monday.com Ltd. (MNDY): Business Model Canvas [Dec-2025 Updated]

Honestly, if you're still thinking of monday.com Ltd. as just a nice tool for small teams, you're missing the big strategic shift. After a decade analyzing these platforms, I see a clear story: they've successfully morphed into an enterprise-grade Work OS, using AI like monday magic to lock in bigger clients. The numbers back this up; their overall Net Dollar Retention hit 111%, showing existing customers are spending more, and they're pushing hard for those big contracts, with 27% of ARR coming from accounts over $100,000 in ARR. So, you need to see the full nine blocks of their model to understand how they plan to hit that $1,226 million to $1,228 million revenue guidance for 2025.

monday.com Ltd. (MNDY) - Canvas Business Model: Key Partnerships

You're looking at how monday.com Ltd. (MNDY) builds out its market reach and product capability through external relationships as of late 2025. These alliances are critical for scaling adoption, especially as the company pushes deeper into the enterprise segment.

The partner ecosystem is clearly segmented to drive specific outcomes, from direct sales to technical enablement. As of late 2025, the overall partner network is substantial, with over 5,000 partners globally growing their business through the platform, spanning Solution, Service, and Tech Partner categories.

Here's a breakdown of the key partnership types:

• Channel Partners: Over 254 active channel partners driving sales and implementation.
• Referral Partners: Expanding network of over 738 new referral partners.
• Technology Integrations: Deep integrations with major third-party software ecosystems.
• Brand Proof-of-Concept: Multi-year partnership with Bonds Flying Roos (SailGP).
• Strategic Alliances: Collaborations for cloud infrastructure and AI model access.

The focus on specialization within the channel is a clear strategy to capture more complex, high-value deals. For instance, the CRM Specialist status has seen significant uptake; as of August 2025, over 40 partners globally had achieved this status, with this number more than doubling year-on-year. These Specialist Partners now contribute 50% of the CRM channel's annual recurring revenue (ARR).

The Technology Integrations block is supported by a mature marketplace. The platform offers deep connections with major ecosystems, supporting over 200 integrations with external platforms and tools like Slack, Google Drive, Zoom, and Salesforce. This allows users to centralize data and automate workflows across their existing tech stack.

The Brand Proof-of-Concept partnership is a high-visibility move. monday.com Ltd. announced a three-year partnership in late October/November 2025 with the Bonds Flying Roos, the Australian SailGP team, making monday.com Ltd. the Official Global Work Management Partner. This arrangement goes beyond simple marketing; the platform's AI-powered capabilities are being used to coordinate the team's complex global operations, which serves as a demanding, real-world showcase for the software.

To give you a clearer picture of the partner structure and recent growth metrics, here is a summary:

Strategic Alliances are focused on the core technology stack, which is essential for a company emphasizing AI. While specific financial terms aren't public, the focus is on collaborations for securing cloud infrastructure capacity to support global scale and gaining access to advanced AI models to power features like the Digital Workforce of AI Agents announced in early 2025.

The shift in go-to-market investment toward mid-funnel channels, which includes partners, is designed to secure higher-quality pipelines, even if it means longer sales cycles. This reliance on partners to increase enterprise adoption is a key component of their strategy moving forward.

Finance: review Q3 2025 RPO growth of 36% year-over-year ($747 million) and map the expected impact of partner-driven enterprise deals on Q4 2025 revenue targets by next Tuesday.

monday.com Ltd. (MNDY) - Canvas Business Model: Key Activities

You're looking at the core engine driving monday.com Ltd.'s growth right now, which is all about execution on the platform and the go-to-market motion. It's not just about having a good product; it's about the relentless work behind the scenes to keep it humming and selling it effectively, especially to the big players.

Research and Development (R&D): Continuous AI innovation and product suite expansion

The investment in R&D is significant, showing a clear commitment to staying ahead, particularly with AI. For the twelve months ending September 30, 2025, Research and Development Expenses hit $0.298B. That's a massive 54.29% increase year-over-year. To be fair, this spend is translating into product adoption; new products now account for more than 10% of total Annual Recurring Revenue (ARR), surpassing an earlier goal ahead of schedule. In the third quarter of fiscal year 2025, R&D expenses were $57.8 million, representing 18% of revenue for that period. That quarterly spend is up from $87.04M reported for the second quarter of 2025.

The focus is clearly on embedding intelligence across the Work OS.

• AI-powered monday campaigns product saw rapid adoption since its September launch.
• New bundled offerings combining Work Management with CRM, Service, and Dev started in Q4.
• The company is investing in AI Blocks, Product Power-ups, and the Digital Workforce of AI Agents.

Platform Maintenance: Ensuring high uptime and scalability of the Work OS

Keeping the Work OS reliable is non-negotiable when you're landing big enterprise deals. Looking at the late 2025 operational stats, the platform demonstrated strong availability. For November 2025, the uptime was reported at 99.99%. October 2025 saw a slightly lower, but still high, uptime of 99.63%. This is the kind of consistency that supports those high-value, multi-year commitments we see increasing.

Upmarket Go-to-Market: Focused sales efforts on enterprise accounts

The shift upmarket is visible in the customer metrics, which is a key activity for the sales team. They are successfully landing and expanding within larger accounts. Customers bringing in over $50,000 in ARR now represent 40% of total ARR, which is up from 34% a year ago. The growth in these larger segments is accelerating.

Here's a quick look at the growth in the high-value customer base as of the end of Q3 2025:

monday CRM itself surpassed $100 million in ARR, achieving that milestone in under three years since launch.

Customer Success: Driving high Net Dollar Retention (NDR) of 111% overall

Customer Success is clearly focused on expansion within the existing base, which is the primary driver of revenue growth. The overall Net Dollar Retention Rate (NDR) for the trailing twelve months ending Q3 2025 was 111%. That number tells you that even without adding new logos, the existing customer base is spending 11% more than they did the year prior. For your most valuable customers, the retention is even stickier.

• NDR for customers with more than 10 users was 115%.
• NDR for customers with more than $50,000 in ARR was 117% in Q3 2025.
• NDR for customers with more than $100,000 in ARR was also 117% in Q3 2025.

Global Marketing: Digital acquisition and brand building campaigns

Marketing activities are geared toward broad awareness and driving initial adoption, though the spend ratio suggests a focus on efficiency alongside growth. For Q2 2025, Sales & Marketing as a percentage of revenue was 46.6%, which was a decrease of 4.6 percentage points year-over-year. The full-year 2025 guidance suggests a Non-GAAP operating margin of approximately 14%, indicating disciplined spending relative to the projected full-year revenue of $1,226 million to $1,228 million.

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Key Resources

You're looking at the core assets that power monday.com Ltd. (MNDY) as of late 2025. These aren't just line items; they are the engines driving their shift from work management to work execution.

The foundation is definitely the Proprietary Work OS Platform. This is their Work Operating System (Work OS), which is fundamentally a no-code/low-code environment. It lets teams build custom applications for any process, not just project management, using ready-made building blocks. This flexibility is key, supported by over 50+ prebuilt adaptors for seamless integration with existing tools.

The recent push is all about AI Capabilities, moving the platform beyond just managing work to actually executing it. They launched three core tools this year:

• monday magic: Generates complete, functional workflows from a plain language prompt.
• monday vibe: An AI-enhanced platform for building secure, custom business apps without code.
• monday sidekick: A personalized, context-aware digital worker that proactively suggests or takes action.

Adoption is showing up in the numbers, too. Since its gradual release, monday vibe has seen customers create more than 60,000+ apps to power unique workflows. Also, the new AI-powered monday campaigns product within CRM already has more than 200 accounts since its September launch.

The Financial Capital provides the fuel for this innovation. They entered 2025 from a position of strength, and by the end of the last fiscal year, the balance sheet reflected this stability. They ended Q4 2024 with approximately $1.41 billion in cash and cash equivalents, which is a solid war chest for continued investment.

Your investment thesis should also weigh the Human Capital. They are aggressively scaling the teams responsible for building and selling this platform. As of the third quarter of 2025, total employee headcount stood at 3,018 employees, and management signaled plans to grow headcount by approximately 30% in fiscal year 2025 to support this expansion.

Finally, underpinning all of this is the Data and IP. The Work OS captures all data through both human action and automations, making that data structured and digestible. This proprietary data is what feeds the AI models, allowing monday.com's AI to continuously scan structured and unstructured information to drive better predictive risk management and AI-generated reporting.

Here's a quick snapshot of the key resource metrics as of late 2025:

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Value Propositions

You're looking at how monday.com Ltd. (MNDY) delivers tangible value to its customers as of late 2025. The core proposition revolves around consolidation, adaptability, and intelligence built into the platform.

Unified Work OS: Centralizing diverse workflows (CRM, Dev, Service) on one platform.

The platform's value is increasingly tied to its multi-product adoption, moving beyond core Work Management. This centralization is showing up in the financials through higher-value customer segments.

• New products (monday CRM, monday dev, monday service, monday campaigns) now account for more than 10% of total ARR as of Q3 2025.
• monday CRM achieved $100 million in Annual Recurring Revenue (ARR) as of Q2 2025.
• monday Campaigns, launched in September 2025, already has more than 200 accounts.

Flexibility and Customization: Users build custom apps and workflows without code.

The no-code/low-code aspect is critical for adoption, especially among non-technical users. The creation of custom applications demonstrates this flexibility in action.

AI-Powered Productivity: Automating tasks and providing proactive support via AI agents.

AI integration is a major driver of engagement and is moving the platform toward work execution. The adoption rate shows a significant shift in how customers are using the platform.

• Cumulative AI-driven actions across the platform reached over 46 million as of Q2 2025.
• Adoption growth quarter-over-quarter since implementing the AI strategy was more than 150% as of the end of Q1 2025.
• The company offered each customer 500 free AI actions before moving to a usage-based pricing model.

Enterprise Scalability: Robust features for leadership visibility and resource optimization.

The focus on larger accounts is evident in the growth of high-ARR customer cohorts and strong retention within those groups. This shows the platform is successfully embedding itself in critical enterprise operations.

Rapid Time-to-Value: Intuitive interface for quick adoption and immediate impact.

The overall platform health, reflected in retention, suggests users find value quickly enough to expand their usage year over year. The general net dollar retention rate speaks to this stickiness.

• Net Dollar Retention Rate (Overall) was 111% as of Q3 2025.
• Net Dollar Retention Rate for customers with more than 10 users was 115% as of Q3 2025.

monday.com Ltd. (MNDY) - Canvas Business Model: Customer Relationships

You're looking at how monday.com Ltd. manages its relationship with its diverse user base, which spans from small teams to the largest enterprises. It's a multi-pronged approach, balancing efficient digital touchpoints with high-touch human engagement.

Self-Serve Model

The foundation for acquisition, especially for smaller teams and SMBs, remains the low-touch, self-serve path. This is the initial entry point for many, leveraging the platform's inherent usability. Honestly, the company has been strategically shifting away from relying solely on this viral, self-serve strategy toward a more sales-led model to capture larger accounts, but the self-serve entry remains critical for volume. As of early 2025, monday.com Ltd. served approximately 245,000 customers, though this number grew to over 250,000 by late 2025.

Dedicated Account Management

For the high-value segment, the relationship becomes high-touch. This is where dedicated resources focus on driving deeper platform adoption and expansion within large organizations. The success of this strategy is clear in the growth metrics for larger clients. For instance, the number of paid customers with over $100,000 in Annual Recurring Revenue (ARR) grew by an impressive 46% year-over-year in the second quarter of 2025. Furthermore, the monday CRM product alone achieved $100 million in ARR just three years after launch, showing success in upselling specialized solutions.

Here's a snapshot of how retention metrics reflect the success of this upmarket focus:

Community and Forum Support

Leveraging the scale of the user base for peer-to-peer assistance is a key efficiency driver. The monday Community Forum acts as a hub where members share ideas, ask questions, and explain use cases, which helps deflect simple support tickets. You can see active discussions on feature requests, API usage, and specific workflow challenges, showing a vibrant, self-regulating ecosystem.

• A place for members to share ideas and use cases.
• Active threads on platform discussions and feature requests.
• Dedicated sections for apps and developer resources.

In-Product AI Support

Immediate, contextual help is increasingly delivered via embedded artificial intelligence. The company's AI vision centers on making intelligence accessible directly within workflows. The monday sidekick is one of the announced AI-powered capabilities aimed at providing this immediate assistance. This is building on prior momentum, as customers had already performed approximately 10 million AI-powered actions by the end of FY24. The platform also introduced monday Expert, planned for a Q2 2025 launch, to further enhance automation and decision-making. The monday vibe feature has also seen massive adoption, enabling the creation of over 60,000 apps to date.

Expansion Focus

The core of the growth strategy involves prioritizing cross-selling and upselling to drive expansion revenue within existing accounts. The stated goal for this focus is driving 117% NDR for large customers, indicating a strong expectation for net revenue expansion even as the overall NDR settled around 111% in Q2 2025. This expansion is fueled by the multi-product platform strategy, where newer offerings like monday CRM, monday Dev, and monday Service now contribute more than 10% of total ARR as of Q3 2025.

• Prioritizing cross-selling of the multi-product suite.
• Targeting 117% NDR specifically for the large customer cohort.
• Newer products grew more than 80% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Channels

You're looking at how monday.com Ltd. gets its Work OS into the hands of customers, which is definitely shifting toward larger deals as of late 2025. The strategy is clearly moving upmarket, which impacts how they use each channel.

Direct Sales Force: Inside and field sales teams targeting enterprise accounts.

The focus is on larger customers, which means the direct sales force is crucial for closing these bigger, more complex deals. You can see this push in the growth of high-value accounts.

• The number of paid customers with more than $100,000 in Annual Recurring Revenue (ARR) was 1,603 as of September 30, 2025, marking a 48% year-over-year increase.
• Customers with more than $500,000 in ARR reached 78 in Q3 2025, a 73% increase from 45 as of September 30, 2024.
• The monday CRM product recently hit $100 million in ARR as of the second quarter of fiscal year 2025, just three years after launch.
• The company is actively rebalancing go-to-market investment toward mid-funnel channels that target these larger opportunities, even though this brings longer sales cycles.

Online Self-Service: Website and app stores for trial and subscription sign-ups.

This channel captures the long tail and smaller-to-midsize business sign-ups, though management noted some choppiness in top-of-funnel activity in Q3 2025.

• Total paid customers with more than 10 users stood at 63,075 on September 30, 2025, a 7% increase from 58,760 on September 30, 2024.
• The overall Net Dollar Retention (NDR) rate was reported at 111% for Q3 2025.
• For customers with over 10 users, the NDR was 115% in Q3 2025.

Partner Ecosystem: Channel and referral partners for regional and specialized sales.

The partner ecosystem is a significant growth lever, especially with new specialization frameworks driving revenue in key areas like CRM.

• As of February 2025, monday.com had over 270 solution partners globally.
• Solution partners increased by 24 percent over the year leading up to February 2025.
• Specialist Partners in the CRM specialization now contribute 50% of the CRM channel ARR.
• Over 600 professionals from more than 50 countries were part of the partner ecosystem at the February 2025 Partner Summit.

App Marketplace: Distribution of third-party and custom apps (monday vibe).

The marketplace acts as an extension of the core platform, with custom apps built on platforms like monday Vibe showing rapid adoption.

• The monday.com Marketplace hosted 650 available applications as of February 2025.
• The number of available applications grew by 59 percent in the year leading up to February 2025.
• New products, including monday Service, now account for more than 10% of total ARR as of Q3 2025.
• Over 60000 apps have been built on monday Vibe in approximately 3 months as of Q3 2025.

Digital Marketing: Performance marketing and SEO for lead generation.

While the company is shifting focus upmarket, digital channels remain important for the broader customer base, despite recent acknowledged choppiness.

• Advertising expenditure increased from $98,423 in 2019 to $203,235 in 2023.
• The company is monitoring stabilization or improvement in mid-market and SMB customer acquisition channels.

Here's a quick look at how key customer segments, often indicative of channel success, are performing as of late 2025:

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Customer Segments

You're looking at how monday.com Ltd. segments its buyers to drive growth, especially as they push further upmarket. The focus is clearly shifting toward larger, more established organizations, but the core base is still critical for volume.

Enterprise Customers are a major growth engine now. Companies spending over $100,000 in ARR (Annual Recurring Revenue) are a key focus, and this segment is pulling a larger share of the total revenue pie. As of the third quarter of 2025, these large accounts now represent 27% of ARR, which is a nice bump up from 22% at the end of the third quarter of 2024. That's defintely a sign of successful enterprise sales execution.

Mid-Market Businesses are the next layer down, often focused on scaling their operations across multiple departments. We can track this group by looking at customers with over $50,000 in ARR. This cohort now makes up 40% of ARR as of Q3 2025, up from 34% a year prior. The company added 291 net new customers in this $50k+ ARR bracket during Q3 2025 alone.

Small and Medium Businesses (SMBs) remain the foundation, often starting with a self-serve trial or lower-tier plan. The total customer base was approximately 245,000 customers as of Q2 2025. These smaller accounts are crucial for product-led growth and feeding the funnel for future expansion.

Diverse Teams show the platform's breadth beyond its original project management use case. The multi-product strategy is working, as new products like monday CRM, monday dev, monday service, and monday campaigns now account for more than 10% of total ARR as of Q3 2025. monday CRM, for instance, recently crossed the $100 million in ARR mark, only three years after its launch.

Here are the latest hard numbers we have on the paid user base and key enterprise tiers, primarily reflecting the Q3 2025 report, but including the specific Q2 2025 metric you requested:

• Paid User Base: Over 61,803 customers with more than 10 users (Q2 2025).
• The number of paid customers with more than 10 users grew to 63,075 as of September 30, 2024, representing 81% of ARR in Q3 2025.
• The largest customers are clearly driving expansion; the net dollar retention rate for customers with more than $100,000 in ARR was 117% in Q3 2025.

To give you a clearer picture of the customer value distribution based on the latest available data (Q3 2025):

The growth in the number of customers over $100,000 in ARR was 48% year-over-year as of Q3 2025, showing that the enterprise focus is translating into more high-value logos. Also, the largest customer segment, those over $500,000 in ARR, grew its customer count by 73% to reach 78 customers.

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Cost Structure

You're looking at the engine room of monday.com Ltd. (MNDY) to see where the money actually goes to keep this Work OS humming and growing. Honestly, for a company scaling this fast, the cost structure is a direct reflection of its growth strategy-heavy on acquisition and innovation.

Investment in Product and Market Penetration

The biggest levers pulling on the expense side are definitely product development and getting that product into new hands. R&D (Research and Development) is a significant cost driver, showing a major commitment to staying ahead, especially with AI integration. For the full year 2025, management is guiding that they are putting about 18% of revenue back into R&D to fuel that innovation pipeline, including features like monday magic and monday sidekick. Also, Sales and Marketing (S&M) spend remains high, which makes sense as they push for upmarket expansion and continue to acquire new customers. This S&M spend is projected to be around 48% of the full-year 2025 revenue. That's a substantial investment to drive the expected full-year revenue between $1,226 million and $1,228 million.

Here's the quick math on those two major spending categories based on the midpoint of the revenue guidance:

Workforce and Platform Scaling

Personnel Costs are naturally high given the global scale of operations and the need for top engineering and sales talent. As of September 30, 2025, monday.com Ltd. had 3,018 employees on the payroll. That's a global workforce you need to compensate well to keep that innovation engine running. To support this global platform and the increasing customer base, Cloud Infrastructure costs are a necessary, ongoing expense, covering hosting and the scaling required for their Work OS.

The focus on efficiency, however, is clear when you look at profitability alongside these costs. The company is driving toward better operating leverage, which you can see in the expected bottom line:

• Full-year 2025 non-GAAP operating income is expected to be between $167 million and $169 million.
• This translates to an expected non-GAAP operating margin of approximately 14% for the full year 2025.
• For context, the Q3 2025 non-GAAP operating margin hit 15%, up from around 7% in 2024.

Key Cost Structure Components

When you break down the major cost buckets, you see where the operational discipline is being applied, even while spending heavily on growth. The company is managing to grow revenue at about 26% year-over-year while simultaneously improving margins, which is a tough balancing act. The costs are heavily weighted toward acquiring and serving customers, but the return on that spend is showing up in the operating income guidance.

Here is a summary of the key figures driving the cost structure:

• Personnel base of 3,018 employees as of September 30, 2025.
• R&D spend estimated at 18% of revenue for FY 2025.
• S&M spend estimated at 48% of revenue for FY 2025.
• Expected full-year 2025 non-GAAP operating income in the range of $167 million to $169 million.
• Cloud Infrastructure is a variable but essential cost for platform scaling.

Finance: draft 13-week cash view by Friday.

monday.com Ltd. (MNDY) - Canvas Business Model: Revenue Streams

You're looking at how monday.com Ltd. actually brings in the cash, and it's definitely centered on recurring software access. The core of their revenue engine is the subscription model, which scales up based on what features you need and how many people (seats) are using the platform.

Subscription Fees are structured in a clear, tiered fashion. You start with the entry-level plans and move up as your team's needs for automation, reporting, and security grow. Honestly, the jump in capability between tiers is what drives the upsell.

Also, monday.com Ltd. is successfully driving revenue from its specialized offerings, which is key to moving upmarket. The platform is no longer just project management; it's a Work OS with distinct product lines.

• monday CRM recently hit $100 million in ARR as of the second quarter of 2025.
• New products, as a group, accounted for more than 10% of total ARR as of the third quarter of 2025.
• The platform includes monday dev, which has a base cost starting around $9 per seat/month billed annually for its entry level.

We're also seeing the introduction of Usage-Based Fees, which is a smart way to monetize new features without constantly adjusting the base subscription price. This is where the AI push really shows up in the financials.

• Every paid seat gets 500 AI credits per month included in their subscription.
• The monday vibe platform saw more than 60,000 apps built on it in approximately 3 months leading up to the third quarter of 2025.
• Only subscribers of the top 3 paid plans can purchase the additional AI add-on.

Finally, the big money is coming from Enterprise Contracts. These large, multi-year deals provide significant, predictable Annual Recurring Revenue (ARR) and show the platform's success in landing bigger customers. You can see this momentum in their customer cohort growth.

• The number of paid customers with more than $100,000 in ARR reached 1,472 as of June 30, 2025, a 46% increase year-over-year.
• Customers with over $50,000 in ARR totaled 3,702 as of June 30, 2025, up 36% from the prior year.

For the full-year 2025 outlook, monday.com Ltd. is guiding for Total Revenue between $1,226 million to $1,228 million, which represents approximately 26% year-over-year growth based on the third quarter guidance. That's a solid number to anchor your valuation on. Finance: draft 13-week cash view by Friday.