Workiva Inc.

Rank #79Startup

WK · NYSE · Technology

Workiva Inc. (WK) — Rank #79 by gross profitability (GP/assets 0.51) · ROE 27.0% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001445305 · all metrics point-in-time as of the filing date.

About

Workiva Inc., together with its subsidiaries, provides cloud-based reporting solutions in the United States and internationally.

The company provides Workiva platform, a multi-tenant cloud software that provides data-linking capabilities; audit trail services; administrators access management; and connects and transforms data from various enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications. It serves public and private companies, government agencies, and higher-education institutions. Workiva Inc.

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

Industry: Software - Application
Sector: Technology
State: DE
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: workiva.com

Price History

WK-51.8% · -13.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

$4.28B

P/E (annual)

—

P/S (annual)

4.8

P/B

—

P/OCF (annual)

30.6

Shareholder Yield

-1.7%

Employees

2,887

Industry

Software - Application

Exchange

NYSE

Signal Flags

4 green

Revenue growth acceleratingGrowth rate increasing year over year

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass

GP / assets

0.51

Return on equity

27.0%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

—

Current ratio

1.47×

Net cash

$815.24M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

13.9%

Growth

2/2 pass

Revenue growth

19.7%

Piotroski F-Score

N/A

Share dilution

1.7%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

13.7%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 1.7% — per-share value needs a total required return of 15.4% once share-count change is priced in.

vs. own 6-year median revenue growth: 18.9%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

9.1%

r = 10% (base)

13.7%

r = 12%

17.7%

Net debt / market cap: -19.0%

Note: current FCF margin is 1.6σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $138M3Y mean FCF: $97.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

3.8xCheap

3.8xmed 8.1x11.8x

P / GP

Price / gross profit per share

4.8xCheap

4.8xmed 10.7x15.5x

P / FCF

Price / free cash flow per share

24.2xCheap

24.2xmed 74.1x574.9x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Gross margin78.5% now vs 71.5%–78.5% 10yr range

1.7σ above average

Operating margin-4.8% now vs -20.4%–-4.8% 10yr range

1.6σ above average

Net margin-3.0% now vs -20.5%–-3.0% 10yr range

1.8σ above average

FCF margin15.6% now vs 1.5%–15.6% 10yr range

1.6σ above average

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.51

Primary signal (Novy-Marx).

73rd pctl of 38 SIC 7372 peers

Return on equity

27.0%

Gross margin

78.5%

73rd pctl of 38 SIC 7372 peers

Revenue growth (YoY)

19.7%

RPO growth (YoY)

19.9%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2022	2023	2024	2025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

18.0%

Revenue CAGR (5Y)

20.3%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

159.7%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

—

Current ratio

1.47×

27th pctl of 38 SIC 7372 peers

Quick ratio

1.33×

Net cash

$815.24M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$138.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

6.27

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

13.9%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

2020

2021-2022

2023-2025

20202025

Startup

Hypergrowth

Lynch sell alert: Turnaround stalled

Classified startup for 2 consecutive fiscal years (2024-12-31, 2025-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.

View full financial statements →