MNDY - RIF and Op. Margin Guide Raise

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MNDY - RIF and Op. Margin Guide Raise

Enterprise Software

Enterprise Software - Market Overweight

MONDAY.COM LTD (MNDY) July 22, 2026

MNDY - RIF and Op. Margin Guide Raise Rating:

Outperform

The Wolfe Byte Price: $72.84

MNDY announced a ~20% RIF (~620 roles) to refocus around its AI Work Platform, Price Target:

raising FY26 NG op margin to ~15% (from ~13%) while holding revenue and FCF $90

guidance. We view the fast, decisive move as a positive. Reiterate OP, PT $90. % Upside:

23.6%

View MNDY Model

Key Thoughts. In a 6-K filed today (link), MNDY announced a restructuring plan that View Comp Table

will eliminate approximately 620 positions, representing ~20% of the company's Company Information

current workforce. In a LinkedIn post, co-CEO Eran Zinman framed the decision 52-Week Range $59 - $292

as building "monday.com for its next chapter," aligning the organization with its Market Cap. (MM) $3,079

shift from managing work to "doing the work" through people and AI agents in Enterprise Value (MM) $2,524

Shares Out. (MM) 42.3

one workspace, and emphasized the company will "continue hiring in key strategic Avg. Value Traded (MM) $141.76

areas throughout 2026." The plan centers on a flatter organization with fewer SI% of Float 17.5%

management layers, smaller autonomous teams with broader ownership, and a EV/ Revenue 6.3x EV/ FCF 23.8x

new go-to-market model featuring deeper implementation support and greater

on-site presence as customers adopt AI. MNDY reaffirmed that FY26 results are 350

expected to be "in-line with or above" its Q1 guide, and raised the FY26 non- 300

GAAP operating margin outlook to ~15% (from ~13%, a +200bps step-up) while 250

200holding revenue growth (19-20% Y/Y) and adj. FCF margin (19-20%) unchanged.