monday.com Ltd.
MNDYdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
monday.com Ltd. earns about -5% on equity, below its ~9% cost of capital, but has diluted owners by 75% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $211.24 and $362.94 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $308.2M1 | $519M2 | $729.7M3 | $972M3 | $1.23B3 |
| Net income | −$129.3M4 | −$136.9M5 | −$1.88M6 | $32.4M6 | $118.7M6 |
| Operating cash flow | $16.4M7 | $27.1M8 | $215.4M9 | $311.1M9 | $333.6M9 |
| Capital expenditure | $11.6M10 | $16M11 | $7.9M12 | $13.2M12 | $20.4M12 |
| Free cash flow (derived) | $4.78M7 | $11.1M8 | $207.5M9 | $297.9M9 | $313.3M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $886.8M13 | $885.9M14 | $1.12B15 | $1.41B16 | $1.5B16 |
| Diluted shares | 30.3M | 45.8M | 48.4M | 52.4M | 53.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $234.87 of net worth that earned you $22.37 and generated $59.01 of cash last year.
It earned about -5% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 75% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $211.24 and $362.94 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$297.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$297.9M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $108.48 |
| Base | 20.0% | $211.24 |
| Bull | 20.0% | $211.24 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000943 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000852 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000870 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000943 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000852 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000870 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000943 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000852 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000870 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000943 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000852 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000870 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-23-000966 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-24-000943 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-25-000852 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-000870 (CashAndCashEquivalentsAtCarryingValue)