$MNDY · The Motley Fool · 2026-11-09
monday.com 正在减速：增速从 25% 降至 19%，第四季度指引为 14%，剩余履约义务仅增长 1%，递延收入下降，净收入留存率为 108%，预计将滑落至 107%。AI 收入从较小的基数增长，它能否成为下一个增长引擎仍是未知数。一种观点认为 7.35 亿美元的回购是承认超高速增长已经结束，并不看涨；另一种观点则认为超过 10 亿美元现金、无债务且自由现金流为正，使这次回购显得负责任，并表明股价低于内在价值。
逐段跳播
我很喜欢monday.com坚持自己的品牌风格，总是在周一早上发布财报。但这是一家专注于企业客户的软件即服务公司。该股今天下跌。我们关注这家公司，更多是想看它能告诉我们关于企业软件即服务领域的什么信息，而目前看来，情况似乎在放缓。
I love that monday.com loves to stay true to its branding and always release its earning reports on a Monday morning. But this is a software as a service company that is focused on enterprise.
The stock is down today. We it we care about this company more about what it can tell us in enterprise software as a service but kind of looking like things are slowing down.
是的，他们公布的营收约为3.78亿美元，同比增长约20%。营业利润率稳定，利润为正。我们真正看到的是，企业IT买家在某种程度上正在收紧软件预算，这是软件行业持续存在的问题。软件即服务的商业模式并没有死，它只是在变化，但我们也看到，企业不再完全依赖销售单个用户席位。
我们看到，他们的很多客户已经停止了激进招聘，有些情况下员工人数在持平。所以，那种旧的席位扩张增长模式已经遇到了某种瓶颈。
yeah, I mean they posted about 378 million in revenue was a roughly 20% year-over-year increase. Operating margins are stable, profits are positive. I mean what we're really seeing is corporate IT buyers are kind of tightening their software budgets and this is an ongoing problem within the software industry.
The software as a service business model it's not dead. It's just changing but it's also we're seeing that there's the this way in which businesses are no longer relying entirely on selling individual user seats.
You know we're seeing that a lot of their clients have stopped aggressive hiring in some cases are flattening headcounts. And so that old seed expansion growth model has hit something of a wall.
现在Monday.com试图做的是，把AI功能构建到一个目前年化经常性收入已超过3600万美元的业务中。其想法是，企业客户会愿意为能够完成复杂多步骤工作的自主AI代理支付高价，比如回答IT工单。
Now what Monday.com is trying to do is they're building AI features into a what is now over $36 million annual recurring revenue run rate. And the idea is that corporate clients will pay good money for autonomous AI agents that can do complex multi-step work like answering an IT ticket for example.
他们并没有完全放弃基于席位的模式。他们正在推行一种混合模式，用他们的话说，就是让人和代理作为一个团队协同工作。
um they're not abandoning the seatbased model completely. They're pushing kind of a hybrid model where people and agents work as one team as they call it.
他们有一个名为AI成本中心的新功能，公司可以设置严格的预算上限，并可以将AI使用支出与常规的、基于人工席位的许可证一起追踪。
And they have a new feature called the AI cost center where companies can set strict budget limits and they can track AI usage spend alongside the regular, you know, human-based seat licenses.
我认为，对于Monday.com来说，我们可能会继续看到更多这样的情况。我看这件事的时候觉得，一些前瞻性指标也不太好，剩余履约义务仅比第二季度增长1%。递延收入实际上下降了。
I think this is something we might continue to see more of um for Monday.com I guess as I look at this I mean some of the forward indicators are not great either so you have your remaining performance obligations only up 1% from the second quarter. Deferred revenue actually down.
Monday是不是只是在这里被竞争超越了？也许它正在成熟，或者也许AI真的在取代它。其中一部分是成熟化。你看到的是教科书式的减速。
Is Monday just being out competed here? Maybe it's maturing or or maybe AI is really replacing this. I mean, some of this is maturing. Uh I mean, you're seeing kind of a textbook deceleration.
我可以直接给你读一下他们过去五个季度报告的增长率。2025年第四季度是25%，之后是24%，然后22%，然后19%，现在第四季度指引是14%，所以明显放缓。
I could just read you the past five uh growth rates they've reported. uh fourth quarter of 2025 it was 25% since then it was 24 then 22 then 19 and now 14% is guided for the fourth quarter um so clear slowdown
一个值得关注的指标是净美元留存率。所以问题不只是他们让企业客户签约变得更困难，他们让企业客户随着时间推移在平台上花更多钱也变得更困难。
one metric to watch is the net dollar retention um so it's not just that they're having a more difficult time getting enterprise clients to sign up they're they're having a more difficult time getting enterprise clients to spend more on the platform over time
他们的净美元留存率目前约为108%，这意味着如果一个客户使用monday.com至少一年，他们平均比一年前多花8%。
uh their net dollar retention is currently at about 108% that means that if a customer has been with monday.com for at least a year, they're spending on average 8% more than they were a year ago.
预计下一季度会略微下滑至107%。所以，其中一部分是成熟化。小企业、轻松增长已经没有了，这是我最好的说法。
That's expected to slip a little bit to 107% uh in the next quarter. So, some of this is maturity. Uh the small business, the easy growth is gone is is kind of the best way I would put it.
令人担忧的是，他们如何适应代理式AI的崛起？Rachel提到了他们的AI收入流，增长得不错。它仍然只占总收入相对较小的一部分，
the worry is how are they adapting to, you know, the rise of agentic AI? Rachel mentioned their AI revenue stream, which is is growing nicely. It's still a relatively small part of the the total,
但这才是真正的问题。他们能把它变成下一个大的增长引擎吗？如果答案是肯定的，那么连续五个季度增速下滑的局面可能会逆转，但就目前而言，这仍然是一个很大的问号。
but that's really the question. Uh, can they turn that into the next big growth engine? Uh, and if if the answer's yes, that, you know, five quarter decline in growth rates could could reverse, but it it's still a big question mark for the time being.
Monday.com 这个季度在回购股票上可是玩得很起劲。
And Monday.com was having a lot of fun repurchasing shares during the quarter.
股份数量同比下降18%。公司本季度花了7.35亿美元回购股票。最后问各位一个问题：对 Monday.com 来说，这样大胆押注自己是不是正确的举措，还是为时过早？
The share count down 18% year-over-year. The company spending 735 million in the quarter to repurchase shares. Final question to each of you. Is this the right move for Monday.com to make this bold bet on itself or is this premature?
我会说，看这样一家处于转型阶段的公司，把现金用于回购，看起来更像是承认高速增长阶段已经结束。你也许是在试图支撑股价，而不是把这笔现金用于收购新技术或知识产权。
Um, you know, I would say when you look at a company like this that's in sort of a a transition phase, using cash for buybacks can look more like an admission that the hyperrowth phase is over.
You're trying to maybe support the stock price rather than spending that cash to acquire new tech or IP.
这就是我的担忧，也大概是我对眼下所见最大的批评。
That's my concern and and that's probably my biggest uh critique of what we're seeing here.
但我认为这项业务能恢复吗？大概率能。我认为这次股票回购对投资者是看涨信号吗？考虑到我们讨论过的所有因素，在目前这个节点我不会这么说。
But do I, you know, do I think the business can recover? Probably. Do I think the stock buyback is a bullish sign for investors? I think given all the factors we've discussed, I wouldn't say so at this point.
对我来说，他们有超过10亿美元现金，没有债务，自由现金流为正。这是一家在负责任地做回购的公司。Monday 在释放一个信号：股价低于其内在价值。
For me, you know, they have over a billion dollars of cash. They have no debt. They have positive free cash flow. That's a company that's doing buybacks responsibly. Monday is sending a signal that the stock is trading below its intrinsic value.
我认为可以说这是一个重大信号。他们在本季度用完了全部授权额度。
I think I think it's fair to say that this is a you know a big signal. They used up their entire authorization during the quarter.
这是管理层发出的一个非常非常有说服力的信号，表明他们非常有信心能够扭转局面。所以，只要他们有钱，我就支持这件事。所以，只要他们真的相信这件事，我就支持他们正在做的事，尤其是考虑到当前股价与其高点的对比。
it's a very very you know compelling signal from management that that they're very confident in that they're going to be able to turn things around. So I I'm I'm a fan of this if they have the money.
Um so I'm I'm a fan of what they're doing if if they really believe in it especially with how the price is compared to its high.