Stocks MNDY Financial statements
Financial statementsmonday.com Ltd. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data monday.com Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 78.1 | 161 | 308 | 519 | 730 | 972 | 1,232 |
| Cost of revenue | 12 | 22.5 | 39 | 66.5 | 80.6 | 104 | 133 |
| Gross profit | 66.1 | 139 | 269 | 453 | 649 | 868 | 1,099 |
| Research and development | 24.6 | 43.5 | 73.7 | 127 | 157 | 214 | 321 |
| Selling and marketing | 119 | 191 | 268 | 392 | 438 | 534 | 631 |
| General and administrative | 15.5 | 54.3 | 53.5 | 85.4 | 92.7 | 142 | 149 |
| Operating expenses | 159 | 289 | 395 | 605 | 688 | 889 | 1,101 |
| Operating income | -92.5 | -151 | -126 | -152 | -38.6 | -21 | -1.75 |
| Other non-operating income | 1.59 | 0.53 | -0.84 | 22.6 | 41.9 | 55.5 | 61.1 |
| Pre-tax income | -90.9 | -150 | -127 | -129 | 3.33 | 34.5 | 59.3 |
| Income tax | 0.68 | 2.19 | 2.33 | 7.41 | 5.2 | 2.09 | -59.4 |
| Net income | -91.6 | -152 | -129 | -137 | -1.88 | 32.4 | 119 |
| EBITDA | -91.9 | -149 | -123 | -143 | -29.6 | -9.18 | 12.1 |
| EPS, basic | -9.22 | -14.19 | -4.53 | -2.99 | -0.04 | 0.65 | 2.31 |
| EPS, diluted | -9.22 | -14.19 | -4.53 | -2.99 | -0.04 | 0.62 | 2.24 |
| Shares, basic (weighted) | 11.3 | 12 | 30.3 | 45.8 | 48.4 | 49.9 | 51.4 |
| Shares, diluted (weighted) | 11.3 | 12 | 30.3 | 45.8 | 48.4 | 52.4 | 53.1 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 172 | 130 | 887 | 886 | 1,116 | 1,412 | 1,503 |
| Short-term investments | 0 | 50 | 162 | ||||
| Receivables | 3.91 | 8.51 | 13.2 | 17.9 | 25.8 | 30.6 | |
| Other current assets | 0.62 | 0.74 | 1.05 | 0.41 | 1.34 | 1.15 | |
| Total current assets | 148 | 913 | 924 | 1,173 | 1,532 | 1,789 | |
| Property, plant and equipment | 7.18 | 19.6 | 34.4 | 37.4 | 41.6 | 53.9 | |
| Lease right-of-use assets | 0 | 80.2 | 62.3 | 94.7 | 149 | ||
| Other non-current assets | 2.62 | 0.1 | 0.59 | 2.82 | 17 | 55.8 | |
| Total assets | 157 | 933 | 1,039 | 1,276 | 1,686 | 2,107 | |
| Accounts payable | 25.7 | 23.6 | 7.34 | 24.8 | 35.6 | 45 | |
| Accrued liabilities | 4.83 | 13.1 | 19 | 31.8 | 56.5 | 76.5 | |
| Deferred revenue | 70.7 | 134 | 198 | 266 | 340 | 410 | |
| Total current liabilities | 140 | 228 | 298 | 416 | 576 | 715 | |
| Lease liabilities | 0 | 58.6 | 42.9 | 77 | 143 | ||
| Other non-current liabilities | 1.05 | 1.61 | |||||
| Total liabilities | 141 | 230 | 359 | 462 | 655 | 860 | |
| Paid-in capital | 98.8 | 1,148 | 1,265 | 1,388 | 1,579 | 1,662 | |
| Retained earnings | -316 | -446 | -583 | -584 | -552 | -433 | |
| Other comprehensive income | 0 | 0.59 | -3.21 | 9.8 | 3.19 | 18.1 | |
| Shareholders' equity | -131 | -218 | 703 | 680 | 814 | 1,030 | 1,247 |
| Total equity | -131 | -218 | 703 | 680 | 814 | 1,030 | 1,247 |
| Total liabilities and equity | 157 | 933 | 1,039 | 1,276 | 1,686 | 2,107 | |
| Shares outstanding | 12.4 | 44.9 | 47.7 | 48.9 | 50.8 | 51.2 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -91.6 | -152 | -129 | -137 | -1.88 | 32.4 | 119 |
| Depreciation and amortization | 0.58 | 1.89 | 2.75 | 8.57 | 9.02 | 11.9 | 13.8 |
| Stock-based compensation | 21.8 | 64.3 | 73.5 | 105 | 100 | 129 | 177 |
| Deferred income tax | 0 | 0 | -61.2 | ||||
| Change in receivables | -3.1 | -0.47 | -4.6 | -4.72 | -4.69 | -7.89 | -4.75 |
| Change in payables | 8.89 | 6.77 | -2.04 | -16.1 | 17.4 | 10.4 | 8.45 |
| Cash from operations | -36.7 | -37.2 | 16.4 | 27.1 | 215 | 311 | 334 |
| Capital expenditures | -1.4 | -4.36 | -11.6 | -16 | -7.9 | -13.2 | -20.4 |
| Purchases of investments | 0 | 0 | -49.6 | -188 | |||
| Sales and maturities of investments | 0 | 0 | 77.9 | ||||
| Cash from investing | 13.2 | -11.5 | -3.63 | -19 | -10.5 | -70.8 | -134 |
| Stock issued | 0.1 | 0.54 | 5.25 | 12.2 | 21.2 | 43.3 | 41.9 |
| Share buybacks | 0 | 0 | -135 | ||||
| Cash from financing | 158 | 8.47 | 742 | -9.06 | 25.3 | 55.2 | -108 |
| Net change in cash | 135 | -40.2 | 755 | -0.92 | 230 | 295 | 91.5 |
| Free cash flow | -38.1 | -41.5 | 4.78 | 11.1 | 208 | 298 | 313 |
| Interest paid | 0.52 | 0.69 | 0.42 | 0.06 | 0.03 | 0 | 0 |
| Income taxes paid | 0.25 | 2.49 | 3.3 | 5.91 | 7.56 | 6.21 | 4.86 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 89.2% | Gross profit / revenue. |
| Operating margin | -0.1% | Operating income / revenue. |
| EBITDA margin | 1.0% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 4.8% | Pre-tax income / revenue. |
| Net margin | 9.6% | Net income / revenue. |
| FCF margin | 25.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 27.1% | Cash from operations / revenue. |
| Effective tax rate | -100.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 10.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.3% | Net income / average total assets. |
| R&D / revenue | 26.0% | Research and development expense / revenue. |
| Stock-based pay / revenue | 14.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.7% | Capital expenditures / revenue. |
| D&A / revenue | 1.1% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 26.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 33.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 50.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 26.6% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 34.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 51.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 266.8% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 261.3% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 7.3% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 130.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 5.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 204.1% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 21.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 22.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 25.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 26.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 68.0% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 1.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 5.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 34.5% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.50x | Current assets / current liabilities. |
| Quick ratio | 2.37x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 2.33x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 40.8% | Total liabilities / total assets. |
| Working capital | $1.07B | Current assets - current liabilities. |
| Tangible book value | $1.25B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.65x | Revenue / average total assets. |
| Fixed asset turnover | 25.8x | Revenue / average property, plant and equipment. |
| Receivables turnover | 43.7x | Revenue / average receivables. |
| Days sales outstanding | 8 days | 365 x average receivables / revenue. |
| Days payables | 111 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 263.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 6.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.24 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $2.31 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $23.21 | Revenue / diluted weighted shares. |
| FCF per share | $5.90 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $6.28 | Cash from operations / diluted weighted shares. |
| Book value per share | $24.37 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $24.37 | Tangible book value / shares outstanding. |
| Cash per share | $32.55 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 43.1% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.89B | Share price x shares outstanding. |
| Enterprise value | $2.22B | Market cap + total debt - cash - short-term investments. |
| P/E | 32.7x | Market cap / net income. Only when net income is positive. |
| P/S | 3.16x | Market cap / revenue. |
| P/B | 3.12x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 3.12x | Market cap / tangible book value, when positive. |
| P/FCF | 12.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.7x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.80x | Enterprise value / revenue. |
| EV/EBITDA | 184x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 7.09x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.1% | Free cash flow / market cap. |
| Earnings yield | 3.1% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 3.5% | (Dividends paid + share buybacks) / market cap. |
What was monday.com Ltd.'s revenue in fiscal 2025?
monday.com Ltd. reported revenue of $1.23B for fiscal 2025, 26.7% higher than the year before.
Was monday.com Ltd. profitable in fiscal 2025?
Yes. Net income was $118.7M, a net margin of 9.6%.
How much free cash flow did monday.com Ltd. generate in fiscal 2025?
Cash from operations of $333.6M minus capital expenditures of $20.4M left free cash flow of $313.3M.