Workday, Inc. (WDAY) intrinsic value & 10-year financials
Workday, Inc. (WDAY) has a Graham intrinsic value of $86.03 per share. At $190.81 on Oct 17, 2026, the stock trades 122% above that value. Over the last 10 fiscal years revenue grew 22.2% a year to $9.6B, with an average return on invested capital of -9.8%.
- Graham intrinsic value
- $86.03
- Share price (Oct 17, 2026)
- $190.81
- Price vs Graham value
- 122% above
- Market cap
- $51.2B
- Revenue (FY2026)
- $9.6B
- Revenue growth (10-yr CAGR)
- 22.2%
- ROIC (10-yr avg)
- -9.8%
- Free cash flow (FY2026)
- $2.8B
WDAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $9.6B | $693.0M | $2.59 | $2.8B | 7.5% | 4.8% |
| FY2025 | $8.4B | $526.0M | $1.95 | $2.2B | 4.9% | 3.4% |
| FY2024 | $7.3B | $1.4B | $5.21 | $1.9B | 2.5% | 2.3% |
| FY2023 | $6.2B | -$366.7M | -$1.44 | $1.3B | -3.6% | -3.7% |
| FY2022 | $5.1B | $29.4M | $0.12 | $1.4B | -2.3% | -2.6% |
| FY2021 | $4.3B | -$282.4M | -$1.19 | $1.0B | -5.8% | -6.8% |
| FY2020 | $3.6B | -$480.7M | -$2.12 | $620.9M | -13.8% | -15.4% |
| FY2019 | $2.8B | -$418.3M | — | $404.2M | -16.4% | -25.8% |
| FY2018 | $2.1B | -$321.2M | — | $324.2M | -14.1% | -22.1% |
| FY2017 | $1.6B | -$408.3M | — | $227.8M | -23.9% | -32.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Workday, Inc. is a consistent compounder, expanding top-line revenue at 22.2% annually over the past decade.
Workday, Inc. has historically struggled to out-earn its cost of capital, averaging just -9.8% ROIC.
Workday, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Workday, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $86.03 per share.