# CrowdStrike (CRWD)

Sector: Cybersecurity software

| Field | Value |
|---|---|
| Price | $228.58 |
| Market cap | $234B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2026-12-01 (confirmed) |

Analysts: Bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

Investors pay a premium for CrowdStrike's fast subscription growth, and net new ARR that keeps growing with free cash flow that rises faster than stock-based pay can earn it.

## Themes and gap

- Themes: AI disruption risk (ai-disruption)
- Gap type: Can close (closable)
- Why: The Q3 fiscal 2027 report on December 1, 2026 and the fiscal 2028 guidance in March 2027 show whether net new ARR keeps growing fast.

## About

CrowdStrike sells cybersecurity through its cloud platform, Falcon. Customers install one small software agent on computers, servers and cloud workloads, and then add modules for endpoint protection, cloud security, identity protection, security data and logs (SIEM), AI security and managed services. With Falcon Flex, customers buy credits and use them on any module. Customers pay by subscription, and ending annual recurring revenue (ARR) was $5.84 billion at July 31, 2026. Revenue was $4.81 billion in fiscal 2026, which ended on January 31, 2026. The company is based in Austin, Texas. It made a four-for-one stock split on July 1, 2026.

## Thesis

CrowdStrike trades at a premium because investors pay for many years of fast subscription growth with rising cash flow. In Q2 fiscal 2027, revenue grew 26% to $1.47 billion, net new ARR was a record $332.8 million, and ending ARR grew 25% to $5.84 billion. Falcon Flex ending ARR passed $2.29 billion, and management raised its outlook for net new ARR growth in fiscal 2027 to 34% at the midpoint. The company has a goal of $20 billion of ending ARR. But GAAP net income was only $5.3 million in the quarter, because stock-based compensation was $372.3 million. For the premium to be earned, three things must be true. Net new ARR must grow as the raised outlook says, so that ARR growth stays above 20% for several years. Free cash flow must grow faster than stock-based compensation, so that GAAP profit becomes large. New products for AI security, identity and SIEM must win against large platform companies. The Q3 fiscal 2027 report on December 1, 2026 is the next test, and the Q4 report in early March 2027 gives the first fiscal 2028 guidance. The premium can shrink if net new ARR slows, if security tools from larger companies take share, or if dilution from stock-based pay stays high.

## Checkpoints

- Dec 1, 2026: Q3 fiscal 2027 results: net new ARR. Status: Pending. Watch: Revenue of at least $1,523.2 million, ending ARR of at least $6,184.4 million and higher net new ARR than a year earlier pass; ARR below the guidance or a lower fiscal 2027 outlook fail.
- Mar 2027 (estimate): Q4 fiscal 2027 results and fiscal 2028 guidance. Status: Pending. Watch: Fiscal 2028 guidance for revenue growth above 20% with higher free cash flow pass; guidance for growth well below 20% fails.

## Balance sheet

- Cash: $5.0B
- Debt: $750M
- Net cash: $4.3B
- Debt due within 12 months: $0.0M
- Last debt due: 2029

CrowdStrike has net cash. At July 31, 2026, cash and cash equivalents were $5.01 billion, and debt was $750.0 million of 3.00% senior notes due February 2029, with a carrying value of $746.2 million. Deferred revenue was $4.84 billion, of which $3.50 billion is current, because customers pay subscriptions in advance. In Q2 fiscal 2027, operating cash flow was $530.3 million and free cash flow was $377.4 million. In the first six months of fiscal 2027, the company paid $881.4 million for acquisitions and $175.6 million for share repurchases. The share repurchase authorization is $1.5 billion in total. CrowdStrike pays no dividend.

As of 2026-07-31.

Sources:

- https://www.sec.gov/Archives/edgar/data/1535527/000153552726000031/crwd-20260731.htm
- https://www.sec.gov/Archives/edgar/data/1535527/000153552726000029/crwd-20260826xex991.htm
- https://www.sec.gov/Archives/edgar/data/1535527/000153552726000013/crwd-20260406.htm

## Dividends

CrowdStrike does not pay a dividend.

Source: company filings and market data, read on 2026-11-09.

## Recent events

- 2026-08-26: CrowdStrike reported Q2 fiscal 2027 results. Revenue grew 26% to $1.47 billion, ending ARR grew 25% to $5.84 billion and net new ARR was a record $332.8 million. GAAP net income was $5.3 million, or $0.01 per share, and non-GAAP EPS was $0.31. Free cash flow was $377.4 million. CrowdStrike raised its fiscal 2027 guidance to revenue of $5,991.1 million to $6,011.1 million and non-GAAP EPS of $1.25 to $1.26, and it raised its outlook for net new ARR growth to 34% at the midpoint.
- 2026-07-16: CrowdStrike agreed to buy the intellectual property of XM Cyber, with more than 45 patents and its source code, but no revenue or customers. The 10-Q gives consideration of $145.0 million in cash and shares plus more shares at closing, which is expected in the second half of fiscal 2027. CrowdStrike also expanded its partnership with Schwarz Digits to run Falcon on a sovereign cloud in the European Union.
- 2026-07-01: CrowdStrike completed a four-for-one stock split. Holders of record on June 25, 2026 received three more shares for each share, and the shares traded on a split-adjusted basis from July 2, 2026.
- 2026-06-03: CrowdStrike reported Q1 fiscal 2027 results. Revenue grew 26% to $1.39 billion, ending ARR grew 24% to $5.51 billion and net new ARR grew 32% to $255.8 million. Free cash flow was $468.5 million. It raised its fiscal 2027 guidance and announced the four-for-one stock split.
- 2026-04-06: CrowdStrike's board approved $500 million more for share repurchases, so the total authorization became $1.5 billion. At that date, the company had bought back shares for $150.6 million under the program.
- 2026-03-03: CrowdStrike reported fiscal 2026 results. Revenue grew 22% to $4.81 billion, ending ARR grew 24% to $5.25 billion and net new ARR passed $1 billion for the first time. The GAAP net loss was $162.5 million, and free cash flow was $1.24 billion. It announced the purchases of SGNL, an identity security company, and Seraphic Security, a browser security company.
- 2025-12-02: CrowdStrike reported Q3 fiscal 2026 results. Revenue grew 22% to $1.23 billion, ending ARR grew 23% to $4.92 billion and net new ARR grew 73% to $265.3 million. It announced the purchase of Pangea, an AI security company.

## Latest news and filings

- Last earnings: 2026-08-26 (8-K: https://www.sec.gov/Archives/edgar/data/1535527/000153552726000029/)
- Next earnings: 2026-12-01 (confirmed by the company)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-08-27 | 10-Q | Quarterly report for the period ended Jul 31, 2026 | 2026-07-31 | crwd-20260731 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000031/crwd-20260731.htm |
| 2026-08-26 | 8-K | Earnings release |  | crwd-20260826 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000029/crwd-20260826.htm |
| 2026-06-22 | 8-K | Change to shareholder rights or bylaws and Shareholder vote results |  |  | https://www.sec.gov/Archives/edgar/data/1535527/000110465926076376/tm2618192d1_8k.htm |
| 2026-06-04 | 10-Q | Quarterly report for the period ended Apr 30, 2026 | 2026-04-30 | crwd-20260430 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000025/crwd-20260430.htm |
| 2026-06-03 | 8-K | Earnings release and Other company news |  | crwd-20260603 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000022/crwd-20260603.htm |
| 2026-04-21 | 8-K | Change of directors or officers and Investor disclosure |  | crwd-20260416 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000018/crwd-20260416.htm |
| 2026-04-06 | 8-K | Other company news |  | crwd-20260406 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000013/crwd-20260406.htm |
| 2026-03-05 | 10-K | Annual report for the period ended Jan 31, 2026 | 2026-01-31 | crwd-20260131 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm |
| 2026-03-03 | 8-K | Earnings release |  | crwd-20260303 | https://www.sec.gov/Archives/edgar/data/1535527/000153552726000007/crwd-20260303.htm |
| 2025-12-29 | 8-K | Change of directors or officers and Investor disclosure |  |  | https://www.sec.gov/Archives/edgar/data/1535527/000110465925124912/tm2534248d1_8k.htm |

Every filing on SEC EDGAR (CIK 1535527): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001535527&type=&dateb=&owner=include&count=40

## Risks

- High: The price depends on many years of fast growth. If net new ARR slows, revenue growth and the value of the shares can fall quickly.
- High: Large technology companies sell security together with their cloud, operating system and AI products, and other security companies sell full platforms. Strong rivals can lower prices and take customers.
- Medium: Stock-based compensation was $674.6 million in the first six months of fiscal 2027. It dilutes shareholders and keeps GAAP profit low.
- Medium: Lawsuits and inquiries about the July 19, 2024 incident, when a faulty Falcon update stopped many Windows computers, are still open. Losses or a new incident can hurt trust and results.
- Low: CrowdStrike paid $881.4 million for acquisitions in the first six months of fiscal 2027. New products from these purchases must work well together with the Falcon platform.

## Links

- Page: https://picks.utilarium.app/company/CRWD/
- History of changes: https://picks.utilarium.app/company/CRWD/history/
- JSON with full history: https://picks.utilarium.app/data/company/CRWD.json

> Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.