BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
monday.com — Blitz Index 51 (C)
A clean product-led climb into the enterprise — $100K+ customers +37% — on a deceleration glide that has never missed a year: 68% → 27% → guided ~20%.
51Grade C
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 14 / 25 | Growth glides down every year (68% → 41% → 33% → 27%); Q2 2026 +22% with FY2026 guided +19–20% |
| B · Moat | 35 / 60 | Work OS land-and-expand: $100K+ ARR customers 2,019 (+37%) and multi-product ARR above 10% — expansion moat, not network effect |
| C · Creative destruction | 8 / 15 | Turned the spreadsheet's job into a platform category; AI products doubled ARR in a quarter, from a small base |
| D · BlitzFailing | −6 | Israel-HQ geopolitical exposure (55% of staff) and FPI reporting exemptions — structural, disclosed, −6 |
Radar axes (0–100): Moat 58.3 · Speed 56 · Creative 53.3.
Watch item
Gates: G1 ✓ · G2 ✓ (estimate — the 20-F discloses no quantified TAM). Bar ≈ $14.7B (FY2026E guidance × 10) vs a ~$3.95B market cap — price headroom is not the constraint; the glide path is.
Strengths
- Enterprise proof: $100K+ ARR customers +37% YoY to 2,019; their share of ARR rose 24% → 30%
- GAAP breakeven reached — 1H 2026 operating income +$18.2M
- AI product ARR doubled quarter over quarter in Q2 2026 and drove 17% of net new ARR
- SBC/revenue improved 14.4% → 9.8% — dilution discipline is tightening
Concerns
- The deceleration has never missed a year: 68% → ~20% guided in four years
- NRR slipped 111% → 109% as the base moves upmarket
- FY2025 net income includes a one-off $61.2M non-cash tax benefit — earnings quality needs the adjustment
- 55% of employees are in Israel; the 20-F spells out regional-conflict and FPI-governance risk
Next earnings
Nov 9, 2026 · Before open · Confirmed
Coverage
monday.com Ltd. · Q3 2026 due Nov 9, 2026 (confirmed) · Score 51 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.