WKWORKIVA INC

Services-Prepackaged Software

Revenue: $885M; 20% YoY
Operating margin: -4.8%; 54% YoY
EBITDA: −$31M; 52% YoY
Market cap: $4.7B
Employees: 2,860; $309K revenue each
Net debt / EBITDA: —; −$252M net debt
AI in 10-K: 8.8; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
51% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$309K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.8 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$944K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$443M	$538M	$630M	$739M	$885M	20%
Operating income	−$29M	−$89M	−$95M	−$77M	−$42M	45%
Net income	−$38M	−$91M	−$128M	−$55M	−$26M	52%
Operating cash flow	$50M	$11M	$71M	$88M	$140M	60%
Capex	$4M	$3M	$2M	$1M	$2M	52%
Stock-based comp	$49M	$71M	$99M	$102M	$123M	20%
Buybacks	—	—	$0	$0	$72M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $944K · 6
Net: −$944K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	94	265
FY2024	—	—	120	205
FY2023	—	—	111	150
FY2022	—	—	92	90
FY2021	—	—	142	138