Harry Stebbings 20 Minute VC: Eran Zinman on monday.com's $15B-to-$3.8B, $1.3B/$1.5B, one-of-the-hardest-hit-public-SaaS-firms

Harry Stebbings, host of the 20 Minute VC podcast, interviewed Eran Zinman, CEO of monday.com, and noted that the company’s valuation "has fallen from $15B to $3.8B despite $1.3B ARR and $1.5B cash, making it one of the hardest-hit public SaaS firms." The podcast summary framed the steep valuation decline against monday.com’s reported recurring revenue and cash balance, highlighting the gap between fundamentals and market value.

Market action has tracked the narrative. StockTitan reported that monday.com (NASDAQ: MNDY) slid 13-14% on Feb 9, 2026, a drop that extended the company’s decline to approximately 70% from its 52-week highs. A Feb 18, 2026 snapshot from StockTitan and Cision recorded a $4.00B market cap, a 1.38% decline that session, and intraday volatility with an Argus-tracked peak move of +9.2% and a trough of -3.4%. StockTitan noted the Feb 18 moves removed roughly $56M from valuation and flagged 28 momentum-scanner alerts that day, while listing MNDY as #1696 by market cap.

Operationally, StockTitan attributed monday.com’s guided-growth deceleration to several specific headwinds. StockTitan wrote that "no-touch channel deterioration, FX headwinds, rising AI investment costs, and the withdrawal of 2027 financial targets collectively explain the deceleration from 27% to 18-19% guided growth." The firm also highlighted a foreign-exchange drag of 100-200 basis points as embedded in 2026 guidance.

StockTitan Argus’s key-figures block further specified a 90% gross margin and an R&D spend ratio of 17% of revenue, and stated that eight metrics were being tracked in its scanner, with three disclosed and "+5 more" not provided in the extract. Those metric calls feed into investor debate over whether management previously knew about the cited headwinds; StockTitan observed that "Investors are evaluating whether these headwinds were known to management earlier than they were communicated to the market."

Parallel to market scrutiny, Levi & Korsinsky, LLP distributed a Cision release inviting investor contact. The firm’s notice stated "Investors who purchased MNDY shares and wish to discuss their legal rights may contact Joseph E. Levi, Esq. at the information below." Contact details provided in the release are presented here exactly as published: Joseph E. Levi, Esq. Levi & Korsinsky, LLP 33 Whitehall Street, 27th Floor New York, NY 10004 Tel: (212) 363-7500 Fax: (212) 363-7171 Email: jlevi@levikorsinsky.com zlk.com

The record contains both the podcast’s $3.8B valuation figure and StockTitan’s $4.00B market-cap snapshot without an explicit reconciliation; the sources do not state whether the difference reflects timing, valuation methodology, or enterprise-value adjustments. With guided growth down to 18-19%, FX headwinds of 100-200 basis points, rising AI investment costs, and visible volatility around key trading dates, monday.com’s near-term trajectory will hinge on whether management can stabilize the no-touch channel and show a path to restored growth.