Business Description
monday.com Ltd. provides a cloud-based Work Operating System (Work OS) that enables organizations to build custom workflow applications and project management tools. The Israel-based company offers a low-code/no-code platform with modular building blocks, allowing teams to design tailored solutions for their specific operational needs. Its software is delivered via a subscription-based software-as-a-service (SaaS) model.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,231,997 | 971,995 | 729,695 | 519,029 |
| Cost of Sales | 133,099 | 103,691 | 80,645 | 66,528 |
| Gross Profit | 1,098,898 | 868,304 | 649,050 | 452,501 |
| Selling, General & Administrative Expenses | 779,847 | 675,629 | 531,135 | 477,469 |
| Research & Development Expenses | 320,799 | 213,709 | 156,500 | 127,047 |
| Operating Profit | (1,748) | (21,034) | (38,585) | (152,015) |
| Interest and Investment Income | 61,065 | 55,500 | 41,911 | 22,554 |
| Total Non-Operating Income | 61,065 | 55,500 | 41,911 | 22,554 |
| Income Before Provision for Income Taxes | 59,317 | 34,466 | 3,326 | (129,461) |
| Provision for Income Taxes | (59,425) | 2,094 | 5,203 | 7,406 |
| Consolidated Net Income | 118,742 | 32,372 | (1,877) | (136,867) |
| Net Income Attributable to Common Shareholders | 118,742 | 32,372 | (1,877) | (136,867) |
| Basic EPS | 2.31 | 0.65 | -0.04 | -2.99 |
| Diluted EPS | 2.24 | 0.62 | -0.04 | -2.99 |
| Basic Weighted Average Shares Outstanding | 51,444 | 49,908 | 48,366 | 45,805 |
| Diluted Weighted Average Shares Outstanding | 53,087 | 52,421 | 48,366 | 45,805 |
| Shares Outstanding | 51,161 | 50,773 | 48,924 | 47,738 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,503,149 | 1,411,602 | 1,116,128 | 885,894 |
| Short-Term Investments | 162,308 | 50,004 | — | — |
| Total Cash and Cash Equivalents | 1,665,457 | 1,461,606 | 1,116,128 | 885,894 |
| Accounts Receivable | 30,552 | 25,804 | 17,911 | 13,226 |
| Total Trade Receivables | 30,552 | 25,804 | 17,911 | 13,226 |
| Other Current Assets | 93,055 | 44,836 | 39,103 | 24,725 |
| Total Current Assets | 1,789,064 | 1,532,246 | 1,173,142 | 923,845 |
| Net Property, Plant & Equipment | 203,037 | 136,279 | 99,698 | 114,613 |
| Other Long-Term Assets | 114,499 | 16,983 | 2,816 | 585 |
| Total Assets | 2,106,600 | 1,685,508 | 1,275,656 | 1,039,043 |
| Accounts Payable | 45,001 | 35,611 | 24,837 | 7,335 |
| Accrued Expenses | 234,377 | 171,040 | 106,691 | 73,706 |
| Current Portion of Leases | 25,819 | 29,013 | 18,201 | 19,083 |
| Unearned Revenue | 409,677 | 339,951 | 266,284 | 198,099 |
| Total Current Liabilities | 714,874 | 575,615 | 416,013 | 298,223 |
| Leases | 142,948 | 77,023 | 42,946 | 58,638 |
| Other Long-Term Liabilities | 1,942 | 2,639 | 3,189 | 2,442 |
| Total Long-Term Liabilities | 144,890 | 79,662 | 46,135 | 61,080 |
| Total Liabilities | 859,764 | 655,277 | 462,148 | 359,303 |
| Additional Paid-in Capital | 1,662,029 | 1,579,074 | 1,388,108 | 1,265,477 |
| Accumulated Other Comprehensive Income | 18,097 | 3,189 | 9,804 | (3,210) |
| Retained Earnings | (433,290) | (552,032) | (584,404) | (582,527) |
| Total Common Shareholders' Equity | 1,246,836 | 1,030,231 | 813,508 | 679,740 |
| Total Shareholders' Equity | 1,246,836 | 1,030,231 | 813,508 | 679,740 |
| Total Liabilities and Shareholders' Equity | 2,106,600 | 1,685,508 | 1,275,656 | 1,039,043 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 118,742 | 32,372 | (1,877) | (136,867) |
| Depreciation & Amortization | 13,805 | 11,858 | 9,023 | 8,567 |
| Share-Based Compensation Expense | 177,011 | 147,117 | 100,186 | 104,920 |
| Other Adjustments | (62,999) | 349 | — | — |
| Changes in Trade Receivables | (4,748) | (7,893) | (4,685) | (4,717) |
| Changes in Accounts Payable | 8,453 | 10,406 | 17,397 | (16,072) |
| Changes in Accrued Expenses | 59,953 | 27,459 | 14,588 | 326 |
| Changes in Unearned Revenue | 69,029 | 73,117 | 68,932 | 64,491 |
| Changes in Other Operating Activities | (45,602) | 16,280 | 11,840 | 6,490 |
| Cash from Operating Activities | 333,644 | 311,065 | 215,404 | 27,138 |
| Capital Expenditure | (20,362) | (13,211) | (7,901) | (16,003) |
| Purchases of Intangible Assets | (3,380) | (2,024) | (2,558) | (2,998) |
| Purchases of Investments | (187,829) | (49,570) | — | — |
| Proceeds from Sale of Investments | 77,855 | — | — | — |
| Other Investing Activities | — | (6,000) | — | — |
| Cash from Investing Activities | (133,716) | (70,805) | (10,459) | (19,001) |
| Issuance of Common Shares | 41,865 | 43,341 | 21,243 | 12,181 |
| Repurchases of Common Shares | (135,028) | — | — | — |
| Net Issuance / (Repurchases) of Common Shares | (93,163) | 43,341 | 21,243 | 12,181 |
| Other Financing Activities | (15,218) | 11,873 | 4,046 | (21,236) |
| Cash from Financing Activities | (108,381) | 55,214 | 25,289 | (9,055) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 91,547 | 295,474 | 230,234 | (918) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $7.55B |
| P/E | 65.88x |
| P/S | 6.13x |
| EV/EBITDA | 502.00x |
| Return on Equity | 10.4% |
| Return on Invested Capital | -1.3% |
| Current Ratio | 2.50x |
| Free Cash Flow Margin | 25.4% |
Margins
Gross margin
89.2%
Operating margin
-0.1%
Net margin
9.6%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $365M | +21.9% | -0.4% | $-2M |
| Q1 2026 | $351M | +24.5% | 5.6% | $20M |
| Q4 2025 | $334M | +24.6% | 0.7% | $2M |
| Q3 2025 | $317M | +26.2% | -0.8% | $-2M |
| Q2 2025 | $299M | — | -3.9% | $-12M |
| Q1 2025 | $282M | — | 3.5% | $10M |
| Q4 2024 | $268M | — | 3.6% | $10M |
| Q3 2024 | $251M | — | -10.9% | $-27M |
More on monday.com Ltd.
Figures compiled from public company filings.
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