Workday - owner earnings plus net cash

Workday Inc. (WDAY)
By@anthropopithecus
Assumptions as of 2026-08-27
USD
Updated Aug 27, 2026 · Revised 2 times
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Workday - owner earnings plus net cash

as of 2026-08-27

Fair value per share
$73.52
Upside to market
-62.0%
Net cash per share
$1.68
Justified multiple of owner earnings
15.4
4.0%
10.0%
13.0%
29.1%
75.7%
414.00$M
$193.57
9,552.00$M
17.0%
246.30M
18.00
45.00

Owner earnings bridge ($M)

FY2026
Revenue9,552
FCF margin29.1%
less SBC pct17.0%
= Owner margin12.1%
= Owner earnings1,151
Justified multiple15.4
= Enterprise value17,693
plus net cash414
= Equity value18,107
Market pays (x owner earnings)41.1

Sources

  1. — storage.googleapis.com
  2. — modeledge.ai
  3. — sec.gov

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