NASDAQ · Technology

Workday, Inc.

WDAY · Software - Application

$128.22

▲ 1.27 (1.0%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Workday, Inc. at $128.22.

The business passes only 1 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 75.7%

Operating Margin 10.7%

Net Income Margin 7.3%

Fin. Health C

Years to Pay Off Debt 5.5 yrs

Working Capital vs Long-Term Debt -$936M

Working Capital $2.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.45x

Cash Flow B

Free Cash Flow $2.8B

CapEx % of Net Income 23.4%

Owner Earnings $1.2B

1/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $33.0B

Enterprise Value $31.0B

P/E (TTM) 49.51

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 75.7%

Operating Margin 10.7%

Net Margin 7.3%

Company Info

Sector Technology

Industry Software - Application

Employees 21070

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Workday, Inc. at $128.22.

The business passes only 1 of 7 of Graham's defensive criteria — well below his required standard.

At $128.22, the stock trades at a 176% premium to its Graham Number of $46.54. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Workday, Inc.

Workday, Inc. provides enterprise cloud applications in the United States and internationally. The company offers a suite of financial management applications to maintain accounting information; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; perform financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations. It also provides spend management solutions that help organizations to streamline supplier selection and contract management, build and execute sourcing events, such as requests for proposals, and manage indirect spend; expense management solutions to submit and approve expenses; and a suite of human capital management applications that enables HR teams to hire, onboard, pay, develop, reskill, and provide employee experiences. In addition, the company offers planning applications. Further, it provides supply chain and inventory solutions to healthcare organizations; solutions to manage the end-to-end student and faculty lifecycle; Workday Extend for customers and their developers to build custom applications. The company serves the professional and business services, financial services, healthcare, manufacturing, media, education, government, technology, media, retail, and hospitality industries. It sells its solutions through its direct sales organization. The company was formerly known as North Tahoe Power Tools, Inc. and changed its name to Workday, Inc. in July 2005. Workday, Inc. was incorporated in 2005 and is headquartered in Pleasanton, California.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023
Gross Profit %	75.7% ▲	75.5%	75.6%	72.5%
Operating Margin %	10.7% ▲	5.9%	2.5%	-2.9%
Net Income %	7.3% ▲	6.2%	19.0%	-5.9%
Diluted EPS	2.59 ▲	1.95	5.21	-1.44

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$18.1B	$18.0B	$16.5B	$13.5B	N/A
Total Debt	$3.8B ↑	$3.4B	$3.3B	$3.2B	N/A
Working Capital	$2.1B ▼	$5.0B	$4.9B	$3.5B	N/A
Years to Pay Debt	5.51	6.39	2.39	-8.85	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$2.8B ▲	$2.2B	$1.9B	$1.3B	N/A
Owner Earnings	$1.2B	$1.1B	$1.9B	$362M	N/A
CapEx % of Net Income	23.4%	51.7%	17.5%	N/A	N/A

Income Statement

	2026	2025	2024	2023
Tax Effect Of Unusual Items	-94,839	-14,746	0	-8,400
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,773,000	1,162,000	752,000	246,000
Total Unusual Items	-303,000	-84,000	0	-40,000
Total Unusual Items Excluding Goodwill	-303,000	-84,000	0	-40,000
Net Income From Continuing Operation Net Minority Interest	693,000	526,000	1,381,000	-367,000
Reconciled Depreciation	347,000	326,000	282,000	364,000
Reconciled Cost Of Revenue	2,321,000	2,069,000	1,771,000	1,710,000
EBITDA	1,470,000	1,078,000	752,000	206,000
EBIT	1,123,000	752,000	470,000	-158,000
Net Interest Income	204,000	236,000	187,000	-5,000
Interest Expense	114,000	114,000	114,000	102,000
Interest Income	318,000	350,000	301,000	97,000
Normalized Income	901,161	595,254	1,381,000	-335,400
Net Income From Continuing And Discontinued Operation	693,000	526,000	1,381,000	-367,000
Total Expenses	8,528,000	7,947,000	7,076,000	6,398,000
Total Operating Income As Reported	721,000	415,000	183,000	-222,000
Diluted Average Shares	268,117	269,205	265,285	254,819
Basic Average Shares	265,097	265,257	261,344	254,819
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	693,000	526,000	1,381,000	-367,000
Net Income Common Stockholders	693,000	526,000	1,381,000	-367,000
Net Income	693,000	526,000	1,381,000	-367,000
Net Income Including Noncontrolling Interests	693,000	526,000	1,381,000	-367,000
Net Income Continuous Operations	693,000	526,000	1,381,000	-367,000
Tax Provision	316,000	112,000	-1,025,000	107,000
Pretax Income	1,009,000	638,000	356,000	-260,000
Other Income Expense	-219,000	-97,000	-14,000	-73,000
Other Non Operating Income Expenses	84,000	-13,000	-14,000	-33,000
Special Income Charges	-303,000	-84,000	0	-40,000
Restructuring And Mergern Acquisition	303,000	84,000	0	40,000
Net Non Operating Interest Income Expense	204,000	236,000	187,000	-5,000
Interest Expense Non Operating	114,000	114,000	114,000	102,000
Interest Income Non Operating	318,000	350,000	301,000	97,000
Operating Income	1,024,000	499,000	183,000	-182,000
Operating Expense	6,207,000	5,878,000	5,305,000	4,688,000
Research And Development	2,679,000	2,626,000	2,464,000	2,247,000
Selling General And Administration	3,528,000	3,252,000	2,841,000	2,441,000
Selling And Marketing Expense	2,616,000	2,432,000	2,139,000	1,842,000
General And Administrative Expense	912,000	820,000	702,000	599,000
Other Gand A	912,000	820,000	702,000	599,000
Gross Profit	7,231,000	6,377,000	5,488,000	4,506,000
Cost Of Revenue	2,321,000	2,069,000	1,771,000	1,710,000
Total Revenue	9,552,000	8,446,000	7,259,000	6,216,000
Operating Revenue	9,552,000	8,446,000	7,259,000	6,216,000

Balance Sheet

	2026	2025	2024	2023	2022
Treasury Shares Number	18,688	5,916	3,002		100
Ordinary Shares Number	259,131	266,352	263,862	263,862
Share Issued	277,819	272,268	266,864	263,862
Net Debt	1,486,000	1,441,000	968,000	1,090,000
Total Debt	3,821,000	3,362,000	3,296,000	3,249,000
Tangible Book Value	1,874,000	5,170,000	4,977,000	2,418,000
Invested Capital	10,792,000	12,018,000	11,062,000	8,561,000
Working Capital	2,051,000	4,997,000	4,884,000	3,480,000
Net Tangible Assets	1,874,000	5,170,000	4,977,000	2,418,000
Capital Lease Obligations	834,000	378,000	316,000	273,000
Common Stock Equity	7,805,000	9,034,000	8,082,000	5,585,000
Total Capitalization	10,792,000	12,018,000	11,062,000	8,561,000
Total Equity Gross Minority Interest	7,805,000	9,034,000	8,082,000	5,585,000
Stockholders Equity	7,805,000	9,034,000	8,082,000	5,585,000
Gains Losses Not Affecting Retained Earnings	-136,000	84,000	21,000	53,000
Other Equity Adjustments	-136,000	84,000	21,000	53,000
Treasury Stock	4,220,000	1,308,000	608,000	185,000
Retained Earnings	-512,000	-1,205,000	-1,731,000	-3,112,000
Additional Paid In Capital	12,673,000	11,463,000	10,400,000	8,829,000
Total Liabilities Net Minority Interest	10,269,000	8,943,000	8,370,000	7,901,000
Total Non Current Liabilities Net Minority Interest	3,891,000	3,395,000	3,315,000	3,273,000
Other Non Current Liabilities	129,000	52,000	38,000	40,000
Non Current Deferred Liabilities	71,000	80,000	70,000	75,000
Non Current Deferred Revenue	71,000	80,000	70,000	75,000
Long Term Debt And Capital Lease Obligation	3,691,000	3,263,000	3,207,000	3,158,000
Long Term Capital Lease Obligation	704,000	279,000	227,000	182,000
Long Term Debt	2,987,000	2,984,000	2,980,000	2,976,000
Current Liabilities	6,378,000	5,548,000	5,055,000	4,628,000
Current Deferred Liabilities	5,010,000	4,467,000	4,057,000	3,559,000
Current Deferred Revenue	5,010,000	4,467,000	4,057,000	3,559,000
Current Debt And Capital Lease Obligation	130,000	99,000	89,000	91,000
Current Capital Lease Obligation	130,000	99,000	89,000	91,000
Current Debt					1,222,443
Other Current Borrowings					1,222,443
Pensionand Other Post Retirement Benefit Plans Current	642,000	578,000	544,000	564,000
Payables And Accrued Expenses	596,000	404,000	365,000	414,000
Current Accrued Expenses	454,000	296,000	287,000	260,000
Payables	142,000	108,000	78,000	154,000
Accounts Payable	142,000	108,000	78,000	154,000
Total Assets	18,074,000	17,977,000	16,452,000	13,486,000
Total Non Current Assets	9,645,000	7,432,000	6,513,000	5,378,000
Other Non Current Assets	67,000	24,000	6,000	13,000
Non Current Prepaid Assets	78,000	26,000	22,000	29,000
Non Current Deferred Assets	1,463,000	1,600,000	1,574,000	434,000
Non Current Deferred Taxes Assets	829,000	1,039,000	1,065,000	13,000
Non Current Accounts Receivable	59,000	44,000	21,000
Financial Assets	2,000	52,000	14,000	22,000
Investments And Advances	233,000	247,000	248,000	263,000
Long Term Equity Investment	233,000	247,000	248,000	263,000
Goodwill And Other Intangible Assets	5,931,000	3,864,000	3,105,000	3,167,000
Other Intangible Assets	702,000	386,000	259,000	327,000
Goodwill	5,229,000	3,478,000	2,846,000	2,840,000
Net PPE	1,812,000	1,575,000	1,523,000	1,450,000
Accumulated Depreciation	-1,402,000	-1,324,000	-1,272,000	-1,179,000
Gross PPE	3,214,000	2,899,000	2,795,000	2,629,000
Leases	334,000	252,000	213,000	202,000
Other Properties	719,000	336,000	289,000	249,000
Machinery Furniture Equipment	1,397,000	1,478,000	1,486,000	1,377,000
Buildings And Improvements	690,000	752,000	726,000	720,000
Land And Improvements	74,000	81,000	81,000	81,000
Current Assets	8,429,000	10,545,000	9,939,000	8,108,000
Other Current Assets	348,000	311,000	255,000	226,000
Current Deferred Assets	306,000	267,000	232,000	191,000
Prepaid Assets					174,402
Receivables	2,332,000	1,950,000	1,639,000	1,570,000
Accounts Receivable	2,332,000	1,950,000	1,639,000	1,570,000
Allowance For Doubtful Accounts Receivable	-16,000	-10,000	-11,000	-9,000
Gross Accounts Receivable	2,348,000	1,960,000	1,650,000	1,579,000
Cash Cash Equivalents And Short Term Investments	5,443,000	8,017,000	7,813,000	6,121,000
Other Short Term Investments	3,942,000	6,474,000	5,801,000	4,235,000
Cash And Cash Equivalents	1,501,000	1,543,000	2,012,000	1,886,000

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	2,777,000	2,189,000	1,907,000	1,292,000
Repurchase Of Capital Stock	-2,895,000	-700,000	-423,000	-75,000
Repayment Of Debt		0	0	-1,844,000	-38,000
Issuance Of Debt		0	0	2,978,000	0
Capital Expenditure	-162,000	-272,000	-242,000	-365,000
Interest Paid Supplemental Data	110,000	110,000	110,000	60,000
Income Tax Paid Supplemental Data		65,000	39,000	89,000	13,000
End Cash Position	1,509,000	1,554,000	2,024,000	1,895,000
Beginning Cash Position	1,554,000	2,024,000	1,895,000	1,541,000
Effect Of Exchange Rate Changes	2,000	0	-1,000	-1,000
Changes In Cash	-47,000	-470,000	130,000	355,000
Financing Cash Flow	-3,319,000	-1,150,000	-268,000	1,204,000
Cash Flow From Continuing Financing Activities	-3,319,000	-1,150,000	-268,000	1,204,000
Net Other Financing Charges	-616,000	-636,000	-22,000	-7,000
Proceeds From Stock Option Exercised	192,000	186,000	177,000	152,000
Net Common Stock Issuance	-2,895,000	-700,000	-423,000	-75,000
Common Stock Payments	-2,895,000	-700,000	-423,000	-75,000
Net Issuance Payments Of Debt		0	0	1,134,000	-38,000
Net Long Term Debt Issuance		0	0	1,134,000	-38,000
Long Term Debt Payments		0	0	-1,844,000	-38,000
Long Term Debt Issuance		0	0	2,978,000	0
Investing Cash Flow	333,000	-1,781,000	-1,751,000	-2,506,000
Cash Flow From Continuing Investing Activities	333,000	-1,781,000	-1,751,000	-2,506,000
Net Other Investing Changes	21,000
Net Investment Purchase And Sale	2,553,000	-684,000	-1,501,000	-2,141,000
Sale Of Investment	5,295,000	4,124,000	4,665,000	5,065,000
Purchase Of Investment	-2,742,000	-4,808,000	-6,166,000	-7,206,000
Net Investment Properties Purchase And Sale			-4,000	-4,236	-171,000
Purchase Of Investment Properties			-4,000	-4,236	-171,000
Net Business Purchase And Sale	-2,079,000	-825,000	-8,000	0
Purchase Of Business	-2,079,000	-825,000	-8,000	0
Net Intangibles Purchase And Sale	0	-3,000	-10,000	-1,000
Purchase Of Intangibles	0	-3,000	-10,000	-1,000
Capital Expenditure Reported	-162,000	-269,000	-232,000	-364,000
Operating Cash Flow	2,939,000	2,461,000	2,149,000	1,657,000
Cash Flow From Continuing Operating Activities	2,939,000	2,461,000	2,149,000	1,657,000
Change In Working Capital	-329,000	-218,000	-34,000	48,000
Change In Other Working Capital	65,000	61,000	151,000	159,000
Change In Payables And Accrued Expense	-20,000	-16,000	-167,000	222,000
Change In Accrued Expense	-26,000	-41,000	-95,000	136,000
Change In Payable	6,000	25,000	-72,000	86,000
Change In Account Payable	6,000	25,000	-72,000	86,000
Change In Prepaid Assets	-14,000	50,000	69,000	-14,000
Change In Receivables	-360,000	-313,000	-87,000	-319,000
Other Non Cash Items	415,000	353,000	292,000	324,000
Stock Based Compensation	1,626,000	1,519,000	1,416,000	1,295,000
Asset Impairment Charge	117,000	19,000	0
Amortization Of Securities	-61,000	-113,000	-149,000	-42,000
Deferred Tax	218,000	33,000	-1,058,000	4,000
Deferred Income Tax	218,000	33,000	-1,058,000	4,000
Depreciation Amortization Depletion	347,000	326,000	282,000	364,000
Depreciation And Amortization	347,000	326,000	282,000	364,000
Operating Gains Losses	-87,000	16,000	19,000	31,000
Gain Loss On Investment Securities	-87,000	16,000	19,000	31,000
Net Income From Continuing Operations	693,000	526,000	1,381,000	-367,000

These metrics estimate what Workday, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$46.54

Margin of Safety

Market Cap ÷ Company Value

1.38

P/B Ratio

3.45

Warren's Owner Earnings

$1.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/7 — Speculative Investor

✅ Adequate Size

$9.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.32x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-50.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

49.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.45x P/B (P/E×P/B: 170.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-8.76

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$54.18

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	23.4%	51.7%	17.5%	N/A	N/A
Repurchase of Capital Stock	-$2.9B	-$700M	-$423M	-$75M	N/A
Free Cash Flow	$2.8B ▲	$2.2B ▲	$1.9B ▲	$1.3B •	N/A •
Warren's Owner Earnings	$1.2B	$1.1B	$1.9B	$362M	N/A

Peers & Industry

No auto-detected peers for Software - Application. You can manually compare WDAY against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

2.23%

Low — management has little skin in the game

Return on Equity (ROE)

8.9%

Adequate — returns are moderate

Return on Assets (ROA)

3.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$2.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Aneel Bhusri

Co-Founder, CEO & Executive Chairman of the Board

Age 59

Pay: $3,759,040

0.542% of net income

Robert Enslin

President & Chief Commercial Officer

Age 62

Pay: $633,236

0.091% of net income

Zane Rowe

Chief Financial Officer

Age 54

Pay: $2,079,456

0.300% of net income

David Albert Duffield

Co-Founder & CEO Emeritus

Age 84

Justin Allen Furby

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.91%	25,009,288
Blackrock Inc.	9.49%	19,936,547
State Street Corporation	4.65%	9,770,707
Eagle Capital Management LLC	3.61%	7,575,368
Hotchkis & Wiley Capital Management, LLC	3.22%	6,757,472
Geode Capital Management, LLC	2.42%	5,091,926
Janus Henderson Group PLC	2.39%	5,017,905
First Eagle Investment Management, LLC	2.07%	4,338,773

Risk Analysis

Beta (Market Risk)

1.03

Moderate volatility — moves slightly more than market

Short Interest

9.2% of float

Moderate short interest

Debt-to-Equity

0.49x

Conservative balance sheet — low financial risk

Current Ratio