Workday, Inc. (WDAY)
NEUTRALファンダメンタル
73
株価
$194.37
時価総額
$49.18B
パート1 · 企業の価値
概要
Workday sells the software that large employers use to run human resources and finance: payroll, hiring, benefits, budgeting and financial reporting, delivered as a service accessed through a web browser rather than installed on a company's own servers. Customers range from mid-sized businesses to some of the world's largest employers, who move core administrative systems onto Workday and then run their day-to-day HR and finance processes through it, rather than on software they own and maintain themselves.
収益の仕組み
Nearly all revenue comes from subscription fees, billed under multi-year contracts that renew automatically unless a customer actively cancels, which gives Workday a highly predictable stream of future revenue it can see well in advance. A smaller share comes from professional services — the consulting work needed to set up and customize a new customer's system — which shrinks as a share of the total once a company's initial implementation is complete and the ongoing subscription becomes the dominant relationship.
セグメント別売上高
Recurring fees for access to Workday's HR and finance software, the core and fastest-growing part of revenue.
Consulting and implementation work to set up a new customer's system, a shrinking share as the customer base matures.
競争優位性（moat）
スイッチングコスト · 狭いOnce a company has moved payroll and financial records onto Workday and trained staff to use it, switching means migrating years of sensitive data and retraining a department — a project few undertake lightly. That lock-in is real but not unique: Oracle, SAP and smaller specialists compete hard for the same new-customer decisions, so it mainly protects revenue already won rather than guaranteeing future growth.
需要を左右する要因
中程度の景気循環性Demand tracks corporate IT budgets and hiring activity: a company that is growing headcount needs more HR software seats, while one cutting costs can delay a new system purchase or negotiate a smaller renewal. Because contracts are multi-year, existing subscription revenue is fairly resistant to a single bad quarter, but new bookings and expansion within existing accounts slow visibly when corporate spending tightens.
主なリスク
- Competition from larger, entrenched vendors — Oracle and SAP, both far larger companies with existing enterprise relationships, compete directly for the same HR and finance software decisions, and can bundle these products with other software a customer already buys.
- Long, complex sales and implementation cycles — Replacing a company's core HR or finance system is a lengthy, high-stakes project for the customer; a long sales cycle or a difficult implementation can delay when a signed contract turns into recognized revenue.
- Dependence on corporate hiring and IT spending — Revenue growth depends partly on customers adding employees and IT budgets that fund new software purchases; a hiring slowdown or a broad pullback in corporate technology spending reduces new bookings and expansion within existing accounts.
- Data security and system reliability — Workday holds sensitive payroll and financial data for its customers' entire workforce; a security breach or a significant outage would damage trust in a product that customers rely on to run core operations.
顧客集中度
Workday states that no single customer accounted for more than 10% of revenue or receivables in fiscal 2025, meaning its revenue is spread across a large base of enterprise customers rather than a few large accounts.
強気材料
Buyers argue that once a large employer has moved payroll and financial records onto Workday, the cost and risk of switching keeps renewal rates high for years, and that a highly diversified customer base with no single account over 10% of revenue makes results unusually predictable for enterprise software.
弱気材料
Sellers fear that Oracle and SAP can bundle competing HR and finance software with products customers already buy, that long implementation cycles slow how fast new contracts turn into revenue, and that a broad slowdown in corporate hiring and IT spending would show up first in new bookings well before it appeared in subscription revenue already under contract.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$9.85B
直近12か月（2026/4/30まで）
純利益
$847M
直近12か月（2026/4/30まで）
フリーキャッシュフロー
$2.78B
自己資本合計
$7.80B
負債合計
$10.27B
流動比率
1.01
利払い倍率
9.19
負債/EBITDA
2.52
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$134.66
現在株価
$194.37
安全マージン
-44.3%
適正価値レンジ
$87.53 - $181.79
推定方法
バリュエーション指標
P/E レシオ
62.04
ROE
8.9%
P/B レシオ
6.56
P/FCF
14.74
粗利益率
-
ROIC
8.4%
収益性レーダー
Value Creation (Economic Moat)
ROIC
8.4%
WACC
9.8%
ROIC − WACC
-1.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（20）
- EPS shows upward trend
- Price CAGR 11.71%
- ROIC 8.4%
- P/FCF 14.74
- Debt/Equity ratio
- Operating Margin 10.4%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 10.4%
- Revenue Growth 5Y 17.2%
- Analyst Consensus 59% Buy
- Earnings Surprise avg 3.7%
- Earnings Quality (OCF/NI) 3.75
- Share Dilution -0.8%
- Net Margin Trend 8.6% vs 5.6%
- Piotroski F-Score 6/9
不合格（4）
- P/B Ratio 6.56
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
データなし（3）
- Gross Margin NaN%
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Aneel Bhusri | Co-Founder, CEO & Executive Chairman of the Board | 59 |
| Mr. Zane C. Rowe | Chief Financial Officer | 54 |
| Mr. Richard Harry Sauer J.D. | Chief Legal Officer, Head of Corporate Affairs & Corporate Secretary | 62 |
| Mr. Gerrit Kazmaier | President of Product & Technology | - |
| Mr. Robert Enslin | President & Chief Commercial Officer | 62 |
| Mr. David Albert Duffield | Co-Founder & CEO Emeritus | 84 |
| Mr. Mark S. Garfield | Chief Accounting Officer | 54 |
| Mr. Gabriel Monroy | Chief Technology Officer | 45 |
| Ms. Rani Johnson | Chief Information Officer | 49 |
| Mr. Justin Allen Furby | Vice President of Investor Relations | - |
監査リスク
9
取締役会リスク
10
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for WDAY, sourced from Markets Gazette.
- 12d agoPOSITIVEWorkday’s stock sees a record surge. Could a buyout spark a software revival?
Workday Inc. shares surged 18% on Thursday following reports of a potential acquisition by a private equity firm. This significant price jump indicates strong market interest in the HR software company, potentially valuing it at a premium. The news suggests that despite current market conditions, private equity sees substantial underlying value or future growth potential in Workday's business model and market position. Investors are reacting positively to the prospect of a buyout, which could lead to a lucrative exit or a strategic restructuring under new ownership.
- 5/22/2026POSITIVEThese Analysts Revise Their Forecasts On Workday Following Q1 Results
Workday Inc. reported strong first-quarter results, surpassing both earnings and revenue expectations. The company's CEO expressed readiness for the AI era, signaling strategic positioning for future growth. Following these positive results, analysts have revised their price targets upwards, indicating increased confidence in the company's performance and future prospects. This positive sentiment, coupled with the company's proactive stance on AI, suggests potential for continued stock appreciation.
- 5/22/2026POSITIVEWorkday Rallies On 'Low Bar' Beat As AI Starts To Show Up In Contract Value
Workday Inc. saw its shares surge following a first-quarter earnings report that surpassed subdued expectations. The company's performance was notably bolstered by early contributions from artificial intelligence integration, which is beginning to manifest in increased contract values. This positive development has led analysts to reaffirm their 'Buy' ratings, signaling continued confidence in Workday's growth trajectory and its ability to leverage new technologies. Investors are watching closely as AI integration moves from concept to tangible revenue driver.
- 5/21/2026NEUTRALFull Transcript: Workday Q1 2027 Earnings Call
Workday Inc. held its Q1 2027 earnings call on May 21, 2026. The full transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should analyze the content for key metrics such as revenue growth, subscription revenue, profitability, and guidance updates to form an investment thesis. The call's content will dictate the market's reaction, but the transcript alone is neutral.
- 5/21/2026POSITIVEWorkday Rallies After Results Quiet Fears of AI Disruption
Workday Inc. reported first-quarter results that surpassed analyst expectations, alleviating investor concerns about potential disruption from artificial intelligence. The company's performance indicates resilience and continued demand for its core human capital management and financial management software. This positive outcome suggests that Workday is effectively navigating the evolving technological landscape and integrating AI capabilities rather than being displaced by them. Investors will likely view this as a sign of strong management and a stable business model, potentially leading to increased confidence and a positive outlook for the stock.
- 5/21/2026NEUTRALWorkday Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts
Workday, Inc. is set to report its first-quarter earnings on May 21st, with analysts projecting earnings per share of $2.52 and revenue of $2.52 billion. The stock experienced a 2.1% decline on Wednesday, indicating market anticipation or potential pre-earnings jitters. Recent analyst actions from Societe Generale, Needham, and Wells Fargo show a generally positive sentiment, with upgrades and maintained buy ratings, although specific price target changes are not detailed here. Investors will be closely watching the company's performance against these expectations and any forward-looking guidance provided.
- 4/9/2026NEGATIVEWorkday Shares Slide As Anthropic AI Threat Hits SaaS Sentiment
Workday Inc. (NASDAQ:WDAY) experienced a significant share price decline on Thursday, driven by broader market concerns about Artificial Intelligence (AI) disrupting the Software-as-a-Service (SaaS) sector. Investors are expressing apprehension regarding the long-term competitive positioning of established enterprise software providers in the face of rapid AI advancements, particularly from emerging players like Anthropic. This sentiment shift suggests a potential re-evaluation of growth prospects and market share for companies like Workday, impacting their valuation.
- 3/18/2026NEUTRALThe ‘vibe coding’ threat to enterprise software is overblown, Workday’s CEO says—here’s his vision for what actually comes next
Workday CEO Aneel Bhusri dismisses concerns about 'vibe coding' impacting enterprise software, asserting that the threat is overstated. Instead, he outlines a future driven by AI agents, exemplified by Workday's new Sana tools, which are poised to revolutionize finance operations. This strategic pivot emphasizes enhanced automation and intelligent decision-making within enterprise resource planning systems. Investors should monitor the adoption and performance of these AI-driven solutions as a key indicator of Workday's future growth trajectory and competitive positioning in the evolving software landscape.
via Markets Gazette