Workiva Inc.

TechnologySoftware - ApplicationNYSE

$46.42

Market Cap: $2.61B

Workiva Inc. (WK) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$3.12 – $90.92	$9.25	-84.5%
▸ Trading Multiples
EV/Revenue	$23.95 – $160.26	$52.69	-11.8%

Valuation History

DCF Analysis

Workiva Inc. (WK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.25

Market Price

$46.42

Upside / Downside

-80.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -4.8% to a target of 10.0% over 5 years, discounted at a WACC of 8.0%, Workiva Inc. (WK) has an intrinsic value of $9.25 per share (range: $3.12 – $90.92).

Key Assumptions

Current Operating Margin

-4.8%

Target Operating Margin

10.0%

WACC

8.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,038	17.3%	-1.8%	-19	-19	16	(11)	31	-45	-43
2027	1,199	15.5%	1.1%	13	11	18	(19)	31	-21	-19
2028	1,414	17.9%	4.1%	57	45	21	(30)	42	-5	-4
2029	1,680	18.9%	7.0%	118	93	25	(45)	52	22	17
2030	1,997	18.9%	10.0%	199	157	30	(65)	61	62	44
2031	2,321	16.2%	10.0%	232	183	35	(88)	63	67	44
2032	2,636	13.6%	10.0%	263	208	40	(114)	61	72	44
2033	2,924	10.9%	10.0%	292	230	44	(143)	56	76	43
2034	3,166	8.3%	10.0%	316	250	48	(172)	47	78	41
2035	3,345	5.6%	10.0%	334	264	51	(201)	35	79	38

Enterprise Value Bridge

Sum of PV(FCFF)203

Terminal Value (Gordon Growth at 3.0%)1,632

PV of Terminal Value786

Enterprise Value990

(–) Net Debt469

Equity Value521

(÷) Shares Outstanding56

Fair Value per Share$9.25

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.0%	$-15	$-10	$24	$57	$91
7.0%	$-15	$-10	$15	$39	$64
8.0%	$-15	$-10	$9	$28	$47
9.0%	$-14	$-10	$6	$21	$37
10.0%	$-14	$-10	$3	$16	$29

Current price: $46.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$52.69

Market Price

$46.42

Upside / Downside

+13.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Workiva Inc. (WK) has a fair value of $52.69 based on 10 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Workiva Inc.WK	2,612	3.5x	4.2x
Clearwater Analytics Holdings, Inc.CWAN	7,053	10.7x	10.7x
OneStream, Inc. Class A Common StockOS	5,900	8.7x	10.8x
JFrog Ltd.FROG	5,899	11.0x	13.7x
Zeta Global Holdings Corp.ZETA	3,863	2.9x	2.9x
Compass, Inc.COMP	3,823	0.6x	0.3x
Webull Corporation Class A Ordinary SharesBULL	2,586	0.8x	1.0x
CleanSpark, Inc.CLSK	2,327	4.1x	4.0x
Bitdeer Technologies GroupBTDR	1,967	4.8x	8.5x
Via Transportation, Inc.VIA	1,234	2.1x	1.2x
Diginex LimitedDGNX	104	49.5x	—
Industry Median		4.4x	4.0x
(*) Revenue		885	734
= Enterprise Value		3,922	2,946
(-) Net Debt		469	469
Equity Value		3,453	2,477
(/) Outstanding shares		56	56
Fair Price		$61	$44

Selected Fair Value (avg of trailing + forward)

$52.69

+13.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$3.12 – $90.92

$9.25

-84.5%

▸ Trading Multiples

EV/Revenue

$23.95 – $160.26

$52.69

-11.8%

DCF Analysis

Workiva Inc. (WK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.25

Market Price

$46.42

Upside / Downside

-80.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.8%

Target Operating Margin

10.0%

WACC

8.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,038	17.3%	-1.8%	-19	-19	16	(11)	31	-45	-43
2027	1,199	15.5%	1.1%	13	11	18	(19)	31	-21	-19
2028	1,414	17.9%	4.1%	57	45	21	(30)	42	-5	-4
2029	1,680	18.9%	7.0%	118	93	25	(45)	52	22	17
2030	1,997	18.9%	10.0%	199	157	30	(65)	61	62	44
2031	2,321	16.2%	10.0%	232	183	35	(88)	63	67	44
2032	2,636	13.6%	10.0%	263	208	40	(114)	61	72	44
2033	2,924	10.9%	10.0%	292	230	44	(143)	56	76	43
2034	3,166	8.3%	10.0%	316	250	48	(172)	47	78	41
2035	3,345	5.6%	10.0%	334	264	51	(201)	35	79	38

Enterprise Value Bridge

Sum of PV(FCFF)203

Terminal Value (Gordon Growth at 3.0%)1,632

PV of Terminal Value786

Enterprise Value990

(–) Net Debt469

Equity Value521

(÷) Shares Outstanding56

Fair Value per Share$9.25

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.0%	$-15	$-10	$24	$57	$91
7.0%	$-15	$-10	$15	$39	$64
8.0%	$-15	$-10	$9	$28	$47
9.0%	$-14	$-10	$6	$21	$37
10.0%	$-14	$-10	$3	$16	$29

Current price: $46.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$52.69

Market Price

$46.42

Upside / Downside

+13.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Workiva Inc. (WK) has a fair value of $52.69 based on 10 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Workiva Inc.WK	2,612	3.5x	4.2x
Clearwater Analytics Holdings, Inc.CWAN	7,053	10.7x	10.7x
OneStream, Inc. Class A Common StockOS	5,900	8.7x	10.8x
JFrog Ltd.FROG	5,899	11.0x	13.7x
Zeta Global Holdings Corp.ZETA	3,863	2.9x	2.9x
Compass, Inc.COMP	3,823	0.6x	0.3x
Webull Corporation Class A Ordinary SharesBULL	2,586	0.8x	1.0x
CleanSpark, Inc.CLSK	2,327	4.1x	4.0x
Bitdeer Technologies GroupBTDR	1,967	4.8x	8.5x
Via Transportation, Inc.VIA	1,234	2.1x	1.2x
Diginex LimitedDGNX	104	49.5x	—
Industry Median		4.4x	4.0x
(*) Revenue		885	734
= Enterprise Value		3,922	2,946
(-) Net Debt		469	469
Equity Value		3,453	2,477
(/) Outstanding shares		56	56
Fair Price		$61	$44

Selected Fair Value (avg of trailing + forward)

$52.69

+13.5%