Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our careers looking for businesses that customers cannot easily leave, run by people we trust, bought at prices that don't require heroic assumptions. Workday checks the first box more convincingly than almost any software company we've examined: it runs the payroll, the personnel records, and increasingly the general ledger for more than 60% of the Fortune 500, and roughly 97% of its subscription revenue renews every year, in good times and bad. The market has recently decided — with the certainty markets always have about the future — that artificial intelligence will eat this business alive, and has cut the stock nearly in half from its high. We think the fear contains a kernel of truth wrapped in a great deal of exaggeration.
Recent filings analysed: 8-K (2026-06-22), 10-Q (2026-05-22), 8-K (2026-05-21), DEF 14A (2026-05-05).
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