WK · Research
Workiva: Hold as $1.00B SEC Compliance Franchise Inflects to Positive GAAP Profit
Workiva crossed $1.00B in TTM revenue (+18.9% YoY) at an 80.2% gross margin and swung to a +3.3% GAAP operating margin, yet stock pay still absorbs 55.4% of TTM FCF, keeping us at Hold against our $113.06 base DCF.
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Regulatory system-of-record crossing $1B and turning GAAP profitable
- TTM revenue
- $1B
- GAAP operating margin
- 3.3%
- Gross margin
- 80.2%
- 1-Yr R&D payback
- 0.66x
Chief accounting officers rarely switch the software linking general-ledger cells directly to SEC Form 10-K iXBRL tags, SOX control sign-offs, and Big Four audit trails days before a filing deadline. Expanding multi-solution contracts across financial reporting, GRC, and European CSRD assured reporting lifted Workiva's trailing revenue past $1.00B ($1,004.5M, +18.9% year over year).
After four years of GAAP operating losses between -16.5% (FY2022) and -4.8% (FY2025), operating leverage pushed all four recent quarters into positive GAAP EBIT ($52.7M trailing operating income) alongside
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