This forum seems extremely much quieter than it was in years past. It seems that the activity sort of dropped off a cliff suddenly over the last several months.
I know that quite a few of us held MNDY. Curious if anyone else is still holding it, and if so, has any thoughts to share on it.
According to the accepted processes before this place changed, you should tell us why you still hold it. Are you seeing the ARR steady or growing, are you seeing the revenue growing much faster than the costs, are you seeing certain customers signing up that mean something big in the future.
Why do you hold and what do you expect? I was only briefly in Monday and I bailed on the basis that there were so many competing options at the time. Not sure now, but I have seen the chart going in mostly the right direction. Still though, it doesn’t seem like a hyper grower to me.
I owned MNDY for quite a while and slowly started reducing as the revenue growth slowed. Last quarter they guided 3% QoQ growth and its hard to justify the valuation at the growth prospect so I sold the remainder of my position.
I tend to compare my companies to google. Goog has forward pe of 16 so its hard to justify owning Monday at a forward pe of 63 when they don’t seem to be a hypergrowth company anymore and I can just buy google in my more conservative accounts (education funds)
-Makylejoth
I own MNDY for many years.
The management has a clear path of developing the company and they deliver lots of new services. The fact that after the price increase the churn was minimal, speaks for itself.
They know how to talk and present during earning calls, when to have conservative guidance, when to increase it. They learn fast and they are very capable people.
| CRM Customers | YoY, % | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| 2022 | 1366 | 2458 | 2022 | ||||||||
| 2023 | 5441 | 8323 | 11025 | 13318 | 2023 | 707.1% | 441.8% | ||||
| 2024 | 16976 | 20770 | 24735 | 27756 | 2024 | 212.0% | 149.5% | 124.4% | 108.4% | ||
| 2025 | 31467 | 2025 | 85.4% | ||||||||
| CRM Customers, sequential | QoQ, % | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| 2022 | 1366 | 1092 | 2022 | 79.9% | |||||||
| 2023 | 2983 | 2882 | 2702 | 2293 | 2023 | 121.4% | 53.0% | 32.5% | 20.8% | ||
| 2024 | 3658 | 3794 | 3965 | 3021 | 2024 | 27.5% | 22.3% | 19.1% | 12.2% | ||
| 2025 | 3711 | 0 | 0 | 0 | 2025 | 13.4% |
The new product, called Service is also gaining lots of traction. And other services are coming soon.
| FCF Margin, % | ||||
|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | |
| 2024 | 41% | 19% | 33% | 27% |
| 2025 | 39% |
| Customers > $100k ARR | YoY, % | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| 2022 | 527 | 2022 | |||||||||
| 2023 | 588 | 677 | 749 | 833 | 2023 | 58.1% | |||||
| 2024 | 911 | 1009 | 1080 | 1207 | 2024 | 54.9% | 49.0% | 44.2% | 44.9% | ||
| 2025 | 1328 | 2025 | 45.8% | ||||||||
| Customers > $100k ARR, sequential | QoQ, % | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| 2022 | #REF! | 0 | 0 | 527 | 2022 | ||||||
| 2023 | 61 | 89 | 72 | 84 | 2023 | 11.6% | 15.1% | 10.6% | 11.2% | ||
| 2024 | 78 | 98 | 71 | 127 | 2024 | 9.4% | 10.8% | 7.0% | 11.8% | ||
| 2025 | 121 | 0 | 0 | 0 | 2025 | 10.0% |
I don’t think the competition is a big problem for them - Asana (ASAN) and Atlassian (TEAM) are growing much slower for Revenue and Customers.
Overall I am a happy shareholder of MNDY, but I assume that after 2-3 Qs I will need to trim or sell the whole position only because the revenue growth might slow under 30% and I see some interesting companies, presented here, that are growing much faster.
MNDY is 7% for me