return capital while pursuing GAAP profitability.

High and expanding margins

SaaS economics and operating leverage are delivering materially higher non‑GAAP margins and expanding gross margins, indicating durable unit economics. This structural margin improvement supports reinvestment in product and sales while improving the path to sustained GAAP profitability.

Strong subscription retention and expansion

High gross and net retention plus rising large‑contract counts show sticky, recurring revenue and effective upsell across solutions. Durable subscription growth reduces churn sensitivity and supports predictable revenue streams and long‑term unit economics across multiple product lines.

Negative Factors

Elevated leverage and negative equity

A negative equity base with substantial debt elevates refinancing and solvency risk versus peers. Even with improving operations, thin balance‑sheet cushion limits downside protection, raises interest and covenant sensitivity, and constrains capital allocation flexibility over the medium term.

GAAP profitability not yet achieved

Although losses are shrinking, persistent GAAP losses indicate the company still must convert strong cash performance and non‑GAAP margins into consistent GAAP profitability. This transitional gap can limit investor confidence and requires sustained execution on cost and revenue levers.

Flat professional services revenue

Stagnant services revenue reflects limited growth from implementation/consulting and a shift to partners for low‑margin setups. That reduces a route to faster adoption and higher margins from services‑led expansion, potentially slowing multi‑product uptake in some enterprise segments.

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 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.

How the Company Makes Money

Workiva generates revenue primarily through subscription-based services, charging customers for access to its cloud platform on a recurring basis. The company offers various pricing tiers based on the size of the organization and the features required, allowing it to cater to a diverse client base that includes public and private companies, as well as government entities. Additionally, Workiva may earn revenue from professional services, such as implementation support, training, and consulting, which help clients maximize the value of their software solutions. Key revenue streams are bolstered by a growing customer base and long-term contracts, providing predictable income. Partnerships with other technology providers and integrations with popular financial and enterprise resource planning systems enhance its market presence and contribute to customer retention, further supporting its revenue model.

Workiva Financial Statement Overview

Summary

Strong and improving free cash flow (FCF $138M in 2025; +5.9% YoY) and high/expanding gross margin (~78%) support a solid operating trajectory. However, the company remains GAAP net-loss-making (net margin ~-3% in 2025) and the balance sheet is a key risk with negative equity (-$5.4M) alongside sizable debt (~$792M).

Income Statement

Revenue has scaled steadily from $352M (2020) to $885M (2025) with continued growth in 2025 (+4.6%), but the growth rate has decelerated versus earlier years. Profitability is improving meaningfully (net loss narrowed to -$26M in 2025 from -$128M in 2023), and gross margins are strong and expanding (~78% in 2025). However, the business remains net-loss-making with a negative net margin (~-3% in 2025) and negative EBITDA margin (~-4.8%), indicating the model is not yet consistently profitable.

Balance Sheet

Leverage looks elevated relative to the equity base: total debt is ~$792M (2025) while stockholders’ equity is slightly negative (-$5.4M), which makes debt-to-equity unfavorable and signals thin balance-sheet cushion. Total assets have grown to ~$1.49B, but the negative equity position increases financial risk and reduces flexibility versus typical software peers, even as operating performance is improving.

Cash Flow

Cash generation is a clear strength. Operating cash flow and free cash flow have risen materially, reaching $140M and $138M in 2025, respectively, with positive free-cash-flow growth in 2025 (+5.9%). Free cash flow is strong relative to net results (free cash flow is roughly on par with the net loss magnitude in 2025), supporting liquidity and ongoing investment. The key watch-out is that cash flow strength is occurring alongside GAAP losses, so sustained profitability conversion remains the next milestone.

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

• Technical Analysis Sentiment: Negative
• Last Price: 59.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 59.11 is below the 20-day moving average (MA) of 66.62, below the 50-day MA of 78.36, and below the 200-day MA of 78.21, indicating a bearish trend. The MACD of -6.29 indicates Positive momentum. The RSI at 28.91 is Positive, neither overbought nor oversold. The STOCH value of 16.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WK.

Workiva Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
YOU	78 Outperform	$4.46B	29.88	130.93%	2.11%	17.83%	118.70%
FRSH	71 Outperform	$2.02B	11.19	16.93%	―	18.18%	70.94%
GTM	66 Neutral	$1.83B	15.84	7.76%	―	1.47%	1077.70%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
COMP	60 Neutral	$6.83B	-84.23	-9.39%	―	24.27%	73.11%
WK	57 Neutral	$3.28B	-124.55	―	―	19.86%	8.58%
BL	53 Neutral	$1.93B	85.02	6.29%	―	7.36%	-40.62%

Workiva Corporate Events

Workiva reshapes board with new independent leadership

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 eight members. Former Cisco and Autodesk CFO Scott Herren will join as an independent Class III director effective March 2026, and former Workday co-president and CFO Mark Peek will join as an independent Class I director effective June 2026, both bringing extensive experience in scaling high‑growth SaaS and enterprise technology companies and in leading complex financial and operational transformations. The addition of these veteran finance and technology operators, alongside the leadership transition in the lead independent director role, is poised to strengthen Workiva’s board oversight, deepen its strategic focus on the office of the CFO, and support the company’s efforts to pursue sustained growth and shareholder value in an increasingly AI‑driven reporting and compliance market.

The most recent analyst rating on (WK) stock is a Buy with a $113.00 price target. To see the full list of analyst forecasts on Workiva stock, see the WK Stock Forecast page.

Workiva Appoints Barbara Larson as New CFO

On December 3, 2025, Workiva Inc. announced the appointment of Barbara Larson as Executive Vice President, Chief Financial Officer, and Treasurer, effective January 20, 2026. Larson, who has extensive experience in financial leadership roles at companies like SentinelOne and Workday, will oversee Workiva’s financial strategy and operations, focusing on accelerating global growth and expanding the adoption of its AI-powered platform. This strategic move is expected to enhance Workiva’s operational rigor and help the company leverage AI for financial transformation, thereby building trust and transparency with stakeholders. Additionally, Julie Iskow was appointed as Interim CFO to bridge the transition period following the departure of Jill Klindt, ensuring continuity in leadership until Larson’s official start date.

The most recent analyst rating on (WK) stock is a Hold with a $92.00 price target. To see the full list of analyst forecasts on Workiva stock, see the WK Stock Forecast page.