−34% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 41
growth 13 ptFCF margin 28 pt
Growth +13% plus FCF margin +28% is 41 points, 1 above the line at 40. Counting the stock as an expense: 25 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026
Five-year median 7.2×, middle half 6.6–8.4×, range 3.1–14.8×. Now 4.7×: −34% below its own median, higher than 15% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jul 31, 2026 · $B
FCF 2.84B − SBC 1.65B = 1.20B ex-SBC · operating income 1.22B is the GAAP figure after SBC
Against its scale group
WDAY (blue) vs. the other Large companies on the board (14), grey
Revenue growth+13% vs. +27%
Gross margin76% vs. 75%
FCF margin+28% vs. +33%
SBC / revenue16% vs. 14%
Rule of 4041 vs. 60
EV / revenue4.7× vs. 19.8×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter