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): $71.865
Market Cap: $4.0 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/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 yield
FCF Yield is 5.0%

Low stock price volatility
Vol 12M is 44%

Megatrend and thematic drivers
Megatrends include Cloud Computing, Sustainable Finance, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -107%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 85x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%

Key risks
WK 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.

0 Attractive cash flow generation
CFO/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%
1 Attractive yield
FCF Yield is 5.0%
2 Low stock price volatility
Vol 12M is 44%
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, Sustainable Finance, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -107%
5 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 85x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%
8 Key risks
WK 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.

WK in ETFs

Weight = WK's share of each fund

VTI0.00%
ITOT0.01%
IWM0.12%
VB0.04%
IWO0.26%
IGV0.13%
ESML0.13%
VTWO0.10%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/8/2026

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.

Show more
Updated on 9/8/2026

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.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

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)53120269122026Change
Stock Price ($)49.7871.8644.4%
Change Contribution By: 
Total Revenues ($ Mil)9269664.3%
Net Income Margin (%)1.5%4.9%217.6%
P/E Multiple199.485.0-57.4%
Shares Outstanding (Mil)57562.2%
Cumulative Contribution44.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/12/2026
ReturnCorrelation
WK44.4% 
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)22820269122026Change
Stock Price ($)61.5871.8616.7%
Change Contribution By: 
Total Revenues ($ Mil)8859669.2%
P/S Multiple3.94.15.4%
Shares Outstanding (Mil)56561.4%
Cumulative Contribution16.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/12/2026
ReturnCorrelation
WK16.7% 
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)83120259122026Change
Stock Price ($)82.2471.86-12.6%
Change Contribution By: 
Total Revenues ($ Mil)80796619.7%
P/S Multiple5.74.1-27.6%
Shares Outstanding (Mil)56560.8%
Cumulative Contribution-12.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/12/2026
ReturnCorrelation
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)83120239122026Change
Stock Price ($)111.8571.86-35.8%
Change Contribution By: 
Total Revenues ($ Mil)58296666.0%
P/S Multiple10.44.1-60.1%
Shares Outstanding (Mil)5456-2.9%
Cumulative Contribution-35.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/12/2026
ReturnCorrelation
WK-35.8% 
Market (SPY)75.7%29.1%
Sector (XLK)117.7%21.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WK Return42%-36%21%8%-21%-17%-22%
Peers Return45%-17%38%29%-1%-20%70%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
WK Win Rate75%50%75%50%33%22% 
Peers Win Rate58%35%65%60%47%49% 
S&P 500 Win Rate75%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

EventWKS&P 500
2025 US Tariff Shock
  % Loss-28.9%-18.8%
  % Gain to Breakeven40.7%23.1%
  Time to Breakeven177 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.4%-9.5%
  % Gain to Breakeven25.6%10.5%
  Time to Breakeven412 days24 days
2020 COVID-19 Crash
  % Loss-49.1%-33.7%
  % Gain to Breakeven96.6%50.9%
  Time to Breakeven92 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-16.2%-19.2%
  % Gain to Breakeven19.3%23.8%
  Time to Breakeven33 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-32.2%-3.7%
  % Gain to Breakeven47.4%3.9%
  Time to Breakeven114 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.7%-12.2%
  % Gain to Breakeven27.7%13.9%
  Time to Breakeven159 days62 days

Compare to BL, DFIN, NOW, ORCL, IBM

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.

EventWKS&P 500
2025 US Tariff Shock
  % Loss-28.9%-18.8%
  % Gain to Breakeven40.7%23.1%
  Time to Breakeven177 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.4%-9.5%
  % Gain to Breakeven25.6%10.5%
  Time to Breakeven412 days24 days
2020 COVID-19 Crash
  % Loss-49.1%-33.7%
  % Gain to Breakeven96.6%50.9%
  Time to Breakeven92 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-32.2%-3.7%
  % Gain to Breakeven47.4%3.9%
  Time to Breakeven114 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.7%-12.2%
  % Gain to Breakeven27.7%13.9%
  Time to Breakeven159 days62 days

Compare to BL, DFIN, NOW, ORCL, IBM

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.

AI Analysis | Feedback

Here are 1-2 brief analogies for Workiva (WK):

  1. Workiva is like Salesforce for corporate compliance and regulatory reporting.

  2. Think of it as TurboTax for large enterprises, but for all kinds of complex regulatory and compliance reports, not just taxes.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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

AI Analysis | Feedback

  • Amazon Web Services (AMZN)

AI Analysis | Feedback

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.

AI Analysis | Feedback

Key Business Risks for Workiva (WK)

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

null

AI Analysis | Feedback

Workiva (WK) targets a global addressable market estimated at $35 billion. This market is segmented geographically as follows:
  • Americas: $16.4 billion
  • Europe: $10.9 billion
  • Asia-Pacific (APJ): $7.7 billion
Workiva's expansion into Environmental, Social, and Governance (ESG) and Governance, Risk, and Compliance (GRC) solutions has positioned the company to capture a larger portion of this total addressable market. The ESG-related products alone are estimated to represent a segment of approximately $7 billion within Workiva's overall market. For context, the global ESG reporting software market was valued at approximately USD 1.32 billion in 2025 and is projected to reach USD 7.36 billion by 2034.

AI Analysis | Feedback

Workiva (WK) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Better Bets vs. Workiva (WK)

Peer Outperformance in Application Software

WK has trailed 54% of its 121 Application Software peers over 5Y. Among the peers that beat it are FICO, AGYS and CDNS. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that WK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
68%
of 152 industry peers · -7.3% return
3Y
39%
of 139 industry peers · -36.1% return
5Y
46%
of 121 industry peers · -51.2% return
Application Software peers with revenue growth within 4pp of WK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 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
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is WK's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WKBLDFINNOWORCLIBMMedian
NameWorkiva BlackLineDonnelle.ServiceN.Oracle Internat. 
Mkt Price71.8628.3547.95132.53150.28243.29102.19
Mkt Cap4.01.71.20.1-229.01.7
Rev LTM96673277814,732-69,097966
Op Inc LTM31431561,680-12,705156
FCF LTM2001491524,571-13,144200
FCF 3Y Avg1221461253,809-12,295146
CFO LTM2021822035,308-14,888203
CFO 3Y Avg1241771874,628-13,974187

Growth & Margins

WKBLDFINNOWORCLIBMMedian
NameWorkiva BlackLineDonnelle.ServiceN.Oracle Internat. 
Rev Chg LTM19.7%8.6%3.0%22.2%-7.9%8.6%
Rev Chg 3Y Avg18.4%9.5%-0.8%22.5%-4.5%9.5%
Rev Chg Q18.6%9.2%2.8%24.0%-1.1%9.2%
QoQ Delta Rev Chg LTM4.3%2.2%0.8%5.5%-0.3%2.2%
Op Inc Chg LTM138.3%32.0%17.2%4.9%-16.3%17.2%
Op Inc Chg 3Y Avg52.0%135.8%7.8%55.3%-13.3%52.0%
Op Mgn LTM3.3%5.8%20.1%11.4%-18.4%11.4%
Op Mgn 3Y Avg-5.6%5.0%19.0%11.8%-17.0%11.8%
QoQ Delta Op Mgn LTM3.5%0.4%0.4%-2.0%--0.4%0.4%
CFO/Rev LTM20.9%24.8%26.1%36.0%-21.5%24.8%
CFO/Rev 3Y Avg14.5%26.2%24.0%38.0%-21.4%24.0%
FCF/Rev LTM20.7%20.4%19.6%31.0%-19.0%20.4%
FCF/Rev 3Y Avg14.2%21.6%16.1%31.1%-18.9%18.9%

Valuation

WKBLDFINNOWORCLIBMMedian
NameWorkiva BlackLineDonnelle.ServiceN.Oracle Internat. 
Mkt Cap4.01.71.20.1-229.01.7
P/S4.12.31.50.0-3.32.3
P/Op Inc127.138.87.70.1-18.018.0
P/EBIT61.629.019.10.1-18.519.1
P/E85.047.734.20.1-21.434.2
P/CFO19.89.15.90.0-15.49.1
Total Yield1.2%2.1%2.9%1,221.8%-7.4%2.9%
Dividend Yield0.0%0.0%0.0%0.0%-2.8%0.0%
FCF Yield 3Y Avg3.9%6.0%9.1%2,084.2%-5.6%6.0%
D/E0.20.40.261.8-0.30.3
Net D/E-0.00.10.227.7-0.20.2

Returns

WKBLDFINNOWORCLIBMMedian
NameWorkiva BlackLineDonnelle.ServiceN.Oracle Internat. 
1M Rtn-2.6%-9.6%-3.4%4.1%-3.8%2.6%-3.0%
3M Rtn46.9%-1.3%24.7%29.7%-18.1%-10.0%11.7%
6M Rtn16.7%-23.1%-3.2%16.6%-2.4%0.2%-1.1%
12M Rtn-7.3%-47.8%-12.3%-28.7%-48.0%-1.5%-20.5%
3Y Rtn-36.1%-49.2%-1.6%12.1%39.2%82.1%5.2%
1M Excs Rtn6.7%0.9%1.8%7.3%-0.8%4.3%3.0%
3M Excs Rtn42.7%-2.0%25.2%25.0%-21.6%-14.4%11.5%
6M Excs Rtn2.4%-35.0%-15.9%2.6%-19.7%-15.1%-15.5%
12M Excs Rtn-22.2%-64.4%-28.6%-45.5%-70.9%-20.1%-37.0%
3Y Excs Rtn-107.1%-121.3%-72.4%-60.8%-46.3%8.8%-66.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Subscription and support813668559465379
Extensible Business Reporting Language (XBRL) professional services6159575545
Other services1112151819
Total885739630538443


Price Behavior

Price Behavior
Market Price$71.86 
Market Cap ($ Bil)4.0 
First Trading Date12/12/2014 
Distance from 52W High-23.0% 
   50 Days200 Days
DMA Price$64.73$65.32
DMA Trenddownup
Distance from DMA11.0%10.0%
 3M1YR
Volatility49.9%44.0%
Downside Capture-57.5043.48
Upside Capture141.2426.41
Correlation (SPY)-2.0%4.2%
WK Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.36-0.36-0.32-0.360.090.82
Up Beta-0.11-2.48-1.51-1.00-0.301.07
Down Beta2.04-1.49-0.30-0.400.120.68
Up Capture420%269%124%17%13%28%
Bmk +ve Days10213268138427
Stock +ve Days15283765123365
Down Capture-133%-158%-136%-57%35%97%
Bmk -ve Days11213259113324
Stock -ve Days6142762128384

[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%1.034.8%
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%0.299.0%
Bitcoin (BTCUSD)-32.4%43.8%-0.7712.8%

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%0.6840.7%
Equity (SPY)12.5%17.2%0.5545.8%
Gold (GLD)18.7%18.8%0.814.8%
Commodities (DBC)11.4%19.5%0.466.3%
Real Estate (VNQ)0.7%18.9%-0.0738.2%
Bitcoin (BTCUSD)9.4%52.6%0.3625.0%

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
WK14.9%43.8%0.47-
Sector ETF (XLK)24.4%25.0%0.8843.3%
Equity (SPY)15.2%17.9%0.7243.3%
Gold (GLD)12.3%16.3%0.627.0%
Commodities (DBC)8.7%18.1%0.3912.1%
Real Estate (VNQ)4.7%20.7%0.1933.8%
Bitcoin (BTCUSD)63.2%66.2%1.0318.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity4.2 Mil
Short Interest: % Change Since 8152026-13.3%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest5.2 days
Basic Shares Quantity55.6 Mil
Short % of Basic Shares7.6%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20260.7%12.7%23.7%
5/5/2026-7.0%-15.4%-11.5%
2/19/20263.7%4.1%2.5%
11/5/20255.8%13.4%11.8%
7/31/202532.1%19.0%28.8%
5/1/2025-9.4%-7.6%-8.1%
2/25/20257.0%4.8%0.3%
11/6/20244.4%7.7%17.4%
...
SUMMARY STATS   
# Positive161517
# Negative897
Median Positive4.5%4.8%7.7%
Median Negative-6.9%-3.1%-11.5%
Max Positive32.1%20.1%34.0%
Max Negative-12.9%-25.6%-19.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20260.7%12.7%23.7%
5/5/2026-7.0%-15.4%-11.5%
2/19/20263.7%4.1%2.5%
11/5/20255.8%13.4%11.8%
7/31/202532.1%19.0%28.8%
5/1/2025-9.4%-7.6%-8.1%
2/25/20257.0%4.8%0.3%
11/6/20244.4%7.7%17.4%
8/1/2024-0.5%3.8%7.7%
5/2/20242.0%3.1%-5.2%
2/20/2024-12.9%-9.8%-9.0%
10/30/2023-4.8%-3.1%4.8%
8/3/20234.6%-0.3%7.5%
5/2/2023-3.9%-2.4%7.0%
2/21/20232.4%4.3%12.1%
11/2/20222.2%-1.2%24.0%
8/9/202210.6%6.4%2.5%
5/3/2022-6.7%-25.6%-19.3%
2/22/2022-8.6%5.6%7.3%
11/3/20217.9%3.6%-12.0%
8/3/20217.8%3.4%11.0%
5/4/20212.5%3.0%2.6%
2/17/20212.8%-2.0%-15.8%
11/4/202019.8%20.1%34.0%
SUMMARY STATS   
# Positive161517
# Negative897
Median Positive4.5%4.8%7.7%
Median Negative-6.9%-3.1%-11.5%
Max Positive32.1%20.1%34.0%
Max Negative-12.9%-25.6%-19.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/19/202610-K
09/30/202511/05/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/25/202510-K
09/30/202411/06/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/20/202410-K
09/30/202310/30/202310-Q
06/30/202308/03/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/19/202610-K
09/30/202511/05/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/25/202510-K
09/30/202411/06/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/20/202410-K
09/30/202310/30/202310-Q
06/30/202308/03/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/02/202210-Q
06/30/202208/09/202210-Q
03/31/202205/03/202210-Q
12/31/202102/22/202210-K
09/30/202111/03/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202002/17/202110-K
09/30/202011/04/202010-Q
06/30/202008/04/202010-Q
03/31/202004/30/202010-Q
12/31/201902/20/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported260.00 Mil261.00 Mil262.00 Mil   
Q3 2026 GAAP Operating MarginReported4.2%4.5%4.8%   
Q3 2026 Non-GAAP Operating MarginReported17.0%17.25%17.5%   
Q3 2026 GAAP EPSReported0.210.230.25   
Q3 2026 Non-GAAP EPSReported0.790.810.82   
2026 RevenueReported1.04 Bil1.04 Bil1.04 Bil0.3% RaisedGuidance: 1.04 Bil for 2026
2026 GAAP Operating MarginReported5.7%5.75%5.8% 1.7%RaisedGuidance: 4.05% for 2026
2026 Non-GAAP Operating MarginReported 18.0%  1.8%RaisedGuidance: 16.25% for 2026
2026 GAAP EPSReported1.211.221.2229.3% RaisedGuidance: 0.94 for 2026
2026 Non-GAAP EPSReported3.383.383.3916.7% RaisedGuidance: 2.9 for 2026
2026 Free Cash Flow MarginReported 21.0%  1.0%RaisedGuidance: 20.0% for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported250.00 Mil251.00 Mil252.00 Mil   
Q2 2026 GAAP Operating MarginReported1.6%1.9%2.2%   
Q2 2026 Non-GAAP Operating MarginReported14.5%14.75%15.0%   
Q2 2026 GAAP EPSReported0.120.140.15   
Q2 2026 Non-GAAP EPSReported0.620.640.65   
2026 RevenueReported1.04 Bil1.04 Bil1.04 Bil0.1% RaisedGuidance: 1.04 Bil for 2026
2026 GAAP Operating MarginReported3.8%4.05%4.3% 1.2%RaisedGuidance: 2.9% for 2026
2026 Non-GAAP Operating MarginReported16.0%16.25%16.5% 1.0%RaisedGuidance: 15.25% for 2026
2026 GAAP EPSReported0.890.940.9925.3% RaisedGuidance: 0.75 for 2026
2026 Non-GAAP EPSReported2.852.92.957.0% RaisedGuidance: 2.71 for 2026
2026 Free Cash Flow MarginReported 20.0%  1.0%RaisedGuidance: 19.0% for 2026

Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported244.00 Mil245.00 Mil246.00 Mil4.3% Higher NewGuidance: 235.00 Mil for Q4 2025
Q1 2026 GAAP Operating MarginReported2.7%3.0%3.3% 2.6%Higher NewGuidance: 0.4% for Q4 2025
Q1 2026 Non-GAAP Operating MarginReported15.5%15.75%16.0% -1.4%Lower NewGuidance: 17.1% for Q4 2025
Q1 2026 GAAP EPSReported0.170.180.2184.6% Higher NewGuidance: 0.07 for Q4 2025
Q1 2026 Non-GAAP EPSReported0.640.660.67-4.4% Lower NewGuidance: 0.69 for Q4 2025
2026 RevenueReported1.04 Bil1.04 Bil1.04 Bil17.8% Higher NewGuidance: 881.00 Mil for 2025
2026 GAAP Operating MarginReported2.6%2.9%3.2% 8.5%Higher NewGuidance: -5.6% for 2025
2026 Non-GAAP Operating MarginReported15.0%15.25%15.5% 6.0%Higher NewGuidance: 9.3% for 2025
2026 GAAP EPSReported0.70.750.8-224.0% Higher NewGuidance: -0.6 for 2025
2026 Non-GAAP EPSReported2.662.712.7662.8% Higher NewGuidance: 1.67 for 2025
2026 Free Cash Flow MarginReported 19.0%  7.0%Higher NewGuidance: 12.0% for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported234.00 Mil235.00 Mil236.00 Mil7.3% Higher NewGuidance: 219.00 Mil for Q3 2025
Q4 2025 GAAP Operating MarginReported0.0%0.4%0.8%   
Q4 2025 Non-GAAP Operating MarginReported16.7%17.1%17.5%   
Q4 2025 GAAP EPSReported0.050.070.08   
Q4 2025 Non-GAAP EPSReported0.670.690.7   
2025 RevenueReported880.00 Mil881.00 Mil882.00 Mil1.1% RaisedGuidance: 871.50 Mil for 2025
2025 GAAP Operating MarginReported-5.7%-5.6%-5.5%   
2025 Non-GAAP Operating MarginReported9.2%9.3%9.4%   
2025 GAAP EPSReported-0.62-0.6-0.59   
2025 Non-GAAP EPSReported1.651.671.68   
2025 Free Cash Flow MarginReported 12.0% 14.3%1.5%RaisedGuidance: 10.5% for 2025

Insider Activity

Updated 9/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ziegler, BrandonEVP, CLO, CAO & Corp SecretaryDirectSell821202675.976,571499,1999,588,630Form
2Herz, Robert H DirectSell608202651.231,50076,8451,914,568Form
3Herz, Robert H DirectSell602202649.691,00049,6901,729,311Form
4Mulcahy, David S DirectSell1212202591.501,162106,32321,994,130Form
5Herz, Robert H DirectSell1212202591.441,500137,1603,273,735Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ziegler, BrandonEVP, CLO, CAO & Corp SecretaryDirectSell821202675.976,571499,1999,588,630Form
2Herz, Robert H DirectSell608202651.231,50076,8451,914,568Form
3Herz, Robert H DirectSell602202649.691,00049,6901,729,311Form
4Mulcahy, David S DirectSell1212202591.501,162106,32321,994,130Form
5Herz, Robert H DirectSell1212202591.441,500137,1603,273,735Form
6Mulcahy, David S DirectSell1201202592.0180874,34422,223,635Form

Investor Activity (13F)

Updated Sep 13, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Topline Capital Management, LLC$62.6 Mil10.3%43ADD +264.3%13F
Steelhead Partners LLC$53.9 Mil3.9%24New13F
Eminence Capital, LP$150.3 Mil3.4%33TRIM -32.0%13F
Irenic Capital Management LP$32.9 Mil3.0%42Hold13F
Tetragon Partners GP Ltd$14.9 Mil2.9%38ADD +66.7%13F
Opti Capital Management, LP$35.8 Mil2.6%36ADD +11.6%13F
Hawk Ridge Capital Management LP$65.1 Mil2.4%48New13F
Jericho Capital Asset Management L.P.$147.0 Mil2.2%23New13F
Praesidium Investment Management Company, LLC$9.0 Mil2.1%12ADD +7.1%13F
Cypress Point Investment Management LP$6.1 Mil1.4%32New13F
Goldentree Asset Management LP$21.3 Mil1.3%29New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Jericho Capital Asset Management L.P.$147.0 Mil2.2%23New13F
Hawk Ridge Capital Management LP$65.1 Mil2.4%48New13F
Steelhead Partners LLC$53.9 Mil3.9%24New13F
Goldentree Asset Management LP$21.3 Mil1.3%29New13F
Cypress Point Investment Management LP$6.1 Mil1.4%32New13F
Topline Capital Management, LLC$62.6 Mil10.3%43ADD +264.3%13F
Tetragon Partners GP Ltd$14.9 Mil2.9%38ADD +66.7%13F
Opti Capital Management, LP$35.8 Mil2.6%36ADD +11.6%13F
Praesidium Investment Management Company, LLC$9.0 Mil2.1%12ADD +7.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Madison Avenue Partners, LP$5.2 Mil0.2%23ExitedDec 31, 202513F
Eminence Capital, LP$150.3 Mil3.4%33TRIM -32.0%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Eminence Capital, LP$150.3 Mil3.4%33TRIM -32.0%13F
Jericho Capital Asset Management L.P.$147.0 Mil2.2%23New13F
Hawk Ridge Capital Management LP$65.1 Mil2.4%48New13F
Topline Capital Management, LLC$62.6 Mil10.3%43ADD +264.3%13F
Steelhead Partners LLC$53.9 Mil3.9%24New13F
Opti Capital Management, LP$35.8 Mil2.6%36ADD +11.6%13F
Irenic Capital Management LP$32.9 Mil3.0%42Hold13F
Goldentree Asset Management LP$21.3 Mil1.3%29New13F
Tetragon Partners GP Ltd$14.9 Mil2.9%38ADD +66.7%13F
Praesidium Investment Management Company, LLC$9.0 Mil2.1%12ADD +7.1%13F
Cypress Point Investment Management LP$6.1 Mil1.4%32New13F
Core Cache Last Updated: 9/12/2026