XStocksXray

Research report · 16 October 2026

CrowdStrike Holdings, Inc. (CRWD)

Information Technology · Systems Software · US stock · price as of 16 Oct 2026

Key indicators

Price	$227.39
52-week range	$85.68 – $286.99
Market cap	$237.5B
P/E (trailing)	1,715.3×
EV / EBITDA	–
Free-cash-flow yield	0.7%
Dividend yield	–
Revenue (last 12 months)	$5.4B
Revenue growth (3y a year)	29.0%
Operating margin	−2.2%
Return on invested capital	−11.8%
Net debt / EBITDA	–

Fair value

Blended fair value$23.44 book-value models

Versus priceData under review+0% to fair value

Peer multiples	$23.44
Fundamentals-adjusted multiple	$2.42
Model uncertainty	Medium

X-Ray Score

33/ 100 · High confidence · ahead of 8% of sector peers

Valuation7

Growth76

Profitability38

Financial health16

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

CrowdStrike provides cloud-delivered cybersecurity through its Falcon platform. Falcon protects computers and servers from attacks, and its modules also cover cloud workloads, identity protection, threat intelligence, security analytics and managed detection and response. Customers range from small firms to large enterprises and government bodies. The platform runs from a single lightweight software agent and a central cloud, which lets customers add modules as their needs grow.

CrowdStrike earns its revenue mainly from subscriptions to Falcon modules, with professional services as a smaller part. Revenue was $5.4 billion over the last twelve months and has grown at 29.0% a year across the last three years. The operating margin is -2.2%, and the business earns -12% on the capital invested in it, so it is still loss-making on that measure. No dividend is paid.

StocksXray gives CrowdStrike Holdings, Inc. an X-Ray Score of 33 out of 100 (high confidence), ahead of 8% of the S&P 500 stocks in its sector. Its strongest lens is growth (76) and its weakest is valuation (7).

Our fair value blend is $23.44. At $227.39 the stock trades 870% above that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

CrowdStrike Holdings, Inc. (CRWD)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2022	FY2023	FY2024	FY2025	FY2026	Now
Price	$45.16	$26.48	$73.13	$99.52	$110.35	$227.39
Market cap	$10.3B	$6.2B	$17.8B	$24.4B	$27.7B	$237.5B
P/E	–	–	243.8×	–	–	1,715.3×
EV / revenue	6.2×	1.9×	4.9×	5.3×	4.8×	43.2×
EV / EBITDA	–	–	–	–	–	–
Price / free cash flow	22.2×	8.7×	18.0×	21.6×	21.1×	147.6×
Free-cash-flow yield	4.5%	11.4%	5.6%	4.6%	4.7%	0.7%
Price / book	10.0×	4.2×	7.7×	7.4×	6.2×	46.6×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 3 Good · ● 3 Average · ● 8 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−16.3%Good

Free-cash-flow yield0.7%Bad

Risk models

Altman Z score1.8×Bad

Piotroski F-Score4 of 9Bad

Growth

Free-cash-flow growth (3y)22.9%Average

Revenue growth (3y)29.0%Good

Growth consistency100%Good

Balance sheet

Current ratio1.6×Average

Interest cover-4.5×Bad

Valuation

Fair value vs price0.1×Bad

EBIT / EV yield−0.1%Bad

Profitability

Return on invested capital−11.8%Bad

Operating margin−2.2%Bad

Gross profitability33.8%Average

XStocksXray

CrowdStrike Holdings, Inc. (CRWD)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY22	FY23	FY24	FY25	FY26	LTM
Revenue	1,452	2,241	3,056	3,954	4,812	5,396
Gross profit	1,068	1,640	2,297	2,963	3,593	4,060
Operating income	-143	-190	-19	-116	-293	-119
Net income	-232	-182	73	-13	-161	60
Diluted EPS ($)	-1.03	-0.79	0.30	-0.06	-0.65	0.13
Free cash flow	463	706	990	1,127	1,310	1,609
Gross margin	73.6%	73.2%	75.2%	75.0%	74.7%	75.2%
Operating margin	−9.8%	−8.5%	−0.6%	−2.9%	−6.1%	−2.2%
Net margin	−16.0%	−8.1%	2.4%	−0.3%	−3.3%	1.1%
Balance sheet	FY22	FY23	FY24	FY25	FY26	LTM
Total assets	3,618	5,027	6,647	8,702	11,087	12,025
Cash	1,997	2,455	3,375	4,323	5,230	5,014
Total debt	740	741	742	744	745	746
Equity	1,026	1,464	2,304	3,279	4,428	5,102
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Revenue ($M)	1,103	1,169	1,234	1,305	1,386	1,471
Growth vs a year earlier	+19.8%	+21.3%	+22.2%	+23.3%	+25.6%	+25.8%
Net income ($M)	-104	-70	-34	61	28	5
Diluted EPS ($)	-0.42	-0.07	-0.14	–	0.11	0.01

XStocksXray

CrowdStrike Holdings, Inc. (CRWD)

Peers in Systems Software

Company	X-Ray
CRWD · CrowdStrike Holdings, Inc.	33
MSFT · Microsoft Corp	60
GEN · Gen Digital Inc.	60
FTNT · Fortinet, Inc.	57
NOW · ServiceNow, Inc.	39

Market Compass outlook for Information Technology: Favourable (75/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−17.3%
1 month	−7.5%
3 months	+14.6%
6 months	+114.5%
1 year	+86.0%
3 years	+383.2%
5 years	+271.2%

Technical summary

DailyNeutral8 bullish · 1 neutral · 7 bearish

WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$233.17 / $160.56
52-week low / high	$85.68 / $286.99
Classic pivot, support and resistance	S2 209.93 · S1 218.66 · P – · R1 242.06 · R2 256.73

XStocksXray

CrowdStrike Holdings, Inc. (CRWD)

Strengths

Revenue growth of 29.0% a year over three years is ahead of 93% of its sector peers.

Risks and weak spots

Free-cash-flow yield is weak against Information Technology peers (0.7%).
Altman Z score is weak against Information Technology peers (1.8×).
Piotroski F-Score is weak against Information Technology peers (4 of 9).
Interest cover is weak against Information Technology peers (-4.5×).
Fair value vs price is weak against Information Technology peers (0.1×).
EBIT / EV yield is weak against Information Technology peers (−0.1%).
Return on invested capital is weak against Information Technology peers (−11.8%).
Operating margin is weak against Information Technology peers (−2.2%).

Latest SEC filings

Date	Form	Items
27 Aug 2026	10-Q
26 Aug 2026	8-K	2.02,9.01
22 Jun 2026	8-K	5.03,5.07,9.01
4 Jun 2026	10-Q
3 Jun 2026	8-K	2.02,8.01,9.01
5 May 2026	DEF 14A
21 Apr 2026	8-K	5.02,7.01,9.01
6 Apr 2026	8-K	8.01,9.01

Recent CRWD news briefs

CrowdStrike heads for its worst drop in 22 months despite a first-quarter beat 18 Oct 2026

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.