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Provides cloud software for human resources (HCM) and finance management used by mid-size and large enterprises.
Provides cloud software for human resources (HCM) and finance management used by mid-size and large enterprises.
Sells multi-year subscriptions to run HR and finance, priced by the number of employees covered, so revenue grows as customers add modules and workers. Over a decade it has moved large firms off older systems from vendors such as Oracle and SAP. It was founded in 2005 by Dave Duffield, who also founded PeopleSoft.
Moat: narrow (switching costs, installed base). Deeply embedded HR/finance systems of record are costly and disruptive for customers to replace.
Headquarters: Pleasanton, California, US · Founded: 2005 · Employees: 21,000
Size Workday (WDAY) is a United States Information Technology company (Information Technology Services) with a market value of $46.5B, the 271st largest of 3,117 United States companies the cockpit tracks. Shares closed at $192.90 on 6 Nov 2026.
Performance Over six months the shares gained 50.9%, against +26.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +9.3%); the operating margin is 12.6% (peer median 15.7%).
Valuation It trades at 16.0× forward earnings against a peer median of 17.9× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.3 points above its cost of capital (9.6% WACC).
Credit Workday has 7 bonds outstanding ($5.50B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 103 bp.
Short interest Short interest is 6.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.2B | $9.53B | $8.42B | $7.20B | $6.20B |
| Revenue growth | — | +13% | +17% | +16% | — |
| Gross profit | $7.71B | $7.21B | $6.35B | $5.43B | $4.48B |
| EBITDA | $1.65B | $1.42B | $816M | $403M | $125M |
| Net income | $1.25B | $693M | $526M | $1.38B | -$367M |
| Free cash flow | $2.84B | $2.78B | $2.19B | $1.92B | $1.30B |
| Capital expenditure | $237M | $162M | $272M | $238M | $360M |
| Total debt | $3.77B | $3.82B | $3.36B | $3.30B | $3.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Workday WDAY | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| Automatic Data Processing ADP | $120B | +44% | +6% | 27% | 24.0× | 6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WDAY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +13.1% | 9th lowest of 21 |
| 6-month return | +50.9% | +26.3% | 2nd highest of 21 |
| Distance from 52-week high | -18.5% | -24.6% | 8th highest of 21 |
| Revenue growth (TTM) | +13.8% | +9.3% | 6th highest of 21 |
| Operating margin | 12.6% | 15.7% | 9th lowest of 21 |
| Forward P/E | 16.0× | 17.9× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 19.7% | 5.0% | 5th most demanding of 19 |
| Growth delivered (Del g) | +17.3% | +8.3% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | +2.5 pp | -2.7 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | +5.3 pp | +9.3 pp | 7th lowest of 19 |
| EV / EBITDA | 28.4× | 11.5× | 3rd most expensive of 16 |
| Net debt / EBITDA | 0.2× | -0.6× | 7th most indebted of 18 |
| Bond spread | 103 bp | 96 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| Accenture ACN | United States | $154B | +44% | +6% | 15% | 17.8× | 3.7% | +8.0% |
Workday has 7 bonds outstanding with $5.50B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.65%, a spread of 103 bp over government bonds.