CrowdStrike (CRWD)
Information Technology · $255B market cap · SEC CIK 0001535527
fundamentals score out of 100
Next reports on Nov 30, 2026, with analysts expecting $0.32 in earnings per share.
The case for CRWD
- Revenue up 24.3% on the year.
- Generated $1.3B of free cash flow in FY2025, 27% of revenue.
- Holds more cash ($5.2B) than long-term debt ($745M).
- Has compounded revenue at 40.6% a year over five years.
- Barely leveraged. Debt is 0.15× equity.
- Gross margin of 75% absorbs cost shocks.
The case against
- Very expensive at 4368.6× earnings. Years of growth are already in the price.
- Priced at 47.3× sales, which leaves no room for a stumble.
- Return on equity of only 1%.
- Priced at 38× book value. Very little hard asset backing here.
- Growth is slowing: revenue up 24.3% this year against 40.6% a year over five.
- Net margin of 1.1% leaves very little room for error.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 7 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 84 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 19 |
| Momentumhow the price has behaved lately | 96 |
| Stabilityhow violently it moves, what it owes and what it pays you | 60 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 4368.6× |
|---|---|
| Price / book | 38.10× |
| Price / sales | 47.3× |
| Revenue growth (YoY) | +24.3% |
| EPS growth (YoY) | — |
| Gross margin | 75% |
| Operating margin | -2% |
| Net margin | 1% |
| Return on equity | 1% |
| Debt / equity | 0.15× |
| Current ratio | 1.57 |
| Dividend yield | none |
| Beta | 1.20 |
| 52-week range | $85.68 – $250.32 |
| Position in that range | 100% of the way up |
| 3-month return | +45.6% |
| 1-year return | +98.5% |
Five years of financials, as filed
Pulled from CrowdStrike's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.8B | $4.0B | $3.1B | $2.2B | $1.5B |
| Gross profit | $3.6B | $3.0B | $2.3B | $1.6B | $1.1B |
| Operating income | -$293M | -$116M | -$19.1M | -$190M | -$143M |
| Net income | -$161M | -$12.6M | $73.4M | -$182M | -$232M |
| Operating cash flow | $1.6B | $1.4B | $1.2B | $941M | $575M |
| Capital expenditure | $302M | $255M | $177M | $235M | $112M |
| Total assets | $11.1B | $8.7B | $6.6B | $5.0B | $3.6B |
| Total liabilities | $6.6B | $5.4B | $4.3B | $3.5B | $2.6B |
| Shareholder equity | $4.4B | $3.3B | $2.3B | $1.5B | $1.0B |
| Cash | $5.2B | $4.3B | $3.4B | $2.5B | $2.0B |
| Long-term debt | $745M | $744M | $742M | $741M | $740M |
| Free cash flow | $1.3B | $1.1B | $990M | $706M | $463M |
| Gross margin | 74.7% | 75.0% | 75.2% | 73.2% | 73.6% |
| Operating margin | -6.1% | -2.9% | -0.6% | -8.5% | -9.8% |
| Net margin | -3.3% | -0.3% | 2.4% | -8.1% | -16.0% |
| Diluted shares | 251M | 245M | 244M | 233M | 227M |
Share count is up 10.3% over 4 years. Your slice has been diluted.
What CrowdStrike says it does
Overview Founded in 2011, CrowdStrike reinvented cybersecurity for the cloud and artificial intelligence ("AI") era and transformed the way cybersecurity is delivered and experienced by customers. When we started CrowdStrike, cyberattackers had an asymmetric advantage over legacy cybersecurity products that could not keep pace with rapid changes in adversary tactics, a dynamic that has intensified as adversaries increasingly leverage automation, identity abuse, and AI to operate at machine speed. We took a fundamentally different approach to solve this problem with the AI-native CrowdStrike Falcon cybersecurity platform, which serves as the operating system for cybersecurity. CrowdStrike built the first, true, cloud-native platform with AI at the core, capable of harnessing vast amounts of security and enterprise data to drive real-time security decisions and response – stopping breaches at scale through a single lightweight sensor.…
Risk factors CRWD lists in its 10-K
- Risks Related to Our Business and Industry
- The July 19 Incident has had, and is expected to continue to have, an adverse effect on our business, sales, customer and partner relations, reputation, results of operations and financial condition
- We have experienced rapid growth in recent periods, and if we do not manage our future growth, our business and results of operations will be adversely affected
- We have a history of losses, and while we have achieved profitability in certain periods, we may not be able to achieve or sustain profitability in the future
- If organizations do not adopt cloud-based SaaS-delivered endpoint security solutions, our ability to grow our business and results of operations may be adversely affected
- If we are unable to attract new customers, our future results of operations could be harmed
- If our customers do not renew their subscriptions for our products and add additional cloud modules to their subscriptions, our future results of operations could be harmed
- Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense
- We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition, and results of operations
- Competitive pricing pressure may reduce our gross profits and adversely affect our financial results
- We rely on our key technical, sales and management personnel to grow our business, and the loss of one or more key employees could harm our business
- If we are unable to attract and retain qualified personnel, our business could be harmed
- If we do not effectively expand and train our direct sales force, we may be unable to add new customers or increase sales to our existing customers, and our business will be adversely affected
- Because we recognize revenue from subscriptions to our platform over the term of the subscription, downturns or upturns in new business will not be immediately reflected in our results of operations