monday.com Ltd. (MNDY): A Bull Case Theory 

We came across a bullish thesis on monday.com Ltd. on Lewistown Capital’s Substack by Ryan Seawell. In this article, we will summarize the bulls’ thesis on MNDY. monday.com Ltd.’s share was trading at $143.86 as of November 28th. MNDY’s trailing and forward P/E were 116.96 and 27.62 respectively according to Yahoo Finance.

monday.com Ltd., together with its subsidiaries, develops software applications in the United States, Europe, the Middle East, Africa, the United Kingdom, and internationally. MNDY emerges as a uniquely disciplined and culturally strong SaaS company operating in a massive TAM, with its platform flexibility positioning it well for the AI era.

A defining advantage is the company’s ownership-driven culture, built through transparency, autonomy, and small, empowered teams. Glassdoor data reinforces this narrative, consistently highlighting a strong culture, high standards, long hours, and a fast-paced environment—attributes echoed by external signals showing an unusually positive sales culture despite tough work-life balance.

This cultural foundation aligns with Monday’s long-standing fiscal discipline, shaped early on when capital was scarce. Management has maintained an obsessive focus on cash efficiency, using cash payback—not traditional SaaS metrics—as the true barometer of product-market fit. Their philosophy has been to fix the product and funnel rather than overspend, recycling marketing dollars rapidly and running an exceptionally efficient GTM engine. Even as hiring ramped in 2023 to support new AI initiatives and upmarket expansion, the company is now easing headcount growth while preserving its disciplined operating mindset.

Ownership trends further support stability, with key insiders retaining large stakes even as early investors have exited. While Monday has accumulated cash rather than pursue aggressive M&A, management signals that future acquisitions—if any—will be small, focused on capabilities that accelerate the roadmap, particularly in CRM, Service, and AI. A newly authorized $870M buyback provides another lever for value creation amid recent stock weakness.

Despite AI-driven competitive uncertainty from giants like Microsoft and Google, Monday’s strong fundamentals, durable 20%+ growth guide, expanding platform vision, and potential stickiness across Work Management, CRM, Service, automations, and agents make the current valuation unusually compelling.

Previously we covered a bullish thesis on monday.com (MNDY) by @bigbullcap in May 2025, highlighting resilient growth and attractive valuation amid sector-wide compression. The stock has depreciated by 50.15% since then, mainly due to macro-driven software weakness. Still, the thesis stands as Monday remains a high-quality compounder. Ryan Seawell echoes this view, emphasizing its strong culture and exceptional fiscal discipline.

Monday.com Ltd. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held MNDY at the end of the second quarter which was 64 in the previous quarter. While we acknowledge the risk and potential of MNDY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MNDY and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.