Workday, Inc. (WDAY)

Highly Crowded

Held by 262 of 2,417 reporting institutions (96th percentile) — extremely crowded.

Data as of Q3 2026

FY2026 basis

$197.82▲ 1.21%

EOD close · as of 2026-10-30

Market Cap

$47.67B

Enterprise Value

$49.16B

P/E

76.4×

EV/EBITDA

51.3×

P/S

5.0×

Revenue (FY)

$9.55B

Rev. growth

22.2%/yr

Gross margin

—

Net margin

ROIC

Net debt / EBITDA

1.6×

Revenue· FY2026$9.55B

Net Income· FY2026$693.0M

Free Cash Flow· FY2026$2.78B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 6th pct blended

P/E

75.7× now

52.2×2329.1×

25th

cheap

EV/EBITDA

56.3× now

61.0×825.1×

0th

cheap

P/S

5.5× now

6.0×13.2×

0th

cheap

P/B

6.7× now

7.3×17.3×

0th

cheap

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 4.2× net income

4.24×

✓

Capital intensity

Reinvests 6% of operating cash flow

light

Balance-sheet strength

1.55× net debt / EBITDA

moderate

Returns on capital

ROIC 6%

Income statement

How a revenue dollar becomes profit

FY2026 · every deduction from revenue to net income

Returns

Why ROE is 8.9%

DuPont — the three levers

Net margin

7.3%

profit / rev

Asset turns

0.53×

rev / assets

Leverage

2.32×

assets / year-end equity

ROE

8.9%

on year-end equity

ROE 9% against ROIC 6% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$2.99B

Cash & Equivalents

$1.50B

Net Debt

$1.49B

Net debt / EBITDA1.6×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+13.1%

Op. income Δ

+73.7%

Op. leverage

5.6×

High operating leverage: profit moved 5.6× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
R&D	42.9	42.7	39.9	36.6	36.1	33.9	31.1	28.0
SG&A	12.3	10.1	9.6	9.5	9.6	9.7	9.7	9.5
Operating Income	-16.4	-13.8	-5.8	-2.3	-3.6	2.5	4.9	7.5
Income Tax	-0.2	-0.0	0.2	-0.3	1.7	-14.1	1.3	3.3
Net Income	-14.8	-13.3	-6.5	0.6	-5.9	19.0	6.2	7.3

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2017 → FY2026

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2026 · latest

Net margin

FY2026 · latest

ROIC

FY2026 · latest

Gross margin

—

— · latest

—

Net debt / EBITDA

1.6×

FY2026 · latest

Current ratio

1.3×

FY2026 · latest

FCF margin

29%

FY2026 · latest

Free cash flow

$2.78B

FY2026 · latest

Institutional ownership: 262 holders · 2% of shares · 96th percentile crowding — Held by 262 of 2,417 reporting institutions (96th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on WDAY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$197.82▲ 1.21%

EOD close · as of 2026-10-30

Market Cap

$47.67B

Enterprise Value

$49.16B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2026

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.

Each value shows its share of revenue below it (common-size).

Line Item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Revenue	$9.55B 100.0%	$8.45B 100.0%	$7.26B 100.0%	$6.22B 100.0%	$5.14B 100.0%	$4.32B 100.0%	$3.63B 100.0%	$2.82B 100.0%	$2.14B 100.0%	$1.57B 100.0%
Research & Development	$2.68B 28.0%	$2.63B 31.1%	$2.46B 33.9%	$2.25B 36.1%	$1.88B 36.6%	$1.72B 39.9%	$1.55B 42.7%	$1.21B 42.9%	$910.6M 42.5%	$680.5M 43.2%
Selling, General & Admin	$912.0M 9.5%	$820.0M 9.7%	$702.0M 9.7%	$599.0M 9.6%	$486.0M 9.5%	$414.1M 9.6%	$367.7M 10.1%	$347.3M 12.3%	$222.9M 10.4%	$198.1M 12.6%
Total Operating Expenses	$8.83B 92.5%	$8.03B 95.1%	$7.08B 97.5%	$6.44B 103.6%	$5.25B 102.3%	$4.57B 105.8%	$4.13B 113.8%	$3.29B 116.4%	$2.45B 114.1%	$1.93B 122.4%
Operating Income	$721.0M 7.5%	$415.0M 4.9%	$183.0M 2.5%	-$222.0M -3.6%	-$116.0M -2.3%	-$248.6M -5.8%	-$502.2M -13.8%	-$463.3M -16.4%	-$303.2M -14.1%	-$353.1M -22.4%
Interest Expense	$114.0M 1.2%	$114.0M 1.3%	$114.0M 1.6%	$102.0M 1.6%	$17.0M 0.3%	$68.8M 1.6%	$58.7M 1.6%	$60.2M 2.1%	$44.5M 2.1%	$30.1M 1.9%
Interest & Investment Income	$318.0M 3.3%	$350.0M 4.1%	$301.0M 4.1%	$97.0M 1.6%	$5.0M 0.1%	$18.8M 0.4%	$41.3M 1.1%	$42.5M 1.5%	$25.3M 1.2%	$11.3M 0.7%
Other Income (Expense), net	$288.0M 3.0%	$223.0M 2.6%	$173.0M 2.4%	-$38.0M -0.6%	$132.0M 2.6%	-$26.5M -0.6%	$19.8M 0.5%	$39.5M 1.4%	-$11.6M -0.5%	-$32.4M -2.1%
Pretax Income	$1.01B 10.6%	$638.0M 7.6%	$356.0M 4.9%	-$260.0M -4.2%	$16.0M 0.3%	-$275.1M -6.4%	-$482.4M -13.3%	-$423.8M -15.0%	-$314.8M -14.7%	-$385.5M -24.5%
Income Tax Expense	$316.0M 3.3%	$112.0M 1.3%	-$1.02B -14.1%	$107.0M 1.7%	-$13.0M -0.3%	$7.3M 0.2%	-$1.8M -0.0%	-$5.5M -0.2%	$6.4M 0.3%	-$814K -0.1%
Net Income	$693.0M 7.3%	$526.0M 6.2%	$1.38B 19.0%	-$367.0M -5.9%	$29.0M 0.6%	-$282.4M -6.5%	-$480.7M -13.3%	-$418.3M -14.8%	-$321.2M -15.0%	-$384.7M -24.4%
Per Share
EPS (Basic)	$2.61	$1.98	$5.28	-$1.44	$0.12	-$1.19	-$2.12	—	—	—
EPS (Diluted)	$2.59	$1.95	$5.21	-$1.44	$0.12	-$1.19	-$2.12	—	—	—
Weighted Avg Shares (Basic)	265.1M	265.3M	261.3M	254.8M	247.2M	237.0M	227.2M	—	—	—
Weighted Avg Shares (Diluted)	268.1M	269.2M	265.3M	254.8M	254.0M	237.0M	227.2M	—	—	—

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Reverse DCF — what growth does the price assume?

Solve the discounted cash flow backwards, then stress-test the assumptions.

Free-cash-flow basis

The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.

Market-implied FCF growth · 10 yr

22.8%/yr

To be worth $197.82 today, the market must believe free cash flow compounds 22.8%/yr for a decade (off $775.0M on the SBC-adjusted basis).

On the basis ($2.30B) the requirement is 8.1%/yr. The difference is what charging stock compensation costs.

Actual historical growth · after stock comp

FCF 155.1%/yr (6yr)FCF 34.6%/yr (5yr)Revenue 22.2%/yr

The market's 22.8% is more conservative than its 6-yr track record.

▲ your estimate implies 1% upside

Fair value at your growth$200.52

price $197.82

Your assumptions — drag to stress-test

Normalized FCF · SBC-adjusted$775.0M

10-yr FCF growth23.0%

Discount rate (WACC)9.7%

Default is 9.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.

Terminal growth2.50%

2-stage DCF · 0.24B shares (market data) · net debt $1.49B

Fair value across growth and discount rate

Hover any cell. The dark line is every pair of assumptions that reproduces today's price exactly.

Track record

Has this growth actually happened?

Hover a bar for that year's FCF and growth.

Year-over-year FCF growth · each dot is one year

mean 1250.6% · volatility σ 2734% · implied rate exceeded in 4/5 yrs

Forward projection

The implied path vs. realistic uncertainty

Central path = implied 22.8%/yr growth; shaded band = ±1σ (2734%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.

Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.

Loading valuation...

Is the business good?

Weak

Earns -2.83pts against its cost of capital — capital is being consumed, not created.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2020	-14.8%	9.7% (today's — no rate published for this year)	-24.5pts
FY2021	-5.9%	9.7% (today's — no rate published for this year)	-15.6pts
FY2022	-2.2%	7.8%	-10.0pts
FY2023	-3.1%	10.2%	-13.3pts
FY2024	1.9%	10.2%	-8.2pts
FY2025	3.8%	10.2%	-6.4pts
FY2026	7.0%	9.2%	-2.2pts
Now	6.4%	9.7%	-3.3pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used

ROIC − WACC spread

-2.8pts↗ widening

robust to a ±2pt WACC move

Net margin vs 3yr ago

13.2pts

-590.41% → 725.5%

ROIC

6.9%

invested capital: average of quarter-ends

WACC

9.7%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2017	not reported	-22.4%	-24.4%
FY2018	not reported	-14.1%	-15.0%
FY2019	not reported	-16.4%	-14.8%
FY2020	not reported	-13.8%	-13.3%
FY2021	not reported	-5.8%	-6.5%
FY2022	not reported	-2.3%	0.6%
FY2023	not reported	-3.6%	-5.9%
FY2024	not reported	2.5%	19.0%
FY2025	not reported	4.9%	6.2%
FY2026	not reported	7.5%	7.3%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

ROIC

Gap

+2pts

Leverage and buybacks account for 2 points of the 9% return on equity in FY2026. The business earns 6% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

What the acquisitions cost the return

ROIC as reported

6.9% · on $10.5B

ROIC ex-goodwill

13.8% · on $5.2B

$5.2B of goodwill — 50% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.

The other side

ROIC ex-goodwill is 13.76% against 6.89% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.

Basis: FY2026Source: SEC EDGAR XBRL

Are the earnings real?

Mixed

Cash conversion is 16.55x but SBC is 17.02% of revenue.

FCF / net income

16.55×↗ widening

4-year average; latest 4.01x

Sloan accruals

-12.4%

(net income − OCF) / assets · negative is better

Share count since FY2020

16.7%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

17.0%

above the level at which reported FCF is an owner's return

Cash conversion cycle

—

DSO 89d — not enough of the cycle is reported to complete it

The other side

Cash conversion is strong at 16.55x, but SBC is 17.02% of revenue — the cash flow looks clean partly because paying people in stock never passes through it.

Basis: FY2026Source: SEC EDGAR XBRL

Can it survive?

Strong

Covers interest 4.4x even after a 30% EBITDA decline.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	6.32x
5%	6.01x
10%	5.69x
15%	5.38x
20%	5.06x
25%	4.74x
30%	4.43x
35%	4.11x
40%	3.79x
45%	3.48x
50%	3.16x
55%	2.85x
60%	2.53x

Stress

At 0% EBITDA, coverage is 6.32×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

4.43×

EBIT after a 30% decline

Net debt / EBITDA

2.42×

includes $834,000,000 of lease liabilities

Interest coverage, today

6.32×

Can the maturities be paid?

This schedule comes from a filing dated 2024-07-31, 822 days old. Maturities are shown relative to that date, not to today.

cumulative principal duecash + free cash flow held flat at $2.8B/yr

Ladder as of 2024-07-31 (10-Q); cash from the 2026-01-31 balance sheet; FCF from FY2026.

What is on hand

Cash & equivalents

$1.5B

excludes restricted cash

Net debt

$1.5B

total debt less cash

Current ratio

1.32×

current assets / current liabilities

Quick ratio

1.32×

excludes inventory

Balance sheet at 2026-01-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.

Basis: FY2026Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $197.82, free cash flow must compound 23.05%/yr for 10 years. It has done 155.09%/yr over 6 years after stock compensation.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2021	6139.8%	23.1%
FY2022	108.0%	23.1%
FY2023	−100.4%	23.1%
FY2025	34.3%	23.1%
FY2026	71.0%	23.1%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 4 of 5 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

23.1%

for 10 years, discounted at 9.7% (computed WACC)

Achieved FCF growth

155.1%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

0.15×

above 1 means the price asks for more than the record

P / E

75.5× · med 34.3× · 16.8×–83.0×

P / S

4.9× · med 2.1× · 0.86×–5.8×

EV / EBITDA

50.7× · med 15.6× · 10.1×–32.2×

P / B

6.6× · med 3.5× · 2.0×–8.3×

WDAY cohort median p25–p7538 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

This is solved on free cash flow AFTER stock compensation ($775M against $2.30B before it). On the unadjusted figure the requirement would be 8.3%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.

Basis: FY2026Source: SEC EDGAR XBRL

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WDAY vs. Services-Computer Processing & Data Preparation peers

Ranked against 38 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

WDAY 75.5× · med 34.3× · p25–p75 16.8×–83.0×

29th pct

P / S

WDAY 4.9× · med 2.1× · p25–p75 0.9×–5.8×

31st pct

EV / EBITDA

WDAY 50.7× · med 15.6× · p25–p75 10.1×–32.2×

16th pct

P / B

WDAY 6.6× · med 3.5× · p25–p75 2.0×–8.3×

34th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

WDAY 13.1% · med 10.2% · p25–p75 3.9%–20.3%

63rd pct

ProfitabilityMargins vs the sector

Gross margin

WDAY — · med 68.0% · p25–p75 41.1%–77.8%

not enough peer data

—

Operating margin

WDAY 7.5% · med 7.1% · p25–p75 2.5%–11.7%

51st pct

Net margin

WDAY 7.3% · med 4.6% · p25–p75 0.4%–17.6%

61st pct

FCF margin

WDAY 29.1% · med 15.6% · p25–p75 7.5%–23.4%

86th pct

Returns on capitalHow hard the capital works

Return on equity

WDAY 8.9% · med 13.7% · p25–p75 1.8%–28.1%

46th pct

Return on invested capital

WDAY 6.4% · med 7.5% · p25–p75 0.7%–16.6%

49th pct

LeverageLess debt scores higher

Net debt / EBITDA

WDAY 1.6× · med -0.7× · p25–p75 -2.7×–3.0×

35th pct

13F convictionInstitutional breadth & ownership

13F holders

WDAY 262 · med 35 · p25–p75 23–73

100th pct

Institutional ownership

WDAY 2.1% · med 1.0% · p25–p75 0.5%–2.2%

74th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
ADPAUTOMATIC DATA PROCESS…	$113.2B	26.1×	—	5.2×	6.7%	46.4%	20.1%	73.2%	40.1%	—	822
WDAYWorkday, Inc.	$47.1B	75.5×	50.7×	4.9×	13.1%	—	7.3%	8.9%	6.4%	1.6×	262
RDDTReddit, Inc.	$24.9B	49.5×	52.4×	11.3×	69.4%	91.2%	24.1%	18.1%	18.1%	-2.1×	238
VRSKVerisk Analytics, Inc.	$24.8B	29.4×	18.0×	8.1×	6.6%	69.9%	29.6%	294%	13.8%	2.6×	240
TOSTToast, Inc.	$18.2B	56.3×	47.3×	3.0×	24.1%	25.9%	5.6%	16.1%	16.1%	-3.8×	219
HNGEHinge Health, Inc.	$9.4B	—	—	16.1×	50.6%	79.6%	-89.9%	-296%	-296%	—	54
RNGRingCentral, Inc.	$7.0B	174.4×	39.0×	2.8×	4.8%	71.2%	1.7%	-7.4%	6.5%	5.4×	93
APLDApplied Digital Corp.	$5.9B	—	—	9.6×	167%	35.1%	-30.2%	-10.7%	-10.7%	—	114
PEGAPEGASYSTEMS INC	$5.6B	16.0×	19.4×	3.2×	16.6%	75.9%	22.5%	50.0%	50.0%	-0.8×	81
BILIBilibili Inc.	$5.3B	33.0×	21.6×	1.2×	18.1%	36.6%	3.9%	7.7%	4.7%	-1.6×	27
JOYYJOYY Inc.	$4.0B	41.0×	42.3×	1.9×	-5.1%	35.9%	98.8%	32.1%	32.0%	-4.3×	23
LIFLife360, Inc.	$3.7B	25.7×	99.9×	7.6×	31.8%	77.8%	30.8%	27.5%	27.5%	-15.4×	38
FAFIRST ADVANTAGE CORP	$3.6B	—	22.3×	2.3×	83.0%	—	-2.2%	-2.7%	-1.0%	7.5×	35
CARGCarGurus, Inc.	$2.9B	21.0×	9.9×	3.2×	13.7%	92.8%	17.2%	41.7%	41.7%	-0.7×	73
FIVNFive9, Inc.	$2.8B	83.1×	28.3×	2.4×	10.3%	55.1%	3.4%	5.0%	5.0%	-2.6×	61
DXCDXC Technology Co	$2.4B	152.3×	2.0×	0.2×	-1.8%	—	0.1%	0.6%	0.3%	0.8×	90
ATHMAutohome Inc.	$2.3B	48.2×	16.1×	50.0×	11.1%	—	—	6.3%	6.3%	-2.5×	17
RAMPLiveRamp Holdings, Inc…	$2.3B	17.1×	20.1×	2.9×	9.0%	70.7%	18.0%	15.0%	15.0%	-3.9×	62
EVTCEVERTEC, Inc.	$1.9B	14.1×	12.5×	2.0×	10.2%	—	15.2%	22.8%	8.4%	3.6×	50
INODINNODATA INC	$1.6B	50.2×	32.2×	6.3×	47.6%	39.5%	12.8%	30.0%	30.0%	-1.8×	52
GDRXGoodRx Holdings, Inc.	$1.2B	39.3×	15.6×	1.5×	0.6%	—	3.8%	4.9%	2.8%	2.5×	24
UPWKUPWORK, INC	$1.1B	10.9×	10.1×	1.4×	2.4%	77.8%	14.7%	18.3%	8.6%	2.7×	47
LZLEGALZOOM.COM, INC.	$1.1B	83.0×	15.2×	1.5×	10.9%	65.9%	2.0%	9.0%	9.0%	-3.3×	38
CLVTCLARIVATE PLC	$1.1B	—	6.3×	0.5×	-4.0%	66.0%	-8.2%	-4.2%	-2.2%	4.9×	34
PLTKPlaytika Holding Corp.	$751M	—	58.9×	0.3×	8.1%	72.5%	-7.5%	50.2%	-10.4%	—	27

Peers = companies sharing WDAY's sector (Services-Computer Processing & Data Preparation) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$0 · 0 holders

Discretionary sales

$0 · 0 holders

10b5-1 plan sales

276

$574.0m · scheduled in advance

Filed late

1 of 107 filings

Shares held by reporting insiders1 → 18 insiders reporting — no comparable change

2025-11-05 · 649,1912026-10-12 · 2,991,128 (18 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-12	Garfield Mark S. Chief Accounting Officer	10b5-1 plan sale	918	$189.45	$174k
2026-10-09	8 co-filers Group filing	Other	99,835	$0.00	$0
2026-10-09	8 co-filers Group filing	10b5-1 plan sale	46,607	$186.36	$8.7m
2026-10-09	8 co-filers Group filing	10b5-1 plan sale

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2021

19.0%

17.6%

-1.4 points

FY2022

19.0%

20.4%

1.3 points

FY2023

21.0%

26.4%

5.4 points

FY2024

16.8%

4.4%

-12.4 points

FY2025

16.4%

19.0%

2.6 points

FY2026

13.1%

19.6%

6.5 points

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2020

88.3 days

not reported

FY2021

87.3 days

not reported

FY2022

88.3 days

not reported

FY2023

92.2 days

not reported

FY2024

82.4 days

not reported

FY2025

84.3 days

not reported

FY2026

89.1 days

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2020

-19.7 percent

FY2021

-17.8 percent

FY2022

-15.4 percent

FY2023

-15.0 percent

FY2024

-4.7 percent

FY2025

-10.8 percent

FY2026

-12.4 percent

Step	Amount	Running total
Net income	$693M	$693M
Share-based comp	$1.63B	$2.32B
Other non-cash & working capital	$620M	$2.94B
Operating cash flow	$2.94B	$2.94B
Capex	−$162M	$2.78B
Free cash flow	$2.78B	$2.78B
FCF after SBC	$1.15B	$1.15B

Workday, Inc. (WDAY)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.9%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $1.00B scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -56%

WDAY vs. Services-Computer Processing & Data Preparation peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

WDAY vs. Services-Computer Processing & Data Preparation peers

Where it ranks

Peer table

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -56%

Ownership Map

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Financials

Revenue → Profit Flow

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.9%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty