WK
Workiva Inc.
Is WK Halal?
Permissible enterprise-reporting SaaS business, but the latest total-assets financial screen fails on convertible-note debt.
What You Should Know
Workiva is a US enterprise SaaS company providing a cloud-based connected-reporting and compliance platform used by enterprises for SEC financial reporting, regulatory reporting (banking, insurance, healthcare), management reporting, internal audit and SOX compliance, environmental, social and governance (ESG) reporting, and global statutory reporting. The Wdesk platform allows enterprises to manage interconnected data, narrative, and disclosures across reporting workflows. The customer base spans Fortune 500 enterprises across industries. Enterprise SaaS for regulatory and financial reporting is permissible at the activity level — Workiva sells general-purpose reporting and compliance software, not financial products. A meaningful share of customers are conventional financial-services firms (banks, insurance companies, asset managers) using the platform for regulatory reporting, but the product is general-purpose connected-reporting software rather than a financial-services-specific platform; most Sharia advisory boards do not classify general-purpose enterprise-SaaS vendors with financial-services customers as failing the qualitative screen. Workiva operates a software-style balance sheet — convertible notes are part of the capital structure, and the debt-to-market-cap ratio depends on the share-price level. Muslim investors should verify the convertible-note balance and the most recent ratio at their preferred screening platform.
⚠️ Concerns
- •Convertible notes are 53.88% of total assets in the latest filing, above the examined 33.333% asset limit
- •A meaningful share of customers are conventional banks, insurance companies, and asset managers (general-purpose reporting software, not the financial product)
- •Market-cap denominator is not calculated without a licensed historical series
- •Interest income is 3.28% of quarterly revenue and may require purification
- •ESG-reporting business may be flagged at boards with views on specific ESG frameworks
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
767.947 / 1,425.378
863.376 / 1,425.378
480.294 / 1,425.378
8.103 / 247.306
- Financial
- Fails
- Overall
- Fails
Debt/assets is 53.88%, above the 33.333% limit; liquidity/assets is 60.58% and receivables plus cash/assets is 33.70%. Interest income is 3.28% of revenue.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 53.88%, above the examined total-assets debt limit; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia SAC financial limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
No licensed historical market-cap series is stored.
Business-activity disclosure
Workiva provides connected-reporting, compliance, audit and ESG enterprise SaaS. General-purpose reporting software is generally permissible; conventional financial-services customers do not by themselves make the product a financial service.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator; interest income is disclosed, but the convertible-note debt screen fails on a total-assets basis.
Purification
Reported interest income is $8.103 million, or 3.28% of quarterly revenue; investors should follow their scholar's purification rule.
Inputs, assumptions and primary sources
- Amounts are USD millions from Workiva's March 31, 2026 Form 10-Q.
- Interest-bearing debt is current convertible notes of $71.140 million plus noncurrent convertible notes of $696.807 million.
- Liquidity includes $334.260 million cash and $529.116 million marketable securities; receivables include accounts receivable plus other receivables of $146.034 million.
- Quarterly revenue is $247.306 million and interest income is $8.103 million.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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