monday.com Ltd. (MNDY): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed breakdown of monday.com Ltd.'s (MNDY) portfolio using the Boston Consulting Group Matrix, and I can tell you the story is one of a high-growth platform balancing a cash-generating core with aggressive new market plays. As we look at the late 2025 picture, the established Work OS is definitely acting as a Cash Cow, projecting between $330$ million and $334$ million in adjusted free cash flow, which is fueling the Stars like the core platform's 26% year-over-year growth and funding the big Question Marks, such as the $100$ million ARR monday sales CRM and the new AI bets. Honestly, finding true Dogs is tough given the overall momentum, but we need to see where resources are being spent just to maintain low-yield segments. Let's map out exactly where the capital is flowing.

Background of monday.com Ltd. (MNDY)

You're looking to map out monday.com Ltd. (MNDY)'s current standing, so let's ground this in the latest numbers from their Q3 2025 report, which came out in November 2025. monday.com Ltd. provides what they call a Work Operating System (Work OS), which is essentially a highly customizable, cloud-based platform that lets teams manage their projects, workflows, and general collaboration. It's designed to be adaptable across many business functions, including CRM, marketing, and IT.

Financially, the company showed solid momentum through the first nine months of 2025. For the third quarter ending September 30, 2025, revenue hit $316.9 million, marking a 26% increase year-over-year. Honestly, the focus has clearly shifted to efficiency; they posted their highest-ever non-GAAP operating profit of $47.5 million, translating to a 15% margin for the quarter. This is a big step up from the 13% margin seen in Q3 2024. For the full year 2025, monday.com Ltd. is guiding total revenue between $1,226 million and $1,228 million, expecting that 26% growth rate to hold steady.

The strategy to move upmarket to larger customers is definitely paying off in retention and expansion. The Net Dollar Retention rate (NDR) was 111% in Q3 2025, and management expects it to stay right there for the full year 2025. What this estimate hides is the success in the enterprise tier: customers spending over $100,000 in Annual Recurring Revenue (ARR) jumped 48% year-over-year to 1,603 accounts. Plus, the diversification strategy is gaining traction; new products like monday CRM, monday dev, monday service, and monday campaigns now contribute more than 10% of total ARR.

To put this in context, monday.com Ltd. operates in the collaborative work management and SaaS project management space, which was a $5.8 billion market in 2024, growing at close to 10% annually. They face stiff competition from established players like Atlassian, Asana, Smartsheet, and Microsoft. Still, the company is generating serious cash; net cash provided by operating activities in Q3 2025 was $95.1 million, leading to an adjusted free cash flow margin of 29% for that quarter. They are definitely scaling responsibly, even as they continue to invest heavily in product innovation and go-to-market expansion.

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - BCG Matrix: Stars

You're looking at the engine room of monday.com Ltd. (MNDY) growth, the segment that defines its current market leadership and future Cash Cow potential. The core Work OS Platform for enterprise is driving serious top-line momentum. For the full year 2025, total revenue guidance sits between $1,226 million and $1,228 million, which represents year-over-year growth of approximately 26%. To be fair, the first quarter of 2025 actually saw revenue jump 30% year-over-year to $282.3 million. This high growth rate in a large market is exactly what puts this unit squarely in the Star quadrant; it's consuming cash to maintain that market position, but it's definitely earning its keep.

The focus on the enterprise segment is paying off, showing strong adoption and expansion within the largest accounts. Here's the quick math on that high-value cohort as of the first quarter of 2025:

Market validation is also strong, which helps justify the investment needed to keep this unit a Star. monday.com Ltd. was recognized as a Leader in the 2025 Gartner Magic Quadrant for Collaborative Work Management for the third consecutive year. Even better, in that 2025 report, the company was positioned furthest for both Completeness of Vision and Ability to Execute among all vendors evaluated-the first time it achieved that dual distinction in this report. That positioning signifies high market share and a strong roadmap for continued dominance.

The multi-product platform strategy itself is a key driver of this Star status, encouraging high-retention through cross-product adoption across large organizations. You see this reflected in the stickiness of the customer base. For instance, new offerings like monday CRM, monday dev, monday service, and monday campaigns are being integrated into existing workflows. The overall net dollar retention rate was 112% in Q1 2025, and for customers with more than 10 users, it was 115%. This platform approach, which connects people, processes, and AI into one hub, helps ensure that as customers grow, their spend with monday.com Ltd. grows too, which is defintely the path toward Cash Cow territory.

• The core Work OS Platform is expected to generate $1,226 million to $1,228 million in total revenue for the full year 2025.
• Q1 2025 revenue growth was 30% year-over-year, reaching $282.3 million.
• The segment of customers spending over $100,000 in Annual Recurring Revenue (ARR) grew by 46% year-over-year in Q1 2025.
• The company was named a Leader in the 2025 Gartner Magic Quadrant for Collaborative Work Management.
• Overall net dollar retention rate stood at 112% in Q1 2025.

monday.com Ltd. (MNDY) - BCG Matrix: Cash Cows

You're looking at the bedrock of monday.com Ltd.'s financial stability, the segment that funds the next big thing. In the BCG framework, these are the Cash Cows-the high market share products in slower-growing markets that print money. For monday.com Ltd., this is largely the established Work OS platform, the core engine that has achieved significant penetration and now operates with high efficiency.

The established, profitable base of the Work OS platform generates significant capital for new ventures. This core business, while perhaps seeing its initial hyper-growth phase moderate compared to newer product lines, is now a powerhouse of cash conversion. This segment benefits from high customer retention within its most valuable tiers, meaning less aggressive sales spending is needed just to keep the lights on and the revenue flowing steadily.

Here's a quick look at the financial expectations underpinning this 'milking' strategy for the full year 2025:

The full-year 2025 guidance for adjusted free cash flow is $330 million to $334 million, representing a robust margin of approximately 27%. That level of cash generation is exactly what you want from a mature leader; it's capital that can be redeployed without stressing operations.

Furthermore, Non-GAAP operating income is projected at $167 million to $169 million for 2025, showing high operational efficiency from the scaled core business. This margin expansion, even while the company continues to invest in R&D and new products, speaks to the leverage inherent in the core Work OS.

The customer base supporting this cash flow is sticky and deep. You see this in the enterprise segment, which is definitely mature enough to be considered a Cash Cow anchor:

• Customers with more than $100K in ARR reached 1,603 as of Q3 2025.
• Net Dollar Retention Rate for this high-value cohort was 117% in Q3 2025.
• The number of paid customers with more than 10 users was 60,566 in Q1 2025, up 9% year-over-year from 55,515 in Q1 2024.

The large, mature customer base using the basic project and task management features requires less new sales investment to maintain. Their high net dollar retention, like the 117% seen in the enterprise segment, shows they are expanding usage organically, which is the hallmark of a product that has achieved market acceptance and requires only maintenance investment, not heavy promotion.

Investments here should focus on infrastructure to improve efficiency and increase that cash flow further. Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - BCG Matrix: Dogs

DOGS are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The low-end, self-service customer tier represents a segment that requires constant marketing spend to replace lost users, which aligns with the Dog characteristic of needing maintenance without significant cash generation. The Free plan, for instance, is limited to a maximum of 2 people and only 3 board creations. This tier is supported by the Basic plan, priced at $9 per seat/month billed annually, which lacks automations and integrations. The overall Net Dollar Retention Rate (NDR) for monday.com Ltd. was 111% as of Q2 2025, but this average masks the performance of lower-value segments, which typically see higher churn, contrasting with the enterprise segment's NDR of 117% for customers with more than $100,000 in ARR in Q2 2025.

Older, non-strategic integrations or legacy features are those that require engineering resources but offer minimal revenue growth compared to the newer, high-growth areas. The company is heavily emphasizing its multi-product platform expansion, with new products now accounting for more than 10% of total Annual Recurring Revenue (ARR) as of Q3 2025. This focus suggests that features not contributing to this new growth, or those that predate the major AI push, fall into this category. For example, the Pro plan automation/integration action limit is 25,000 actions/month, whereas Enterprise automation is noted as 250,000+ actions, indicating a significant gap in perceived value or strategic focus.

Any non-core, low-adoption features that have not successfully transitioned into a dedicated product offering are candidates for this quadrant. The company's success with monday CRM, reaching $100 million in ARR in just three years, highlights where investment is flowing, implicitly de-prioritizing less successful, older feature sets. The general benchmark for subscription company annual churn is between 1% to 5%, and for enterprise-level companies, this number should reduce to <1% monthly; the low-end tier likely sits near the higher end of this spectrum, consuming cash for replacement marketing.

Honestly, the company's strong overall growth makes finding a true Dog difficult, but this segment is a necessary maintenance cost. Full-year 2025 revenue guidance is projected between $1,224 million and $1,229 million, representing approximately 26% year-over-year growth. Still, the operational reality is that resources must be allocated to maintain the entire feature set, even for users on the lowest-monetizing tiers.

Here is a comparison of the lowest-tier paid offering versus the highest-tier segment, illustrating the disparity in revenue generation and feature set:

The following points summarize the characteristics of the Dog segment within monday.com Ltd.'s portfolio:

• The Free plan is restricted to 2 users and 3 boards.
• The Basic plan costs $9 per seat/month (annual billing).
• Basic plan offers no access to automations or integrations.
• Low-tier customers likely contribute to churn rates exceeding the <1% monthly enterprise benchmark.
• Investment focus is clearly on multi-product adoption, with new products contributing over 10% of ARR in Q3 2025.

monday.com Ltd. (MNDY) - BCG Matrix: Question Marks

You're looking at the growth engines that are currently consuming cash but hold the key to future market dominance. These are the areas where monday.com Ltd. (MNDY) is placing big bets in high-growth segments, hoping to convert low current market share into future Star status. The strategy here is clear: invest heavily to capture share quickly before these segments mature and become Dogs.

monday sales CRM

monday sales CRM is a prime example of a Question Mark that has already shown significant traction in a crowded space. This product recently hit a major milestone, reaching $100 million in Annual Recurring Revenue (ARR) as of the second quarter of 2025. To be fair, the CRM market is massive, dominated by established giants, which is why this product, despite its rapid growth, still requires significant investment to secure a larger, more defensible market share. Recognition in the 2025 Gartner® Magic Quadrant™ for Sales Force Automation for the first time definitely signals market validation. Still, the competition means every dollar spent on sales and marketing here is a calculated risk to gain ground.

monday dev and monday marketer (monday campaigns)

The broader new product suite, which includes monday dev and monday marketer (referred to as monday campaigns in recent reports), is essential to the company's multi-product platform strategy. As of the third quarter of 2025, these new products, alongside monday CRM and monday service, collectively account for over 10% of total ARR. This is a critical threshold, showing these newer offerings are moving past the initial incubation phase. For monday dev, specific integrations like the GitLab integration and the Capacity Planner show focused investment in developer workflows. For the marketing side, the introduction of monday campaigns, which connects directly to CRM data, is designed to drive pipeline alignment. These areas need heavy funding to scale adoption beyond the initial cross-sell success.

New AI Initiatives and Pricing Model

The Artificial Intelligence strategy represents the highest-risk, highest-reward element in the Question Mark quadrant. monday.com Ltd. is pioneering a pay-per-use model for its AI features, moving beyond the initial free tier. The momentum is clear: AI feature usage saw a tenfold increase in the last few months of 2024, and reports suggest AI usage growth is hitting 300 percent every single quarter as of late 2025. The current structure gives every plan 500 free AI Credits per month, with options to buy additional buckets up to 250,000 credits for enterprise users. The success of this monetization hinges on customers seeing enough value to move past the free allocation and pay for usage, which will determine if this investment becomes a Star or a drain.

monday service Adoption

monday service, the product focused on internal organizational service systems, is moving upmarket and is now officially out of beta as of October 2025. This product aims to leverage AI to automate service operations, such as the automatic resolution of tickets. While it saw strong early growth driven by cross-sell to existing customers following its general availability announcement in early 2025, it is still in the early adoption phase compared to the core work management platform. You need to watch its ability to secure large enterprise deals to justify the development spend.

Here's a quick look at the key metrics associated with these growth bets as of the latest reported data in 2025:

The overall company revenue forecast for the full year 2025 is projected to be between $1,226 million and $1,228 million, illustrating the scale these Question Marks need to achieve to significantly impact the top line.

Finance: draft the cash burn projection for the R&D budget allocated to monday dev and monday service for H1 2026 by next Tuesday.