Workday: I'm Lowering My Fair Value Estimate, But Fundamentals Still Don't Justify Today's Price

2026-03-03 05:46:37 ET

Article Thesis

I wrote about Workday, Inc. ( WDAY ) in mid-January, when I saw it as a “Buy”, with the stock around $185-$189, compared to my Fair Value estimate at that time of $263. The thesis was (and still is mostly) underpinned by Workday’s complex ERP solutions giving them an economic moat, combined with still double-digit revenue growth (although low double digits). And if I almost always saw the software industry as a little expensive, in 2026 I finally started to build some positions....

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