Competition

Competition — The Record

This page lays out the competitive record for monday.com Ltd (MNDY) as the primary sources state it: who the company names as competitors, how its reported scale and unit economics compare to those rivals, and the competitive risks disclosed in its own filings and management calls. Every material claim links to the source page behind it. Interpretation — whether the moat is real, who the top threat is, what to watch — lives in the separate AI Opinions zone, not here.

monday.com describes itself as a cloud-based Work OS with a product suite spanning monday work management, monday CRM, monday dev, and monday service [1]. As of December 31, 2025 it served over 250,000 paying customers, up from nearly 245,000 a year earlier [2]. FY2025 revenue was $1.23B, a 27% increase, at an 89% gross margin (figures detailed below).

Who monday.com names as competitors

In its FY2025 annual report, monday.com states it is "creating a new category of software" and "compete[s] across multiple different markets," then lists its competitors by category [3]:

• Project and work management: Asana, Inc.; Smartsheet Inc.; Notion Labs, Inc.; Atlassian Corporation PLC (Trello); ClickUp; and Freshworks Inc. — monday's named project and work management rivals [4]
• Enterprise service management: Freshworks Inc. (Freshservice) and Atlassian Corporation PLC (Jira Service Management) [5]
• Software development tools: Atlassian Corporation PLC (Jira) [6]

Separately, in its Risk Factors, monday.com discloses that it "currently directly compete[s] with several large technology companies … including Google and Microsoft," and expects that level of competition to increase as products evolve [7].

The peer set

The peer set below starts from the companies monday.com itself names (above) and was confirmed against each peer's own annual-report business description. Five core peers are the named, model-confirmed rivals; Salesforce is retained as a supplementary peer for product overlap (monday CRM, and Slack). Three named competitors — Smartsheet (taken private by Vista/Blackstone in 2024), Notion Labs, and ClickUp — are private and have no indexed filing or market data in this corpus, so they are listed but cannot be benchmarked.

A model-confirmation note for each, from its own filing:

• Asana (ASAN) — pure-play work management; over 180,000 paying customers across 200 countries [8]. Closest pure-play, closest size.
• Atlassian (TEAM) — Trello, Jira and Jira Service Management compete across monday work management, dev and service [9].
• Freshworks (FRSH) — Freshservice (ITSM) and Freshsales (CRM); nearly 75,000 companies use Freshworks [10].
• Microsoft (MSFT) — named as a direct competitor [11]; Planner/Project and Microsoft Teams sit inside the Productivity and Business Processes segment, which reported $120.8B of revenue in FY2025 [12]. A ~$2.8T conglomerate — not a size/valuation comparable.
• ServiceNow (NOW) — closest no-code/low-code workflow-platform analog; overlaps monday service and monday's enterprise workflows. Not named in monday's competition list (adjacency); ~$101B cap, a weak size comparable.
• Salesforce (CRM) — global leader in CRM technology [13]; overlaps monday CRM and, via Slack [14], the collaboration layer. Supplementary; a ~$130B mega-cap.

Peer comparison — scale and economics

Market caps: peers as of 2026-06-27 from staged snapshots; monday.com derived from a $67.09 share price on 2026-06-25 × 53.1M shares outstanding (FY2025 20-F). Revenue, growth and margins from each company's latest reported fiscal year (MNDY/TEAM/FRSH/NOW FY2025; ASAN/CRM FY2026) — as reported. monday.com revenue $1.23B [15]; peer figures per company filings, as reported.

Revenue per the company's own statements: monday.com is mid-sized within this set — far below the Microsoft/Salesforce/ServiceNow mega-caps and Atlassian's $5.2B, but larger than Freshworks ($839M) and Asana ($791M FY2026). On gross margin, monday.com's 89% is the highest figure in the set as reported; on free-cash-flow margin (25%) it sits below ServiceNow, Salesforce, Freshworks and Atlassian, and above Asana.

Full competitor coverage — market cap and enterprise value

Public-peer market caps from staged competitor snapshots, as of 2026-06-27; enterprise value is not present in the staged snapshots and is marked N/A rather than estimated. Smartsheet, Notion and ClickUp are private (named in monday's FY2025 competition list [16]) with no market data in this corpus. Source: data/competition/peer_valuations.json.

Comparative metrics where monday.com leads or trails

Gross margin and growth

Gross margin and revenue growth from each company's latest reported fiscal year — as reported; monday.com FY2025 gross margin 89% derived from reported revenue and cost of revenue [17]. Peer figures per company filings, as reported.

On the two metrics above, monday.com reports the highest gross margin (89%) and the highest revenue growth (27%) in this peer set — ahead of ServiceNow (21%), the fastest-growing of the larger peers, and well ahead of every pure-play. Asana, the closest pure-play, grew 9% in FY2026 versus monday.com's 27% — both as reported by each company.

Net dollar retention and enterprise traction (as disclosed)

monday.com's reported Net Dollar Retention Rate was 110% overall and 116% for customers with more than $50,000 in ARR for the three months ended December 31, 2025 [18]. By contrast, Asana reported a dollar-based net retention rate of 96% for its largest customers (those spending $100,000 or more annually, 817 customers) [19].

monday.com's enterprise base (customers with more than $50,000 in ARR) grew 34% to 4,281 from 3,201, with ARR from those customers up 42% and now 41% of total ARR; customers above $100,000 in ARR grew 45% to 1,756, and customers above $500,000 grew 74% to 87 [20].

monday.com NDR (Q4 FY2025): 110% overall, 116% for >$50k ARR customers [21]; Asana 96% for >$100k customers [22]. Cohort definitions differ; not directly equivalent.

Where larger peers report greater scale and profitability

Several rivals report scale and profitability monday.com does not match. ServiceNow reported 603 customers with annual contract value greater than $5 million and a 98% subscription renewal rate [23][24], with ~8,700 total customers [25]. Atlassian reported 51,978 customers each spending more than $10,000 in Cloud ARR [26]. Microsoft's Productivity and Business Processes segment — which houses Microsoft 365, Teams and Planner — reported $120.8B of revenue [27], roughly 98× monday.com's total revenue. On profitability, ServiceNow ($1.75B net income), Salesforce ($7.46B), Freshworks ($184M) and Microsoft ($102B) reported GAAP profits at scale, while monday.com reported $118.7M of net income and a slightly negative operating margin in FY2025; Asana reported an operating loss of roughly $197M (all per company filings, as reported).

Management's own competitive commentary (verbatim)

monday.com's management has addressed the competitive dynamic directly on its earnings calls. The statements below are quoted, not interpreted.

• Pricing. On the Q3 FY2024 call, the CFO stated the company's price increase "will continue to contribute … between 2024 to 2026 around $80 million" [28].
• Market share. On the Q4 FY2024 call, the co-CEO said changes in the competitive landscape "allowed us actually to take market share, to grab market share," with competitors leaving "the down market to us in terms of SMBs and mid-market" [29].
• SMB channel pressure. On the Q2 FY2025 call, management noted "some softness within the down market due to the changes in the Google algorithm," which it characterized as temporary [30].
• AI. On the Q3 FY2025 call, the company said customers had created "more than 60,000 apps" on its monday Vibe AI product to power their workflows [31].

Disclosed competitive risks and threats

The following competitive risks are drawn directly from monday.com's filings and the peers' own disclosures. Severity ranking is an interpretive judgment and is recorded in the AI Opinions zone, not here; the table reports the disclosed facts only.

Sources: monday.com discloses that larger competitors may sell at zero or negative margins, product bundling, or closed technology platforms [32], and that it directly competes with large technology companies including Google and Microsoft [33]; its named project and work management competitors appear in the Our Competition disclosure [34]; down-market softness from changes in the Google algorithm was noted on the Q2 FY2025 earnings call [35]; and the March 2026 putative class action is disclosed under Legal Proceedings [36].

On the bundling risk specifically, monday.com discloses that larger competitors may incorporate competing functionality into existing products, "including through selling at zero or negative margins, product bundling, or closed technology platforms" [37]. On March 10, 2026, a shareholder filed a putative class action under Sections 10(b) and 20(a) of the Exchange Act concerning the company's forward-looking earnings guidance; the company states it believes the claims are without merit [38].

Key disclosed metrics — latest reported values

The figures below are the latest disclosed values for the metrics most directly tied to monday.com's competitive position. They are reported as facts; which to weight, and what level would signal improvement or deterioration, is discussed in AI Opinions.

Source: monday.com reported revenue of $1,232.0 million for 2025, up 27% [39]; Net Dollar Retention Rate of 110% overall and 116% for customers with more than $50,000 in ARR [40]; enterprise customers with more than $50,000 in ARR grew to 4,281 [41]; and over 250,000 paying customers [42]. Gross margin of 89% is as reported in monday.com's FY-25 overview in numbers and derived from reported revenue and cost of revenue.

Source: FY2025 20-F, Key Business Metrics — enterprise customers grew 34% (>$50k), 45% (>$100k) and 74% (>$500k) year over year [43].

→ Our read on what this means is in AI Opinions.