monday.com Ltd. (MNDY)

Price$86.84Cached quoteAs of 2026-09-14 09:36 UTC

AI: Fair-priced

Price checkThe stock looks fairly priced because cheap cash-flow ratios are offset by dilution and slowing growth.

Using roughly 43 million shares, the observed price implies an equity value near $4.1 billion. Subtracting about $1.07 billion of June cash and marketable securities gives an enterprise value, meaning share value less surplus cash, near $3.1 billion. That is roughly 2.1 times 2026 guided revenue and 11 times guided adjusted free cash flow. However, treating share-based pay as an economic cost pushes the cash-flow multiple toward the high teens. The inference is that the apparent bargain already requires continued solid growth.

Big pictureRevenue still grows quickly, but recent cash generation has softened as growth slows.

Fiscal 2025 revenue rose about 27% to $1.23 billion, net income reached $118.7 million, and operating cash flow was $333.6 million. In the first half of 2026, revenue still grew 23% to $715.9 million, but operating cash flow fell to $160.0 million from $178.8 million. Management now guides third-quarter revenue growth to 16%-17%. Subscription revenue provides recurring demand, yet new seats and expansions depend on corporate software spending, making growth sensitive to customer hiring and project budgets even when existing contracts remain relatively durable.

Business strengthLarge customers are expanding fast, while the balance sheet still provides meaningful protection.

The strongest evidence is enterprise adoption: customers producing more than $100,000 of annual recurring revenue grew 37% year over year, while those above $500,000 grew 68%. Contracted revenue not yet recognized rose 34%, and first-half gross margin remained about 89%. The company also held more than $1.0 billion of cash and marketable securities after spending $735 million on buybacks during the first half. The trade-off is dilution: share-based compensation was still $70.5 million, while the entire $870 million repurchase authorization has now been used.

What could change the storyAI adoption must translate into durable growth without letting restructuring damage retention or cash conversion.

The bull case strengthens if AI products keep contributing meaningfully to new subscriptions: their annual recurring revenue doubled from the prior quarter and represented 17% of second-quarter net new recurring revenue. Large-enterprise customer growth above 30% would reinforce that case. The bear case is that the 20% workforce reduction disrupts sales or product execution while revenue growth falls into the mid-teens. Current valuation appears to assume roughly 19%-20% annual growth and a high-teens adjusted free-cash-flow margin remain achievable. Materially weaker retention or cash generation would undermine that assumption.

AI: News

Workforce resetmonday.com cut about one-fifth of staff to reshape the company around its AI platform.

On July 22, monday.com disclosed a restructuring that reduces approximately 20% of its workforce, with most affected roles outside customer-facing teams. The company estimated $45 million to $55 million of net restructuring charges while saying it would continue hiring in selected strategic areas. The move can improve future cost efficiency, but it also creates execution risk because a major organizational redesign is occurring while management is simultaneously changing its product, marketing, and sales approach around artificial intelligence.

Q2 beat, softer outlookQ2 beat expectations, but slower third-quarter growth guidance kept investor confidence under pressure.

On August 10, second-quarter revenue reached $364.6 million, up 22%, while AI-product recurring revenue doubled from the previous quarter and supplied 17% of net new recurring revenue. Management guided third-quarter revenue to $368 million-$370 million, or 16%-17% growth. Barron's reported that this was below the roughly $372.8 million analyst expectation and that shares fell 6.5% after the release. The weaker outlook was cited as a concern, although broader software-market sentiment can also influence short-term price moves.

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Revenue

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.23B	$972.0M	$729.7M	$519.0M	$308.1M	$161.1M	$78.1M
Gross profit	$1.10B	$868.3M	$649.0M	$452.5M	$269.1M	$138.6M	$66.1M
Gross margin	89.20%	89.33%	88.95%	87.18%	87.34%	86.04%	84.66%
Research & development	$320.8M	$213.7M	$156.5M	$127.0M	$73.7M	$43.5M	$24.6M
Operating expenses	$1.10B	$889.3M	$687.6M	$604.5M	$395.3M	$289.2M	$158.6M
Operating income	−$1.7M	−$21.0M	−$38.6M	−$152.0M	−$126.1M	−$150.5M	−$92.5M
Operating margin	−0.14%	−2.16%	−5.29%	−29.29%	−40.93%	−93.43%	−118.48%
EBITDA	$12.1M	−$9.2M	−$29.6M	−$143.4M	−$123.4M	−$148.6M	−$91.9M
EBITDA margin	0.98%	−0.94%	−4.05%	−27.64%	−40.04%	−92.26%	−117.74%
Net income	$118.7M	$32.4M	−$1.9M	−$136.9M	−$129.3M	−$152.2M	−$91.6M
Net profit margin	9.64%	3.33%	−0.26%	−26.37%	−41.96%	−94.46%	−117.32%
Basic EPSper basic share	$2.31	$0.65	-$0.04	-$2.99	-$4.53	-$14.19	-$9.22
Diluted EPSper diluted share	$2.24	$0.62	-$0.04	-$2.99	-$4.53	-$14.19	-$9.22

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of MNDY
Holder	Shares held
Mann Roy	4.81M
Capital World Investors	3.17M
SONNIPE LTD	1.98M
TWO SIGMA INVESTMENTS, LP	1.91M
BlackRock, Inc.	1.73M
D. E. Shaw & Co., Inc.	1.66M
Zinman Eran	1.65M
RENAISSANCE TECHNOLOGIES LLC	1.56M
Rubicon Global Capital Ltd	1.44M
DISCIPLINED GROWTH INVESTORS INC /MN	1.26M
GOLDMAN SACHS GROUP INC	1.01M
CADIAN CAPITAL MANAGEMENT, LP	944.03K
MORGAN STANLEY	622.35K
Point72 Asset Management, L.P.	617.58K
Ibex Investors LLC	617.4K
ACADIAN ASSET MANAGEMENT LLC	614.19K
NORGES BANK	567.29K
JPMORGAN CHASE & CO	543.92K
CITIGROUP INC	542.66K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	510.63K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)3$384.3K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	George James CaseCRO	SellOrdinary Shares	838	$78.77	$66.0K	1.0K
Jun 2, 2026Form 4/A	George James CaseCRO	SellOrdinary Shares	1.8K	$88.73	$157.3K	4.1K
Jun 2, 2026Form 4	George James CaseCRO	SellOrdinary Shares	1.8K	$90.79	$161.0K	4.1K

Review ownership filings at SEC.gov ↗

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