Latest Ratios: P/E Ratio -150.6x · EV/EBITDA N/A · ROE N/A. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $4.9B | $6.1B | $5.5B | $4.4B | $6.7B | $4.4B | $1.9B | $1.6B | $891M | $555M |
| Enterprise Value | $4.3B | $5.3B | $6.6B | $6.0B | $4.6B | $6.7B | $4.4B | $1.9B | $1.5B | $850M | $525M |
| P/E Ratio → | -150.62 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.35 | 5.49 | 8.21 | 8.72 | 8.27 | 15.05 | 12.62 | 6.54 | 6.41 | 4.28 | 3.11 |
| P/B Ratio | — | — | — | — | 743.20 | 91.42 | 69.06 | 35.92 | — | — | — |
| P/FCF | 27.92 | 35.17 | 70.36 | 80.17 | 576.28 | 144.75 | 142.85 | 71.90 | 311.57 | 215.39 | — |
| P/OCF | 27.50 | 34.65 | 69.11 | 77.50 | 392.32 | 133.85 | 133.53 | 62.97 | 244.72 | 161.35 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.02 | 8.87 | 9.57 | 8.51 | 15.13 | 12.64 | 6.34 | 6.17 | 4.09 | 2.94 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 38.57 | 76.06 | 88.01 | 593.51 | 145.56 | 143.06 | 69.74 | 299.80 | 205.54 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5% | 78.5% | 76.7% | 75.5% | 75.9% | 76.6% | 74.4% | 71.5% | 73.0% | 71.0% | 71.1% |
| Operating Margin | -4.8% | -4.8% | -10.4% | -15.0% | -16.5% | -6.6% | -10.8% | -15.2% | -20.4% | -21.3% | -24.4% |
| Net Profit Margin | -3.0% | -3.0% | -7.5% | -20.2% | -16.9% | -8.5% | -13.8% | -15.9% | -20.5% | -21.4% | -24.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -230.4% | -55.0% | -81.7% | -213.6% | — | — | -389.3% |
| ROA | -1.8% | -1.8% | -4.3% | -12.5% | -11.3% | -5.1% | -7.2% | -10.9% | -25.8% | -29.5% | -30.6% |
| ROIC | -7.0% | -7.0% | -12.8% | -24.2% | -53.4% | -24.3% | -84.9% | — | — | — | — |
| ROCE | -5.6% | -5.6% | -10.1% | -16.5% | -32.1% | -10.4% | -9.1% | -20.3% | -146.6% | -123.7% | -84.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 62.37 | 4.63 | 5.13 | 5.96 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 22.22 | 0.51 | 0.11 | -1.08 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 3.40 | 5.70 | 7.84 | 17.23 | 0.81 | 0.22 | -2.16 | -11.77 | -9.85 | — |
| Interest Coverage | -0.75 | -0.75 | -2.84 | -1.31 | -13.73 | -1.79 | -2.49 | -6.85 | -26.27 | -23.05 | -22.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.77 | 2.08 | 1.47 | 1.02 | 2.25 | 2.46 | 0.93 | 0.89 | 0.98 |
| Quick Ratio | 1.57 | 1.57 | 1.77 | 2.08 | 1.47 | 1.02 | 2.25 | 2.46 | 0.93 | 0.89 | 0.98 |
| Cash Ratio | 1.20 | 1.20 | 1.38 | 1.68 | 1.06 | 0.82 | 1.88 | 2.10 | 0.51 | 0.59 | 0.63 |
| Asset Turnover | — | 0.59 | 0.54 | 0.52 | 0.66 | 0.56 | 0.50 | 0.47 | 1.06 | 1.32 | 1.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 74.01 | 78.42 | 76.80 | 76.67 | 66.19 | 74.83 | 76.78 | 99.02 | 52.28 | 49.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 3.6% | 2.8% | 1.4% | 1.2% | 0.2% | 0.7% | 0.7% | 1.4% | 0.3% | 0.5% | — |
| Buyback Yield | 1.9% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 1.9% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Shares Outstanding | — | $56M | $55M | $54M | $53M | $51M | $48M | $46M | $44M | $42M | $41M |
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WK stock.
Workiva Inc.'s current P/E ratio is -150.6x. This places it at the 50th percentile of its historical range.
Based on historical data, Workiva Inc. is trading at a P/E of -150.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Workiva Inc. has 78.5% gross margin and -4.8% operating margin.
Key Metrics
Top Statement Risk
SBC dilution and negative equity
Metrics are mathematically derived from official filings.
Margin Expansion Signals Operating Leverage
According to the latest quarterly report, Workiva's gross margin improved to 80.4% in 2026Q2 from 76.4% in 2024Q1, while operating margin swung from -13.0% to +4.6%, indicating scale benefits.
The 400 basis point gross margin expansion and the 17.6 point operating margin improvement over the period suggest that the company is achieving meaningful operating leverage as revenue scales. However, the net margin of 5.3% in 2026Q2 is slightly above operating margin, implying a small non-operating gain, which may not be sustainable. Investors should monitor whether margin expansion continues as growth normalizes, given that SG&A still consumes over half of revenue.
Returns on Capital Turn Positive
As reported in financial statements, Workiva's ROIC improved from -4.0% in 2024Q2 to 2.0% in 2026Q2, while ROA rose from -1.4% to 1.0%, indicating a shift toward value creation.
The transition from negative to positive returns on invested capital is a critical inflection point, suggesting that the company's investments in growth are beginning to pay off. The improvement is driven primarily by margin expansion rather than asset efficiency, as asset turnover has remained relatively flat around 0.16-0.18. This implies that the company's earning power is improving, but the absolute level of returns remains modest, and sustainability depends on continued margin gains.
Working Capital Efficiency Improves
Based on reported figures, Workiva's DSO declined from 70 days in 2024Q4 to 54 days in 2026Q2, while DPO remained stable around 20 days, indicating faster cash collection from customers.
The 16-day reduction in days sales outstanding suggests improved collections or a shift in customer mix, which has contributed to stronger cash flow. However, the cash conversion cycle remains undefined due to missing inventory data, but the asset-light model with minimal inventory suggests that working capital efficiency is primarily driven by receivables and payables management. The stable DPO indicates that the company is not stretching supplier payments, which may reflect its negotiating position or contractual terms.
Leverage Metrics Signal Comfortable Debt Service
According to the latest quarterly data, Workiva's interest coverage improved to 6.25x in 2026Q2 from negative levels in 2024, while D/EBITDA fell to 39.21 from 78.27 in 2025Q4, indicating reduced leverage risk.
The dramatic improvement in interest coverage from -4.55x in 2025Q2 to 6.25x in 2026Q2 reflects both rising EBITDA and stable debt levels, suggesting that debt service is becoming more comfortable. However, the D/EBITDA ratio remains elevated at 39.21, which is high for a software company, but this is partly due to the low absolute EBITDA base. The negative equity position complicates traditional leverage analysis, but the company's cash flow generation appears sufficient to cover interest obligations.
Liquidity Buffer Tightens but Remains Adequate
As per financial statements, Workiva's current ratio declined from 2.05 in 2024Q1 to 1.47 in 2026Q2, while cash dropped to $252.5M, indicating a thinner liquidity cushion.
The declining current ratio suggests that current liabilities are growing faster than current assets, potentially due to increased deferred revenue or other accruals. Despite the decline, a current ratio above 1.5 remains adequate for a software company with predictable recurring revenue. However, the rapid drawdown in cash, partly due to buybacks, warrants monitoring, as a further decline could strain liquidity under stress scenarios.
P/E Misleading for Loss-Making Growth
The most commonly misapplied ratio for Workiva is the P/E, which is negative and meaningless given current losses; instead, EV/Sales or P/FCF better capture value, with P/FCF at 27.23.
Investors often dismiss Workiva based on its negative P/E, but this ignores the company's improving profitability and strong cash flow generation. The forward P/E of 20.56 implies that the market expects continued earnings growth, but the quality of those earnings is questionable due to significant stock-based compensation. A more appropriate valuation metric is EV/Sales, which at 4.25 reflects the market's premium for growth, or P/FCF, which at 27.23 indicates that cash flow is becoming a meaningful driver of value. Analysts should focus on cash-based earnings rather than GAAP net income, which is distorted by SBC and non-operating items.