Workiva (WK)
Market Price (9/13/2026): $71.865 | Market Cap: $4.0 BilSector: Information Technology | Industry: Application Software
Workiva (WK)
Market Price (9/13/2026): $71.865Market Cap: $4.0 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Attractive yieldFCF Yield is 5.0% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Cloud Computing, Sustainable Finance, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -107% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 85x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Key risksWK key risks include [1] a significant revenue dependence on the regulatory environment for SEC filings and [2] a consistent history of unprofitability since its inception. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Attractive yieldFCF Yield is 5.0% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Sustainable Finance, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -107% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 85x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksWK key risks include [1] a significant revenue dependence on the regulatory environment for SEC filings and [2] a consistent history of unprofitability since its inception. |
Qualitative Assessment
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Workiva (WK) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results.
Workiva significantly surpassed analyst expectations for both revenue and earnings per share for the fiscal quarter ended June 30, 2026. The company reported an Adjusted EPS of $0.77, beating the Zacks Consensus Estimate of $0.64 per share by $0.14. Quarterly revenue rose 18.6% year-over-year to $255.29 million, exceeding analysts' expectations of $251.16 million. This strong financial performance was highlighted by a return to GAAP profitability, with net income reaching $13.4 million, or $0.24 per diluted share, compared to a net loss of $19.4 million in the prior year's fiscal Q2. Non-GAAP operating margin also saw a significant improvement, reaching 16.8%, a 1,300 basis point increase year-over-year.
2. Raised Full-Year Guidance and Robust Operating Metrics.
Following the strong fiscal Q2 2026 performance, Workiva raised its full-year 2026 non-GAAP operating margin guidance to approximately 18% and its non-GAAP free cash flow margin outlook to approximately 21%. The company also reported strong underlying operating metrics, serving 6,750 customers with a net retention rate of 110.5%, surpassing its target of 110%. Furthermore, growth in large contracts was notable, with those valued over $300,000 annually increasing by 34% and contracts over $500,000 annually growing by 33% in fiscal Q2 2026.
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Workiva (WK) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results.
Workiva significantly surpassed analyst expectations for both revenue and earnings per share for the fiscal quarter ended June 30, 2026. The company reported an Adjusted EPS of $0.77, beating the Zacks Consensus Estimate of $0.64 per share by $0.14. Quarterly revenue rose 18.6% year-over-year to $255.29 million, exceeding analysts' expectations of $251.16 million. This strong financial performance was highlighted by a return to GAAP profitability, with net income reaching $13.4 million, or $0.24 per diluted share, compared to a net loss of $19.4 million in the prior year's fiscal Q2. Non-GAAP operating margin also saw a significant improvement, reaching 16.8%, a 1,300 basis point increase year-over-year.
2. Raised Full-Year Guidance and Robust Operating Metrics.
Following the strong fiscal Q2 2026 performance, Workiva raised its full-year 2026 non-GAAP operating margin guidance to approximately 18% and its non-GAAP free cash flow margin outlook to approximately 21%. The company also reported strong underlying operating metrics, serving 6,750 customers with a net retention rate of 110.5%, surpassing its target of 110%. Furthermore, growth in large contracts was notable, with those valued over $300,000 annually increasing by 34% and contracts over $500,000 annually growing by 33% in fiscal Q2 2026.
3. Strategic AI Product Innovation.
Workiva enhanced its platform with significant AI innovations, launching specialized AI agents and an "Intelligence Layer" on July 29, 2026. These new tools are designed to advance high-stakes financial, ESG (Environmental, Social, and Governance), and regulatory reporting by making complex workflows more efficient and audit-ready. This strategic focus on AI-powered solutions is a key driver for securing larger multi-solution deals with global enterprises and is expected to contribute to future revenue growth.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Workiva's strong financial performance and strategic initiatives were met with positive reception from the analyst community. The stock has a consensus rating of "Moderate Buy" from Wall Street analysts. Several firms upgraded their ratings and increased price targets following the fiscal Q2 2026 earnings report, indicating increased confidence in the company's outlook. For instance, Robert W. Baird boosted its price objective for Workiva from $74.00 to $95.00 in early September 2026, while Zacks Research raised the stock from a "hold" to a "strong-buy" rating.
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Stock Movement Drivers
Fundamental Drivers
The 44.4% change in WK stock from 5/31/2026 to 9/12/2026 was primarily driven by a 217.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.78 | 71.86 | 44.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 926 | 966 | 4.3% |
| Net Income Margin (%) | 1.5% | 4.9% | 217.6% |
| P/E Multiple | 199.4 | 85.0 | -57.4% |
| Shares Outstanding (Mil) | 57 | 56 | 2.2% |
| Cumulative Contribution | 44.4% |
Market Drivers
5/31/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| WK | 44.4% | |
| Market (SPY) | 1.0% | -2.1% |
| Sector (XLK) | -1.8% | -29.4% |
Fundamental Drivers
The 16.7% change in WK stock from 2/28/2026 to 9/12/2026 was primarily driven by a 9.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.58 | 71.86 | 16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 885 | 966 | 9.2% |
| P/S Multiple | 3.9 | 4.1 | 5.4% |
| Shares Outstanding (Mil) | 56 | 56 | 1.4% |
| Cumulative Contribution | 16.7% |
Market Drivers
2/28/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| WK | 16.7% | |
| Market (SPY) | 11.7% | -6.1% |
| Sector (XLK) | 35.4% | -19.0% |
Fundamental Drivers
The -12.6% change in WK stock from 8/31/2025 to 9/12/2026 was primarily driven by a -27.6% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.24 | 71.86 | -12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 807 | 966 | 19.7% |
| P/S Multiple | 5.7 | 4.1 | -27.6% |
| Shares Outstanding (Mil) | 56 | 56 | 0.8% |
| Cumulative Contribution | -12.6% |
Market Drivers
8/31/2025 to 9/12/2026| Return | Correlation | |
|---|---|---|
| WK | -12.6% | |
| Market (SPY) | 19.5% | 4.0% |
| Sector (XLK) | 43.6% | -5.7% |
Fundamental Drivers
The -35.8% change in WK stock from 8/31/2023 to 9/12/2026 was primarily driven by a -60.1% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 111.85 | 71.86 | -35.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 582 | 966 | 66.0% |
| P/S Multiple | 10.4 | 4.1 | -60.1% |
| Shares Outstanding (Mil) | 54 | 56 | -2.9% |
| Cumulative Contribution | -35.8% |
Market Drivers
8/31/2023 to 9/12/2026| Return | Correlation | |
|---|---|---|
| WK | -35.8% | |
| Market (SPY) | 75.7% | 29.1% |
| Sector (XLK) | 117.7% | 21.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WK Return | 42% | -36% | 21% | 8% | -21% | -17% | -22% |
| Peers Return | 45% | -17% | 38% | 29% | -1% | -20% | 70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| WK Win Rate | 75% | 50% | 75% | 50% | 33% | 22% | |
| Peers Win Rate | 58% | 35% | 65% | 60% | 47% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| WK Max Drawdown | -28% | -54% | -24% | -31% | -46% | -52% | |
| Peers Max Drawdown | -22% | -39% | -23% | -21% | -37% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BL, DFIN, NOW, ORCL, IBM. See WK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | WK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.9% | -18.8% |
| % Gain to Breakeven | 40.7% | 23.1% |
| Time to Breakeven | 177 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 412 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.6% | 50.9% |
| Time to Breakeven | 92 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.2% | -19.2% |
| % Gain to Breakeven | 19.3% | 23.8% |
| Time to Breakeven | 33 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.2% | -3.7% |
| % Gain to Breakeven | 47.4% | 3.9% |
| Time to Breakeven | 114 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.7% | -12.2% |
| % Gain to Breakeven | 27.7% | 13.9% |
| Time to Breakeven | 159 days | 62 days |
In The Past
Workiva's stock fell -28.9% during the 2025 US Tariff Shock. Such a loss loss requires a 40.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | WK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.9% | -18.8% |
| % Gain to Breakeven | 40.7% | 23.1% |
| Time to Breakeven | 177 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 412 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.6% | 50.9% |
| Time to Breakeven | 92 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.2% | -3.7% |
| % Gain to Breakeven | 47.4% | 3.9% |
| Time to Breakeven | 114 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.7% | -12.2% |
| % Gain to Breakeven | 27.7% | 13.9% |
| Time to Breakeven | 159 days | 62 days |
In The Past
Workiva's stock fell -28.9% during the 2025 US Tariff Shock. Such a loss loss requires a 40.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Workiva (WK)
Workiva (WK) is a technology company that provides cloud-based compliance and regulatory reporting solutions to organizations worldwide. Essentially, Workiva helps businesses, government entities, and educational institutions streamline the complex processes involved in gathering, managing, and reporting critical financial and operational data to meet various regulatory requirements and internal compliance standards.
The company's primary offering is the Workiva platform, a comprehensive suite designed to enhance efficiency, accuracy, and transparency in reporting. This platform facilitates controlled collaboration among teams, enables robust data linking across documents, and supports seamless data integrations from a multitude of enterprise systems, including ERP, GRC, HCM, and CRM. Key features also include granular permissions, process management tools, and a full audit trail, ensuring data integrity and accountability throughout the reporting lifecycle.
Workiva serves a diverse customer base globally, catering to both public and private companies that navigate stringent reporting demands. Beyond the corporate sector, its solutions are also widely adopted by government agencies and higher-education institutions, all of whom benefit from the platform's ability to connect disparate data sources and automate the creation of compliant, accurate, and consistent reports.
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Here are 1-2 brief analogies for Workiva (WK):
Workiva is like Salesforce for corporate compliance and regulatory reporting.
Think of it as TurboTax for large enterprises, but for all kinds of complex regulatory and compliance reports, not just taxes.
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- Workiva Platform: A cloud-based platform providing solutions for controlled collaboration, data linking, and integration with various enterprise systems to streamline compliance and regulatory reporting.
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Workiva (WK) Major Customers
Workiva Inc. primarily provides its cloud-based compliance and regulatory reporting solutions to other organizations, including public and private companies, government agencies, and higher-education institutions.
Due to the nature of its Software-as-a-Service (SaaS) business model, Workiva serves a diverse and broad customer base across various industries globally. While Workiva does not publicly disclose a definitive list of its "major customers" in terms of revenue concentration, it does highlight various prominent organizations that utilize its platform.
Examples of public companies known to be Workiva customers include:
- Delta Air Lines (DAL)
- Marriott International (MAR)
- The Western Union Company (WU)
- The Hanover Insurance Group (THG)
In addition to public and private companies, Workiva's customer base also extends to:
- Government agencies
- Higher-education institutions
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- Amazon Web Services (AMZN)
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Julie Iskow President & Chief Executive Officer
Julie Iskow assumed the role of President and CEO of Workiva in 2023. She joined Workiva in 2019 as EVP and Chief Operating Officer, and was promoted to President in 2022. Previously, she was Chief Technology Officer at Medidata Solutions, a SaaS technology and data platform for life sciences, where her work contributed to a strategic sale in 2019. Before Medidata, Ms. Iskow was Chief Information Officer at WageWorks, a consumer benefits SaaS platform, which she helped take public in 2012. She spent the initial decade of her career in engineering and technology leadership positions, focusing on automation and robotics software.
Barbara Larson EVP & Chief Financial Officer
Barbara Larson was appointed as EVP & Chief Financial Officer of Workiva, effective January 20, 2026. She brings over 20 years of financial leadership experience to Workiva, having most recently served as CFO at SentinelOne. Before SentinelOne, she spent nearly a decade in various financial leadership roles at Workday, including CFO, where she oversaw finance, accounting, internal audit, and investor relations, and advised on business strategy and product development. Prior to Workday, Ms. Larson held senior financial positions at VMware, TIBCO Software, and Symantec. She also serves on the Board of Directors for Equifax.
Martin Vanderploeg Non-Executive Chair
Martin J. Vanderploeg is a co-founder of Workiva. He served as Chief Executive Officer from 2018 to 2023 and as President from 2014 to 2022. From 2008 to 2018, he was the Chief Operating Officer. Before co-founding Workiva, Mr. Vanderploeg co-founded and served as Chief Technology Officer of Engineering Animation Inc. (EAI), which was sold to Unigraphics Solutions (now part of Siemens USA) in 2000. He began his career in academia as a tenured professor of mechanical engineering at Iowa State University.
Penny Ashley-Lawrence EVP, Chief Customer Officer
Penny Ashley-Lawrence ensures customers and partners achieve business outcomes using the Workiva platform, overseeing customer success, services, support, operations, and enablement teams. She has over two decades of experience in sales, marketing, and managing teams, with a significant portion of her career in the SaaS industry. Before joining Workiva, she held several customer success leadership roles at LogMeIn and Citrix.
Deepak R. Bharadwaj EVP, Chief Product Officer
Deepak R. Bharadwaj leads Workiva's global product and UX teams, shaping the company's AI-driven platform and solution portfolio. He has over 25 years of experience building and scaling SaaS products. Prior to Workiva, he served as Vice President of Product Management for Adobe's Document Cloud, where he led the launch of Acrobat Studio. He also held roles at ServiceNow, where he introduced and scaled Employee Experience products, and has held product leadership positions at Oracle, SAP, and Taleo.
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Key Business Risks for Workiva (WK)
- Data Security and Third-Party Vendor Risk: Workiva faces significant risks related to data security, particularly concerning its reliance on third-party systems. A recent incident involved a data breach in Workiva's Salesforce CRM system, which exposed business contact information of its customers. While Workiva's core platform and client data remained uncompromised, such breaches can lead to reputational damage, loss of customer trust, and increased vulnerability to subsequent attacks like spear-phishing. This underscores the ongoing challenge of managing cybersecurity risks, especially those originating from supply chain vulnerabilities.
- Regulatory and Policy Changes: Workiva's business model is closely tied to evolving compliance and regulatory reporting requirements. Over 40% of its total revenue is derived from customers using its platform for SEC filings. The company's growth is also influenced by new global sustainability mandates, such as the EU's Corporate Sustainability Reporting Directive (CSRD) and standards from the International Sustainability Standards Board (ISSB). Shifts in political policies, proposed regulatory changes, or the rolling back of existing regulations, particularly in the sustainability sector, could lead to decreased demand for Workiva's solutions. For example, Workiva experienced "softer demand" in certain sustainability segments due to shifting political policies and proposed regulatory changes in Q2 2025.
- Intense Competition and Rapid Technological Advancements (including AI): Workiva operates in a highly competitive and dynamic market against both large enterprise software vendors and specialized providers offering solutions for financial reporting, ESG, and Governance, Risk, and Compliance (GRC). The market is continuously evolving with new reporting standards and rapid technological advancements, especially in Artificial Intelligence (AI). While Workiva is actively incorporating AI into its platform, there is a risk of disruption from competitors who might develop more advanced or disruptive AI-powered solutions, or if generative AI models significantly reduce the perceived need for traditional SaaS products.
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- Americas: $16.4 billion
- Europe: $10.9 billion
- Asia-Pacific (APJ): $7.7 billion
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Workiva (WK) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Expansion of multi-solution adoption within existing customers: Workiva employs a "land-and-expand" strategy, focusing on increasing the number of solutions adopted by its current customer base. The percentage of subscription revenue generated from multi-solution customers increased from 63% in Q1 2023 to 69% in Q1 2025, and further to 74% in Q4 2025. This strategy is reinforced by a strong net retention rate, which was 114% in Q2 2025 and 113% in Q4 2025, demonstrating effective upselling and cross-selling within existing accounts.
- New customer acquisition, particularly larger enterprise clients: Workiva aims to acquire larger new clients to diversify revenue and increase market share. New customers added in the last 12 months accounted for approximately 40% of the increase in Q4 2025 subscription revenue. The company has also seen significant growth in higher-value contracts, with customers with Annual Contract Value (ACV) exceeding $500,000 increasing by 35% in Q2 2025 and 37% in Q4 2025.
- Product innovation, including AI-powered solutions and ESG reporting: Workiva is continuously enhancing its platform and launching new solutions, with a strong focus on artificial intelligence (AI) and Environmental, Social, and Governance (ESG) reporting. The company's AI-powered platform unifies complex financial, ESG, and GRC reporting, addressing critical needs for data transparency and compliance. Around 30% of Workiva's customers had activated AI features by the end of 2025, with options from three large language model providers, indicating the increasing traction of these innovations. The strategic acquisition of Sustain.Life in June 2024 further solidifies its position in the ESG sector.
- Geographical expansion and tapping into new markets: Workiva is actively expanding its market reach globally, targeting a total addressable market estimated at $35 billion across the Americas, Europe, and Asia-Pacific. International revenue represented over 19% of total revenue year-to-date in Q3 2025, up from 17% in 2024, and reached 27% of total revenue in 2025, up 300 basis points year-over-year, indicating successful global outreach. The company has existing international offices in key regions to support this expansion.
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Share Repurchases
- Workiva's board authorized a new $250 million stock buyback program on February 16, 2026, allowing the company to repurchase up to 7.7% of its outstanding shares.
- In the fourth quarter of 2025, Workiva repurchased 131,000 shares of Class A common stock for $12 million.
- For the full year 2025, a total of $72 million was repurchased under a share repurchase program that was initially authorized in July 2024 for up to $100 million.
Share Issuance
- Workiva had 56.32 million common shares outstanding as of December 31, 2025.
- The number of shares outstanding increased by 1.66% in the year leading up to December 2025.
- In August 2023, Workiva announced the pricing of a private offering of $625 million principal amount of 1.250% Convertible Senior Notes due 2028, which are convertible into cash, shares of common stock, or a combination.
Inbound Investments
- 13D Management LLC opened a new position in Workiva in the fourth quarter of 2025, purchasing 52,000 shares valued at approximately $4.49 million.
- Jain Global LLC increased its position in Workiva by 26.0% in the third quarter of 2025, holding 193,941 shares worth $16,694,000.
- Eminence Capital LP boosted its stake in Workiva by 40.7% in the third quarter of 2025 to 3,723,546 shares, representing 6.63% ownership and valued at approximately $320.5 million.
Outbound Investments
- Workiva acquired Sustain.Life, a SaaS-based platform for emissions management, in June 2024 for $100 million.
- Workiva acquired ParsePort in April 2022 for $100 million.
- Workiva acquired AuditNet, a global audit content and services provider, in December 2021 for an undisclosed amount.
Capital Expenditures
- Workiva's capital expenditures were -$2.08 million in the last 12 months (as of March 2026), suggesting dispositions exceeded additions.
- Forecasted capital expenditures for 2026 are $2.438 million, following an estimated $2.075 million for 2025 and $1.363 million for 2024.
- Historical capital expenditures were $2.124 million in 2023, $3.458 million in 2022, and $3.534 million in 2021.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| WK | Workiva | 18.4% | 85.0x | -7.3% | -36.1% | -51.2% | — |
| FICO | Fair Isaac | 17.7% | 27.4x | -36.2% | 9.8% | 121.8% | +173pp |
| AGYS | Agilysys | 16.9% | 68.5x | -1.3% | 54.1% | 105.8% | +157pp |
| CDNS | Cadence Design Systems | 15.5% | 57.5x | -15.8% | 20.0% | 75.8% | +127pp |
| INTA | Intapp | 18.1% | -69.1x | -17.6% | 5.1% | 5.5% | +57pp |
| DT | Dynatrace | 19.6% | 98.6x | 4.2% | 7.1% | -26.2% | +25pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.7% | 197.8% | 290.3% | TTMI 829% · FLEX 752% · SANM 443% |
| Semiconductor Materials & Equipment | 27 | 129.7% | 86.5% | 105.3% | AXTI 743% · AEHR 712% · KLAC 433% |
| Technology Distributors | 9 | 33.3% | 81.8% | 98.4% | CLMB 340% · AVT 193% · SNX 141% |
| Electronic Components | 26 | 43.3% | 59.8% | 71.2% | CLS 3861% · BELFA 1376% · COHR 394% |
| Communications Equipment | 36 | 19.4% | 86.0% | 69.3% | AAOI 1314% · LITE 959% · FEIM 922% |
| Semiconductors | 55 | 23.1% | 33.3% | 36.1% | POET 1852% · MU 1245% · NVDA 890% |
| Technology Hardware, Storage & Peripherals | 21 | 37.9% | 74.9% | 32.1% | DELL 1154% · STX 1048% · SMCI 980% |
| Internet Services & Infrastructure | 6 | 17.9% | 40.0% | 18.2% | DOCN 62% · VRSN 35% · GDDY 30% |
| Electronic Equipment & Instruments | 27 | -12.8% | 9.0% | -10.6% | PI 234% · OSIS 116% · ACFN 111% |
| IT Consulting & Other Services | 28 | -24.3% | -15.2% | -29.5% | CHRN 499900% · APLD 1248% · TSSI 712% |
| Application Software ← | 122 | -27.1% | -13.7% | -44.7% | VIDA 193536% · INLX 5416% · PLTR 547% |
| Systems Software | 66 | -19.3% | -0.9% | -59.2% | QNC 499% · ZETA 344% · PAYS 340% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is 20.4% Fall In Workiva (WK) Stock A Buying Opportunity? | 03/03/2026 | |
| Is 27.2% Fall In Workiva (WK) Stock A Buying Opportunity? | 02/12/2026 | |
| Workiva Earnings Notes | 12/28/2026 | |
| How Low Can Workiva Stock Really Go? | 10/17/2025 | |
| How Does Workiva Stock Stack Up Against Its Peers? | 08/13/2025 | |
| WK Dip Buy Analysis | 07/10/2025 | |
| Workiva Total Shareholder Return (TSR): 7.8% in 2024 and ...% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Workiva (WK) Operating Cash Flow Comparison | 02/17/2025 | |
| ARTICLES | ||
| Time To Buy The Dip In Workiva Stock? | 05/12/2026 | |
| Stocks Trading At 52-Week Low | 04/09/2026 | |
| Workiva Stock To $43? | 03/03/2026 | |
| Workiva Stock To $45? | 02/12/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 102.19 |
| Mkt Cap | 1.7 |
| Rev LTM | 966 |
| Op Inc LTM | 156 |
| FCF LTM | 200 |
| FCF 3Y Avg | 146 |
| CFO LTM | 203 |
| CFO 3Y Avg | 187 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 9.5% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 17.2% |
| Op Inc Chg 3Y Avg | 52.0% |
| Op Mgn LTM | 11.4% |
| Op Mgn 3Y Avg | 11.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 24.8% |
| CFO/Rev 3Y Avg | 24.0% |
| FCF/Rev LTM | 20.4% |
| FCF/Rev 3Y Avg | 18.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 2.3 |
| P/Op Inc | 18.0 |
| P/EBIT | 19.1 |
| P/E | 34.2 |
| P/CFO | 9.1 |
| Total Yield | 2.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.0% |
| 3M Rtn | 11.7% |
| 6M Rtn | -1.1% |
| 12M Rtn | -20.5% |
| 3Y Rtn | 5.2% |
| 1M Excs Rtn | 3.0% |
| 3M Excs Rtn | 11.5% |
| 6M Excs Rtn | -15.5% |
| 12M Excs Rtn | -37.0% |
| 3Y Excs Rtn | -66.6% |
Comparison Analyses
Price Behavior
| Market Price | $71.86 | |
| Market Cap ($ Bil) | 4.0 | |
| First Trading Date | 12/12/2014 | |
| Distance from 52W High | -23.0% | |
| 50 Days | 200 Days | |
| DMA Price | $64.73 | $65.32 |
| DMA Trend | down | up |
| Distance from DMA | 11.0% | 10.0% |
| 3M | 1YR | |
| Volatility | 49.9% | 44.0% |
| Downside Capture | -57.50 | 43.48 |
| Upside Capture | 141.24 | 26.41 |
| Correlation (SPY) | -2.0% | 4.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.36 | -0.36 | -0.32 | -0.36 | 0.09 | 0.82 |
| Up Beta | -0.11 | -2.48 | -1.51 | -1.00 | -0.30 | 1.07 |
| Down Beta | 2.04 | -1.49 | -0.30 | -0.40 | 0.12 | 0.68 |
| Up Capture | 420% | 269% | 124% | 17% | 13% | 28% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 15 | 28 | 37 | 65 | 123 | 365 |
| Down Capture | -133% | -158% | -136% | -57% | 35% | 97% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 14 | 27 | 62 | 128 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WK | |
|---|---|---|---|---|
| WK | -5.0% | 44.0% | 0.01 | - |
| Sector ETF (XLK) | 39.7% | 26.3% | 1.24 | -5.6% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 4.8% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | -6.0% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -5.6% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 9.0% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WK | |
|---|---|---|---|---|
| WK | -13.3% | 46.6% | -0.16 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 40.7% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 45.8% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 4.8% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 6.3% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 38.2% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WK | |
|---|---|---|---|---|
| WK | 14.9% | 43.8% | 0.47 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 43.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.3% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 7.0% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 12.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 33.8% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 0.7% | 12.7% | 23.7% |
| 5/5/2026 | -7.0% | -15.4% | -11.5% |
| 2/19/2026 | 3.7% | 4.1% | 2.5% |
| 11/5/2025 | 5.8% | 13.4% | 11.8% |
| 7/31/2025 | 32.1% | 19.0% | 28.8% |
| 5/1/2025 | -9.4% | -7.6% | -8.1% |
| 2/25/2025 | 7.0% | 4.8% | 0.3% |
| 11/6/2024 | 4.4% | 7.7% | 17.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 17 |
| # Negative | 8 | 9 | 7 |
| Median Positive | 4.5% | 4.8% | 7.7% |
| Median Negative | -6.9% | -3.1% | -11.5% |
| Max Positive | 32.1% | 20.1% | 34.0% |
| Max Negative | -12.9% | -25.6% | -19.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 0.7% | 12.7% | 23.7% |
| 5/5/2026 | -7.0% | -15.4% | -11.5% |
| 2/19/2026 | 3.7% | 4.1% | 2.5% |
| 11/5/2025 | 5.8% | 13.4% | 11.8% |
| 7/31/2025 | 32.1% | 19.0% | 28.8% |
| 5/1/2025 | -9.4% | -7.6% | -8.1% |
| 2/25/2025 | 7.0% | 4.8% | 0.3% |
| 11/6/2024 | 4.4% | 7.7% | 17.4% |
| 8/1/2024 | -0.5% | 3.8% | 7.7% |
| 5/2/2024 | 2.0% | 3.1% | -5.2% |
| 2/20/2024 | -12.9% | -9.8% | -9.0% |
| 10/30/2023 | -4.8% | -3.1% | 4.8% |
| 8/3/2023 | 4.6% | -0.3% | 7.5% |
| 5/2/2023 | -3.9% | -2.4% | 7.0% |
| 2/21/2023 | 2.4% | 4.3% | 12.1% |
| 11/2/2022 | 2.2% | -1.2% | 24.0% |
| 8/9/2022 | 10.6% | 6.4% | 2.5% |
| 5/3/2022 | -6.7% | -25.6% | -19.3% |
| 2/22/2022 | -8.6% | 5.6% | 7.3% |
| 11/3/2021 | 7.9% | 3.6% | -12.0% |
| 8/3/2021 | 7.8% | 3.4% | 11.0% |
| 5/4/2021 | 2.5% | 3.0% | 2.6% |
| 2/17/2021 | 2.8% | -2.0% | -15.8% |
| 11/4/2020 | 19.8% | 20.1% | 34.0% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 17 |
| # Negative | 8 | 9 | 7 |
| Median Positive | 4.5% | 4.8% | 7.7% |
| Median Negative | -6.9% | -3.1% | -11.5% |
| Max Positive | 32.1% | 20.1% | 34.0% |
| Max Negative | -12.9% | -25.6% | -19.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 260.00 Mil | 261.00 Mil | 262.00 Mil | ||||
| Q3 2026 GAAP Operating Margin | Reported | 4.2% | 4.5% | 4.8% | ||||
| Q3 2026 Non-GAAP Operating Margin | Reported | 17.0% | 17.25% | 17.5% | ||||
| Q3 2026 GAAP EPS | Reported | 0.21 | 0.23 | 0.25 | ||||
| Q3 2026 Non-GAAP EPS | Reported | 0.79 | 0.81 | 0.82 | ||||
| 2026 Revenue | Reported | 1.04 Bil | 1.04 Bil | 1.04 Bil | 0.3% | Raised | Guidance: 1.04 Bil for 2026 | |
| 2026 GAAP Operating Margin | Reported | 5.7% | 5.75% | 5.8% | 1.7% | Raised | Guidance: 4.05% for 2026 | |
| 2026 Non-GAAP Operating Margin | Reported | 18.0% | 1.8% | Raised | Guidance: 16.25% for 2026 | |||
| 2026 GAAP EPS | Reported | 1.21 | 1.22 | 1.22 | 29.3% | Raised | Guidance: 0.94 for 2026 | |
| 2026 Non-GAAP EPS | Reported | 3.38 | 3.38 | 3.39 | 16.7% | Raised | Guidance: 2.9 for 2026 | |
| 2026 Free Cash Flow Margin | Reported | 21.0% | 1.0% | Raised | Guidance: 20.0% for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 250.00 Mil | 251.00 Mil | 252.00 Mil | ||||
| Q2 2026 GAAP Operating Margin | Reported | 1.6% | 1.9% | 2.2% | ||||
| Q2 2026 Non-GAAP Operating Margin | Reported | 14.5% | 14.75% | 15.0% | ||||
| Q2 2026 GAAP EPS | Reported | 0.12 | 0.14 | 0.15 | ||||
| Q2 2026 Non-GAAP EPS | Reported | 0.62 | 0.64 | 0.65 | ||||
| 2026 Revenue | Reported | 1.04 Bil | 1.04 Bil | 1.04 Bil | 0.1% | Raised | Guidance: 1.04 Bil for 2026 | |
| 2026 GAAP Operating Margin | Reported | 3.8% | 4.05% | 4.3% | 1.2% | Raised | Guidance: 2.9% for 2026 | |
| 2026 Non-GAAP Operating Margin | Reported | 16.0% | 16.25% | 16.5% | 1.0% | Raised | Guidance: 15.25% for 2026 | |
| 2026 GAAP EPS | Reported | 0.89 | 0.94 | 0.99 | 25.3% | Raised | Guidance: 0.75 for 2026 | |
| 2026 Non-GAAP EPS | Reported | 2.85 | 2.9 | 2.95 | 7.0% | Raised | Guidance: 2.71 for 2026 | |
| 2026 Free Cash Flow Margin | Reported | 20.0% | 1.0% | Raised | Guidance: 19.0% for 2026 | |||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 244.00 Mil | 245.00 Mil | 246.00 Mil | 4.3% | Higher New | Guidance: 235.00 Mil for Q4 2025 | |
| Q1 2026 GAAP Operating Margin | Reported | 2.7% | 3.0% | 3.3% | 2.6% | Higher New | Guidance: 0.4% for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Margin | Reported | 15.5% | 15.75% | 16.0% | -1.4% | Lower New | Guidance: 17.1% for Q4 2025 | |
| Q1 2026 GAAP EPS | Reported | 0.17 | 0.18 | 0.2 | 184.6% | Higher New | Guidance: 0.07 for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | Reported | 0.64 | 0.66 | 0.67 | -4.4% | Lower New | Guidance: 0.69 for Q4 2025 | |
| 2026 Revenue | Reported | 1.04 Bil | 1.04 Bil | 1.04 Bil | 17.8% | Higher New | Guidance: 881.00 Mil for 2025 | |
| 2026 GAAP Operating Margin | Reported | 2.6% | 2.9% | 3.2% | 8.5% | Higher New | Guidance: -5.6% for 2025 | |
| 2026 Non-GAAP Operating Margin | Reported | 15.0% | 15.25% | 15.5% | 6.0% | Higher New | Guidance: 9.3% for 2025 | |
| 2026 GAAP EPS | Reported | 0.7 | 0.75 | 0.8 | -224.0% | Higher New | Guidance: -0.6 for 2025 | |
| 2026 Non-GAAP EPS | Reported | 2.66 | 2.71 | 2.76 | 62.8% | Higher New | Guidance: 1.67 for 2025 | |
| 2026 Free Cash Flow Margin | Reported | 19.0% | 7.0% | Higher New | Guidance: 12.0% for 2025 | |||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 234.00 Mil | 235.00 Mil | 236.00 Mil | 7.3% | Higher New | Guidance: 219.00 Mil for Q3 2025 | |
| Q4 2025 GAAP Operating Margin | Reported | 0.0% | 0.4% | 0.8% | ||||
| Q4 2025 Non-GAAP Operating Margin | Reported | 16.7% | 17.1% | 17.5% | ||||
| Q4 2025 GAAP EPS | Reported | 0.05 | 0.07 | 0.08 | ||||
| Q4 2025 Non-GAAP EPS | Reported | 0.67 | 0.69 | 0.7 | ||||
| 2025 Revenue | Reported | 880.00 Mil | 881.00 Mil | 882.00 Mil | 1.1% | Raised | Guidance: 871.50 Mil for 2025 | |
| 2025 GAAP Operating Margin | Reported | -5.7% | -5.6% | -5.5% | ||||
| 2025 Non-GAAP Operating Margin | Reported | 9.2% | 9.3% | 9.4% | ||||
| 2025 GAAP EPS | Reported | -0.62 | -0.6 | -0.59 | ||||
| 2025 Non-GAAP EPS | Reported | 1.65 | 1.67 | 1.68 | ||||
| 2025 Free Cash Flow Margin | Reported | 12.0% | 14.3% | 1.5% | Raised | Guidance: 10.5% for 2025 | ||
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ziegler, Brandon | EVP, CLO, CAO & Corp Secretary | Direct | Sell | 8212026 | 75.97 | 6,571 | 499,199 | 9,588,630 | Form |
| 2 | Herz, Robert H | Direct | Sell | 6082026 | 51.23 | 1,500 | 76,845 | 1,914,568 | Form | |
| 3 | Herz, Robert H | Direct | Sell | 6022026 | 49.69 | 1,000 | 49,690 | 1,729,311 | Form | |
| 4 | Mulcahy, David S | Direct | Sell | 12122025 | 91.50 | 1,162 | 106,323 | 21,994,130 | Form | |
| 5 | Herz, Robert H | Direct | Sell | 12122025 | 91.44 | 1,500 | 137,160 | 3,273,735 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ziegler, Brandon | EVP, CLO, CAO & Corp Secretary | Direct | Sell | 8212026 | 75.97 | 6,571 | 499,199 | 9,588,630 | Form |
| 2 | Herz, Robert H | Direct | Sell | 6082026 | 51.23 | 1,500 | 76,845 | 1,914,568 | Form | |
| 3 | Herz, Robert H | Direct | Sell | 6022026 | 49.69 | 1,000 | 49,690 | 1,729,311 | Form | |
| 4 | Mulcahy, David S | Direct | Sell | 12122025 | 91.50 | 1,162 | 106,323 | 21,994,130 | Form | |
| 5 | Herz, Robert H | Direct | Sell | 12122025 | 91.44 | 1,500 | 137,160 | 3,273,735 | Form | |
| 6 | Mulcahy, David S | Direct | Sell | 12012025 | 92.01 | 808 | 74,344 | 22,223,635 | Form |
Investor Activity (13F)
Updated Sep 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Topline Capital Management, LLC | $62.6 Mil | 10.3% | 43 | ADD +264.3% | 13F |
| Steelhead Partners LLC | $53.9 Mil | 3.9% | 24 | New | 13F |
| Eminence Capital, LP | $150.3 Mil | 3.4% | 33 | TRIM -32.0% | 13F |
| Irenic Capital Management LP | $32.9 Mil | 3.0% | 42 | Hold | 13F |
| Tetragon Partners GP Ltd | $14.9 Mil | 2.9% | 38 | ADD +66.7% | 13F |
| Opti Capital Management, LP | $35.8 Mil | 2.6% | 36 | ADD +11.6% | 13F |
| Hawk Ridge Capital Management LP | $65.1 Mil | 2.4% | 48 | New | 13F |
| Jericho Capital Asset Management L.P. | $147.0 Mil | 2.2% | 23 | New | 13F |
| Praesidium Investment Management Company, LLC | $9.0 Mil | 2.1% | 12 | ADD +7.1% | 13F |
| Cypress Point Investment Management LP | $6.1 Mil | 1.4% | 32 | New | 13F |
| Goldentree Asset Management LP | $21.3 Mil | 1.3% | 29 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Jericho Capital Asset Management L.P. | $147.0 Mil | 2.2% | 23 | New | 13F |
| Hawk Ridge Capital Management LP | $65.1 Mil | 2.4% | 48 | New | 13F |
| Steelhead Partners LLC | $53.9 Mil | 3.9% | 24 | New | 13F |
| Goldentree Asset Management LP | $21.3 Mil | 1.3% | 29 | New | 13F |
| Cypress Point Investment Management LP | $6.1 Mil | 1.4% | 32 | New | 13F |
| Topline Capital Management, LLC | $62.6 Mil | 10.3% | 43 | ADD +264.3% | 13F |
| Tetragon Partners GP Ltd | $14.9 Mil | 2.9% | 38 | ADD +66.7% | 13F |
| Opti Capital Management, LP | $35.8 Mil | 2.6% | 36 | ADD +11.6% | 13F |
| Praesidium Investment Management Company, LLC | $9.0 Mil | 2.1% | 12 | ADD +7.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Eminence Capital, LP | $150.3 Mil | 3.4% | 33 | TRIM -32.0% | 13F |
| Jericho Capital Asset Management L.P. | $147.0 Mil | 2.2% | 23 | New | 13F |
| Hawk Ridge Capital Management LP | $65.1 Mil | 2.4% | 48 | New | 13F |
| Topline Capital Management, LLC | $62.6 Mil | 10.3% | 43 | ADD +264.3% | 13F |
| Steelhead Partners LLC | $53.9 Mil | 3.9% | 24 | New | 13F |
| Opti Capital Management, LP | $35.8 Mil | 2.6% | 36 | ADD +11.6% | 13F |
| Irenic Capital Management LP | $32.9 Mil | 3.0% | 42 | Hold | 13F |
| Goldentree Asset Management LP | $21.3 Mil | 1.3% | 29 | New | 13F |
| Tetragon Partners GP Ltd | $14.9 Mil | 2.9% | 38 | ADD +66.7% | 13F |
| Praesidium Investment Management Company, LLC | $9.0 Mil | 2.1% | 12 | ADD +7.1% | 13F |
| Cypress Point Investment Management LP | $6.1 Mil | 1.4% | 32 | New | 13F |
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