Monday.com ex-cash SaaS peer valuation

Monday.com (MNDY)
By@hypertonx
Assumptions as of 2026-09-08
USD
Updated Sep 8, 2026 · Revised 2 times
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Monday.com ex-cash SaaS peer valuation

Conservative longer-term SaaS peer valuation for monday.com. The model values FY2028 operating economics using a blend of EV/revenue and EV/free-cash-flow, discounts the result back 1.5 years, and excludes cash from equity value. The $870M repurchase authorization was fully used by Q2 2026, so the base now uses the reported post-buyback share count and assumes no additional buybacks. Bear and bull scenarios capture AI displacement and durable AI-enabled adoption.

as of 2026-09-08

Fair value / share
$117.57
Upside / downside
44.1%
FY2028 normalized free cash flow
$467
Present value of operating business
$5,225
Implied ex-cash equity value
$5,225
Pro forma shares after buybacks
44.4
Cash retained after modeled buybacks
$1,073
Current ex-cash EV/FY2026 revenue
1.74
Current guided ex-cash FCF yield
11.2%
FY2026 growth plus guided FCF margin
38.7%

AI risk

100%

Balance sheet

$1,073$M

Capital allocation

$80.00
$0$M

Market

$81.57
Latest MNDY quote · updated Sep 9, 2026 12:22 PM MDT

Operating forecast

24.0%
$1,470$M
16.0%
14.0%

Share count

44.4M shares

Valuation

12.0%
1.5
60%
16
2.75

Sources

  1. Q2 2026 revenue was $365M; FY2026 guidance remained $1.466B-$1.474B revenue and $280M-$290M adjusted free cash flow. The full $870M repurchase authorization had been used, cash and securities were about $1.07B, and Q2 diluted shares were 44.4M. — ir.monday.com (accessed 2026-08-10)
  2. monday.com reported Q1 2026 revenue of $351.3M, 24% growth, $102.8M adjusted free cash flow, and guided FY2026 revenue to $1.466B-$1.474B with $280M-$290M adjusted free cash flow. — ir.monday.com (accessed 2026-07-22)
  3. The July 22 restructuring update maintained 19%-20% revenue growth and 19%-20% adjusted FCF margin while raising non-GAAP operating margin guidance to approximately 15%. — sec.gov (accessed 2026-07-22)
  4. The 2026 proxy reported 42,906,944 ordinary shares outstanding as of May 31, 2026. — sec.gov (accessed 2026-07-22)
  5. FY2025 revenue was $1.232B, adjusted free cash flow was $322.7M, the majority of revenue remained monday work management, and growth was driven by renewals, expansion, multi-product adoption, AI adoption, and new customer acquisition. — sec.gov (accessed 2026-07-22)
  6. The SaaS Capital Index reported a June 2026 public SaaS median valuation near 3.2x annualized run-rate revenue. — saas-capital.com (accessed 2026-07-22)
  7. A July 17, 2026 survey of 143 public SaaS companies reported a median revenue multiple near 3.07x and average revenue growth near 14.36%. — publicsaascompanies.com (accessed 2026-07-22)
  8. Current peer checks indicated Elastic near 2.9x forward revenue, GitLab near 4.0x, and Workday near 3.1x, with profitable peers generally spanning low-teens to upper-teens EV/FCF. — stockanalysis.com (accessed 2026-07-22)
  9. Q2 release reports 44,441,875 weighted-average diluted shares, $853.402M cash and $219.353M securities, $364.621M revenue, $52.344M adjusted FCF, and completed $870M buyback authorization. Guidance remains $1.466B-$1.474B revenue/$280M-$290M adjusted FCF. The model uses diluted shares and assumes no further repurchases. — sec.gov (accessed 2026-09-08)

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