Workiva Inc.
WK Technology Software Application
Workiva Inc.’s revenue for fiscal 2025 (year ended December 2025) was $884.6 million, up 19.7% from fiscal 2024. In the quarter to June 2026, revenue grew 18.6%, EPS grew 168.6%, free cash flow grew 58.2% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Workiva Inc. (WK) Altman Z-score
Workiva Inc.'s Altman Z-score for fiscal 2025 is 2.09, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.09 | (0.52) |
| FY2024 | 2.61 | 0.06 |
| FY2023 | 2.55 | (0.42) |
| FY2022 | 2.96 | (2.30) |
| FY2021 | 5.26 | 1.02 |
| FY2020 | 4.24 | 2.18 |
| FY2019 | 2.06 | (0.25) |
| FY2018 | 2.31 | 1.33 |
| FY2017 | 0.99 | 0.64 |
| FY2016 | 0.34 | (1.61) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.34 | |
| Retained earnings / total assets | (0.49) | — | −0.69 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 3.24 | — | 1.94 | |
| Sales / total assets | 0.59 | — | 0.59 | |
| Altman Z-score | Grey zone | 2.09 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.05 | ||
Z and Z″ put Workiva Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DAVE Dave Inc. compare | 16.5× |
| MNDY monday.com Ltd. compare | 6.2× |
| QTWO Q2 Holdings, Inc. compare | 4.4× |
| SRAD Sportradar Group AG compare | 2.3× |
| WK Workiva Inc. | 2.1× |
| FRSH Freshworks Inc. compare | 1.6× |
| CCC CCC Intelligent Solutions Holdings Inc. compare | 1.4× |
| FSLY Fastly, Inc. compare | 0.9× |
| BILL BILL Holdings, Inc. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets