Atlassian vs Workday

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KIRA’s take AI analyst

I put Atlassian and Workday side by side, using each one’s latest annual report. Here is what stands out:

Workday is the larger business, with $9.6B of revenue in fiscal 2026 against $6.6B for Atlassian.
Atlassian grew revenue faster (26.0%, against 13.1%).
Workday kept more of each dollar of sales as operating profit (7.6% operating margin, against 0.2%).
Workday turned more of its sales into free cash flow (29.1% FCF margin, against 20.1%).

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Atlassian

TEAM

3/9

Revenue growth5-year growthShare count change

Workday

WDAY

5/9

Operating marginNet marginFCF marginReturn on equityNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	TEAM FY26	WDAY FY26
Size
Market cap	$58.1B	$51.4B
Revenue	$6.6B	$9.6B
Free cash flow	$1.3B	$2.8B
Net income	−$53.8M	$693M
Growth
Revenue growth	26.0%	13.1%
5-year growth	25.8%	17.2%
Share count change	−0.6%	−0.4%
Profitability
Gross margin	84.8%	—
Operating margin	0.2%	7.6%
Net margin	−0.8%	7.3%
FCF margin	20.1%	29.1%
Return on capital	—	10.6%
Return on equity	−4.5%	8.2%
Balance sheet
Net debt	−$250M	−$2.5B
Net debt / EBITDA	−1.7x	−2.6x
Dividends and buybacks	$1.8B	$2.9B
Valuation & quality
P/E	—	42.2x
Piotroski F-score	7	7

Ten years

Revenue

FY17

TEAM $620M

WDAY $1.6B

FY18

TEAM $874M

WDAY $2.1B

FY19

TEAM $1.2B

WDAY $2.8B

FY20

TEAM $1.6B

WDAY $3.6B

FY21

TEAM $2.1B

WDAY $4.3B

FY22

TEAM $2.8B

WDAY $5.1B

FY23

TEAM $3.5B

WDAY $6.2B

FY24

TEAM $4.4B

WDAY $7.3B

FY25

TEAM $5.2B

WDAY $8.4B

FY26

TEAM $6.6B

WDAY $9.6B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

TEAM WDAY

Operating margin

FY17

TEAM −9.0%

WDAY −22.4%

FY18

TEAM −5.3%

WDAY −14.2%

FY19

TEAM −5.2%

WDAY −16.4%

FY20

TEAM 0.9%

WDAY −13.9%

FY21

TEAM 6.8%

WDAY −5.8%

FY22

TEAM 2.5%

WDAY −2.3%

FY23

TEAM −9.8%

WDAY −3.6%

FY24

TEAM −2.7%

WDAY 2.5%

FY25

TEAM −2.5%

WDAY 4.9%

FY26

TEAM 0.2%

WDAY 7.6%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

TEAM WDAY

Free cash flow

FY17

TEAM $198M

WDAY $230M

FY18

TEAM $281M

WDAY $324M

FY19

TEAM $422M

WDAY $404M

FY20

TEAM $539M

WDAY $621M

FY21

TEAM $758M

WDAY $1.0B

FY22

TEAM $750M

WDAY $1.4B

FY23

TEAM $842M

WDAY $1.3B

FY24

TEAM $1.4B

WDAY $1.9B

FY25

TEAM $1.4B

WDAY $2.2B

FY26

TEAM $1.3B

WDAY $2.8B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

TEAM WDAY

Return on capital

FY17

TEAM —

WDAY —

FY18

TEAM —

WDAY —

FY19

TEAM —

WDAY −16.4%

FY20

TEAM —

WDAY −18.3%

FY21

TEAM —

WDAY −11.8%

FY22

TEAM —

WDAY −5.4%

FY23

TEAM —

WDAY −6.8%

FY24

TEAM —

WDAY 6.4%

FY25

TEAM —

WDAY 9.4%

FY26

TEAM —

WDAY 10.6%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

TEAM WDAY

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.