Information Technology · Application Software · US stock · price as of 16 Oct 2026
Key indicators
Price
$190.81
52-week range
$110.36 – $247.40
Market cap
$47.0B
P/E (trailing)
39.6×
EV / EBITDA
43.0×
Free-cash-flow yield
6.1%
Dividend yield
–
Revenue (last 12 months)
$10.2B
Revenue growth (3y a year)
15.4%
Operating margin
10.7%
Return on invested capital
14.3%
Net debt / EBITDA
0.3×
Fair value
Blended fair value$139.88 range $132 – $147
Versus priceOvervalued−27% to fair value
Peer multiples
$173.57
Fundamentals-adjusted multiple
$144.19
10-year DCF (market-scaled)
$101.89
Earnings power value (floor, not blended)
$5.08
Model uncertainty
Medium
X-Ray Score
53/ 100 · Medium confidence · ahead of 56% of sector peers
Valuation52
Growth67
Profitability44
Financial health50
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Workday provides cloud-based software for managing a company's people and money, covering human resources, payroll, financial management and planning. Customers, which include large enterprises and public sector bodies, pay recurring subscription fees to use the applications, and the company adds revenue from implementation and consulting work. It has also been adding artificial intelligence features to its products, and renewals by existing customers are central to its financial model.
Revenue over the last twelve months came to $10.2 billion, and sales grew by 15.4% a year on average across the past three years. Operating margin is 10.7% and return on invested capital is 14%. Net debt to EBITDA is 0.3 times. The company does not pay a dividend. Taken together, these numbers give a factual snapshot of the business.
StocksXray gives Workday, Inc. an X-Ray Score of 53 out of 100 (medium confidence), ahead of 56% of the S&P 500 stocks in its sector. Its strongest lens is growth (67) and its weakest is profitability (44).
Our fair value blend is $139.88 (range $132.01 to $147.07). At $190.81 the stock trades 36% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Workday, Inc. (WDAY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$253.01
$181.43
$291.07
$262.06
$175.63
$190.81
Market cap
$64.3B
$46.2B
$77.2B
$70.5B
$47.1B
$47.0B
P/E
2,108.4×
–
55.9×
134.4×
67.8×
39.6×
EV / revenue
12.2×
6.9×
10.0×
7.8×
4.7×
4.6×
EV / EBITDA
–
–
395.5×
157.9×
61.9×
43.0×
Price / free cash flow
38.9×
35.8×
40.3×
32.2×
17.0×
16.5×
Free-cash-flow yield
2.6%
2.8%
2.5%
3.1%
5.9%
6.1%
Price / book
14.2×
8.3×
9.6×
7.8×
6.0×
7.3×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 3 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−11.5%Good
Free-cash-flow yield6.1%Good
Risk models
Altman Z score1.0×Bad
Piotroski F-Score8 of 9Good
Growth
Free-cash-flow growth (3y)29.0%Good
Revenue growth (3y)15.4%Good
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA0.3×Average
Interest cover9.8×Bad
Valuation
Fair value vs price0.7×Average
EBIT / EV yield2.3%Bad
Profitability
Return on invested capital14.3%Average
Operating margin10.7%Bad
XStocksXray
Workday, Inc. (WDAY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
5,139
6,216
7,259
8,446
9,552
10,155
Gross profit
–
–
–
–
–
–
Operating income
-116
-222
183
415
721
1,084
Net income
29
-367
1,381
526
693
1,251
Diluted EPS ($)
0.12
-1.44
5.21
1.95
2.59
4.82
Free cash flow
1,651
1,293
1,917
2,192
2,777
2,844
Gross margin
–
–
–
–
–
–
Operating margin
−2.3%
−3.6%
2.5%
4.9%
7.5%
10.7%
Net margin
0.6%
−5.9%
19.0%
6.2%
7.3%
12.3%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
10,499
13,486
16,452
17,977
18,074
15,857
Cash
1,534
1,886
2,012
1,543
1,501
661
Total debt
1,840
2,976
2,980
2,984
2,987
2,989
Equity
4,535
5,585
8,082
9,034
7,805
6,460
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.