monday.com vs Smartsheet: Strategic Comparison

This in-depth comparison examines monday.com and Smartsheet across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching monday.com on its own, evaluating Smartsheet, or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between monday.com and Smartsheet is widest.

On the headline numbers, annual revenue is $1.2B (FY2025) for monday.com and $958.3M (FY2024) for Smartsheet, while their respective market capitalizations stand at $3.6B and $8.4B. monday.com is headquartered in Israel and Smartsheet in United States, and those different home markets shape how each company competes.

monday.com: monday.com is a work management software company based in Tel Aviv, Israel. Its platform lets non-technical teams such as marketing, HR and sales build their own workflows on a visual, spreadsheet-like board without writing code. Earlier project tools such as Jira and MS Project were built mainly for software engineers.

Smartsheet: Smartsheet builds work management software that looks like a spreadsheet but behaves like a shared database, with Gantt, card, calendar and dashboard views, automated workflows and portfolio reporting. It is used by large enterprises and US government agencies for project and program tracking. Since its January 2025 take-private by Blackstone and Vista, the company has been repositioning itself around what it calls Intelligent Work Management, adding generative and agentic AI features announced at ENGAGE 2025. The company is headquartered in Bellevue, Washington.

monday.com and Smartsheet pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between monday.com and Smartsheet.

monday.com business model: monday.com sells software by subscription, priced per user per month. The core product is a board, a grid of columns and rows that a team can configure as a CRM for sales, an editorial calendar for marketing or a bug tracker for engineering. Because many teams in a company end up running their daily work on it, the revenue is recurring and customers tend to stay.

Smartsheet business model: Smartsheet sells software subscriptions. Customers pay per user on tiered plans (Pro, Business, Enterprise) and can add premium capabilities such as Control Center, Dynamic View, Data Shuttle, Bridge, Resource Management and Brandfolder digital asset management. Subscriptions made up about 95% of revenue in its last public quarter (Q3 fiscal 2025: $273.7 million of $286.9 million), with the rest from professional services such as implementation and consulting. Growth follows a land-and-expand pattern: a team adopts Smartsheet, usage spreads across departments, and the account converts to an enterprise agreement.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of monday.com stack up against those of Smartsheet.

monday.com competitive advantage: monday.com's advantage is flexibility without code and an interface people like using. Traditional software makes a company change its workflow to fit the tool; monday.com lets users change the tool to fit the workflow. The interface is colorful and playful, with touches such as confetti when a task is completed, which helps adoption. Wide adoption inside a company raises the cost of switching.

Smartsheet competitive advantage: Smartsheet's main advantage is a familiar grid interface that lets non-technical business users start quickly, paired with enterprise controls (Control Center for portfolio provisioning, Dynamic View for restricted sharing, admin governance) and a FedRAMP-authorized Smartsheet Gov environment for public-sector buyers.

Future prospects matter as much as current results. The growth strategies below explain how monday.com and Smartsheet each plan to expand from here.

monday.com growth strategy: Having built its base among small and medium-sized businesses, monday.com is moving into large enterprises and specialized products. It is adding the security and compliance features that corporate IT departments require. It has also launched ready-made products, monday sales CRM and monday dev, to compete directly with established tools such as Salesforce and Jira, rather than selling only blank boards.

Smartsheet growth strategy: Under CEO Rajeev Singh, Smartsheet is focusing on enterprise AI: the November 2025 ENGAGE launch added AI agents and data features to the platform. It has also cut costs through two rounds of layoffs, rebuilt its executive team and revamped its partner program in 2026 to lean more on channel sales.

A closer look at the financial trajectory of monday.com and Smartsheet rounds out the comparison.

monday.com: monday.com's revenue grew from $78.1 million in 2019 to $972.0 million in 2024 and $1.232 billion in 2025 (+27%). The company moved from a $136.9 million net loss in 2022 to GAAP profit in 2024 ($32.4 million) and reported 2025 net income of $233.6 million, which included a $61.2 million non-cash tax benefit. Adjusted free cash flow reached $322.7 million in 2025 (26% margin), and the company ended the year with about $1.5 billion in cash. Growth slowed to 22% in Q2 2026 ($364.6 million revenue), while non-GAAP operating margin improved to 17%. Heavy performance-marketing spend has historically been the largest cost line, and softer self-serve demand drove a steep share-price decline in 2026.

Smartsheet: Smartsheet grew revenue from $67.0 million in fiscal 2017 to $958.3 million in fiscal 2024 (year ended January 31, 2024), a 25% increase that year, while the GAAP net loss narrowed from $215.6 million in fiscal 2023 to $104.6 million. In its last reported quarter as a public company, Q3 fiscal 2025, revenue rose 17% to $286.9 million, ARR grew 15% and the company posted $1.3 million of GAAP net income. As a private company since January 2025, it no longer publishes results. Smartsheet Inc. is a major American enterprise software company providing cloud-based work management and collaboration tools, sustaining a market valuation typically over $8 billion.