Workiva (WK) Stock Forecast & Price Target

Workiva is attractive fundamentally because its AI-powered, audit-ready platform is embedded in mission-critical workflows for accounting, finance, sustainability, risk, and audit, supporting sticky demand with 97%+ gross retention and CC NRR above 110%. Its growth is reinforced by strong cross-sell and upmarket traction, with multi-solution customers at 75%-76% of subscription revenue, $500K+ ACV customers growing 33% Y/Y in Q2, and subscription revenue still tracking around the high teens. Profitability is also improving meaningfully, as non-GAAP operating margins reached 18.4% and already surpassed the FY27 target of ~18%, while flat headcount and disciplined cost controls suggest further operating leverage ahead.

Workiva is facing a weakening fundamental profile as net new customer additions have declined by double digits on a TTM basis in each of the last two quarters, while growth in $100K+ ACV customers slowed to 20% Y/Y in Q2 from 27% a year ago. Even though $500K+ ACV customers still grew 33% and represent 30% of subscription revenue, the deceleration suggests larger-logo momentum is not offsetting softer broader customer acquisition. The outlook is further pressured by the fading FX tailwind after Q1 and by execution risks such as slower ESG adoption, longer sales cycles, weaker Europe growth, and the possibility that AI competition or lower-margin disruption could cap revenue and margin expansion.