• The company keeps doing almost everything right, with good growth, operational leverage and lots of free cash flow.
• There is no reason to think this won’t continue, but the picture is muddied by a large amount of share-based compensation.
• The company’s valuation is also quite stretched, in our view.

Source: Workday Keeps On Rising, But Its Valuation Is Steep – Workday (NYSE:WDAY) | Seeking Alpha