Workday (WDAY)
Market Price (9/12/2026): $184.96 | Market Cap: $45.3 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Workday (WDAY)
Market Price (9/12/2026): $184.96Market Cap: $45.3 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.1 Bil, FCF LTM is 2.8 Bil Attractive yieldFCF Yield is 6.2% Stock buyback supportStock Buyback 3Y Total is 6.8 Bil Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, Automation & Robotics, Future of Work, Show more. | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -97% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Key risksWDAY key risks include [1] intense competitive pressure from both legacy and cloud-native rivals challenging its premium pricing model, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.1 Bil, FCF LTM is 2.8 Bil |
| Attractive yieldFCF Yield is 6.2% |
| Stock buyback supportStock Buyback 3Y Total is 6.8 Bil |
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, Automation & Robotics, Future of Work, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -97% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Key risksWDAY key risks include [1] intense competitive pressure from both legacy and cloud-native rivals challenging its premium pricing model, Show more. |
Qualitative Assessment
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Workday (WDAY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Workday exceeded fiscal Q2 2027 earnings expectations and raised its full-year guidance. The company announced its fiscal Q2 2027 results on August 27, 2026 (for the quarter ended July 31, 2026), reporting a non-GAAP diluted EPS of $2.75, surpassing the consensus estimate of $2.61. Total revenues reached $2.649 billion, a 12.8% increase year-over-year, slightly above the $2.64 billion analyst estimate. Following these strong results, Workday raised its fiscal year 2027 subscription revenue guidance to a range of $9.940 billion to $9.950 billion, representing 13% growth, and increased its non-GAAP operating margin guidance to 31.0%.
2. Strong momentum and adoption of Workday's AI products significantly contributed to growth. Artificial intelligence is becoming a strategic driver for customer expansion, with over 25% of new annual contract value (ACV) now stemming from AI products. Furthermore, Workday reported that over 5,500 customers are actively utilizing at least one Workday AI agent, marking a more than 35% increase from the prior quarter. The AI-related annual recurring revenue (ARR) neared $600 million in fiscal Q2 2027, demonstrating a more than 200% year-over-year rise.
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Workday (WDAY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Workday exceeded fiscal Q2 2027 earnings expectations and raised its full-year guidance. The company announced its fiscal Q2 2027 results on August 27, 2026 (for the quarter ended July 31, 2026), reporting a non-GAAP diluted EPS of $2.75, surpassing the consensus estimate of $2.61. Total revenues reached $2.649 billion, a 12.8% increase year-over-year, slightly above the $2.64 billion analyst estimate. Following these strong results, Workday raised its fiscal year 2027 subscription revenue guidance to a range of $9.940 billion to $9.950 billion, representing 13% growth, and increased its non-GAAP operating margin guidance to 31.0%.
2. Strong momentum and adoption of Workday's AI products significantly contributed to growth. Artificial intelligence is becoming a strategic driver for customer expansion, with over 25% of new annual contract value (ACV) now stemming from AI products. Furthermore, Workday reported that over 5,500 customers are actively utilizing at least one Workday AI agent, marking a more than 35% increase from the prior quarter. The AI-related annual recurring revenue (ARR) neared $600 million in fiscal Q2 2027, demonstrating a more than 200% year-over-year rise.
3. The announcement of a new $4 billion share repurchase program boosted investor confidence. Workday's board authorized a new share repurchase program totaling $4.0 billion. This was announced after the company successfully completed a previous $5 billion share repurchase program six months ahead of schedule during fiscal Q2 2027, signaling strong financial health and a commitment to returning value to shareholders.
4. Positive analyst sentiment and increased price targets reflected a favorable outlook. Following the fiscal Q2 2027 earnings report, several analysts upgraded Workday's stock or increased their price targets. For example, Wall Street Zen upgraded Workday from a "hold" to a "buy" rating. Other firms raised their price objectives, including Bank of America from $140.00 to $205.00, Monness Crespi & Hardt from $202.00 to $218.00, D.A. Davidson from $135.00 to $190.00, and Royal Bank of Canada from $220.00 to $240.00. The consensus among analysts shifted to a "Buy" rating for Workday stock.
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Stock Movement Drivers
Fundamental Drivers
The 27.0% change in WDAY stock from 5/31/2026 to 9/11/2026 was primarily driven by a 43.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 146.19 | 185.70 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,854 | 10,155 | 3.1% |
| Net Income Margin (%) | 8.6% | 12.3% | 43.3% |
| P/E Multiple | 43.8 | 36.4 | -16.9% |
| Shares Outstanding (Mil) | 254 | 245 | 3.6% |
| Cumulative Contribution | 27.0% |
Market Drivers
5/31/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| WDAY | 27.0% | |
| Market (SPY) | 1.0% | 6.1% |
| Sector (XLK) | -1.8% | -25.4% |
Fundamental Drivers
The 38.8% change in WDAY stock from 2/28/2026 to 9/11/2026 was primarily driven by a 77.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.76 | 185.70 | 38.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,231 | 10,155 | 10.0% |
| Net Income Margin (%) | 7.0% | 12.3% | 77.1% |
| P/E Multiple | 55.4 | 36.4 | -34.3% |
| Shares Outstanding (Mil) | 266 | 245 | 8.4% |
| Cumulative Contribution | 38.8% |
Market Drivers
2/28/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| WDAY | 38.8% | |
| Market (SPY) | 11.7% | -2.5% |
| Sector (XLK) | 35.4% | -15.3% |
Fundamental Drivers
The -19.5% change in WDAY stock from 8/31/2025 to 9/11/2026 was primarily driven by a -65.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 230.82 | 185.70 | -19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,959 | 10,155 | 13.3% |
| Net Income Margin (%) | 6.5% | 12.3% | 89.3% |
| P/E Multiple | 105.6 | 36.4 | -65.5% |
| Shares Outstanding (Mil) | 267 | 245 | 8.8% |
| Cumulative Contribution | -19.5% |
Market Drivers
8/31/2025 to 9/11/2026| Return | Correlation | |
|---|---|---|
| WDAY | -19.5% | |
| Market (SPY) | 19.5% | 8.6% |
| Sector (XLK) | 43.6% | -3.3% |
Fundamental Drivers
The -24.0% change in WDAY stock from 8/31/2023 to 9/11/2026 was primarily driven by a -52.8% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.50 | 185.70 | -24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,717 | 10,155 | 51.2% |
| P/S Multiple | 9.5 | 4.5 | -52.8% |
| Shares Outstanding (Mil) | 261 | 245 | 6.5% |
| Cumulative Contribution | -24.0% |
Market Drivers
8/31/2023 to 9/11/2026| Return | Correlation | |
|---|---|---|
| WDAY | -24.0% | |
| Market (SPY) | 75.7% | 30.4% |
| Sector (XLK) | 117.7% | 23.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WDAY Return | 14% | -39% | 65% | -7% | -17% | -14% | -23% |
| Peers Return | 21% | -18% | 13% | 32% | -13% | 0% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| WDAY Win Rate | 42% | 42% | 75% | 58% | 50% | 33% | |
| Peers Win Rate | 57% | 37% | 53% | 62% | 42% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| WDAY Max Drawdown | -21% | -51% | -19% | -33% | -24% | -48% | |
| Peers Max Drawdown | -22% | -34% | -30% | -20% | -37% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ORCL, ADP, PAYC, PCTY, NOW. See WDAY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | WDAY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.4% | -18.8% |
| % Gain to Breakeven | 24.1% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.2% | -24.5% |
| % Gain to Breakeven | 93.1% | 32.4% |
| Time to Breakeven | 526 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.5% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.2% | -19.2% |
| % Gain to Breakeven | 20.7% | 23.8% |
| Time to Breakeven | 13 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.3% | -3.7% |
| % Gain to Breakeven | 37.5% | 3.9% |
| Time to Breakeven | 126 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.3% | -12.2% |
| % Gain to Breakeven | 73.4% | 13.9% |
| Time to Breakeven | 198 days | 62 days |
In The Past
Workday's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | WDAY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.2% | -24.5% |
| % Gain to Breakeven | 93.1% | 32.4% |
| Time to Breakeven | 526 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.5% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.3% | -3.7% |
| % Gain to Breakeven | 37.5% | 3.9% |
| Time to Breakeven | 126 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.3% | -12.2% |
| % Gain to Breakeven | 73.4% | 13.9% |
| Time to Breakeven | 198 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.3% | -6.8% |
| % Gain to Breakeven | 86.2% | 7.3% |
| Time to Breakeven | 234 days | 15 days |
In The Past
Workday's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Workday (WDAY)
Workday, Inc. is a global provider of enterprise cloud applications designed to help businesses and organizations manage their operations more effectively. The company's core mission is to enable customers to plan, execute, analyze, and extend their various business functions through a unified, cloud-based platform, driving efficiency and informed decision-making across the enterprise.
The company offers a comprehensive suite of specialized applications. Its key products include financial management solutions, which assist chief financial officers with accounting, financial processes, real-time insights, and auditability. Workday also provides cloud spend management tools for streamlining supplier interactions and sourcing events. A flagship offering is its Human Capital Management (HCM) solution, which covers the entire employee lifecycle from recruitment and onboarding to payroll, development, and retirement. Additionally, Workday provides applications for business planning, as well as robust analytics and reporting tools that incorporate augmented analytics, machine learning, and performance benchmarking.
Workday serves a broad array of industries around the world. Its primary customer base spans sectors such as professional and business services, financial services, healthcare, education, government, technology, media, retail, and hospitality. By offering integrated cloud applications, Workday aims to address the complex operational needs of diverse organizations seeking to modernize and optimize their core business functions.
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Analogy 1: Salesforce for a company's internal operations, like HR and finance.
Analogy 2: A cloud-native alternative to SAP or Oracle for managing human resources and financial operations.
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Workday's major products are enterprise cloud applications:
- Financial Management: A suite of applications enabling chief financial officers to manage accounting, financial processes, insights, consolidation, and internal controls.
- Spend Management: Cloud solutions for streamlining supplier selection, contracts, indirect spend management, and sourcing events.
- Human Capital Management (HCM): A comprehensive suite of applications that manage the entire employee lifecycle, from recruitment and onboarding to payroll, development, and retirement.
- Planning: Applications that help customers plan their business and operations.
- Analytics and Reporting: Tools providing insights through augmented analytics, machine learning for efficiency, and performance benchmarking.
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Aneel Bhusri
Co-Founder, CEO and Chair
Aneel Bhusri is the co-founder, CEO, and Chair of Workday, which he co-founded in 2005. He previously held leadership positions at PeopleSoft, including Vice Chairman, where he was responsible for product strategy and marketing until the company's acquisition by Oracle in 2004. Bhusri is also a partner at Greylock Partners, a venture capital firm he joined in 1999, focusing on investments in cloud technologies. He has been an investor in and served on the boards of several companies, including being the lead investor and Chairman of Data Domain, which was acquired by EMC.
Zane Rowe
Chief Financial Officer
Zane Rowe is the Chief Financial Officer at Workday, a role he assumed effective June 12, 2023. In this position, he oversees the company's finance, accounting, investor relations, tax, and treasury functions. Prior to joining Workday, Rowe served as Executive Vice President and CFO of VMware, where he also held the interim CEO position from February to May 2021. His extensive career includes CFO roles at EMC and United Airlines (formerly Continental Airlines), and leading North America sales for Apple. He currently serves on the board of directors for eBay, Inc.
Rob Enslin
President, Chief Commercial Officer
Rob Enslin serves as President and Chief Commercial Officer at Workday. In this role, he is responsible for the company's global sales, services, and marketing organizations. Before joining Workday in 2019, Enslin spent 27 years at SAP, where he held various leadership positions, including President of the Cloud Business Group and President of Global Customer Operations. He was instrumental in driving SAP's cloud transition and growing its customer base.
Gerrit Kazmaier
President, Product and Technology
Gerrit Kazmaier is the President of Product and Technology at Workday. He joined Workday in 2021 from SAP, where he led the development and delivery of SAP's database and analytics products as Executive Vice President. His background includes significant experience in enterprise software development, particularly in data management, analytics, and platform technologies.
Sheri Rhodes
Chief Customer Officer
Sheri Rhodes is the Chief Customer Officer at Workday. She is responsible for ensuring customer success and satisfaction globally. Prior to joining Workday, Rhodes served as Chief Marketing Officer at Western Digital. She also held senior leadership roles at Customer Relationship Management (CRM) company, Symantec, and was Vice President of Global Marketing at Adobe.
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The key risks to Workday's business include intense market competition, technological disruption from artificial intelligence, and macroeconomic vulnerabilities.
- Intense Market Competition: Workday operates in a highly competitive market for enterprise cloud applications, facing significant challenges from established players such as Oracle and SAP, as well as emerging specialized vendors and AI-native startups. This competitive landscape can lead to pricing pressure, impact market share, and necessitate continuous innovation to maintain a competitive edge.
- Technological Disruption, particularly from AI: The rapid advancement and adoption of artificial intelligence, including generative AI and autonomous AI agents, pose a substantial risk to Workday's established per-seat SaaS licensing model. The potential for "seat compression," where AI agents reduce the need for human user licenses, could threaten Workday's revenue growth and valuation. Successfully integrating AI into its platform and adapting its business model to these technological shifts are critical for the company's long-term competitiveness.
- Macroeconomic Vulnerabilities: Workday is susceptible to broader economic uncertainties, including inflation, fluctuating interest rates, and potential slowdowns in overall information technology spending by its large enterprise customers. These macroeconomic factors can result in increased scrutiny of deals, longer sales cycles, and a moderation of revenue growth rates, impacting the company's financial performance.
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For the public company Workday (symbol: WDAY), the following are expected drivers of future revenue growth over the next 2-3 years:
- Innovation and Adoption of AI-driven Products and Agents: Workday is heavily investing in artificial intelligence (AI) and integrating it into its core Human Capital Management (HCM) and Financial Management applications. The company anticipates accelerated growth from both organically developed and acquired AI agents, with new annual contract value (ACV) from emerging AI products already showing significant year-over-year growth. This focus on AI is considered a major new growth vector.
- Expansion within the Existing Customer Base: Workday considers expansions within its current customer base as its largest growth engine. The company is focused on cross-selling additional solutions, such as Financial Management to its HCM customers and planning applications, leveraging its strong customer retention rates (around 97%).
- New Customer Acquisition: Workday continues to attract new customers across diverse sectors, including professional and business services, financial services, healthcare, education, government, technology, media, retail, and hospitality. This ongoing customer acquisition strategy contributes to sustained subscription revenue growth.
- International Market Expansion: The company has identified significant long-term international market opportunities that are expected to become a more meaningful driver of growth over time. Workday has seen momentum in key international markets, such as the UK and Germany.
- Strategic Penetration of Mid-Market and SMB Segments: Initiatives like the launch of the Insperity HRScale solution demonstrate Workday's strategy to extend its reach into the small and mid-sized business (SMB) segment through a services-led model. This could complement Workday's existing enterprise focus and support expansion into the medium segment.
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Share Repurchases
- In fiscal year 2026, Workday repurchased approximately 12.8 million shares of Class A common stock for $2.9 billion.
- Workday repurchased approximately 2.9 million shares of Class A common stock for $700 million in fiscal year 2025.
- As of September 16, 2025, Workday's board authorized an additional $4 billion share buyback program, bringing the total planned repurchases to approximately $5 billion of Class A common stock through fiscal 2027.
Share Issuance
- Workday's shares outstanding increased by 1.48% in fiscal year 2025 to 0.269 billion.
- Shares outstanding declined by 0.4% in fiscal year 2026 to 0.268 billion, and further decreased by 2.15% year-over-year for the quarter ending January 31, 2026.
- A share repurchase program approved in November 2022 was designed to reduce the impact of future share dilution from employee stock issuances.
Inbound Investments
- Activist investor Elliott Investment Management disclosed a stake worth more than $2 billion in Workday on September 17, 2025, praising the company's leadership and strategy.
- Jeff Bezos's investment vehicle, Bezos Expeditions, has invested in Workday.
Outbound Investments
- Workday completed the acquisition of Sana, an AI company, for approximately $1.1 billion on November 4, 2025, following a definitive agreement signed on September 16, 2025.
- In February 2023, Workday announced a $250 million expansion of its Workday Ventures fund, focusing investments on early-stage enterprise software startups, particularly in AI and Machine Learning technologies.
- Workday committed a C$1 billion investment in Canada over the next five years to bolster local technological expertise and support Canadian clients.
Capital Expenditures
- Workday plans $270 million in capital expenditures for fiscal year 2027.
- The company expected approximately $200 million in capital expenditures for fiscal year 2026.
- Workday maintains relatively low capital expenditures, which is typical for a software company, and free cash flow generation has consistently covered these outlays.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| WDAY | Workday | 14.8% | 36.4x | -18.1% | -25.0% | -30.6% | — |
| FICO | Fair Isaac | 17.7% | 27.4x | -38.3% | 10.7% | 118.3% | +149pp |
| AGYS | Agilysys | 16.9% | 68.5x | -4.2% | 52.5% | 104.9% | +135pp |
| CDNS | Cadence Design Systems | 15.5% | 57.5x | -18.4% | 22.4% | 73.4% | +104pp |
| GWRE | Guidewire Software | 17.5% | 74.3x | -44.3% | 52.3% | 15.4% | +46pp |
| PTC | PTC | 12.9% | 12.3x | -36.8% | -6.7% | 4.1% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 65.0% | 198.4% | 300.6% | TTMI 832% · FLEX 769% · SANM 449% |
| Semiconductor Materials & Equipment | 27 | 127.7% | 87.9% | 101.6% | AEHR 837% · AXTI 602% · KLAC 441% |
| Technology Distributors | 9 | 28.2% | 80.9% | 98.9% | CLMB 340% · AVT 191% · SNX 142% |
| Electronic Components | 26 | 41.0% | 58.3% | 71.2% | CLS 3861% · BELFA 1346% · COHR 397% |
| Communications Equipment | 36 | 16.6% | 87.8% | 71.0% | AAOI 1318% · LITE 980% · FEIM 915% |
| Semiconductors | 55 | 23.5% | 34.6% | 37.2% | POET 1852% · MU 1261% · NVDA 875% |
| Technology Hardware, Storage & Peripherals | 21 | 38.3% | 86.3% | 22.7% | DELL 1202% · STX 1048% · SMCI 996% |
| Internet Services & Infrastructure | 6 | 18.2% | 40.8% | 18.4% | DOCN 76% · VRSN 35% · GDDY 30% |
| Electronic Equipment & Instruments | 27 | -12.8% | 8.7% | -9.9% | PI 233% · ACFN 118% · OSIS 115% |
| IT Consulting & Other Services | 28 | -25.0% | -15.0% | -30.5% | CHRN 499900% · APLD 1228% · TSSI 712% |
| Application Software ← | 122 | -26.4% | -14.8% | -45.6% | VIDA 193536% · INLX 5416% · PLTR 536% |
| Systems Software | 66 | -19.1% | -3.2% | -59.1% | QNC 450% · ZETA 336% · PANW 322% |
Latest Trefis Analyses
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 167.99 |
| Mkt Cap | 10.0 |
| Rev LTM | 10,155 |
| Op Inc LTM | 1,220 |
| FCF LTM | 2,844 |
| FCF 3Y Avg | 2,460 |
| CFO LTM | 3,081 |
| CFO 3Y Avg | 2,687 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 14.7% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 17.7% |
| Op Inc Chg 3Y Avg | 37.2% |
| Op Mgn LTM | 21.8% |
| Op Mgn 3Y Avg | 19.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 26.7% |
| FCF/Rev 3Y Avg | 22.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.0 |
| P/S | 4.5 |
| P/Op Inc | 18.5 |
| P/EBIT | 17.3 |
| P/E | 24.2 |
| P/CFO | 14.2 |
| Total Yield | 5.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.0% |
| 3M Rtn | 29.9% |
| 6M Rtn | 30.0% |
| 12M Rtn | -17.8% |
| 3Y Rtn | -4.3% |
| 1M Excs Rtn | 3.2% |
| 3M Excs Rtn | 26.2% |
| 6M Excs Rtn | 15.4% |
| 12M Excs Rtn | -34.4% |
| 3Y Excs Rtn | -77.8% |
Comparison Analyses
Price Behavior
| Market Price | $185.70 | |
| Market Cap ($ Bil) | 45.5 | |
| First Trading Date | 10/12/2012 | |
| Distance from 52W High | -25.0% | |
| 50 Days | 200 Days | |
| DMA Price | $171.52 | $159.75 |
| DMA Trend | down | up |
| Distance from DMA | 8.3% | 16.2% |
| 3M | 1YR | |
| Volatility | 68.6% | 54.0% |
| Downside Capture | 3.96 | 80.98 |
| Upside Capture | 176.94 | 42.40 |
| Correlation (SPY) | 5.8% | 8.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.35 | 0.54 | 0.17 | -0.22 | 0.31 | 0.82 |
| Up Beta | 3.06 | -1.55 | -1.68 | -1.55 | -0.54 | 0.71 |
| Down Beta | 2.65 | -1.40 | 0.50 | 0.16 | 0.59 | 0.92 |
| Up Capture | 481% | 374% | 139% | 52% | 26% | 39% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 23 | 30 | 63 | 121 | 384 |
| Down Capture | 177% | -2% | -10% | -37% | 75% | 99% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 19 | 34 | 64 | 130 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDAY | |
|---|---|---|---|---|
| WDAY | -18.1% | 53.9% | -0.18 | - |
| Sector ETF (XLK) | 39.7% | 26.3% | 1.24 | -3.2% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 8.6% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | -11.8% |
| Commodities (DBC) | 50.4% | 20.6% | 1.88 | -9.2% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 8.2% |
| Bitcoin (BTCUSD) | -32.6% | 43.8% | -0.78 | 11.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDAY | |
|---|---|---|---|---|
| WDAY | -7.6% | 41.4% | -0.08 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 43.4% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 47.2% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 0.2% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 5.5% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 34.3% |
| Bitcoin (BTCUSD) | 9.3% | 52.6% | 0.36 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDAY | |
|---|---|---|---|---|
| WDAY | 8.0% | 40.0% | 0.32 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 53.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 52.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 3.2% |
| Commodities (DBC) | 8.9% | 18.1% | 0.40 | 12.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 36.6% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 16.1% |
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Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/27/2026 | 5.8% | 6.9% | |
| 5/21/2026 | 5.2% | 20.0% | -5.5% |
| 2/24/2026 | 2.2% | 10.3% | -2.4% |
| 11/25/2025 | -7.9% | -7.3% | -7.2% |
| 8/21/2025 | -2.8% | 0.4% | 6.6% |
| 5/22/2025 | -12.5% | -9.0% | -12.1% |
| 2/25/2025 | 6.2% | -0.6% | -1.7% |
| 11/26/2024 | -6.2% | -0.5% | -1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 5.8% | 10.0% | 6.6% |
| Median Negative | -5.6% | -6.7% | -8.3% |
| Max Positive | 17.2% | 20.0% | 17.1% |
| Max Negative | -15.3% | -19.0% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/27/2026 | 5.8% | 6.9% | |
| 5/21/2026 | 5.2% | 20.0% | -5.5% |
| 2/24/2026 | 2.2% | 10.3% | -2.4% |
| 11/25/2025 | -7.9% | -7.3% | -7.2% |
| 8/21/2025 | -2.8% | 0.4% | 6.6% |
| 5/22/2025 | -12.5% | -9.0% | -12.1% |
| 2/25/2025 | 6.2% | -0.6% | -1.7% |
| 11/26/2024 | -6.2% | -0.5% | -1.5% |
| 8/22/2024 | 12.5% | 13.5% | 6.0% |
| 5/23/2024 | -15.3% | -19.0% | -16.7% |
| 2/26/2024 | -4.0% | -11.1% | -9.7% |
| 11/28/2023 | 11.0% | 12.8% | 16.3% |
| 8/24/2023 | 5.4% | 8.7% | 3.0% |
| 5/25/2023 | 10.0% | 8.7% | 14.2% |
| 2/27/2023 | 0.3% | 2.1% | 2.6% |
| 11/29/2022 | 17.2% | 12.6% | 17.1% |
| 8/25/2022 | 2.5% | -0.8% | -9.5% |
| 5/26/2022 | -5.6% | -3.6% | -14.2% |
| 2/28/2022 | 4.9% | -2.0% | 7.5% |
| 11/18/2021 | -4.2% | -7.2% | -9.8% |
| 8/26/2021 | 9.1% | 10.0% | 6.9% |
| 5/26/2021 | -3.3% | -6.7% | 2.5% |
| 2/25/2021 | -2.4% | -8.3% | -0.6% |
| 11/19/2020 | -9.3% | -3.0% | 5.0% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 5.8% | 10.0% | 6.6% |
| Median Negative | -5.6% | -6.7% | -8.3% |
| Max Positive | 17.2% | 20.0% | 17.1% |
| Max Negative | -15.3% | -19.0% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 04/30/2026 | 05/22/2026 | 10-Q |
| 01/31/2026 | 03/06/2026 | 10-K |
| 10/31/2025 | 11/26/2025 | 10-Q |
| 07/31/2025 | 08/22/2025 | 10-Q |
| 04/30/2025 | 05/23/2025 | 10-Q |
| 01/31/2025 | 03/11/2025 | 10-K |
| 10/31/2024 | 12/05/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 03/08/2024 | 10-K |
| 10/31/2023 | 11/28/2023 | 10-Q |
| 07/31/2023 | 08/24/2023 | 10-Q |
| 04/30/2023 | 05/25/2023 | 10-Q |
| 01/31/2023 | 02/27/2023 | 10-K |
| 10/31/2022 | 11/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 04/30/2026 | 05/22/2026 | 10-Q |
| 01/31/2026 | 03/06/2026 | 10-K |
| 10/31/2025 | 11/26/2025 | 10-Q |
| 07/31/2025 | 08/22/2025 | 10-Q |
| 04/30/2025 | 05/23/2025 | 10-Q |
| 01/31/2025 | 03/11/2025 | 10-K |
| 10/31/2024 | 12/05/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 03/08/2024 | 10-K |
| 10/31/2023 | 11/28/2023 | 10-Q |
| 07/31/2023 | 08/24/2023 | 10-Q |
| 04/30/2023 | 05/25/2023 | 10-Q |
| 01/31/2023 | 02/27/2023 | 10-K |
| 10/31/2022 | 11/29/2022 | 10-Q |
| 07/31/2022 | 08/25/2022 | 10-Q |
| 04/30/2022 | 05/26/2022 | 10-Q |
| 01/31/2022 | 02/28/2022 | 10-K |
| 10/31/2021 | 11/18/2021 | 10-Q |
| 07/31/2021 | 08/26/2021 | 10-Q |
| 04/30/2021 | 05/26/2021 | 10-Q |
| 01/31/2021 | 03/02/2021 | 10-K |
| 10/31/2020 | 11/20/2020 | 10-Q |
| 07/31/2020 | 08/28/2020 | 10-Q |
| 04/30/2020 | 05/28/2020 | 10-Q |
| 01/31/2020 | 03/03/2020 | 10-K |
| 10/31/2019 | 12/04/2019 | 10-Q |
Recent Forward Guidance
Updated 8/28/2026Latest: Q2 2027 Earnings Reported 8/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Subscription Revenues | Reported | 2.52 Bil | ||||||
| Q3 2027 Non-GAAP Operating Margin | Reported | 30.0% | ||||||
| 2027 Subscription Revenues | Reported | 9.94 Bil | 9.95 Bil | 9.95 Bil | 0.1% | Raised | Guidance: 9.94 Bil for 2027 | |
| 2027 Non-GAAP Operating Margin | Reported | 31.0% | 0.5% | Raised | Guidance: 30.5% for 2027 | |||
Prior: Q1 2027 Earnings Reported 5/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Subscription Revenue | Reported | 2.46 Bil | 5.1% | Higher New | Guidance: 2.33 Bil for Q1 2027 | |||
| Q2 2027 Non-GAAP Operating Margin | Reported | 30.0% | -0.5% | Lower New | Guidance: 30.5% for Q1 2027 | |||
| 2027 Subscription Revenue | Reported | 9.93 Bil | 9.94 Bil | 0 | Affirmed | Guidance: 9.94 Bil for 2027 | ||
| 2027 Non-GAAP Operating Margin | Reported | 30.5% | 0.5% | Raised | Guidance: 30.0% for 2027 | |||
Q4 2026 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Subscription Revenue | Reported | 2.33 Bil | -0.8% | Lower New | Guidance: 2.35 Bil for Q4 2026 | |||
| Q1 2027 Non-GAAP Operating Margin | Reported | 30.5% | 2.0% | Higher New | Guidance: 28.5% for Q4 2026 | |||
| 2027 Subscription Revenue | Reported | 9.93 Bil | 9.94 Bil | 9.95 Bil | 12.6% | Higher New | Guidance: 8.83 Bil for 2026 | |
| 2027 Non-GAAP Operating Margin | Reported | 30.0% | 1.0% | Higher New | Guidance: 29.0% for 2026 | |||
Q3 2026 Earnings Reported 11/25/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Subscription Revenue | Reported | 2.35 Bil | 5.4% | Higher New | Guidance: 2.23 Bil for Q3 2026 | |||
| Q4 2026 Non-GAAP Operating Margin | Reported | 28.5% | 28.5% | 0.5% | Higher New | Guidance: 28.0% for Q3 2026 | ||
| 2026 Subscription Revenue | Reported | 8.83 Bil | 0.1% | Raised | Guidance: 8.81 Bil for 2026 | |||
| 2026 Non-GAAP Operating Margin | Reported | 29.0% | 0.0% | Affirmed | Guidance: 29.0% for 2026 | |||
Insider Activity
Updated 9/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duffield, David A | Direct | Sell | 9092026 | 198.14 | 90,615 | 17,954,368 | 20,814,306 | Form | |
| 2 | Duffield, David A | Direct | Sell | 9032026 | 199.29 | 94,961 | 18,924,544 | 20,934,956 | Form | |
| 3 | Garfield, Mark S | Chief Accounting Officer | Direct | Sell | 7142026 | 142.19 | 918 | 130,530 | 10,481,962 | Form |
| 4 | Duffield, David A | Direct | Sell | 7132026 | 136.74 | 107,500 | 14,699,057 | 14,363,919 | Form | |
| 5 | Kazmaier, Gerrit S | President, Prod. and Tech. | Direct | Sell | 7072026 | 143.62 | 2,728 | 391,785 | 38,257,679 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duffield, David A | Direct | Sell | 9092026 | 198.14 | 90,615 | 17,954,368 | 20,814,306 | Form | |
| 2 | Duffield, David A | Direct | Sell | 9032026 | 199.29 | 94,961 | 18,924,544 | 20,934,956 | Form | |
| 3 | Garfield, Mark S | Chief Accounting Officer | Direct | Sell | 7142026 | 142.19 | 918 | 130,530 | 10,481,962 | Form |
| 4 | Duffield, David A | Direct | Sell | 7132026 | 136.74 | 107,500 | 14,699,057 | 14,363,919 | Form | |
| 5 | Kazmaier, Gerrit S | President, Prod. and Tech. | Direct | Sell | 7072026 | 143.62 | 2,728 | 391,785 | 38,257,679 | Form |
| 6 | Rowe, Zane | Chief Financial Officer | Direct | Sell | 7072026 | 143.70 | 6,000 | 862,203 | 41,451,833 | Form |
| 7 | Duffield, David A | Direct | Sell | 7072026 | 135.24 | 107,500 | 14,538,267 | 14,206,795 | Form | |
| 8 | Enslin, Robert | President, CCO | Direct | Sell | 7072026 | 134.90 | 5,374 | 724,972 | 32,305,218 | Form |
| 9 | Duffield, David A | Direct | Sell | 7012026 | 122.04 | 107,500 | 13,119,166 | 12,820,049 | Form | |
| 10 | Duffield, David A | Direct | Sell | 6292026 | 115.60 | 107,500 | 12,426,606 | 12,143,280 | Form | |
| 11 | Duffield, David A | Direct | Sell | 6242026 | 114.25 | 107,500 | 12,281,957 | 12,001,929 | Form | |
| 12 | Duffield, David A | Direct | Sell | 6172026 | 124.99 | 107,500 | 13,436,122 | 13,129,778 | Form | |
| 13 | Duffield, David A | Direct | Sell | 6162026 | 128.52 | 107,500 | 13,815,418 | 13,500,427 | Form | |
| 14 | Duffield, David A | Direct | Sell | 6112026 | 138.32 | 107,500 | 14,869,715 | 14,530,685 | Form | |
| 15 | Duffield, David A | Direct | Sell | 6042026 | 149.56 | 107,500 | 16,077,371 | 15,710,807 | Form | |
| 16 | Duffield, David A | Direct | Sell | 6032026 | 156.64 | 107,500 | 16,838,803 | 16,454,878 | Form | |
| 17 | Duffield, David A | Direct | Sell | 4132026 | 112.33 | 107,500 | 12,075,839 | 11,800,510 | Form | |
| 18 | Kazmaier, Gerrit S | President, Prod. and Tech. | Direct | Sell | 4072026 | 128.39 | 9,356 | 1,201,217 | 21,193,851 | Form |
| 19 | Rowe, Zane | Chief Financial Officer | Direct | Sell | 4072026 | 128.22 | 6,000 | 769,314 | 27,942,784 | Form |
| 20 | Enslin, Robert | President, CCO | Direct | Sell | 4072026 | 129.41 | 5,373 | 695,339 | 21,406,809 | Form |
| 21 | Duffield, David A | Direct | Sell | 4072026 | 129.60 | 107,500 | 13,932,089 | 13,614,437 | Form | |
| 22 | Duffield, David A | Direct | Sell | 4022026 | 129.76 | 107,500 | 13,949,215 | 13,631,173 | Form | |
| 23 | Duffield, David A | Direct | Sell | 3302026 | 128.35 | 107,500 | 13,797,430 | 13,482,848 | Form | |
| 24 | Duffield, David A | Direct | Sell | 3252026 | 136.82 | 107,500 | 14,708,651 | 14,373,294 | Form | |
| 25 | Duffield, David A | Direct | Sell | 3202026 | 132.58 | 107,500 | 14,252,009 | 13,927,063 | Form | |
| 26 | Duffield, David A | Direct | Sell | 3172026 | 132.67 | 107,500 | 14,262,350 | 13,937,168 | Form | |
| 27 | Duffield, David A | Direct | Sell | 3122026 | 142.18 | 107,500 | 15,284,227 | 14,935,747 | Form | |
| 28 | Duffield, David A | Direct | Sell | 3062026 | 147.16 | 107,500 | 15,819,244 | 15,458,565 | Form | |
| 29 | Duffield, David A | Direct | Sell | 3042026 | 134.40 | 107,500 | 14,447,900 | 14,118,488 | Form | |
| 30 | Kazmaier, Gerrit S | President, Prod. and Tech. | Direct | Sell | 1072026 | 208.73 | 3,759 | 784,626 | 21,951,782 | Form |
| 31 | Rowe, Zane | Chief Financial Officer | Direct | Sell | 1072026 | 208.75 | 6,000 | 1,252,492 | 33,224,019 | Form |
| 32 | Sauer, Richard Harry | Chief Legal Officer & Secty | Direct | Sell | 1072026 | 210.00 | 1,130 | 237,300 | 17,933,580 | Form |
| 33 | Enslin, Robert | President, CCO | Direct | Sell | 1072026 | 210.17 | 22,185 | 4,662,713 | 22,347,816 | Form |
| 34 | Eschenbach, Carl M | CEO | Eschenbach Family Trust dtd 4/15/2014, Carl Eschenbach Jr and Ana Eschenbach TTEE | Sell | 1072026 | 210.00 | 3,125 | 656,250 | 3,590,370 | Form |
| 35 | Duffield, David A | Direct | Sell | 1062026 | 205.29 | 81,479 | 16,727,042 | 21,565,790 | Form | |
| 36 | Duffield, David A | Direct | Sell | 12292025 | 215.04 | 80,279 | 17,262,992 | 22,589,470 | Form | |
| 37 | Kazmaier, Gerrit S | President, Prod. and Tech. | Direct | Sell | 12232025 | 218.77 | 6,547 | 1,432,258 | 24,360,201 | Form |
| 38 | Duffield, David A | Direct | Sell | 12182025 | 215.98 | 81,434 | 17,588,334 | 22,688,766 | Form | |
| 39 | Duffield, David A | Direct | Sell | 12042025 | 212.19 | 82,025 | 17,404,800 | 22,290,238 | Form | |
| 40 | McNamara, Michael M | Direct | Sell | 10142025 | 235.16 | 5,393 | 1,268,201 | 5,662,109 | Form | |
| 41 | Garfield, Mark S | Chief Accounting Officer | Direct | Sell | 10142025 | 238.96 | 1,915 | 457,601 | 8,925,246 | Form |
| 42 | Duffield, David A | Direct | Sell | 10102025 | 236.34 | 75,053 | 17,738,401 | 24,342,826 | Form | |
| 43 | Sauer, Richard Harry | Chief Legal Officer & Secty | Direct | Sell | 10072025 | 235.87 | 2,320 | 547,220 | 21,246,540 | Form |
| 44 | Rowe, Zane | Chief Financial Officer | Direct | Sell | 10072025 | 232.62 | 6,000 | 1,395,717 | 39,188,944 | Form |
| 45 | Eschenbach, Carl M | CEO | Eschenbach Family Trust dtd 4/15/2014, Carl Eschenbach Jr and Ana Eschenbach TTEE | Sell | 10032025 | 237.52 | 6,250 | 1,484,504 | 4,803,143 | Form |
| 46 | Duffield, David A | Direct | Sell | 10032025 | 235.09 | 72,696 | 17,090,277 | 24,213,812 | Form | |
| 47 | Duffield, David A | Direct | Sell | 9252025 | 241.57 | 72,118 | 17,421,401 | 24,880,780 | Form | |
| 48 | Sauer, Richard Harry | Chief Legal Officer & Secty | Direct | Sell | 9192025 | 235.41 | 1,160 | 273,076 | 22,541,920 | Form |
| 49 | Duffield, David A | Direct | Sell | 9162025 | 220.12 | 78,564 | 17,293,603 | 22,671,825 | Form | |
| 50 | Duffield, David A | Dave and Cheryl Duffield Foundation | Sell | 9162025 | 222.23 | 15,000 | 3,333,516 | 3,333,516 | Form | |
| 51 | Sauer, Richard Harry | Chief Legal Officer & Secty | Direct | Sell | 9152025 | 226.63 | 1,160 | 262,891 | 21,964,073 | Form |
| 52 | Duffield, David A | Direct | Sell | 9042025 | 228.16 | 75,817 | 17,298,267 | 23,499,606 | Form |
Investor Activity (13F)
Updated Sep 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lead Edge Capital Management, LLC | $80.0 Mil | 19.6% | 12 | New | 13F |
| Keenan Capital, LLC | $43.8 Mil | 9.2% | 9 | ADD +5.6% | 13F |
| Fernbridge Capital Management LP | $143.3 Mil | 9.2% | 17 | TRIM -21.6% | 13F |
| Meritage Group LP | $210.9 Mil | 8.0% | 13 | Hold | 13F |
| Generation Investment Management LLP | $543.3 Mil | 4.9% | 29 | Hold | 13F |
| Allen Operations LLC | $14.6 Mil | 2.2% | 36 | Hold | 13F |
| No Street GP LP | $26.0 Mil | 1.7% | 31 | New | 13F |
| Optimus Prime Fund Management Co., Ltd. | $13.6 Mil | 1.3% | 27 | Hold | 13F |
| Comprehensive Financial Management LLC | $12.5 Mil | 0.4% | 38 | Hold | 13F |
| Skye Global Management LP | $6.8 Mil | 0.1% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Newlands Management Operations LLC | $292.9 Mil | 1.5% | 17 | Exited | Dec 31, 2025 | 13F |
| Petrus Trust Company, LTA | $29.0 Mil | 2.9% | 26 | Exited | Dec 31, 2025 | 13F |
| Hyperion Asset Management Ltd | $26.6 Mil | 0.7% | 18 | Exited | Dec 31, 2025 | 13F |
| Deepwater Asset Management, LLC | $9.3 Mil | 2.7% | 46 | Exited | Dec 31, 2025 | 13F |
| Hound Partners, LLC | $7.0 Mil | 1.0% | 36 | Exited | Dec 31, 2025 | 13F |
| Fernbridge Capital Management LP | $143.3 Mil | 9.2% | 17 | TRIM -21.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Generation Investment Management LLP | $543.3 Mil | 4.9% | 29 | Hold | 13F |
| Meritage Group LP | $210.9 Mil | 8.0% | 13 | Hold | 13F |
| Fernbridge Capital Management LP | $143.3 Mil | 9.2% | 17 | TRIM -21.6% | 13F |
| Lead Edge Capital Management, LLC | $80.0 Mil | 19.6% | 12 | New | 13F |
| Keenan Capital, LLC | $43.8 Mil | 9.2% | 9 | ADD +5.6% | 13F |
| No Street GP LP | $26.0 Mil | 1.7% | 31 | New | 13F |
| Allen Operations LLC | $14.6 Mil | 2.2% | 36 | Hold | 13F |
| Optimus Prime Fund Management Co., Ltd. | $13.6 Mil | 1.3% | 27 | Hold | 13F |
| Comprehensive Financial Management LLC | $12.5 Mil | 0.4% | 38 | Hold | 13F |
| Skye Global Management LP | $6.8 Mil | 0.1% | 44 | New | 13F |
WDAY Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive. The company is successfully executing a pivot to AI, evidenced by AI products driving over 25% of new contract value. While the core business is maturing, this new growth vector is real, substantial, and margin-accretive.
STOCK ARCHETYPE
Enterprise SaaS (Software-as-a-Service)New Customer Acquisition + Net Revenue Retention (upselling/cross-selling more modules and AI capabilities to the existing customer base). Operating leverage from scaling high-margin subscription and consumption revenue over a relatively fixed cost base, particularly in R&D and G&A.
INVESTMENT THESIS
Evidence suggests a successful pivot is underway, with new AI offerings driving a significant and growing share of new business.
- AI products drove more than $100 million of new ACV in Q2.
- AI-related annual recurring revenue is nearly $600 million, up over 200% year-over-year.
- Expansion deals that included AI were over 50% larger on average in Q1.
- Gross revenue retention remains strong at 97%.
PRIMARY RISK
The core business is slowing, with forward backlog growth guided to 11-12%. The new AI business relies on an unproven consumption model and faces threats from generic AI solutions that could limit its ultimate potential.
- 12-month backlog (cRPO) growth slowed to 14.2% from 15.8% two quarters prior.
- Management guided Q3 cRPO growth to 11% to 12%.
- The company has 'limited experience' with its new Flex Credits pricing model.
- A key risk is competition from 'non-specialist solutions relying on generic large language models'.
| KPI | Status | Rationale |
|---|---|---|
| 12-Month Subscription Revenue Backlog (cRPO) Growth | 14.2% year-over-year growth for the quarter ended July 31, 2026 - Decelerating | The growth of Workday's 12-month backlog has been decelerating over the last three quarters. Management guidance reinforces this trend, projecting Q3 cRPO growth of 11% to 12%. The company noted that the Q3 comparison laps the Paradox acquisition, which added over a point to the prior year's growth, partially explaining the anticipated slowdown. |
| AI-Related Annual Recurring Revenue (ARR) | Nearly $600 million in ARR from AI SKUs as of Q2 FY27 - Accelerating | AI-related ARR is growing rapidly, adding approximately $100 million sequentially in each of the last two quarters. Management stated that AI products drove over $100 million of new Annual Contract Value (ACV) in the latest quarter, accounting for more than 25% of all new ACV closed. This highlights AI as the company's primary new growth engine. |
| Customers using organic AI agents | (Q2 FY2027) | Indicates the adoption rate of the company's internally developed AI capabilities, which is a key leading indicator for future consumption revenue. |
| Gross Revenue Retention | 97% (Q2 FY2027) | Measures the percentage of recurring revenue retained from existing customers, indicating high customer satisfaction and the mission-critical nature of the platform. |
| New ACV from AI Products | Over $100 million, representing more than 25% of all new ACV (Q2 FY2027) | Shows the direct contribution of the new AI strategy to new business growth, highlighting its importance as a primary growth driver. |
AI acceleration vs. core maturation.
BULL VIEW
The AI business, growing over 200% and comprising over 25% of new contracts, will successfully re-accelerate the company's overall growth profile and expand profitability.
CORE TENSION
Can AI ARR growth (nearly $600M) offset decelerating cRPO growth (guided to 11-12%), which the market rewarded with a 7% stock gain?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The market looked past the cRPO guide to reward the strong AI traction and raised full-year revenue and margin outlooks.
BEAR VIEW
The AI tailwind is not strong enough to offset the structural slowdown in the core business, whose forward-looking backlog growth is guided to just 11-12%.
| Timeline | Event & Metric To Watch |
|---|---|
October 13, 2026 | AI Monetization And Adoption Update Watch: Updates on Flex Credits adoption, Sana Enterprise traction, and any change to the FY28 growth outlook. |
October 13, 2026 | Financial Analyst Day Watch: Workday will host its annual financial analyst day in Las Vegas. |
10/27/2026 | Competitive AI Product Announcements Watch: Peer commentary on competitive wins against Workday in AI-centric deals or announcements of new generative AI capabilities. |
11/3/2026 | Peer Paycom Earnings Watch: Peer Paycom Software (PAYC) is scheduled to report earnings. |
11/23/2026 | Decelerating Revenue Growth Watch: Q3 revenue growth rate and management's guidance for Q4. Any further deceleration could pressure the stock. |
11/23/2026 | Next Earnings Report Watch: Workday is scheduled to report its next quarterly earnings. |
12/8/2026 | Peer Oracle Earnings Watch: Peer Oracle (ORCL) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-27 | Q2 Earnings Beat and Raise Details: The company reported strong Q2 results, with AI products driving over $100 million in new ACV. Full-year 2027 guidance for subscription revenue and operating margin was raised. | +7.3% $190.75 -> $204.72 |
2026-08-14 | Go-Private Discussions Reported Details: Press reports in August indicated Workday held discussions with a private equity firm in recent months regarding a potential acquisition, with the company valued at about $43 billion. | -7.4% $206.45 -> $191.18 |
2026-07-23 | FedRAMP Authorization Achieved Details: Workday Adaptive Planning achieved FedRAMP Authorization at the Moderate level, a milestone to support federal agencies in workforce and budget planning within a secure system. | +2.2% $132.42 -> $135.34 |
2026-06-02 | New Developer AI Tools Launched Details: At its DevCon event, Workday launched new tools for developers, including a Developer Agent for building AI apps with natural language and Agent Passport for verifying AI agents. | -6.6% $157.23 -> $146.90 |
2026-05-21 | Q1 Earnings Reported Details: The company reported Q1 results, with management noting it was the "best first quarter of new ACV growth in 5 years." The stock reaction was 1.0%. | +1.2% $126.61 -> $128.14 |
2026-03-17 | Sana AI Platform Introduced Details: Workday introduced Sana, a new conversational AI experience, with a Self-Service Agent launching with over 300 skills to handle HR and finance tasks for customers. | -1.0% $133.63 -> $132.29 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: WDAY trades at roughly 48% annualized options-implied volatility versus about 13% for the S&P 500 (3.6x the market), around the 56th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ORCL - Oracle
Established enterprise exposureOracle offers a more mature, diversified business with higher operating margins of 33.3% and a large infrastructure cloud segment, providing a different risk profile than Workday's pure-play application focus.
NOW - ServiceNow, Inc.
High-growth platform exposureServiceNow offers faster revenue growth of 22.2% by focusing on a different enterprise function (IT service management) but with a similar platform-based AI strategy and strong customer loyalty.
An established enterprise SaaS leader for HR/Finance successfully leveraging its unified data platform to pivot into a higher-growth, consumption-based AI agent business.
Workday provides the mission-critical systems of record for HR and finance. Its core structural advantage is a single, unified data model that provides the 'deterministic rails' necessary for enterprise-grade AI. The company is now aggressively layering AI 'agents' on top of this platform to automate work, monetized via a new consumption model. This AI pivot is already re-accelerating new business growth and is positioned as the company's primary long-term growth engine.
Continued rapid growth in AI-related ARR and new ACV, widespread customer adoption of the 'Flex Credits' consumption model, and evidence of AI driving market share gains against legacy competitors.
A slowdown in AI product adoption, customer resistance to the consumption model, or evidence that competitors are successfully offering comparable AI capabilities on top of their fragmented, legacy systems.
Short-term fluctuations in quarterly revenue growth rates as the company transitions to a hybrid consumption model; general market commentary on AI that ignores the specific challenges of enterprise-grade deployment.
Repricing Catalyst
The upcoming Financial Analyst Day on October 13, 2026, is a key catalyst, where management is expected to provide a deeper look at its platform innovation and long-term strategy. Continued strong quarterly results demonstrating AI-driven growth acceleration would also serve as a catalyst.
Subscription Services
$9.1B TTM (93% of Total)What It Is
Sells cloud-based software for Human Capital Management (HCM), Financial Management, Spend Management, and Planning to a global customer base of emerging, medium-sized, and large organizations across numerous industries.
Who Pays & How
Enterprises pay recurring fees to access a unified platform for managing their people and money. They choose Workday for its modern cloud architecture and integrated data model, which provides a trusted foundation for deploying AI agents to automate complex business processes.
Competition
Professional Services
$726M TTM (7% of Total)What It Is
Sells deployment, training, and support services to customers implementing Workday's subscription software. These services can be performed by Workday's own staff or by a network of partners.
Who Pays & How
Customers pay for these services to ensure the successful and timely implementation of Workday's applications and to facilitate the adoption of new capabilities over the life of their subscription.
Competition
Workday — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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