# Monday.Com (MNDY.US)

Canonical: https://gigainvestors.com/s/MNDY

Analysis as of: 2026-10-16T07:30:18.335Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $94.30 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 5

- Operating margin variation: 1.21×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.18×

- FY2020: -0.93×

- FY2021: -0.41×

- FY2022: -0.29×

- FY2023: -0.05×

- FY2024: -0.02×

- FY2025: -0.00×

- LTM to Jun 2026: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.7%

- ROIC, second-lowest year: -14.2%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 87.3%

- Recent gross margin (lower of latest and 3-year median): 89.2%

- Years with nonpositive capital: 7

- Capital spending / revenue: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -14.2%

- FY2022: -15.9%

- FY2023: -2.9%

- FY2024: -1.7%

- FY2025: -0.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$121M

- Net income, five-year total: -$117M

- Return on incremental invested capital: 182.6%

- Working capital / revenue, annual change: 2.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$133M

- FY2022: -$137M

- FY2023: -$1.9M

- FY2024: $32M

- FY2025: $119M

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -1.7%

- Per-share earnings: -8.07 to 0.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 34.5%

- Diluted shares, 5-year annual growth: 34.5%

- Per-share value change: $8.69

- Per-share value, starting three-year median: -$8.07

- Per-share value, ending three-year median: $0.62

- Average buyback yield: 1.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -1.7%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$8.07

- FY2020: -$12.63

- FY2021: -$4.26

- FY2022: -$2.99

- FY2023: -$0.04

- FY2024: $0.62

- FY2025: $2.24

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -10.2%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 53.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.81×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -29.7%

- FY2020: -73.1%

- FY2021: -15.6%

- FY2022: -15.8%

- FY2023: -17.0%

- FY2024: -16.5%

- FY2025: -10.2%

## Holders

- [Greg Alexander](https://gigainvestors.com/CM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 75% since Oct 2021 · "Will Strong Q2 Results but Cautious Q3 Outlook Change monday.com's (MNDY) Growth Narrative?" (finance.yahoo.com, Aug 2026) · sales +10.9%

Story as of 2026-10-16T09:59:11.026Z; price observation 2026-10-15.

- 2025-08-21: Monday.com Stock Slides As SEO Traffic Declines Raise Growth Fears ([finance.yahoo.com](https://finance.yahoo.com/news/monday-com-stock-slides-seo-173524254.html))

- 2025-11-10: Monday.com shares fall sharply as soft Q4 outlook offsets earnings beat ([finance.yahoo.com](https://finance.yahoo.com/news/monday-com-shares-fall-sharply-123811137.html))

- 2026-02-09: Monday.com shares tumble as revenue guidance falls short of expectations ([finance.yahoo.com](https://finance.yahoo.com/news/monday-com-shares-tumble-revenue-123818551.html))

- 2026-05-11: monday.com Q1 beat driven by enterprise customer growth and AI adoption ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/monday-com-q1-beat-driven-151900249.html))

- 2026-07-22: Monday.com cuts hundreds of jobs as it restructures around AI strategy ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/monday-com-cuts-hundreds-jobs-155900591.html))

- 2026-09-29: JPMorgan cuts Monday.com to Neutral on slowing growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-cuts-monday-com-neutral-132328099.html))

### Sales · FY2025–2026

sales +10.9%; source https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm; observed 2026-03-13.

- FY2019: $78M 

- FY2020: $161M 

- FY2021: $308M 

- FY2022: $519M 

- FY2023: $730M 

- FY2024: $972M 

- FY2025: $1.2B 

- FY2026: $1.4B 

### Gross margin · FY2025

gross margin 89.2%; source https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm; observed 2026-03-13.

- FY2019: 84.7% 

- FY2020: 86.0% 

- FY2021: 87.3% 

- FY2022: 87.2% 

- FY2023: 88.9% 

- FY2024: 89.3% 

- FY2025: 89.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm (filed 2026-03-13); FY2025: revenue 1231997000; grossProfit 1098898000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNDY.US: monday.com Ltd., together with its subsidiaries, develops software applications in the United States, Europe, the Middle East, Africa, the United Kingdom, and internationally. The company provides Work Operating System (Work OS), a cloud-based visual work OS that consists of modular building blocks used and assembled to create software applications and work management tools. Its products include monday work management that manages workflows, projects, and portfolios for team collaboration and productivity; monday CRM, which tracks and manages various sales cycle; monday dev that builds agile product and software development workflows; monday service, which creates seamless connection between service desks and their data; WorkCanvas, a digital whiteboard; and WorkForms, which allows users to create personalized forms or surveys and gain organizational insights. The company serves organizations, educational or government institution, and distinct business unit of an organization. The company was formerly known as DaPulse Labs Ltd. and changed its name to monday.com Ltd. in December 2017. monday.com Ltd. was incorporated in 2012 and is headquartered in Tel Aviv-Yafo, Israel.

### Why customers stay

Margins ranged from 88.9% to 89.3% during 2023–25; it lost 1.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: grossProfit / revenue = 88.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: grossProfit / revenue = 89.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm (filed 2026-03-13); FY2025: grossProfit / revenue = 89.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); 7-year return on capital observations [[2019,0],[2020,0],[2021,-0.1416371348682761],[2022,-0.15854525843574785],[2023,-0.028674448782662877],[2024,-0.017386818627281444],[2025,-0.001121554572163503]]; median -0.017386818627281444. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 87% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm (filed 2026-03-13); Gross margin observations: [[2021,0.8733960733409054],[2022,0.8718221910529084],[2023,0.8894812216062875]]; range within 2 percentage points.

### Where the cash goes

Spends 8.4% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: growth capex 3377000; upkeep 11858000; owner earnings 32372000. Growth capex / owner earnings = 0.10431854689237613.

- Source: https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm (filed 2026-03-13); FY2025: growth capex 9937000; upkeep 13805000; owner earnings 118742000. Growth capex / owner earnings = 0.0836856377692813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Incremental return on capital 1.8263586093902002, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm (filed 2026-03-13); FY2025: cash repurchases 135028000 USD.

### Are managers owners

Insiders own 16% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNDY.US SharesStats.PercentInsiders = 15.952 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Closing price 94.3 USD; reporting-to-trading FX 1; FY2025 annual sales per share 23.207138683938044; price multiple 4.06340485504429. FY2025 cash earnings/share 2.236744132987476. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $223.59 per share

- 2021-07: $221.29 per share

- 2021-08: $379.36 per share

- 2021-09: $326.20 per share

- 2021-10: $371.83 per share

- 2021-11: $359.80 per share

- 2021-12: $308.72 per share

- 2022-01: $209.32 per share

- 2022-02: $158.87 per share

- 2022-03: $158.07 per share

- 2022-04: $129.40 per share

- 2022-05: $113.54 per share

- 2022-06: $103.16 per share

- 2022-07: $102.73 per share

- 2022-08: $113.70 per share

- 2022-09: $113.34 per share

- 2022-10: $106.94 per share

- 2022-11: $107.50 per share

- 2022-12: $122.00 per share

- 2023-01: $130.19 per share

- 2023-02: $154.72 per share

- 2023-03: $142.75 per share

- 2023-04: $121.92 per share

- 2023-05: $180.20 per share

- 2023-06: $171.22 per share

- 2023-07: $180.78 per share

- 2023-08: $177.44 per share

- 2023-09: $159.22 per share

- 2023-10: $129.99 per share

- 2023-11: $179.84 per share

- 2023-12: $187.81 per share

- 2024-01: $210.04 per share

- 2024-02: $223.01 per share

- 2024-03: $225.87 per share

- 2024-04: $189.33 per share

- 2024-05: $225.91 per share

- 2024-06: $240.76 per share

- 2024-07: $229.81 per share

- 2024-08: $265.89 per share

- 2024-09: $277.77 per share

- 2024-10: $293.87 per share

- 2024-11: $285.36 per share

- 2024-12: $235.44 per share

- 2025-01: $255.46 per share

- 2025-02: $296.77 per share

- 2025-03: $243.16 per share

- 2025-04: $280.99 per share

- 2025-05: $297.49 per share

- 2025-06: $314.48 per share

- 2025-07: $262.29 per share

- 2025-08: $193.00 per share

- 2025-09: $193.69 per share

- 2025-10: $205.24 per share

- 2025-11: $143.86 per share

- 2025-12: $147.56 per share

- 2026-01: $114.75 per share

- 2026-02: $72.64 per share

- 2026-03: $69.11 per share

- 2026-04: $65.87 per share

- 2026-05: $83.62 per share

- 2026-06: $72.39 per share

- 2026-07: $87.15 per share

- 2026-08: $101.14 per share

- 2026-09: $78.46 per share

- 2026-10: $94.30 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1845338/000117891326000870/zk2634436.htm); period 2025-12-31, filed 2026-03-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.