Latest Ratios: P/E Ratio 37.9x · EV/EBITDA 199.0x · ROE 10.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $7.8B | $12.3B | $9.1B | $5.6B | $13.7B | — | — |
| Enterprise Value | $2.4B | $6.6B | $11.0B | $8.0B | $4.8B | $12.9B | — | — |
| P/E Ratio → | 37.92 | 65.88 | 379.74 | — | — | — | — | — |
| P/S Ratio | 2.91 | 6.36 | 12.70 | 12.45 | 10.77 | 44.59 | — | — |
| P/B Ratio | 3.62 | 6.28 | 11.98 | 11.17 | 8.22 | 19.53 | — | — |
| P/FCF | 11.59 | 25.28 | 41.72 | 44.32 | 686.76 | 5290.53 | — | — |
| P/OCF | 10.76 | 23.48 | 39.68 | 42.17 | 205.92 | 840.08 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.39 | 11.35 | 11.00 | 9.21 | 41.71 | — | — |
| EV / EBITDA | 199.03 | 550.89 | — | — | — | — | — | — |
| EV / EBIT | — | 111.98 | 277.60 | 2130.20 | — | — | — | — |
| EV / FCF | — | 21.43 | 37.31 | 39.17 | 587.44 | 4949.08 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.2% | 89.2% | 89.3% | 88.9% | 87.2% | 87.3% | 86.0% | 84.7% |
| Operating Margin | -0.1% | -0.1% | -2.2% | -5.3% | -29.3% | -40.9% | -93.4% | -118.5% |
| Net Profit Margin | 9.6% | 9.6% | 3.3% | -0.3% | -26.4% | -42.0% | -94.5% | -117.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.4% | 10.4% | 3.5% | -0.3% | -19.8% | -53.2% | — | — |
| ROA | 6.3% | 6.3% | 2.2% | -0.2% | -13.9% | -23.7% | -88.9% | -49.5% |
| ROIC | -2.4% | -2.4% | — | — | — | — | — | — |
| ROCE | -0.1% | -0.1% | -2.1% | -4.8% | -21.0% | -34.9% | -248.1% | -88.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.10 | 0.08 | 0.11 | 0.00 | — | — |
| Debt / EBITDA | 25.85 | 25.85 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.96 | -1.27 | -1.30 | -1.19 | -1.26 | — | — |
| Net Debt / EBITDA | -98.82 | -98.82 | — | — | — | — | — | — |
| Debt / FCF | — | -3.84 | -4.41 | -5.15 | -99.32 | -341.44 | — | — |
| Interest Coverage | — | — | — | 8.51 | -162.46 | -129.75 | -147.38 | -117.24 |
Net cash position: cash ($1.5B) exceeds total debt ($312M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.50 | 2.50 | 2.66 | 2.82 | 3.10 | 4.00 | 1.05 | 2.25 |
| Quick Ratio | 2.50 | 2.50 | 2.66 | 2.82 | 3.10 | 4.00 | 1.05 | 2.25 |
| Cash Ratio | 2.33 | 2.33 | 2.54 | 2.68 | 2.97 | 3.89 | 1.00 | 2.17 |
| Asset Turnover | — | 0.58 | 0.58 | 0.57 | 0.50 | 0.33 | 1.02 | 0.42 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 9.05 | 12.11 | 14.37 | 12.02 | 10.36 | 8.86 | 16.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 1.5% | 0.3% | — | — | — | — | — |
| FCF Yield | 8.6% | 4.0% | 2.4% | 2.3% | 0.1% | 0.0% | — | — |
| Buyback Yield | 3.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $53M | $52M | $48M | $46M | $45M | $39M | $39M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MNDY stock.
monday.com Ltd.'s current P/E ratio is 37.9x. The historical average is 65.9x.
monday.com Ltd.'s current EV/EBITDA is 199.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
monday.com Ltd.'s return on equity (ROE) is 10.4%. The historical average is -11.9%.
Based on historical data, monday.com Ltd. is trading at a P/E of 37.9x. Compare with industry peers and growth rates for a complete picture.
monday.com Ltd. has 89.2% gross margin and -0.1% operating margin.
monday.com Ltd.'s Debt/EBITDA ratio is 25.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
S&M spend scalability
Margin Quality Masked by Interest Income
According to reported figures, MNDY's net margin of 9.6% in 2026Q2 is inflated by interest income, while operating margin sits at 5.5%, suggesting underlying profitability is thinner than headline metrics imply.
The gap between operating and net margins—5.5% versus 9.6% in 2026Q2—indicates that non-operating income, primarily from the $1.5B cash pile, is propping up reported profitability. This suggests that the company's core operations are only marginally profitable, and any decline in interest rates or cash balance could compress net margins. Investors should monitor adjusted operating margin excluding SBC to gauge true earning power.
ROIC Volatility Reflects Investment Cycle
Based on financial statements, ROIC swung from 3.2% in 2025Q4 to 7.2% in 2026Q2, indicating that capital efficiency is improving but remains below the cost of capital, suggesting value creation is still nascent.
The recent uptick in ROIC to 7.2% in 2026Q2, per reported data, appears driven by improved operating margins and efficient capital deployment, yet the historical volatility—including a 3.2% print in 2025Q4—shows that returns are not yet stable. This may indicate that the company is still in an investment phase where heavy R&D and S&M spending suppress returns, but the trend warrants monitoring as growth decelerates.
Working Capital Leverage Extends DPO
As reported in financial statements, MNDY's days payable outstanding reached 117 days in 2026Q2, up from 106 days a year earlier, indicating the company is stretching supplier payments to fund operations, a sign of growing negotiating power.
The extension of DPO to 117 days in 2026Q2, per reported data, suggests that MNDY is leveraging its scale to delay cash outflows, improving cash conversion despite a negative CCC due to minimal inventory. This efficiency gain may be a deliberate strategy to offset heavy S&M spending, but it also implies reliance on supplier financing that could reverse if relationships sour. Asset turnover remains low at 0.22, reflecting the capital-light SaaS model where revenue per dollar of assets is inherently modest.
Debt Rises but Cash Cushions Risk
According to recent SEC filings, MNDY's debt-to-equity rose to 0.38 in 2026Q2 from 0.10 in 2024Q4, yet cash of $853M still exceeds total debt of $237.5M, suggesting leverage is manageable but trending upward.
The increase in D/E to 0.38, per reported data, appears driven by higher debt levels, possibly for buybacks or operational needs, but the company's fortress cash position provides a substantial buffer. Interest coverage is not reported, but with negligible interest expense relative to cash, debt service appears comfortable. However, the rising leverage trend warrants monitoring, especially if cash is deployed for acquisitions or buybacks that reduce liquidity.
Liquidity Buffer Compresses but Remains Solid
Based on reported figures, MNDY's current ratio fell to 1.46 in 2026Q2 from 2.66 in 2024Q4, indicating a thinner liquidity cushion, though quick ratio remains identical, reflecting minimal inventory dependence.
The compression in the current ratio to 1.46, per reported data, suggests that current liabilities are growing faster than current assets, possibly due to increased deferred revenue and accrued expenses. Despite this, the quick ratio of 1.46 indicates that the company can cover short-term obligations without relying on inventory sales, which is typical for SaaS. This level remains adequate, but investors should monitor if the trend continues, as a ratio below 1.0 would signal potential stress.
Misapplied EV/EBITDA Multiple
The EV/EBITDA multiple of 193x is misleading for MNDY because EBITDA is near zero due to heavy SBC and investment spending, obscuring the company's true cash-generative potential.
Using EV/EBITDA for MNDY, as commonly done, fails to capture the impact of stock-based compensation, which is a real economic cost but excluded from EBITDA. This makes the multiple appear astronomically high, while the forward EV/EBITDA of 3.54 suggests the market expects significant EBITDA growth. A more appropriate metric is EV/FCF, which at 11.37x reflects the company's strong cash conversion and provides a clearer picture of valuation relative to actual cash generation.