Monday.com lands in top software growth tier despite 86% rout

Shay Boloor’s latest software comp sheet puts monday.com in the “Great” tier of the Rule of 40, alongside Adobe and Salesforce, a label that clashes sharply with the stock’s 86% fall from its highs. That gap is the story: monday.com can still look efficient on growth and profitability while the market keeps treating it like a wounded SaaS name.

The company’s operating numbers explain why the bull case has not disappeared. monday.com reported fourth-quarter 2024 revenue of $268.0 million, up 32% from a year earlier, and said net dollar retention improved to 112%. It also posted record non-GAAP operating income and said full-year 2024 free cash flow reached $295.8 million, with a 27% free-cash-flow margin in the quarter.

By the time monday.com filed its 2024 annual report in March 2025, it had also crossed a symbolic line that matters inside any software company: $1 billion in annual recurring revenue, roughly a decade after launch. For employees in product, sales and customer success, that milestone is more than a headline. It usually means bigger enterprise expectations, tighter execution pressure and a sharper debate over whether the next stage of growth comes from new customers, deeper penetration or both.

The enterprise mix gives monday.com some leverage. In its 2024 Form 20-F, the company said ARR from enterprise customers grew 47% from December 31, 2023 to December 31, 2024, and that enterprise customers made up 36% of ARR at year-end 2024, up from 32% a year earlier. In August 2024, monday.com said it closed an 80,000-seat agreement, the largest deal in company history, and later opened monday sales CRM and monday dev to all customers, signaling that the platform is trying to move beyond core work management into broader workflow replacement.

Still, the stock chart keeps the skepticism alive. monday.com’s all-time high closing price was $444.70 on November 9, 2021. In April 2026, MNDY has been trading in the low $60s, a drawdown that leaves investors asking whether the market is underpricing one of the cleaner software growth stories or signaling that even efficient workplace software deserves a discount versus bigger peers like Salesforce and Adobe.

For monday.com’s leadership, including Roy Mann, Eran Zinman and Eliran Glazer, the tension is now clear. The company has already shown it can scale revenue, lift retention and generate cash. What it still has to prove is whether the market will re-rate that performance before the next wave of workplace software consolidation decides the winners.