Negative equity deepened to -$97.1M in 2026Q2, with total debt of $782.1M and a current ratio of 1.47, indicating a leveraged capital structure despite asset-light operations.
Workiva Inc. (WK) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 1.08B | 1.16B | 1.05B | 1.01B | 600.09M | 657.09M | 633.09M | 571.23M | 177.23M | 115.29M | 98.04M | 97.88M | 116.54M | 35.88M | 37.35M |
| Cash & Short-Term Investments | 817.39M | 891.62M | 816.42M | 813.72M | 430.79M | 530.45M | 530.04M | 487.96M | 98.35M | 76.7M | 62.72M | 76.17M | 101.13M | 17.95M | 30.18M |
| Cash Only | 333.77M | 338.77M | 301.83M | 256.1M | 240.2M | 300.39M | 322.83M | 381.74M | 77.58M | 60.33M | 51.28M | 58.75M | 101.13M | 15.52M | 24.98M |
| Short-Term Investments | 483.63M | 552.85M | 514.59M | 557.62M | 190.59M | 230.06M | 207.21M | 106.21M | 20.76M | 16.36M | 11.44M | 17.42M | 0 | 2.44M | 5.2M |
| Accounts Receivable | 168.44M | 179.37M | 158.71M | 132.56M | 112.99M | 80.39M | 72.08M | 62.66M | 66.29M | 29.77M | 24.08M | 16.46M | 11.41M | 16.74M | 5.34M |
| Days Sales Outstanding | 59.16 | 74.01 | 78.42 | 76.8 | 76.67 | 66.19 | 74.83 | 76.78 | 99.02 | 52.28 | 49.2 | 41.37 | 36.97 | 71.76 | 36.8 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 65.95M | 91.4M | 73.11M | 62.65M | 56.31M | 31.15M | 21.92M | 14.11M | 8.18M | 2.38M | 1.86M | 1.37M | 852K | 301K | 546K |
| Total Non-Current Assets | 307.35M | 331.19M | 320.23M | 209.92M | 219.53M | 129.67M | 73.92M | 67.72M | 53.88M | 42.42M | 45.1M | 46.02M | 48.01M | 38.06M | 16.18M |
| Property, Plant & Equipment | 27.15M | 34.53M | 33.61M | 36.92M | 41.03M | 46.58M | 45.21M | 47.65M | 41.47M | 40.44M | 42.59M | 44.41M | 46.27M | 34.72M | 15.56M |
| Fixed Asset Turnover | 33.27x | 25.62x | 21.98x | 17.06x | 13.11x | 9.52x | 7.78x | 6.25x | 5.89x | 5.14x | 4.19x | 3.27x | 2.44x | 2.45x | 3.40x |
| Goodwill | 203.18M | 206.16M | 196.84M | 112.1M | 109.74M | 34.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 18.23M | 22.27M | 27.39M | 22.89M | 28.23M | 10.43M | 1.58M | 1.65M | 1.27M | 1.12M | 1.01M | 896K | 549K | 167K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.37M | 0 |
| Other Non-Current Assets | 58.8M | 68.22M | 62.38M | 38.01M | 40.53M | 38.1M | 27.13M | 18.42M | 11.15M | 861K | 1.5M | 711K | 1.2M | 3.18M | 614K |
| Total Assets | 1.39B | 1.49B | 1.37B | 1.22B | 819.62M | 786.76M | 707.01M | 638.95M | 231.11M | 157.72M | 143.14M | 143.9M | 164.55M | 73.94M | 53.52M |
| Asset Turnover | 0.71x | 0.59x | 0.54x | 0.52x | 0.66x | 0.56x | 0.50x | 0.47x | 1.06x | 1.32x | 1.25x | 1.01x | 0.68x | 1.15x | 0.99x |
| Asset Growth % | 19.65% | 9.14% | 12.27% | 48.71% | 4.18% | 11.28% | 10.65% | 176.47% | 46.54% | 10.18% | -0.52% | -12.55% | 122.53% | 38.16% | - |
| Total Current Liabilities | 688.83M | 741.65M | 592.42M | 484.5M | 406.94M | 646.5M | 281.79M | 232.1M | 191.58M | 129.34M | 99.89M | 84.08M | 66.73M | 43.33M | 26.4M |
| Accounts Payable | 11.82M | 8.93M | 7.75M | 5.2M | 6.17M | 4.11M | 2.84M | 7.06M | 5.46M | 3.06M | 849K | 5.14M | 3.01M | 3.99M | 2.4M |
| Days Payables Outstanding | 20.27 | 17.12 | 16.43 | 12.32 | 17.35 | 14.46 | 11.51 | 30.3 | 30.27 | 18.54 | 6 | 46.65 | 32.44 | 60.01 | 45.93 |
| Short-Term Debt | 0 | 77.39M | 0 | 0 | 0 | 298.66M | 0 | 0 | 0 | 0 | 20K | 18K | 84K | 2.3M | 185K |
| Deferred Revenue (Current) | 2.16B | 547.92M | 482.11M | 380.84M | 341.78M | 284.54M | 227.27M | 185.77M | 148.54M | 104.9M | 77.04M | 56.73M | 42.6M | 27.37M | 17.12M |
| Other Current Liabilities | 0 | 107.41M | 34.3M | 43.77M | 24.2M | 24.86M | 21.14M | 19.21M | 20.43M | 13.42M | 8.66M | 8.78M | 12.75M | 5.84M | 2.17M |
| Current Ratio | 1.57x | 1.57x | 1.77x | 2.08x | 1.47x | 1.02x | 2.25x | 2.46x | 0.93x | 0.89x | 0.98x | 1.16x | 1.75x | 0.83x | 1.41x |
| Quick Ratio | 1.57x | 1.57x | 1.77x | 2.08x | 1.47x | 1.02x | 2.25x | 2.46x | 0.93x | 0.89x | 0.98x | 1.16x | 1.75x | 0.83x | 1.41x |
| Cash Conversion Cycle | 38.89 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 742.92M | 757.36M | 817.73M | 823.75M | 406.7M | 67.28M | 360.94M | 352.65M | 49.27M | 45.31M | 46.38M | 34.09M | 42M | 37.31M | 13.1M |
| Long-Term Debt | 697.9M | 706.74M | 764.89M | 762.46M | 340.26M | 0 | 289.49M | 280.6M | 0 | 0 | 53K | 73K | 91K | 2.25M | 2.8M |
| Capital Lease Obligations | 74.49M | 23.7M | 22.93M | 24.94M | 26.68M | 31.5M | 33.87M | 37.98M | 17.21M | 18.43M | 19.74M | 21.08M | 22.75M | 12.51M | 9.19M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 59K | -10.38M | 227K | 178K | 1.52M | 1.6M | 1.68M | 1.5M | 6.89M | 4.17M | 4.1M | 3.34M | 2.07M | 16.99M | 67K |
| Total Liabilities | 1.43B | 1.5B | 1.41B | 1.31B | 813.64M | 713.78M | 642.73M | 584.75M | 240.85M | 174.65M | 146.27M | 118.18M | 108.73M | 80.73M | 39.5M |
| Total Debt | 716.4M | 807.82M | 793.28M | 793.18M | 373.17M | 337.74M | 329.61M | 323.27M | 18.43M | 19.59M | 21.1M | 22.98M | 24.86M | 25.43M | 12.17M |
| Net Debt | 382.63M | 469.05M | 491.44M | 537.08M | 132.97M | 37.35M | 6.78M | -58.47M | -59.15M | -40.74M | -30.18M | -35.77M | -76.27M | 9.91M | -12.81M |
| Debt / Equity | -15.60x | - | - | - | 62.37x | 4.63x | 5.13x | 5.96x | - | - | - | 0.89x | 0.45x | - | 0.87x |
| Debt / EBITDA | 11.37x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 6.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 6.72x | -0.75x | -2.84x | -1.31x | -13.73x | -1.79x | -2.49x | -6.85x | -26.27x | -23.05x | -22.44x | -20.44x | -19.12x | -79.72x | -19.11x |
| Total Equity | -45.93M | -5.44M | -41.68M | -89.39M | 5.98M | 72.98M | 64.28M | 54.2M | -9.74M | -16.93M | -3.13M | 25.72M | 55.82M | -6.79M | 14.02M |
| Equity Growth % | 100.01% | 86.96% | 53.37% | -1594.07% | -91.8% | 13.54% | 18.59% | 656.49% | 42.48% | -441.89% | -112.15% | -53.92% | 922.44% | -148.41% | - |
| Book Value per Share | -0.83 | -0.10 | -0.75 | -1.65 | 0.11 | 1.43 | 1.33 | 1.17 | -0.22 | -0.41 | -0.08 | 0.65 | 1.74 | -0.21 | 0.44 |
| Total Shareholders' Equity | -45.93M | -5.44M | -41.68M | -89.39M | 5.98M | 72.98M | 64.28M | 54.2M | -9.74M | -16.93M | -3.13M | 25.72M | 55.82M | -6.79M | 14.02M |
| Common Stock | 54K | 57K | 56K | 54K | 53K | 51K | 49K | 47K | 44K | 42K | 41K | 41K | 39K | 160K | 0 |
| Retained Earnings | -682.31M | -733.85M | -707.68M | -652.64M | -525.12M | -452.43M | -414.7M | -366.3M | -307.03M | -265.34M | -220.91M | -176.93M | -133.53M | 0 | 0 |
| Treasury Stock | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.48M | 7.44M | -6.42M | 255K | -6.69M | -288K | 230K | 287K | 98K | 72K | 291K | 241K | 147K | -12.47M | -42K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WK stock.
As of 2025, Workiva Inc. (WK) had total assets of $1.49B including $1.16B in current assets.
Workiva Inc. (WK) carries total debt of $807.8M, offset by $891.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Workiva Inc. (WK) has total shareholders' equity (book value) of $-5.4M ($-0.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Workiva Inc. (WK) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
SBC dilution and negative equity
Metrics are mathematically derived from official filings.
Equity Erosion Despite Revenue Growth
Workiva's equity swung from -$83.2M in 2024Q1 to -$97.1M in 2026Q2, a 17% deterioration, as reported in financial statements, despite accelerating revenue growth.
The balance sheet shows a persistent negative equity position, which has worsened over the past ten quarters. This suggests that while the company is growing revenue, it is not yet generating sufficient retained earnings to offset accumulated losses. The trend implies that the company's growth is being funded by debt and equity dilution rather than organic profitability, which may concern investors monitoring balance sheet quality.
Stable Debt Load with Rising Leverage
Total debt remained near $782M in 2026Q2, but negative equity of -$97.1M makes the D/E ratio undefined, as per reported figures, indicating a leveraged capital structure.
The company carries a substantial debt load of approximately $782M, which has remained relatively flat over the period. However, because equity is negative, traditional leverage metrics are not meaningful. This suggests that the company is relying heavily on debt financing to support operations, and the lack of equity cushion may increase financial risk. Investors should monitor the company's ability to service this debt as it continues to invest in growth.
Asset-Light Model with Intangible Focus
Goodwill of $203.6M represents 14.5% of total assets in 2026Q2, while net PPE is only $28.7M, as disclosed in the balance sheet, underscoring an asset-light business model.
The asset mix is dominated by intangibles and goodwill, which is typical for a software company. The low PPE indicates minimal capital intensity, consistent with the prior cash flow analysis showing minimal capex. However, the goodwill balance has increased from $110.3M in 2024Q1 to $203.6M, suggesting acquisitions. This raises the risk of future impairment if those acquisitions do not perform as expected, which could further erode equity.
Negative Equity Deepens on Accumulated Losses
Retained earnings fell to -$701.4M in 2026Q2 from -$664.3M in 2024Q1, as per the balance sheet, driving equity deeper into negative territory.
The negative equity is primarily driven by accumulated deficits, which have grown despite improving operating margins. This indicates that the company has not yet reached a point where it can retain earnings to build a positive equity base. The trend suggests that the company's growth is being financed through debt and equity issuance, which may dilute existing shareholders. The improvement in operating income is a positive sign, but it has not yet translated into positive retained earnings.
Liquidity Buffer Shrinks as Current Ratio Declines
Current ratio fell from 2.05 in 2024Q1 to 1.47 in 2026Q2, while cash dropped to $252.5M, as reported in financial statements, indicating a tighter liquidity position.
The current ratio has declined steadily, suggesting that current liabilities are growing faster than current assets. Cash has also decreased from $296.1M to $252.5M over the same period. This may indicate that the company is using cash to fund operations and debt repayments, reducing its buffer against shocks. However, the company still has a current ratio above 1, implying it can cover short-term obligations, but the trend warrants monitoring.
Negative Equity Masks Underlying Cash Generation
Despite negative equity of -$97.1M, operating cash flow reached $78.3M in 2026Q2, as per the cash flow statement, suggesting that the balance sheet may understate the company's cash-generating ability.
The negative equity is a red flag, but it is largely a result of cumulative losses and stock-based compensation, which are non-cash charges. The company's operating cash flow has been strong, and its asset-light model requires minimal capex. This suggests that the negative equity may not be as concerning as it appears, as the company is generating cash to service its debt. However, the reliance on debt and the potential for goodwill impairment remain risks that could further strain the balance sheet.