Workiva Inc Dossier - Source-backed chat

Workiva Inc

WKNYSE

SectorInformation Technology

IndustrySoftware - Application

Beta (adjusted)0.64

Intrinsic Value $266.23median of 4 methods · middle span $139-$394based on filings through 30 Jun 2026

Market Price $66.57Price as of 30 Sep 2026

Significantly undervaluedIntrinsic value is 300% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

marker beyond scale (+300%)

Data confidence Sign in to view data confidence

Market Cap $3.6B

Enterprise Value $4.1B

Shares Outstanding 56M diluted

Moat Rating None

Next Earnings Date4 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Workiva is uniquely positioned as the leading cloud platform for assured integrated reporting, combining financial reporting, GRC, and ESG disclosures into a single secure environment. The company is demonstrating strong operating leverage, swinging to GAAP profitability in Q1 2026 while maintaining robust 20% year-over-year revenue growth. With a massive addressable market driven by expanding global regulatory mandates (such as CSRD and SEC climate rules), Workiva's multi-solution cross-sell engine (75% of subscription revenue now from multi-solution customers) and high retention rates (97% gross, 112% net) support a highly visible, recurring revenue model. The recent appointment of Barbara Larson as CFO brings deep SaaS scaling expertise to drive further margin expansion toward the company's long-term targets.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets10 analysts · as of 18 Aug 2026

Low · most bearish analyst$65.00

Mean target$77.20

High · most bullish analyst$91.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$65.0015%

Macroeconomic headwinds or increased competition in the mid-market GRC and ESG spaces lead to longer sales cycles and a deceleration in new logo additions. Revenue growth slows to the low teens, and heavy investments in AI and headcount prevent the company from achieving its guided operating margin expansion, keeping non-GAAP operating margins near 14%.

Base CaseCentral scenario

$77.2060%

Matches the consensus mean

Workiva achieves its raised full-year 2026 guidance of $1.037 billion to $1.041 billion in total revenue, representing approximately 17% to 18% growth. Non-GAAP operating margin lands within the guided 16.0% to 16.5% range, and free cash flow margin stabilizes at approximately 20%. Multi-solution adoption continues to trend upward, maintaining net retention above 110%.

Bull CaseUpside scenario

$91.0025%

Accelerated adoption of ESG and GRC solutions driven by strict global regulatory mandates pushes full-year 2026 revenue above the high end of guidance ($1.041 billion). Operating leverage expands faster than expected, with non-GAAP operating margins exceeding 17% and free cash flow margins reaching 22%, driven by rapid cross-selling and high-value contract wins (ACV > $300k).

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Sole platform offering assured integrated reporting across finance, GRC, and ESG, creating a strong competitive moat.
Highly visible recurring revenue model with 97% gross retention and 112% net retention.
Strong cross-sell momentum, with 75% of subscription revenue derived from multi-solution customers.
Significant operating leverage, demonstrated by a 1,600 basis point improvement in non-GAAP operating margin in Q1 2026.

Key Investment Risks

Moderating growth rates as the company scales past the $1 billion revenue milestone.
High valuation multiples relative to traditional software peers, making the stock sensitive to growth deceleration.
Execution risk associated with the transition of key leadership roles, including the newly appointed CFO and independent auditor.

Thesis Invalidation Triggers

Net retention rate falling below 105%, indicating a slowdown in customer expansion or increased churn.
Full-year revenue growth dropping below 15%, signaling market saturation or competitive pressure.
Failure to sustain GAAP operating profitability in consecutive quarters.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.