Workday

WDAY

Software - Application · Technology

Also trades as: 0M18.L

Price

$200.01

+2.69 (+1.36%)

Market Cap

$52.39B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

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Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 254.0M (2022) → 263.4M (2026)

Winston Score History

The full picture

Workday makes software that helps large companies manage two big things: their employees and their finances. Its main products are human resources (HR) tools — like tracking payroll, hiring, and performance — and financial planning tools used by CFOs and finance teams. Its customers are mostly large enterprises and government organizations, and it competes in the same space as SAP and Oracle.

Workday earns money primarily through subscriptions, where customers pay a recurring annual fee to use its cloud-based software. It operates mainly in North America but has been expanding in Europe and Asia-Pacific, and it generates roughly $8 billion in annual revenue. Its moat comes from how deeply its software gets embedded into a company's daily operations — switching to a competitor is expensive and disruptive. The key growth driver is continued expansion into the mid-market and international regions, while the main risk is intensifying competition from larger rivals like SAP and Microsoft, which bundle similar tools into broader software packages.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+57.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2.7B/ year

→ Flat (+2% vs prior year)

28.0% of revenue

1.9x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

24.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$5.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Workday is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

76.2%

Premium pricing power — 76.2% gross margin

Profit after running costs

Operating Margin

13.3%

Healthy — 13.3% operating margin

Return on the money invested

ROCE

11.7%

Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+13.3%

Fast-growing sales (+13.3% YoY)

Profit growth

EPS YoY

+75.0%

Earnings growing fast (+75.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

375%

Turns 375% of profit into real cash

Spare cash per sale

FCF Margin

30.2%

Converts sales into free cash efficiently (30.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

10.26x

Comfortably covers interest (10.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

62.1x

Expensive — P/E 62.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+49.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (62.1 → 12.5)

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Dividends

Not applicable for this business.

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