We came across a bullish thesis on monday.com Ltd. on composing your wealth sub-stack by Sergey. In this article, we will summarize the bulls’ thesis on MNDY. The action of Monday.com Ltd. was trading at $193.69 as of September 30. MNDY’s current and forward P/E were 271.83 and 42.37, respectively, according to Yahoo Finance.
Monday.com (MNDY) continues to demonstrate robust growth and resilience as the leading global Work OS platform, serving more than 245,000 customers across more than 200 industries. The company reported revenue growth of +26.6% year-over-year in Q2 2025, with billings up +26.7% and net dollar retention of 111% overall, reaching 117% for large customers. Enterprise adoption momentum remains strong, highlighted by record additions of high ARR accounts, while management forecasts +26.8% year-over-year growth next quarter, signaling stabilization.
Monday’s platform is increasingly moving from work coordination to execution, powered by innovations like Monday Magic, Vibe, Sidekick and AI-powered agents. Its multi-product ecosystem, including CRM, Dev, Service and the scalable Monday DB 2.0, supports numerous cross-selling opportunities, while AI integration accelerates adoption and monetization. CRM and development net adds were lower in the second quarter, driven by seasonal factors and top-of-funnel disruption, but enterprise and midmarket growth remains robust and services accounts continue their strong momentum. Monday’s competitive moat is built on high switching costs, brand strength and emerging network effects, complemented by a visually intuitive, low-code/no-code platform.
The financial sector remains healthy, with gross margins at 90.3%, operating margin at 15%, free cash flow margin at 21.4% and net cash of $1.65 billion against debt of $126 million. The valuation stands at approximately 6.7x EV/Forward Sales, close to all-time lows, although the company has the highest expected revenue growth in the CRM industry and operates in a TAM of $101 billion growing at a CAGR of 14%. With high enterprise penetration, AI-driven product differentiation, high customer retention and an expanding total addressable market, Monday presents a compelling risk/reward proposition, delivering sustainable growth, scalable profitability and significant upside potential for investors.
Previously we covered a bullish thesis on Monday.com Ltd. (MNDY) by Rijnberk InvestInsights in February 2025, which highlighted strong Q4 2024 earnings, 33% annual revenue growth, record margins and growing enterprise adoption. The stock has depreciated approximately 32.88% since our coverage. The thesis still stands that Monday’s platform and business growth offer long-term upside potential. Sergey shares a similar view but emphasizes Q2 2025 dynamics, AI innovations and multi-product cross-selling.
