MEDIUMBuilt-inProduct / Revenue mix
35%
SEC filing customers
“10-K Item 1A: 'We derive more than 35% of our total revenue from customers using our platform for SEC filings'”
WK · Concentration risk · 10-K extracted
Workiva (WK) concentration risks
Updated
The most significant concentration Workiva discloses is SEC filing customers at 35%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Workiva’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration is a product-use dependency: more than 35% of total revenue derives from customers using the platform for SEC filings — a moderate, medium-share structural exposure by disclosed size. The character is structural rather than idiosyncratic in that this reflects where the platform's core installed base sits, but it carries a policy and market risk that is distinct from a standard end-market tilt. SEC filing volumes are driven partly by regulatory mandates, which creates some demand durability, but any reduction in filing requirements, regulatory scope changes, or a shift by large public companies to alternative compliance workflows could affect a meaningful segment of the revenue base. That said, this exposure is a floor on disclosed risk rather than a ceiling on the full picture. The company's broader platform serves other use cases beyond SEC filings, and a moderate share in one use-type means nearly two-thirds of revenue comes from other applications. There is no disclosed customer, geographic, or supplier concentration layered on top. On balance, the concentration in SEC-filing customers is the most consequential variable to monitor from a regulatory-change and competitive-displacement standpoint, but at the disclosed size it does not by itself represent a binary risk to the overall revenue model.
For the engine’s reasoning on WK’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Application
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| WK● | Workiva Inc. | 0 | 1 | 0 | 1 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.