Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-2.2%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin2.0%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt29.6 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$1.4B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$2.2B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book37.62x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$471M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income432.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$236M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About CrowdStrike Holdings, Inc.
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. The company was incorporated in 2011 and is headquartered in Austin, Texas.
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. The company was incorporated in 2011 and is headquartered in Austin, Texas.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering CrowdStrike Holdings, Inc. at $684.86.
The business passes only 0 of 6 of Graham's defensive criteria — well below his required standard.
At $684.86, the stock trades at a 10107% premium to its Graham Number of $6.71. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Gross Profit %
75.3%▲
75.1%
Operating Margin %
-2.2%▲
-5.6%
Net Income %
2.0%▲
-2.8%
Diluted EPS
0.11▲
-0.14
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$11.3B
$10.0B
N/A
Total Debt
$821M▲
$818M•
N/A
Working Capital
$2.2B▼
$2.9B•
N/A
Years to Pay Debt
29.57
-24.06
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$471M▲
$297M•
N/A
Owner Earnings
$236M
$138M
N/A
CapEx % of Net Income
432.8%
N/A
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
133,106
55,512
Net Income From Continuing Operation Net Minority Interest
27,774
-33,997
Reconciled Depreciation
87,927
71,849
Reconciled Cost Of Revenue
342,277
307,805
EBITDA
133,106
55,512
EBIT
45,179
-16,337
Net Interest Income
34,426
43,952
Interest Expense
6,116
6,931
Interest Income
40,542
50,883
Normalized Income
27,774
-33,997
Net Income From Continuing And Discontinued Operation
27,774
-33,997
Total Expenses
1,416,229
1,303,687
Total Operating Income As Reported
-30,600
-69,443
Diluted Average Shares
257,881
251,326
Basic Average Shares
253,732
251,326
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
27,774
-33,997
Net Income Common Stockholders
27,774
-33,997
Net Income
27,774
-33,997
Minority Interests
-18,192
-9
Net Income Including Noncontrolling Interests
45,966
-33,988
Net Income Continuous Operations
45,966
-33,988
Tax Provision
-6,903
10,720
Pretax Income
39,063
-23,268
Other Income Expense
35,237
2,223
Other Non Operating Income Expenses
35,237
2,223
Net Non Operating Interest Income Expense
34,426
43,952
Interest Expense Non Operating
6,116
6,931
Interest Income Non Operating
40,542
50,883
Operating Income
-30,600
-69,443
Operating Expense
1,073,952
995,882
Research And Development
408,326
347,564
Selling General And Administration
665,626
648,318
Selling And Marketing Expense
488,674
481,032
General And Administrative Expense
176,952
167,286
Other Gand A
176,952
167,286
Gross Profit
1,043,352
926,439
Cost Of Revenue
342,277
307,805
Total Revenue
1,385,629
1,234,244
Operating Revenue
1,385,629
1,234,244
Balance Sheet
2026
2025
2024
Ordinary Shares Number
254,537
252,078
Share Issued
254,537
252,078
Total Debt
821,343
818,046
Tangible Book Value
2,080,645
2,519,165
Invested Capital
5,379,720
4,761,596
Working Capital
2,185,758
2,919,387
Net Tangible Assets
2,080,645
2,519,165
Capital Lease Obligations
75,500
72,947
Common Stock Equity
4,633,877
4,016,497
Total Capitalization
5,379,720
4,761,596
Total Equity Gross Minority Interest
4,675,332
4,059,017
Minority Interest
41,455
42,520
Stockholders Equity
4,633,877
4,016,497
Gains Losses Not Affecting Retained Earnings
35,649
1,537
Other Equity Adjustments
35,649
1,537
Retained Earnings
-1,255,268
-1,299,986
Additional Paid In Capital
5,853,369
5,314,820
Capital Stock
127
126
Common Stock
127
126
Total Liabilities Net Minority Interest
6,594,768
5,906,330
Total Non Current Liabilities Net Minority Interest
2,478,906
2,306,435
Other Non Current Liabilities
325,497
292,556
Non Current Deferred Liabilities
1,351,960
1,211,762
Non Current Deferred Revenue
1,351,960
1,211,762
Long Term Debt And Capital Lease Obligation
801,449
802,117
Long Term Capital Lease Obligation
55,606
57,018
Long Term Debt
745,843
745,099
Current Liabilities
4,115,862
3,599,895
Other Current Liabilities
103,243
53,220
Current Deferred Liabilities
3,370,233
2,851,488
Current Deferred Revenue
3,370,233
2,851,488
Current Debt And Capital Lease Obligation
19,894
15,929
Current Capital Lease Obligation
19,894
15,929
Pensionand Other Post Retirement Benefit Plans Current
78,534
Payables And Accrued Expenses
543,958
679,258
Current Accrued Expenses
489,737
547,662
Interest Payable
4,750
Payables
54,221
131,596
Accounts Payable
54,221
131,596
Total Assets
11,270,100
9,965,347
Total Non Current Assets
4,968,480
3,446,065
Other Non Current Assets
469,488
316,858
Non Current Deferred Assets
743,200
556,221
Investments And Advances
66,263
81,332
Other Investments
66,263
81,332
Goodwill And Other Intangible Assets
2,553,232
1,497,332
Other Intangible Assets
285,739
144,405
Goodwill
2,267,493
1,352,927
Net PPE
1,136,297
994,322
Accumulated Depreciation
-842,673
-702,841
Gross PPE
1,978,970
1,697,163
Leases
63,205
50,151
Construction In Progress
282,393
227,502
Other Properties
70,093
46,289
Machinery Furniture Equipment
1,563,279
1,352,151
Buildings And Improvements
70,093
67,359
Current Assets
6,301,620
6,519,282
Other Current Assets
186,663
306,375
Current Deferred Assets
353,869
398,708
Prepaid Assets
274,400
Receivables
933,887
1,013,116
Accounts Receivable
933,887
1,013,116
Allowance For Doubtful Accounts Receivable
-3,100
-2,700
Gross Accounts Receivable
936,987
1,015,816
Cash Cash Equivalents And Short Term Investments
4,552,801
4,801,083
Cash And Cash Equivalents
4,552,801
4,801,083
Cash Equivalents
Cash Financial
Cash Flow
2026
2025
2024
Free Cash Flow
470,742
297,376
Repurchase Of Capital Stock
-175,622
Capital Expenditure
-120,195
-100,165
Interest Paid Supplemental Data
11,250
11,250
Income Tax Paid Supplemental Data
23,314
15,474
End Cash Position
4,715,726
4,886,054
Beginning Cash Position
5,314,617
4,973,912
Effect Of Exchange Rate Changes
116
722
Changes In Cash
-599,007
-88,580
Financing Cash Flow
-195,891
4,773
Cash Flow From Continuing Financing Activities
-195,891
4,773
Net Other Financing Charges
-20,952
4,500
Proceeds From Stock Option Exercised
683
273
Net Common Stock Issuance
-175,622
Common Stock Payments
-175,622
Investing Cash Flow
-994,053
-490,894
Cash Flow From Continuing Investing Activities
-994,053
-490,894
Net Investment Purchase And Sale
7,518
-9,815
Sale Of Investment
10,266
522
Purchase Of Investment
-2,748
-10,337
Net Business Purchase And Sale
-881,376
-380,914
Purchase Of Business
-881,376
-380,914
Net PPE Purchase And Sale
-97,624
-83,395
Purchase Of PPE
-97,624
-83,395
Capital Expenditure Reported
-22,571
-16,770
Operating Cash Flow
590,937
397,541
Cash Flow From Continuing Operating Activities
590,937
397,541
Change In Working Capital
102,281
-39,890
Change In Other Working Capital
-129,422
47,459
Change In Other Current Liabilities
-4,161
-866
Change In Payables And Accrued Expense
-117,978
68,358
Change In Accrued Expense
-63,624
64,675
Change In Payable
-54,354
3,683
Change In Account Payable
-54,354
3,683
Change In Prepaid Assets
-74,992
-29,029
Change In Receivables
428,834
-125,812
Changes In Account Receivables
428,834
-125,812
Other Non Cash Items
104,253
120,641
Stock Based Compensation
297,703
281,971
Unrealized Gain Loss On Investment Securities
0
0
Deferred Tax
-10,831
-3,042
Deferred Income Tax
-10,831
-3,042
Depreciation Amortization Depletion
87,927
71,849
Depreciation And Amortization
87,927
71,849
Amortization Cash Flow
12,405
7,800
Amortization Of Intangibles
12,405
7,800
Depreciation
75,522
64,049
Operating Gains Losses
-36,362
0
Gain Loss On Investment Securities
-36,362
0
Net Income From Continuing Operations
45,966
-33,988
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.1B▲ $1.4B+25.6%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 73.9%▲ 75.3%+1.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -2.8%▲ -2.2%+0.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -9.4%▲ 2.0%+11.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.4B/qtr (≈$5.5B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.53x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$471M
vs Positive
Operating Cash Flow
$591M
Latest quarter · Buffett's cash reality check
ROIC
-0.3%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
37.3x
Net Assets: $4.7B
Asset Context — Software - Infrastructure
Software companies store most of their value in code, IP, recurring revenue, and customer relationships — none of which appear on the balance sheet under GAAP. Book value and Net Assets are poor proxies for intrinsic value here. Focus on ROIC, gross margin trajectory, and free cash flow instead.
Peers & Industry
No auto-detected peers for Software - Infrastructure. You can manually compare CRWD against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
1.54%
Low — management has little skin in the game
Return on Equity (ROE)
0.6%
Weak — poor returns on equity
Return on Assets (ROA)
0.2%
Poor — assets are not generating adequate returns
Debt Trend YoY
+0.2% YoY
Debt is roughly stable
Leadership Team
George Kurtz
Co-Founder, President, CEO & Director
Age 54
Pay: $5,454,792
19.640% of net income
Michael Sentonas
President
Age 51
Pay: $1,858,750
6.692% of net income
Burt Podbere CPA
Chief Financial Officer
Age 59
Pay: $1,487,452
5.356% of net income
Dmitri Alperovitch
Co-Founder
Age 44
Andy Nowinski
Vice President of Investor Relations & Strategic Finance
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.40%
21,373,637
Vanguard Capital Management LLC
6.27%
15,965,393
State Street Corporation
4.37%
11,137,162
Morgan Stanley
2.58%
6,557,957
Vanguard Portfolio Management LLC
2.37%
6,033,794
Geode Capital Management, LLC
2.36%
5,997,348
Price (T.Rowe) Associates Inc
1.63%
4,152,386
Jennison Associates LLC
1.50%
3,829,124
Risk Analysis
Beta (Market Risk)
1.24
Moderate volatility — moves slightly more than market
Short Interest
3.0% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.18x
Conservative balance sheet — low financial risk
Current Ratio
1.53x
Adequate liquidity
52-Week Price Range
Low: $342.72Current: $684.86High: $785.66
Currently at 77% of 52-week range
CrowdStrike Holdings, Inc. (CRWD) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $6.71. Margin of safety: 0%. Gross profit margin: 75.3%. Operating margin: -2.2%. Net margin: 2.0%. Market cap: $174.3B. Sector: Technology. Industry: Software - Infrastructure. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.