Filing Flows › Workiva (WK) › Takeover & LBO
Is Workiva (WK) a takeover target?
A leveraged buyout at today's price plus 30% ($100.71 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 7.0% of companies with its figures were bought within a year (1.39× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $100.71 | today's $77.47 plus 30% |
| × shares | 56.1 million | |
| = Equity value | $5.6B | |
| + Debt refinanced | $0 | |
| − Cash | $815M | |
| = Enterprise value | $4.8B | 114.9× EBITDA of $42.0M |
| Fees | $96.6M | 2% of the price |
| New debt | $231M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $4.7B | 95% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.0B | $45.4M | $17.7M | $16.5M | $215M |
| Year 2 | $1.1B | $48.5M | $16.4M | $21.0M | $194M |
| Year 3 | $1.2B | $51.1M | $14.8M | $25.7M | $168M |
| Year 4 | $1.2B | $53.3M | $12.8M | $30.5M | $137M |
| Year 5 | $1.3B | $54.9M | $10.5M | $35.2M | $102M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 83.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $4.6B | |
| − Debt left | $102M | |
| = Buyer's equity | $4.5B | |
| Money multiple | 0.96× | on $4.7B put in |
| Buyer's yearly return (IRR) | −0.8% |
Price against return
What the buyer makes at other premiums over today's $77.47.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $85.22 | 3.4% |
| 20% | $92.96 | 1.2% |
| 30% | $100.71 | −0.8% |
| 40% | $108.46 | −2.6% |
| 50% | $116.20 | −4.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $966M | |
| EBITDA, last 12 months | $42.0M | 4.4% of revenue |
| Depreciation and amortization | $10.6M | |
| Capital spending | $1.4M | |
| Debt | $0 | |
| Cash | $815M | |
| Share price | $77.47 | on Oct 15, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Workiva would cost about $100.71 a share, $5.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $86.77 | $4.9B |
| Median | 30% | $100.71 | $5.6B |
| High end (a quarter paid more) | 31% | $101.49 | $5.7B |
The odds, from history
Historically 7.0% of companies with its figures were bought within a year (1.39× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Workiva's latest quarter
Workiva, Q3 2026: revenue $263M (+17% year over year), operating margin 6.8%, net earnings $19.1M, operating cash flow $69.5M. The chart follows the revenue to costs, profit and cash.
Questions
Is Workiva being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Workiva?
A leveraged buyout at today's price plus 30% ($100.71 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Workiva cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Workiva would cost about $100.71 a share, $5.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.