Revenue
$1.16B
2022
Valuation
$2.90B
2022
Growth Rate (y/y)
29%
2022
Funding
$752.00M
2022
Valuation: $2.90B in 2022
Note: All data is estimated using publicly available information. Size of the bubble indicates valuation.
Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton. It was last valued at $2.9B at a valuation/revenue multiple of 2.5x. This is similar to some of its competitors such as Indeed (2.3x) and Glassdoor (2.3x).
Scenarios: $2.4B to $7B ARR by 2026
To evaluate Workrise's future potential, we've developed scenarios projecting annual recurring revenue (ARR) through 2026. These projections consider various growth trajectories and market conditions, with estimated revenues ranging from $2.4B to $7B based on different performance factors and industry dynamics.
| 2021 Revenue ($M) | $1,162M | ||
|---|---|---|---|
| 2021 Growth Rate (%) | 29.11% |
Workrise demonstrated solid growth with revenue reaching $1.16B in 2021 and a healthy growth rate of 29.11%. While this growth is substantial, it represents a more moderate pace compared to previous years when the company experienced nearly 4X revenue expansion from 2018-2021.
| Multiple | Valuation |
|---|---|
| 1x | $1.2B |
| 5x | $5.8B |
| 10x | $11.6B |
| 15x | $17.4B |
| 25x | $29.1B |
Based on Workrise's current revenue of $1.16B, valuations span from $1.16B at a conservative 1x multiple to $29.05B at an ambitious 25x multiple. The company's actual 2022 valuation of $2.9B falls between the 2-3x multiple range, aligning with industry peers Indeed and Glassdoor.
| 2026 Growth Rate | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| 10.0% | $1.2B | $1.4B | $1.7B | $2B | $2.2B | $2.4B |
| 13.0% | $1.2B | $1.4B | $1.8B | $2.1B | $2.4B | $2.7B |
| 17.0% | $1.2B | $1.5B | $1.8B | $2.2B | $2.6B | $3B |
| 23.0% | $1.2B | $1.5B | $1.9B | $2.3B | $2.9B | $3.5B |
| 30.0% | $1.2B | $1.5B | $1.9B | $2.5B | $3.3B | $4.3B |
| 34.0% | $1.2B | $1.5B | $2B | $2.6B | $3.5B | $4.7B |
| 39.0% | $1.2B | $1.5B | $2.1B | $2.8B | $3.9B | $5.4B |
| 44.0% | $1.2B | $1.5B | $2.1B | $3B | $4.2B | $6.1B |
| 50.0% | $1.2B | $1.6B | $2.2B | $3.2B | $4.7B | $7B |
Revenue projections span from $2.4B to $7.0B by 2026, representing growth scenarios between 10% and 50%. While the conservative case shows modest 2.1x growth from 2021, the aggressive 50% growth scenario suggests potential for 6x revenue expansion, aligned with Workrise's historical growth trajectory.
| 2026 Growth Rate | 1x | 5x | 10x | 15x | 25x |
|---|---|---|---|---|---|
| 10.0% | $2.4B | $12.2B | $24.5B | $36.7B | $61.2B |
| 13.0% | $2.7B | $13.4B | $26.7B | $40.1B | $66.9B |
| 17.0% | $3B | $15B | $30B | $45B | $75B |
| 23.0% | $3.5B | $17.7B | $35.4B | $53.1B | $88.5B |
| 30.0% | $4.3B | $21.3B | $42.7B | $64B | $106.7B |
| 34.0% | $4.7B | $23.6B | $47.3B | $70.9B | $118.2B |
| 39.0% | $5.4B | $26.8B | $53.6B | $80.4B | $134B |
| 44.0% | $6.1B | $30.3B | $60.6B | $90.8B | $151.4B |
| 50.0% | $7B | $34.9B | $69.8B | $104.7B | $174.5B |
Projected 2028 valuations range from $2.4B at conservative estimates (10% growth, 1x multiple) to $174.5B in aggressive scenarios (50% growth, 25x multiple), with mid-range scenarios suggesting valuations between $30-70B based on moderate growth rates and industry-standard multiples.
Bear, Base, and Bull Cases: 5.5x, 7.5x, 9.5x
Building on our revenue and valuation analysis, we've developed three targeted scenarios examining Workrise's potential trajectories. These cases - bear (5.5x), base (7.5x), and bull (9.5x) - reflect different market conditions, execution capabilities, and investor sentiment that could shape the company's future performance.
| Scenario | 2026 Growth Rate (%) | Multiple |
|---|---|---|
| Bear 🐻 | 15% | 5.5 |
| Base 📈 | 25% | 7.5 |
| Bull 🚀 | 35% | 9.5 |
Across scenarios, even the conservative bear case assumes a healthy 15% growth rate with a 5.5x multiple, while the optimistic bull case projects 35% growth and a 9.5x multiple. These multiples reflect industry standards while accounting for Workrise's established market position and expansion potential.
| Bear 🐻 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $1.8B | $2.1B | $2.5B | $2.8B |
| Growth | 29.11% | 25.32% | 22.06% | 18.80% | 16.68% | 15% |
| Base 📈 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $1.9B | $2.4B | $3B | $3.7B |
| Growth | 29.11% | 28.01% | 27.06% | 26.11% | 25.49% | 25% |
| Bull 🚀 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $2B | $2.7B | $3.6B | $4.9B |
| Growth | 29.11% | 30.69% | 32.06% | 33.42% | 34.30% | 35% |
Our bear, base, and bull cases for Workrise demonstrate varying growth trajectories and multiples based on the company's ability to expand beyond oil and gas while maintaining its market position
- In the bear case, Workrise reaches a $15.6B valuation by 2026 with $2.8B in revenue at a 5.5x multiple as growth slows to 15%
- In the base case, steady expansion leads to a $28B valuation with $3.7B in revenue at a 7.5x multiple while maintaining 25% growth
- In the bull case, successful diversification and market dominance results in a $46.1B valuation with $4.9B in revenue at a 9.5x multiple while accelerating to 35% growth.
| Scenario | 1. Bear 🐻 | 2. Base 📈 | 3. Bull 🚀 |
|---|---|---|---|
| 2021 Revenue | $1.2B | $1.2B | $1.2B |
| 2021 Growth Rate (%) | 29% | 29% | 29% |
| 2021 Multiple | 5.5 | 7.5 | 9.5 |
| 2021 Valuation | $6.4B | $8.7B | $11B |
| 2026 Revenue | $2.8B | $3.7B | $4.9B |
| 2026 Growth Rate (%) | 15% | 25% | 35% |
| Multiple | 5.5 | 7.5 | 9.5 |
| 2026 Valuation | $15.6B | $28B | $46.1B |
The uncertainty around these three cases depends primarily on Workrise's ability to diversify beyond oil and gas, maintain competitive advantages against traditional staffing agencies, and successfully expand into renewable energy sectors while building additional revenue streams through financial services offerings.
- In the Bear case: Workrise remains heavily dependent on the cyclical oil and gas industry, struggles to expand into renewables, and faces increased competition from traditional staffing agencies that modernize their technology stack, leading to compressed margins and slower growth.
- In the Base case: Workrise successfully balances its oil and gas business while gradually expanding its renewable energy contractor base, maintains healthy margins through its embedded HR and payroll SaaS offerings, and achieves steady growth in line with the broader energy sector.
- In the Bull case: Workrise becomes the dominant marketplace for energy sector contractors, successfully transitions a significant portion of its workforce into renewable energy jobs, and builds a robust financial services business leveraging its contractor payment data, creating multiple strong revenue streams.
These final valuations demonstrate significant potential for Workrise's growth trajectory. Even the conservative bear case projects a substantial $15.6B valuation by 2026, while the bull case at $46.1B would position Workrise as a dominant force in the energy staffing and workforce management sector.
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