Buy WDAY by Oct 6, 2026.

Workday keeps showing up on "expensive software" screens because of its \~44x trailing P/E. But that trailing number is sitting on a depressed/volatile earnings base, and the forward picture looks nothing like it. Wanted to lay out the bull and bear perspectives. The bull case: \- Gross margin 75.77% - real pricing power, entrenched in enterprise HR + finance (high switching costs). \- Free cash flow $3.12B, exceeding net income -> high earnings quality, not accounting sugar. That's an \~8.8% …