NasdaqGS · United States · Software - Infrastructure

CrowdStrike Holdings, Inc. CRWD

Price $250.43Mkt cap 256,424 USD mnReports in USDData 1 Nov 2026

Value estimate · 50% DCF, 50% peers$5.74-97.7%-97.7% vs $250.43Far from the price (2% of it): odd data or inputs that don't fit the company are the usual cause. Check the warnings and the company data before relying on it.

DCF (base)$1.96-99.2% vs price · WACC 12.3%

Peers$9.525 peers · median EV/EBITDA 106.4x

Price implies–revenue growth a year; your case 16.1%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 29.1%
EBIT marginFY23–FY26 avg -4.5%
Tax rateFY23–FY26 avg 76.0%
D&A % of revenueFY23–FY26 avg 5.0%
Capex % of revenueFY23–FY26 avg 8.8%
Working capital % of revenue changeFY23–FY26 avg 0.5%

Consensus revenue growth (49 analysts): 24.9% this fiscal year, 22.8% next (Yahoo Finance). The base case fades to 5.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

USD 10-year government bond yield (%)US 10-year Treasury yield, live (^TNX)

Less: country default spread (%)0 when the bond above is default-free

Beta2 years, weekly vs S&P 500: 1.66 (R² 0.23)

Equity risk premium (%)Damodaran country risk table (January 2026), United States, rating Aa1

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 4.93%
Cost of equity: 12.33%
Weight of equity: 99.7%
After-tax cost of debt: 3.84%
WACC: 12.31%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (USD)Yahoo, 30 Oct 2026 (delayed)

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

No growth rate in the model's range matches the price

Context
No constant revenue growth between −60% and +100% a year makes your base case match today's price of $250.43, so check the margins and the cash and debt in the bridge.
Caution
Your base case assumes 16.1% revenue growth a year on average and values the shares at $1.96, 99% below today's price.
Caution
Even a required return just above terminal growth would not make your base case worth today's price, so the price asks for more than this forecast.
Caution
FY26 ended with no operating profit, so the whole price rests on a recovery or growth.
Caution
Across 2,000 simulated futures around your base case, the middle 80% of values runs from $0.43 to $3.17 a share, and 0% of them are worth more than today's price.
Context
Business health grade C (54 out of 100): shows a mixed picture, with 4 strengths and 5 red flags (top concern: loss-making).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in USD.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	$1.48	$1.96	$2.47
DCF sensitivity (WACC and g ±1 point)	$0.92	$1.96	$2.63
Monte Carlo (middle 80% of 2,000 runs)	$0.43	$1.96	$3.17
EV/EBITDA comps (25th to 75th percentile)	$11.63	$15.37	$19.82
P/E comps (25th to 75th percentile)	$2.79	$3.66	$4.53
Analyst targets (50 analysts, low to high)	$132	$247	$325
52-week share price (trading range)	$85.68	–	$287

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeC54 / 100

Grade C (54/100): shows a mixed picture, with 4 strengths and 5 red flags (top concern: loss-making).

Piotroski F-score4 / 9nine tests of strength

Altman Z''2.06Grey zone · safe above 2.60

Beneish M-score−2.95No flag · cut-off −1.78

Red flags 5

Loss-making: a net loss of USD 163 mn in FY26.
Operating profit doesn't cover interest: EBIT was −USD 293 mn against interest of USD 28.0 mn in FY26.
Owners are being diluted: the share count grew 2.4% a year over FY23–FY26 (shares issued for a merger or to repay debt count too).
Low return on capital: ROCE was −4.2% in FY26, below 10%.
Negative return for shareholders: ROE was −4.2% in FY26.

Strengths 4

Net cash: cash exceeds all borrowings by USD 4,410 mn in FY26.
Steady growth: revenue rose in each of the last 3 years.
Margins are widening: EBIT margin rose 2.4 points from FY23 to FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −2.95, below the −1.78 cut-off.

Cash conversion n/a–Combined net result over FY23–FY26 was a loss, so the ratio is not meaningful; operating cash flow totalled USD 5,101 mn.

Return on capital (ROCE) Weak-4.2%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong.

Return on equity Weak-4.2%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover WeakEBIT < 0EBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA GoodNet cashCash exceeds borrowings (including leases) by USD 4,410 mn.

Receivable days Good103 daysReceivables ÷ revenue × 365. Up from 102 days in FY23; a rise of more than 20 days is a warning.

Share count change Weak+2.4% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders n/a–Dividends and buybacks not reported.

Stock-based pay Weak22.8%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Good+2.4 ptsFrom −8.5% in FY23 to −6.1% in FY26.

Piotroski's tests, one by one (4 passed of 9)

FAIL
Made a profit Return on assets −1.9% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow USD 1,612 mn in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
FAIL
Return on assets improved −1.9% vs FY25's −0.2%
Rising profitability is one of the clearest signs a business is getting stronger.
PASS
Cash from operations beat profit Cash USD 1,612 mn vs profit −USD 163 mn
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 7.5% of average assets vs FY25's 9.7%
More debt leaves less room for error when business slows.
PASS
Short-term liquidity improved Current ratio 1.773 vs FY25's 1.766
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
FAIL
No new shares issued Diluted shares +2.4% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
FAIL
Gross margin improved Gross margin 74.7% vs FY25's 75.0%
A higher gross margin points to pricing power or falling costs.
FAIL
Assets worked harder (turnover up) Revenue ÷ assets 0.55x vs FY25's 0.59x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 8/9 · FY25 5/9

How the Altman and Beneish scores are built

Altman Z'' = 2.06 (grey)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.292	6.56	1.91
Retained earnings ÷ total assets	-0.116	3.26	-0.38
Operating profit (EBIT) ÷ total assets	-0.026	6.72	-0.18
Book equity ÷ total liabilities	0.670	1.05	0.70

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 1.43 · FY24 2.06 · FY25 2.13

Beneish M = -2.95
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	0.991	1.465	1.031
Gross margin slipping (GMI)	1.004	1.193	1.014
More hard-to-value assets (AQI)	1.171	1.254	1.039
Sales growth (SGI)	1.217	1.607	1.134
Depreciation slowing (DEPI)	0.965	1.077	1.001
Overheads vs sales (SGAI)	1.025	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	-0.160	0.031	0.018
Leverage rising (LVGI)	0.920	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

Not available from the data: cash conversion, paid out to shareholders.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

50 analysts' average 12-month target is $247, -1.3% against today's $250 (median $250). The range runs from $132 to $325.

Ratings this month: 40 buy, 12 hold, 1 sell; the average works out to "Buy" (1.7 on a 1 to 5 scale, 1 = strong buy).

Your value estimate of $5.74 is 98% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year–Your base case averages 16.1%. No growth rate between −60% and +100% matches the price.

Implied EBIT margin–Your base case averages -6.1%; the last reported year was -6.1%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Caution

Even at a required return just above terminal growth (3.3%), your base case is worth less than today's price, so the price asks for more than this forecast.

Expected returnif your base case comes trueBelow the range tested–
Required return (WACC)what the model discounts at12.3%
Government bondwhat the USD 10-year government bond pays4.9%

What the price pays for

FY26 had no operating profit, so there is no earnings power value: the whole price rests on a recovery or growth.

Earnings yield0.0%$0.04 trailing EPS ÷ price

Free cash flow yield-0.2%FY27E forecast ÷ market value

10-year bond4.9%interest a year

Cost of equity12.3%what shareholders require

Context

Every $100 of share price buys $0.02 of today's profit a year, less than the $4.93 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 3.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	–
Required return (WACC)	12.3%
Expected minus required	–
Cost of equity	12.3%
10-year government bond	4.9%
Earnings power value per share	–
Share of price paying for growth	–
Earnings yield	0.0%
Free cash flow yield	-0.2%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%$1.48-99.4% vs price

Base · 50%$1.96-99.2% vs price

Bull · 25%$2.47-99.0% vs price

Probability-weighted$1.97-99.2% vs price

ReportedBearBaseBull

Show as table

Revenue, USD mn	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	2,241	3,056	3,954	4,812
Bear					5,866	7,027	8,004	8,636	8,809
Base					6,010	7,381	8,628	9,568	10,047
Bull					6,155	7,742	9,283	10,574	11,419

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above $250.43

Median outcome$1.96-99.2% vs price

Downside (10th pct)$0.431 run in 10 is lower

Upside (90th pct)$3.171 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

USD mn	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	6,010	7,381	8,628	9,568	10,047
EBIT	-367	-450	-526	-584	-613
NOPAT = EBIT × (1 − tax)	-220	-270	-316	-350	-368
+ D&A	301	369	431	478	502
− Capex	529	598	630	632	583
− Increase in working capital	12.0	13.7	12.5	9.40	4.78
Free cash flow	-460	-513	-527	-513	-453
Present value	-447	-444	-406	-352	-277
Years to year end (t)	0.25	1.25	2.25	3.25	4.25

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: -1,925
Present value of terminal value: -3,061
Enterprise value: -4,986
+ Cash and short-term investments (31 Jan 2026): 5,230
− Borrowings: 745
− Lease liabilities: 74.6
− Minority interests: 44.2
− Dividends since the balance sheet: -2,625
Equity value: 2,005
÷ Shares outstanding: 1,023.93 mn
Value per share: $1.96

All amounts in USD mn. No dividends with ex-dates after 2026-01-31; about 10 million shares issued since then, counted as cash raised at today's price.

Terminal value share of enterprise value61.4%The forecast years carry a good share of the value.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	11.31%	11.81%	12.31%	12.81%	13.31%
2.0%	$1.84	$2.07	$2.27	$2.46	$2.63
2.5%	$1.65	$1.90	$2.12	$2.33	$2.51
3.0%	$1.43	$1.71	$1.96	$2.18	$2.38
3.5%	$1.19	$1.50	$1.77	$2.02	$2.24
4.0%	$0.92	$1.26	$1.57	$1.83	$2.07

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Palo Alto Networks, Inc. PANW Software - Infrastructure		191.6x	975.4x	26.0x	10.8x	5.4%	34.5%
Zscaler, Inc. ZS Software - Infrastructure		847.7x	–	11.1x	14.9x	-1.0%	24.9%
Cloudflare, Inc. NET Software - Infrastructure		-27511.9x	–	39.5x	61.7x	-7.6%	35.9%
Fortinet, Inc. FTNT Software - Infrastructure		34.8x	43.8x	12.1x	44.5x	33.8%	20.5%
Okta, Inc. OKTA Software - Infrastructure		106.4x	123.0x	11.1x	5.2x	13.3%	10.6%
Median of included	5	106.4x	83.4x	12.1x	14.9x
CrowdStrike Holdings, Inc.	–	2358.7x	5698.9x	46.7x	57.3x	-6.1%	21.7%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	$11.63 (70.6x)	$15.37 (106.4x)	$19.82 (149.0x)
P/E × earnings per share	$2.79 (63.6x)	$3.66 (83.4x)	$4.53 (103.2x)
P/B × book value per share	$47.39 (10.8x)	$65.22 (14.9x)	$194 (44.5x)
EV/Sales × revenue + net cash (check only)	$62.84 (11.1x)	$68.29 (12.1x)	$141 (26.0x)
Peer value (average of median EV/EBITDA and median P/E prices)		$9.52

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins0 bpsEBIT margin change from the last reported year (-6.1%) to FY31E (-6.1%)

2 · Valuation vs peers+2116.6%CrowdStrike Holdings, Inc. EV/EBITDA against the peer median; negative means cheaper

3 · Cash-0.2%FCF yield: FY27E free cash flow ÷ market value at today's price

CrowdStrike Holdings, Inc. (CRWD), valuation summary, 1 Nov 2026
Value estimate $5.74 (-97.7% vs today's price of $250.43).

• DCF (base case): $1.96 per share. WACC 12.31%, terminal growth 3.0%; terminal value is 61% of enterprise value.
• Peers: $9.52 per share (average of median EV/EBITDA and median P/E prices; 5 peers).
• Scenarios: bear $1.48, base $1.96, bull $2.47; probability-weighted $1.97.
• What the price implies: outside the range tested for FY27E–FY31E, against 16.1% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $0.43 to $3.17.
• Key assumptions (base): revenue growth 24.9% → 22.8% → 16.9% → 10.9% → 5.0%; EBIT margin -6.1% to -6.1%; tax 40.0%.
• Checks: all pass.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

7 pass, 0 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

USD mn	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 29.1%
EBIT (operating profit)					margin -4.5%
D&A					5.0%
Profit before tax
Tax					rate 76.0%
Capex					8.8%
Increase in working capital					0.5% of Δrev

Cash and short-term investments (USD mn)
Borrowings (USD mn)
Lease liabilities (USD mn)
Minority interests (USD mn)
Dividends since the balance sheet (USD mn)

Revenue, trailing 12 months (USD mn)
EBITDA, trailing 12 months (USD mn)
Net income, trailing 12 months (USD mn)
Shares outstanding (mn)

FY labels follow Indian fiscal years ending in March. Shares: 1,023,934,842. Price $250.43 at Fri, 30 Oct 2026 20:00:01 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 29.1%

EBIT marginFY23–FY26 avg -4.5%

Tax rateFY23–FY26 avg 76.0%

D&A % of revenueFY23–FY26 avg 5.0%

Capex % of revenueFY23–FY26 avg 8.8%

Working capital % of revenue changeFY23–FY26 avg 0.5%

Range

Low

Mid

High

DCF scenarios (bear to bull)

$1.48

$1.96

$2.47

DCF sensitivity (WACC and g ±1 point)

$0.92

$1.96

$2.63

Monte Carlo (middle 80% of 2,000 runs)

$0.43

$1.96

$3.17

EV/EBITDA comps (25th to 75th percentile)

$11.63

$15.37

$19.82

P/E comps (25th to 75th percentile)

$2.79

$3.66

$4.53

Analyst targets (50 analysts, low to high)

$132

$247

$325

52-week share price (trading range)

$85.68

–

$287

Altman Z'' = 2.06 (grey)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.292

6.56

1.91

Retained earnings ÷ total assets

-0.116

3.26

-0.38

Operating profit (EBIT) ÷ total assets

-0.026

6.72

-0.18

Book equity ÷ total liabilities

0.670

1.05

0.70

Beneish M = -2.95

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

0.991

1.465

1.031

Gross margin slipping (GMI)

1.004

1.193

1.014

More hard-to-value assets (AQI)

1.171

1.254

1.039

Sales growth (SGI)

1.217

1.607

1.134

Depreciation slowing (DEPI)

0.965

1.077

1.001

Overheads vs sales (SGAI)

1.025

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

-0.160

0.031

0.018

Leverage rising (LVGI)

0.920

1.111

1.037

Measure

Value

Expected return (IRR), base case

–

Required return (WACC)

12.3%

Expected minus required

–

Cost of equity

12.3%

10-year government bond

4.9%

Earnings power value per share

–

Share of price paying for growth

–

Earnings yield

0.0%

Free cash flow yield

-0.2%

Revenue, USD mn

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

2,241

3,056

3,954

4,812

Bear

5,866

7,027

8,004

8,636

8,809

Base

6,010

7,381

8,628

9,568

10,047

Bull

6,155

7,742

9,283

10,574

11,419

USD mn

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

6,010

7,381

8,628

9,568

10,047

EBIT

-367

-450

-526

-584

-613

NOPAT = EBIT × (1 − tax)

-220

-270

-316

-350

-368

+ D&A

301

369

431

478

502

− Capex

529

598

630

632

583

− Increase in working capital

12.0

13.7

12.5

9.40

4.78

Free cash flow

-460

-513

-527

-513

-453

Present value

-447

-444

-406

-352

-277

Years to year end (t)

0.25

1.25

2.25

3.25

4.25

g ↓ · WACC →

11.31%

11.81%

12.31%

12.81%

13.31%

2.0%

$1.84

$2.07

$2.27

$2.46

$2.63

2.5%

$1.65

$1.90

$2.12

$2.33

$2.51

3.0%

$1.43

$1.71

$1.96

$2.18

$2.38

3.5%

$1.19

$1.50

$1.77

$2.02

$2.24

4.0%

$0.92

$1.26

$1.57

$1.83

$2.07

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Palo Alto Networks, Inc. PANW

Software - Infrastructure

191.6x

975.4x

26.0x

10.8x

5.4%

34.5%

Zscaler, Inc. ZS

Software - Infrastructure

847.7x

–

11.1x

14.9x

-1.0%

24.9%

Cloudflare, Inc. NET

Software - Infrastructure

-27511.9x

–

39.5x

61.7x

-7.6%

35.9%

Fortinet, Inc. FTNT

Software - Infrastructure

34.8x

43.8x

12.1x

44.5x

33.8%

20.5%

Okta, Inc. OKTA

Software - Infrastructure

106.4x

123.0x

11.1x

5.2x

13.3%

10.6%

Median of included

106.4x

83.4x

12.1x

14.9x

CrowdStrike Holdings, Inc.

–

2358.7x

5698.9x

46.7x

57.3x

-6.1%

21.7%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

$11.63 (70.6x)

$15.37 (106.4x)

$19.82 (149.0x)

P/E × earnings per share

$2.79 (63.6x)

$3.66 (83.4x)

$4.53 (103.2x)

P/B × book value per share

$47.39 (10.8x)

$65.22 (14.9x)

$194 (44.5x)

EV/Sales × revenue + net cash (check only)

$62.84 (11.1x)

$68.29 (12.1x)

$141 (26.0x)

Peer value (average of median EV/EBITDA and median P/E prices)

$9.52

CrowdStrike Holdings, Inc. (CRWD), valuation summary, 1 Nov 2026 Value estimate $5.74 (-97.7% vs today's price of $250.43). • DCF (base case): $1.96 per share. WACC 12.31%, terminal growth 3.0%; terminal value is 61% of enterprise value. • Peers: $9.52 per share (average of median EV/EBITDA and median P/E prices; 5 peers). • Scenarios: bear $1.48, base $1.96, bull $2.47; probability-weighted $1.97. • What the price implies: outside the range tested for FY27E–FY31E, against 16.1% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $0.43 to $3.17. • Key assumptions (base): revenue growth 24.9% → 22.8% → 16.9% → 10.9% → 5.0%; EBIT margin -6.1% to -6.1%; tax 40.0%. • Checks: all pass. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

USD mn

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 29.1%

EBIT (operating profit)

margin -4.5%

D&A

5.0%

Profit before tax

Tax

rate 76.0%

Capex

8.8%

Increase in working capital

0.5% of Δrev