What is Workday, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Workday, Inc.'s reported free cash flow gives $333.52 per share. The share price was $189.45 on September 25, 2026, 43% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $199.24 | +5% |
| Base | 15.0% | 9.0% | $333.52 | +76% |
| Bull | 20.0% | 8.0% | $583.55 | +208% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $435.18 | $466.88 | $505.63 | $554.06 | $616.33 |
| 8.0% | $358.81 | $379.37 | $403.66 | $432.82 | $468.45 |
| 9.0% | $303.25 | $317.30 | $333.52 | $352.44 | $374.80 |
| 10.0% | $261.11 | $271.11 | $282.43 | $295.38 | $310.32 |
| 11.0% | $228.14 | $235.47 | $243.66 | $252.87 | $263.32 |
Where the presets come from
Base: years 1 to 5 grow at Workday, Inc.'s revenue growth rate over the last 5 fiscal years (17.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions