Credit markets are slightly overstating WDAY’s credit risk with a YTW of 5.225% relative to an Intrinsic YTW of 4.527% and an intrinsic CDS of 38bps. Furthermore, Moody’s is overstating WDAY’s fundamental credit risk with its Baa1 credit rating three notches below Valens’ IG3+ (A1) credit rating.

Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. That said, as a positive, all management members have low change-in-control compensation relative to their annual compensation. This indicates that they may not be incentivized to pursue a takeover or accept a sale of the company, decreasing event risk for creditors.

Earnings Call Forensics™ analysis of the firm’s Q1 2027 earnings call (5/21/2026) highlights management is confident in the strength of their integrated platform, data model, and embedded AI capabilities to drive customer adoption and long-term value.