Workday Faces Mixed Analyst Views: Strong Q3 Earnings Beat Offset By Growth Concerns And Guidance
Workday Faces Mixed Analyst Views: Strong Q3 Earnings Beat Offset By Growth Concerns And Guidance
Workday, Inc. (NASDAQ:WDAY) shares are trading lower on Wednesday.
Workday, Inc.（纳斯达克：WDAY）股票在周三交易下跌。
The company reported third-quarter earnings of $1.89 per share, surpassing the $1.76 estimate. Revenue of $2.16 billion also beat expectations of $2.13 billion, up from $1.87 billion last year. Workday revised its FY25 subscription revenue guidance.
该公司报告第三季度每股收益为1.89美元，超过了1.76美元的预期。营业收入为21.6亿也超出预计的21.3亿，相较于去年18.7亿有所增长。Workday修订了其2025财年的订阅营业收入指引。
Here are the analyst's take on the stock:
以下是分析师对该股票的看法：
- Piper Sandler analyst Brent A. Bracelin downgraded the stock to Neutral from Overweight, lowering the price forecast to $270 from $285.
- Goldman Sachs analyst Kash Rangan reiterated the Buy rating on the stock, lowering the price forecast to $300 from $305.
- Needham analyst Scott Berg reiterated the Buy rating on the company, with a price forecast of $300.
- 派杰投资分析师Brent A. Bracelin将该股票的评级从超配下调至中立，并将价格预测从285美元下调至270美元。
- 高盛分析师Kash Rangan重申了对该股票的买入评级，并将价格预测从305美元下调至300美元。
- Needham分析师Scott Berg重申了对公司的买入评级，目标价格为300美元。
Piper Sandler: Bracelin has lowered the growth estimate for Workday in 2026 to 12.5%, down from 14.0%, due to concerns over weak guidance and the company's ability to drive growth next year.
派杰投资：Bracelin将Workday在2026年的增长预估下调至12.5%，低于14.0%，原因是对公司弱势指引及其明年推动增长能力的担忧。
Per the analyst, until international expansion, new products, and partnerships begin to show stronger results, Workday's growth prospects are diminishing, leading them to downgrade their rating to Neutral.
根据分析师的说法，直到国际扩展、新产品和合作伙伴关系开始显示出更强的结果之前，Workday的增长前景正在减弱，因此他们将评级下调至中立。
While margin expansion to 27.5% in fiscal 2026 could support more than 15% earnings per share (EPS) growth, the analyst struggles to justify Workday's high valuation, especially given a 28x price-to-earnings (P/E) multiple for CY26 (compared to a GAAP P/E of 70x).
尽管到2026财年边际扩张至27.5%可能支持超过15%的每股收益（EPS）增长，但分析师仍然难以证明Workday的高估值，尤其是考虑到2026年28倍的市盈率（P/E），而GAAP市盈率为70倍。
As a result, the analyst writes that the growth momentum for Workday has slowed.
因此，分析师写道Workday的增长势头减缓了。
Goldman Sachs: The analyst notes a slight decrease in fourth-quarter growth due to delayed large-deal revenue recognition and compression in 1Q25 from leap-year comparisons.
高盛：分析师注意到由于大型交易收入确认延迟，第四季度增长略有下降，并且由于闰年比较，2025年第一季度出现压缩。
Despite these challenges, the analyst is cautiously optimistic, noting that the macro environment in FY26 could improve following election results and potential rate cuts.
尽管面临这些挑战，分析师持谨慎乐观态度，指出2026财年的宏观环境在选举结果和潜在降息后可能会改善。
Additionally, Workday's AI products are showing strong traction, with 30% of third quarter customer expansions incorporating AI solutions, leading to a 39% reduction in turnover and a significant boost in selling prices. While the delayed revenue recognition from strategic deals was unexpected, the analyst forecasts that the products and features delivered should result in long-term revenue benefits.
此外，Workday的人工智能产品显示出强劲的吸引力，第三季度的30%客户扩展纳入了人工智能解决方案，导致员工流失率降低39%和销售价格显著上涨。尽管来自战略交易的收入确认延迟是意外的，但分析师预测提供的产品和功能将为长期收入带来好处。
If Workday can maintain stable, durable growth and improve its margins, the stock is likely to see a re-rating, the analyst adds.
分析师补充道，如果Workday能够保持稳定且持久的增长并改善其利润率，股票可能会看到重新评级。
Needham: Workday is facing longer sales cycles than in FY24, with cRPO at $6.98 billion, up 15.4% year-over-year, slightly above guidance.
Needham：Workday面临的销售周期较2024财年更长，cRPO为69.8亿，较去年增长15.4%，稍高于指导。
However, the analyst forecasts that Workday shares will be weak due to a lower-than-expected FY26 subscription revenue growth forecast of 14%, below the 15% consensus. This shortfall is attributed to revenue recognition timing on large deals.
然而，分析师预测由于2026财年订阅收入增长预测为14%，低于15%的市场共识，Workday股票将表现疲软。这个短缺归因于大型交易的收入确认时机。
The analyst also sees investor concern growing over the intermediate-term outlook, as the company's new management team has recently reaffirmed its 15% subscription growth targets.
分析师还认为，投资者对中期前景的担忧正在增加，因为公司的新管理团队最近重申了15%的订阅增长目标。
The analyst raised the FY25 EPS estimates to $7.20 from $7.12.
分析师将FY25每股收益预期从7.12美元上调至7.20美元。
Price Action: WDAY shares are trading lower by 8.26% to $247.87 at last check Wednesday.
价格走势：WDAY股票在周三最后检查时下跌了8.26%，报247.87美元。
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