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Workday, Inc. (WDAY)

割高
TechnologySoftware - ApplicationUnited States

ファンダメンタル

75

株価

$186.58

時価総額

$45.66B

パート1 · 企業の価値

概要

Workday sells the software that large employers use to run human resources and finance: payroll, hiring, benefits, budgeting and financial reporting, delivered as a service accessed through a web browser rather than installed on a company's own servers. Customers range from mid-sized businesses to some of the world's largest employers, who move core administrative systems onto Workday and then run their day-to-day HR and finance processes through it, rather than on software they own and maintain themselves.

収益の仕組み

Nearly all revenue comes from subscription fees, billed under multi-year contracts that renew automatically unless a customer actively cancels, which gives Workday a highly predictable stream of future revenue it can see well in advance. A smaller share comes from professional services — the consulting work needed to set up and customize a new customer's system — which shrinks as a share of the total once a company's initial implementation is complete and the ongoing subscription becomes the dominant relationship.

セグメント別売上高

Subscription services91.38%

Recurring fees for access to Workday's HR and finance software, the core and fastest-growing part of revenue.

Professional services8.62%

Consulting and implementation work to set up a new customer's system, a shrinking share as the customer base matures.

競争優位性(moat)

スイッチングコスト · 狭い

Once a company has moved payroll and financial records onto Workday and trained staff to use it, switching means migrating years of sensitive data and retraining a department — a project few undertake lightly. That lock-in is real but not unique: Oracle, SAP and smaller specialists compete hard for the same new-customer decisions, so it mainly protects revenue already won rather than guaranteeing future growth.

需要を左右する要因

中程度の景気循環性

Demand tracks corporate IT budgets and hiring activity: a company that is growing headcount needs more HR software seats, while one cutting costs can delay a new system purchase or negotiate a smaller renewal. Because contracts are multi-year, existing subscription revenue is fairly resistant to a single bad quarter, but new bookings and expansion within existing accounts slow visibly when corporate spending tightens.

主なリスク

  • Competition from larger, entrenched vendors — Oracle and SAP, both far larger companies with existing enterprise relationships, compete directly for the same HR and finance software decisions, and can bundle these products with other software a customer already buys.
  • Long, complex sales and implementation cycles — Replacing a company's core HR or finance system is a lengthy, high-stakes project for the customer; a long sales cycle or a difficult implementation can delay when a signed contract turns into recognized revenue.
  • Dependence on corporate hiring and IT spending — Revenue growth depends partly on customers adding employees and IT budgets that fund new software purchases; a hiring slowdown or a broad pullback in corporate technology spending reduces new bookings and expansion within existing accounts.
  • Data security and system reliability — Workday holds sensitive payroll and financial data for its customers' entire workforce; a security breach or a significant outage would damage trust in a product that customers rely on to run core operations.

顧客集中度

Workday states that no single customer accounted for more than 10% of revenue or receivables in fiscal 2025, meaning its revenue is spread across a large base of enterprise customers rather than a few large accounts.

強気材料

Buyers argue that once a large employer has moved payroll and financial records onto Workday, the cost and risk of switching keeps renewal rates high for years, and that a highly diversified customer base with no single account over 10% of revenue makes results unusually predictable for enterprise software.

弱気材料

Sellers fear that Oracle and SAP can bundle competing HR and finance software with products customers already buy, that long implementation cycles slow how fast new contracts turn into revenue, and that a broad slowdown in corporate hiring and IT spending would show up first in new bookings well before it appeared in subscription revenue already under contract.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$10.15B

直近12か月(2026/7/31まで)

純利益

$1.25B

直近12か月(2026/7/31まで)

フリーキャッシュフロー

$2.78B

自己資本合計

$7.80B

負債合計

$10.27B

流動比率

0.91

利払い倍率

9.86

負債/EBITDA

2.38

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$154.46

現在株価

$186.58

安全マージン

-20.8%

適正価値レンジ

$100.40 - $208.51

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$208.68
ディスカウンテッド・キャッシュフロー(DCF):$227.44
利益倍率(P/E):$74.12
グレアムの成長公式:$79.93
収益力価値(EPV):$34.11
正当化されたP/B:$55.94
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:$210.44
アナリスト・コンセンサス:買い (26B / 21H / 2S)
直近の決算サプライズ:+3.36%

バリュエーション指標

P/E レシオ

38.55

ROE

8.9%

P/B レシオ

6.49

P/FCF

14.73

粗利益率

-

ROIC

9.2%

収益性レーダー

価値創造(経済的モート)

ROIC

9.2%

WACC

9.6%

ROIC − WACC

-0.4 pp

ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。

ファンダメンタル分析基準

合格(20)

  • EPS shows upward trend
  • Price CAGR 12.09%
  • ROIC 9.2%
  • P/FCF 14.73
  • Debt/Equity ratio
  • Operating Margin 10.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 16.8%
  • Revenue Growth 5Y 17.2%
  • Analyst Consensus 53% Buy
  • Earnings Surprise avg 3.9%
  • Earnings Quality (OCF/NI) 2.46
  • Share Dilution -0.8%
  • Net Margin Trend 12.3% vs 6.5%
  • Piotroski F-Score 6/9

不合格(4)

  • P/B Ratio 6.49
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)

データなし(3)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

2.46

高品質:利益はキャッシュに裏付けられている

株式希薄化

-0.8%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Aneel BhusriCo-Founder, CEO & Executive Chairman of the Board59
Mr. Zane C. RoweChief Financial Officer54
Mr. Richard Harry Sauer J.D.Chief Legal Officer, Head of Corporate Affairs & Corporate Secretary62
Mr. Gerrit KazmaierPresident of Product & Technology-
Mr. Robert EnslinPresident & Chief Commercial Officer62
Mr. David Albert DuffieldCo-Founder & CEO Emeritus84
Mr. Mark S. GarfieldChief Accounting Officer54
Mr. Gabriel MonroyChief Technology Officer45
Mr. Justin Allen FurbyVice President of Investor Relations-
Ms. Ashley D. GoldsmithExecutive VP & Chief People Officer54

監査リスク

9

取締役会リスク

10

報酬リスク

10

株主権利リスク

10

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-03-06

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-27

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-29

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for WDAY, sourced from Markets Gazette.

  • 8/28/2026POSITIVE
    Workday sale +5% dopo utili migliori, ma gli analisti divisi sulle prospettive AI

    Workday Inc. shares surged approximately 5% following the release of its second-quarter financial results, which surpassed Wall Street expectations. The enterprise software company reported revenue of $2.649 billion, a 12.8% increase year-over-year, and adjusted diluted earnings per share rose to $2.75 from $2.21. Despite beating consensus estimates for both revenue and EPS, analyst sentiment remains divided due to mixed guidance and uncertainty surrounding the pace of AI-driven growth. The company did note an acceleration in AI adoption, a key factor for future performance.

  • 8/26/2026NEUTRAL
    Previsioni su Workday prima degli utili: comprare, vendere o mantenere?

    Workday Inc. shares are under scrutiny ahead of its financial results release on Thursday, which may also include commentary on acquisition rumors. The software company, a provider of HR, finance, and planning solutions, was trading at $194 on Wednesday, down from its year-to-date high of $227. Workday has experienced robust revenue growth, with annual revenues increasing significantly in recent years due to strong enterprise client demand. Investors will be closely watching the earnings report for insights into the company's growth trajectory and any potential strategic moves.

  • 8/13/2026POSITIVE
    Workday’s stock sees a record surge. Could a buyout spark a software revival?

    Workday Inc. shares surged 18% on Thursday following reports of a potential acquisition by a private equity firm. This significant price jump indicates strong market interest in the HR software company, potentially valuing it at a premium. The news suggests that despite current market conditions, private equity sees substantial underlying value or future growth potential in Workday's business model and market position. Investors are reacting positively to the prospect of a buyout, which could lead to a lucrative exit or a strategic restructuring under new ownership.

  • 5/22/2026POSITIVE
    These Analysts Revise Their Forecasts On Workday Following Q1 Results

    Workday Inc. reported strong first-quarter results, surpassing both earnings and revenue expectations. The company's CEO expressed readiness for the AI era, signaling strategic positioning for future growth. Following these positive results, analysts have revised their price targets upwards, indicating increased confidence in the company's performance and future prospects. This positive sentiment, coupled with the company's proactive stance on AI, suggests potential for continued stock appreciation.

  • 5/22/2026POSITIVE
    Workday Rallies On 'Low Bar' Beat As AI Starts To Show Up In Contract Value

    Workday Inc. saw its shares surge following a first-quarter earnings report that surpassed subdued expectations. The company's performance was notably bolstered by early contributions from artificial intelligence integration, which is beginning to manifest in increased contract values. This positive development has led analysts to reaffirm their 'Buy' ratings, signaling continued confidence in Workday's growth trajectory and its ability to leverage new technologies. Investors are watching closely as AI integration moves from concept to tangible revenue driver.

  • 5/21/2026NEUTRAL
    Full Transcript: Workday Q1 2027 Earnings Call

    Workday Inc. held its Q1 2027 earnings call on May 21, 2026. The full transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should analyze the content for key metrics such as revenue growth, subscription revenue, profitability, and guidance updates to form an investment thesis. The call's content will dictate the market's reaction, but the transcript alone is neutral.

  • 5/21/2026POSITIVE
    Workday Rallies After Results Quiet Fears of AI Disruption

    Workday Inc. reported first-quarter results that surpassed analyst expectations, alleviating investor concerns about potential disruption from artificial intelligence. The company's performance indicates resilience and continued demand for its core human capital management and financial management software. This positive outcome suggests that Workday is effectively navigating the evolving technological landscape and integrating AI capabilities rather than being displaced by them. Investors will likely view this as a sign of strong management and a stable business model, potentially leading to increased confidence and a positive outlook for the stock.

  • 5/21/2026NEUTRAL
    Workday Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

    Workday, Inc. is set to report its first-quarter earnings on May 21st, with analysts projecting earnings per share of $2.52 and revenue of $2.52 billion. The stock experienced a 2.1% decline on Wednesday, indicating market anticipation or potential pre-earnings jitters. Recent analyst actions from Societe Generale, Needham, and Wells Fargo show a generally positive sentiment, with upgrades and maintained buy ratings, although specific price target changes are not detailed here. Investors will be closely watching the company's performance against these expectations and any forward-looking guidance provided.

via Markets Gazette