# Crowdstrike Holdings (CRWD.US)

Canonical: https://gigainvestors.com/s/CRWD

Analysis as of: 2026-10-16T07:27:46.514Z. Financial observations: FY2017–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $244.57 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 8

- Operating margin variation: 1.40×

Chart: Operating margin; fiscal year observations.

- FY2018: -1.11×

- FY2019: -0.55×

- FY2020: -0.30×

- FY2021: -0.11×

- FY2022: -0.10×

- FY2023: -0.08×

- FY2024: -0.00×

- FY2025: -0.03×

- FY2026: -0.06×

- LTM to Jul 2026: -0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -4.4%

- ROIC, second-lowest year: -14.3%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 73.4%

- Recent gross margin (lower of latest and 3-year median): 74.7%

- Years with nonpositive capital: 10

- Capital spending / revenue: 10.5%

- ROIC including acquisitions, ten-year median: -141.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.0%

- FY2018: 0.0%

- FY2019: -88.7%

- FY2020: -14.3%

- FY2021: -4.4%

- FY2022: -6.3%

- FY2023: -6.7%

- FY2024: -0.0%

- FY2025: -1.9%

- FY2026: -4.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$510M

- Net income, five-year total: -$510M

- Return on incremental invested capital: -8.8%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -26.1 pp

- Working capital / revenue, final three-year average: 26.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$235M

- FY2023: -$183M

- FY2024: $89M

- FY2025: -$19M

- FY2026: -$163M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -1.9%

- Per-share earnings: -0.17 to -0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 2.8%

- Per-share value change: $0.15

- Per-share value, starting three-year median: -$0.17

- Per-share value, ending three-year median: -$0.02

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: -$1.1B

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -1.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.13

- FY2018: -$0.20

- FY2019: -$0.17

- FY2020: -$0.24

- FY2021: -$0.11

- FY2022: -$0.26

- FY2023: -$0.20

- FY2024: $0.09

- FY2025: -$0.02

- FY2026: -$0.16

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -16.0%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 68.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.34×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -43.1%

- FY2018: -35.2%

- FY2019: -27.0%

- FY2020: -17.2%

- FY2021: -16.4%

- FY2022: -22.4%

- FY2023: -22.4%

- FY2024: -16.2%

- FY2025: -16.1%

- FY2026: -16.0%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 68% since Jun 2026 · "CrowdStrike To Cut 5% Of Workforce. CEO Points To AI Productivity Gains." (finance.yahoo.com, May 2025) · sales +12.1%

Story as of 2026-10-16T09:58:34.878Z; price observation 2026-10-15.

- 2025-05-07: CrowdStrike To Cut 5% Of Workforce. CEO Points To AI Productivity Gains. ([finance.yahoo.com](https://finance.yahoo.com/m/2fb05785-1496-3a18-ab08-8c2e657d7663/crowdstrike-to-cut-5%25-of.html))

- 2025-06-06: CrowdStrike's Strong Free Cash Flow Could Blast CRWD Stock Higher ([barchart.com](https://www.barchart.com/story/news/32759313/crowdstrike-s-strong-free-cash-flow-could-blast-crwd-stock-higher))

- 2025-09-18: CrowdStrike targets $20B ARR by FY36, FY27 guidance tops expectations: KeyBanc ([finance.yahoo.com](https://finance.yahoo.com/news/crowdstrike-targets-20b-arr-fy36-122006870.html))

- 2026-05-22: CrowdStrike Deepens German Reach As Falcon Ties AI Usage Monitoring ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/crowdstrike-deepens-german-reach-falcon-231024736.html))

- 2026-08-28: Rising AI Cyberattacks Fuel Demand for CrowdStrike, Sending Stock Up 20.5% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rising-ai-cyberattacks-fuel-demand-061500855.html))

- 2026-09-03: CrowdStrike Raises Long-Term Growth Targets as AI Opportunity Expands, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/crowdstrike-raises-long-term-growth-180500620.html))

### Sales · FY2026–2027

sales +12.1%; source https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm; observed 2026-03-05.

- FY2018: $119M 

- FY2019: $250M 

- FY2020: $481M 

- FY2021: $874M 

- FY2022: $1.5B 

- FY2023: $2.2B 

- FY2024: $3.1B 

- FY2025: $4.0B 

- FY2026: $4.8B 

- FY2027: $5.4B 

### Gross margin · FY2026

gross margin 74.7%; source https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm; observed 2026-03-05.

- FY2017: 35.5% 

- FY2018: 54.1% 

- FY2019: 65.1% 

- FY2020: 70.6% 

- FY2021: 73.7% 

- FY2022: 73.6% 

- FY2023: 73.2% 

- FY2024: 75.3% 

- FY2025: 74.9% 

- FY2026: 74.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 4.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm (filed 2026-03-05); FY2026: revenue 4812005000; grossProfit 3593076000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRWD.US: CrowdStrike Holdings, Inc. provides cybersecurity solutions in the United States and internationally. Its unified platform provides cloud-delivered protection of endpoints, cloud workloads, identity, and data through a software as a service (SaaS) subscription-based model. The company offers corporate endpoint and cloud workload security, managed security, security and vulnerability management, IT operations management, identity protection, threat intelligence, data protection, SaaS security posture management, and AI powered workflow automation, and securing generative AI workload services, as well as security orchestration, automation, and response; and security information and event management, and log management services. It primarily sells subscriptions to its Falcon platform and cloud modules. The company has a strategic alliance with Cognizant Technology Solutions Corporation to help enterprises secure artificial intelligence across its lifecycle, from the AI agents and models to the foundational infrastructure that supports the entire AI ecosystem and with Snowflake to bring AI-native security and enterprise data at scale. Additionally, it has a partnership with Fortanix Inc. to combine its Falcon platform with Fortanix Confidential AI to provide an integrated solution for end-to-end AI security. The company was incorporated in 2011 and is headquartered in Austin, Texas.

### Why customers stay

Margins ranged from 74.7% to 75.3% during 2024–26; it lost 4.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 75.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2025: grossProfit / revenue = 74.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm (filed 2026-03-05); FY2026: grossProfit / revenue = 74.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2017,0],[2018,0],[2019,-0.8866574821229417],[2020,-0.1425866087051078],[2021,-0.044313419408498964],[2022,-0.06254605438549721],[2023,-0.06683185160232977],[2024,-0.0004751428297052629],[2025,-0.019240880003047883],[2026,-0.044146353592391836]]; median -0.0442298865004454. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 74% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm (filed 2026-03-05); Gross margin observations: [[2021,0.7374942534519314],[2022,0.7359998732427938],[2023,0.7317413248760951]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 91858000; upkeep 145254000; owner earnings 89327000. Growth capex / owner earnings = 1.02833409831294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,799335000],[2022,50277000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRWD.US SharesStats.PercentInsiders = 1.3559999999999999 percentage points; cache date 2026-10-16.

### What could break it

"Our sales cycles can be long and unpredictable" (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm (filed 2026-03-05); Our sales cycles can be long and unpredictable

### What the price says

The price is 50.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 244.57 USD; reporting-to-trading FX 1; FY2026 annual sales per share 4.800943625885958; price multiple 50.942068696936104. FY2026 cash earnings/share -0.1621284560372901. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-06: $68.29 per share

- 2019-07: $89.07 per share

- 2019-08: $81.28 per share

- 2019-09: $58.31 per share

- 2019-10: $49.91 per share

- 2019-11: $58.00 per share

- 2019-12: $49.87 per share

- 2020-01: $61.09 per share

- 2020-02: $59.64 per share

- 2020-03: $55.68 per share

- 2020-04: $67.66 per share

- 2020-05: $87.81 per share

- 2020-06: $100.29 per share

- 2020-07: $113.20 per share

- 2020-08: $125.73 per share

- 2020-09: $137.32 per share

- 2020-10: $123.84 per share

- 2020-11: $153.28 per share

- 2020-12: $211.82 per share

- 2021-01: $215.80 per share

- 2021-02: $216.00 per share

- 2021-03: $182.51 per share

- 2021-04: $208.51 per share

- 2021-05: $222.15 per share

- 2021-06: $251.31 per share

- 2021-07: $253.61 per share

- 2021-08: $281.00 per share

- 2021-09: $245.78 per share

- 2021-10: $281.80 per share

- 2021-11: $217.14 per share

- 2021-12: $204.75 per share

- 2022-01: $180.64 per share

- 2022-02: $195.21 per share

- 2022-03: $227.08 per share

- 2022-04: $198.76 per share

- 2022-05: $159.99 per share

- 2022-06: $168.56 per share

- 2022-07: $183.60 per share

- 2022-08: $182.61 per share

- 2022-09: $164.81 per share

- 2022-10: $161.20 per share

- 2022-11: $117.65 per share

- 2022-12: $105.29 per share

- 2023-01: $105.90 per share

- 2023-02: $120.69 per share

- 2023-03: $137.26 per share

- 2023-04: $120.05 per share

- 2023-05: $160.13 per share

- 2023-06: $146.87 per share

- 2023-07: $161.66 per share

- 2023-08: $163.03 per share

- 2023-09: $167.38 per share

- 2023-10: $176.77 per share

- 2023-11: $236.99 per share

- 2023-12: $255.32 per share

- 2024-01: $292.50 per share

- 2024-02: $324.15 per share

- 2024-03: $320.59 per share

- 2024-04: $292.54 per share

- 2024-05: $313.67 per share

- 2024-06: $383.19 per share

- 2024-07: $231.96 per share

- 2024-08: $277.28 per share

- 2024-09: $280.47 per share

- 2024-10: $296.87 per share

- 2024-11: $345.97 per share

- 2024-12: $342.16 per share

- 2025-01: $398.07 per share

- 2025-02: $389.66 per share

- 2025-03: $352.58 per share

- 2025-04: $428.87 per share

- 2025-05: $471.37 per share

- 2025-06: $509.31 per share

- 2025-07: $454.57 per share

- 2025-08: $423.70 per share

- 2025-09: $490.38 per share

- 2025-10: $543.01 per share

- 2025-11: $509.16 per share

- 2025-12: $468.76 per share

- 2026-01: $441.41 per share

- 2026-02: $371.98 per share

- 2026-03: $390.41 per share

- 2026-04: $445.75 per share

- 2026-05: $731.00 per share

- 2026-06: $763.14 per share

- 2026-07: $190.86 per share

- 2026-08: $231.00 per share

- 2026-09: $264.75 per share

- 2026-10: $261.21 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:26.893Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm); period 2026-01-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.