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monday.com Ltd. (MNDY)

合理估值
TechnologySoftware - ApplicationIsrael

基本面

69

价格

$82.16

市值

$3.64B

第一部分 · 这家公司值多少

概览

monday.com sells cloud software that teams use to plan and track their own work: boards of tasks, timelines and automations that a manager can configure without writing code. What started as a single work-management product has grown into a suite covering CRM, software development and customer service, all built on the same customizable base. Customers range from small teams to large enterprises, sold mostly through a free trial that converts into a paid subscription.

盈利方式

Revenue is almost entirely subscription fees, billed per seat and tiered by feature set, so it grows both by adding customers and by existing customers buying more seats or upgrading plans. Because the product is cloud-hosted and self-serve, each new customer costs little to onboard, and gross margins are typical of enterprise SaaS. Growth depends less on a traditional sales force than on the free-trial funnel converting visitors into paying teams.

分部营收

United States50.3%

Revenue billed to customers located in the United States, monday.com's single largest country market.

International49.7%

Revenue from customers outside the United States, spread across Europe, Asia-Pacific, Latin America and other regions.

护城河

转换成本 · 狭窄

Once a team has built its workflows, dashboards and automations on monday.com's boards, recreating them on a rival platform is a real project, not a click. That keeps customers in place and supports steady net-dollar expansion. The moat is narrow rather than wide because the underlying board-and-automation concept is not hard for well-funded rivals to copy.

需求驱动因素

中度周期性

Spending on work-management software tracks corporate IT and headcount budgets: companies buy more seats when they are hiring and trim them when they cut staff. Smaller business customers, a meaningful part of the base, are quicker to cancel in a downturn than large enterprises locked into annual contracts.

主要风险

  • Crowded competitive field — monday.com competes against Asana, Smartsheet, ClickUp and large platform vendors like Microsoft, several of which can bundle work-management features into products customers already own.
  • Reliance on the self-serve funnel — Much of growth depends on free trials converting into paid seats and existing customers expanding usage; any drop in trial volume or conversion rate flows straight into slower revenue growth.
  • Currency exposure — Revenue is largely billed in dollars while a significant share of research and operating costs is in Israeli shekels, so currency swings can move reported profitability even when the underlying business is unchanged.
  • Concentration of operations in Israel — Research and development is concentrated in Israel, so regional conflict or instability could disrupt product development and operations in a way that is harder for a geographically dispersed competitor to suffer.

看多理由

Buyers argue that a 27%-growing, still-unprofitable-on-GAAP-but-cash-generative SaaS company that keeps expanding from work management into CRM and service software has years of cross-sell ahead of it, with switching costs that get stronger the more workflows a customer builds on the platform.

看空理由

Sellers fear that work-management is becoming a commodity feature that Microsoft and other platform giants can bundle for free, that customer growth has already decelerated from its early pace, and that a downturn among the smaller businesses in the customer base would hit renewals faster than the model assumes.

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

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 55Market cap: —

With Jira, Jira Service Management and Trello, Atlassian competes with monday.com on work management, IT service desks and software development teams alike.

P/E: 72.7Score: 63Market cap: $10.11B

HubSpot competes for the same small and mid-sized customers with its CRM and sales tools, the market monday.com entered with monday CRM.

Asana, Inc.ASAN

Asana sells the same cloud work-and-project management platform to the same teams and departments monday.com targets, and is the first competitor monday.com names in its own annual report.

Smartsheet Inc.Not tracked

Smartsheet offers a spreadsheet-style work management platform aimed at the same mid-market and enterprise operations teams; it was taken private by Blackstone and Vista in January 2025 and no longer trades.

Mango Technologies, Inc. (ClickUp)Not tracked

ClickUp sells an all-in-one work management suite to the same small and mid-sized teams, and competes head-on with monday.com on self-serve subscriptions; it is privately held.

Notion Labs, Inc.Not tracked

Notion's modular workspace covers the same documents, databases and team project tracking that monday.com's boards are bought for, mostly in the same startup and knowledge-work segment; it is privately held.

资产负债表与流动性

营收

$1.37B

最近12个月(截至2026/6/30)

净利润

$121M

最近12个月(截至2026/6/30)

自由现金流

$285M

股东权益合计

$618M

负债合计

$237M

流动比率

1.53

利息覆盖率

-

债务/EBITDA

4.67

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$92.40

当前价格

$82.16

安全边际

+11.1%

公允价值区间

$60.06 - $124.74

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$109.00
现金流折现法(DCF):$115.55
市盈率法(P/E):$31.58
格雷厄姆成长公式:$38.42
盈利能力价值(EPV):$3.06
合理市净率(P/B):$30.15
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$156.96
分析师共识:买入 (21B / 11H / 0S)
最近财报超预期:+30.21%

估值指标

市盈率(P/E)

36.44

ROE

13.4%

市净率(P/B)

5.88

P/FCF

12.77

毛利率

88.7%

ROIC

6.9%

盈利能力雷达图

价值创造(经济护城河)

ROIC

6.9%

WACC

9.9%

ROIC − WACC

-3.0 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(14)

  • ROIC 6.9%
  • Gross Margin 88.7%
  • P/FCF 12.77
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • ROE 12.5%
  • Revenue Growth 5Y 50.2%
  • Analyst Consensus 66% Buy
  • Earnings Surprise avg 23.0%
  • Earnings Quality (OCF/NI) 2.65
  • Net Margin Trend 9.6% vs 3.3%

未通过(4)

  • Price CAGR -22.48%
  • P/B Ratio 5.88
  • DCF valuation (Fairly valued)
  • Piotroski F-Score 2/9

不可用(9)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

2.65

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
Mr. Eran ZinmanCo-Founder, Co-CEO & Director42
Mr. Roy MannCo-Founder, Co-CEO & Director46
Mr. Eliran GlazerChief Financial Officer54
Mr. Daniel LereyaChief Product & Technology Officer40
Mr. Byron StephenDirector of Investor Relations-
Ms. Shiran NawiChief People & Legal Officer41
Mr. Adi DarChief Customer Officer53
Mr. Casey GeorgeChief Revenue Officer53

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

Recent headlines for MNDY, sourced from Markets Gazette.

  • 3/12/2026NEUTRAL
    Is Monday Stock Going to $128?

    Monday.com Ltd. is facing mixed demand signals, which are currently pressuring its shares. The stock's potential trajectory to $128 is uncertain as market sentiment appears divided. Investors are likely monitoring upcoming earnings reports and product development updates for clearer directional cues. The company operates in the competitive workflow software market, where innovation and customer acquisition are key drivers of valuation. Without further positive catalysts or a significant shift in market demand, the stock may remain range-bound.

  • 3/4/2026NEGATIVE
    Why Monday.com Stock Lost 37% in February

    Monday.com's stock experienced a significant 37% decline in February, positioning it as a prime example of the software sector's sell-off. The company, known for its work management platform, became a focal point for investor concerns, reflecting broader negative sentiment towards high-valuation tech stocks. This performance highlights the challenges faced by SaaS companies in sustaining growth and investor confidence amid economic uncertainty. Investors will closely watch upcoming earnings reports to assess the resilience of Monday.com's business model and its future outlook.

  • 2/21/2026NEGATIVE
    Whetstone Dumps 79,000 monday.com Shares Worth $15.3 Million

    Whetstone Capital has divested 79,000 shares of monday.com Ltd., valued at $15.3 million. The company, a provider of cloud-based work management and collaboration tools, is experiencing a significant capital outflow from a major investor. While the sale might stem from Whetstone's internal portfolio strategies, such a substantial divestment can be interpreted by the market as a signal of reduced confidence or profit-taking, exerting downward pressure on the stock.

via Markets Gazette