Workiva (WK) Stock Forecast & Price Target

Workiva is favored because its core subscription engine remains durable, with CC cRPO growth at 19.3% and management still expecting about 19% full-year subscription revenue growth despite modest NRR moderation to ~110.5% in 1H26. Its platform is deepening inside customer accounts, as multi-solution customers rose to 76% of subscription revenue, $500K+ ACV customers grew 33% Y/Y in Q2, and 97%+ gross retention underscores sticky demand across finance, sustainability, risk, and compliance workflows. The case is further strengthened by operating leverage, with non-GAAP operating margin already at 18.4%, ahead of the FY27 target, while the U.S.-led revenue base and growing Europe opportunity provide additional runway.

Workiva is facing a weakening core growth profile, as net new customer additions on a TTM basis have declined by double digits in each of the last two quarters and growth in customers with ACV of $100K+ slowed to 20% Y/Y in Q2 from 27% a year ago. Although larger accounts remain a bright spot, with customers at $500K+ ACV up 33% and representing 30% of subscription revenue, the business still faces risks from slower sales cycles, possible vendor consolidation, and lower brand recognition in Europe. The company’s AI initiatives may help defend its deterministic, audit-ready back-office niche, but FX support is fading after the 2% tailwind to subscription revenue in 1Q, and management risks around ESG regulation, billings volatility, and margin expansion keep the outlook negative.