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-2.3%
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 Margin0.4%
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 Debt154.6 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$1.8B
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$2.5B
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-Book50.05x
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$376M
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 Income2901.1%
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$255M
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 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.
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.
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 $249.35.
The business passes only 0 of 6 of Graham's defensive criteria — well below his required standard.
At $249.35, the stock trades at a 23424% premium to its Graham Number of $1.06. 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.
Trading at 3663.0x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..
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
Q3 2026
Q4 2025
Gross Profit %
74.6%▼
75.1%
Operating Margin %
-2.3%▲
-5.6%
Net Income %
0.4%▲
-2.8%
Diluted EPS
0.01▲
-0.04
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$12.0B
$10.0B
Total Debt
$820M▲
$818M
Working Capital
$2.5B▼
$2.9B
Years to Pay Debt
154.58
-24.06
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$376M▲
$297M
Owner Earnings
$255M
$138M
CapEx % of Net Income
2,901.1%
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
105,340
55,512
Net Income From Continuing Operation Net Minority Interest
5,306
-33,997
Reconciled Depreciation
95,360
71,849
Reconciled Cost Of Revenue
374,002
307,805
EBITDA
105,340
55,512
EBIT
9,980
-16,337
Net Interest Income
37,834
43,952
Interest Expense
6,047
6,931
Interest Income
43,881
50,883
Normalized Income
5,306
-33,997
Net Income From Continuing And Discontinued Operation
5,306
-33,997
Total Expenses
1,504,129
1,303,687
Total Operating Income As Reported
-33,232
-69,443
Diluted Average Shares
1,044,469
1,005,304
Basic Average Shares
1,019,448
1,005,304
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
5,306
-33,997
Net Income Common Stockholders
5,306
-33,997
Net Income
5,306
-33,997
Minority Interests
0
-9
Net Income Including Noncontrolling Interests
5,306
-33,988
Net Income Continuous Operations
5,306
-33,988
Tax Provision
-1,373
10,720
Pretax Income
3,933
-23,268
Other Income Expense
-669
2,223
Other Non Operating Income Expenses
-669
2,223
Net Non Operating Interest Income Expense
37,834
43,952
Interest Expense Non Operating
6,047
6,931
Interest Income Non Operating
43,881
50,883
Operating Income
-33,232
-69,443
Operating Expense
1,130,127
995,882
Research And Development
444,200
347,564
Selling General And Administration
685,927
648,318
Selling And Marketing Expense
509,973
481,032
General And Administrative Expense
175,954
167,286
Other Gand A
175,954
167,286
Gross Profit
1,096,895
926,439
Cost Of Revenue
374,002
307,805
Total Revenue
1,470,897
1,234,244
Operating Revenue
1,470,897
1,234,244
Balance Sheet
2026
2025
Ordinary Shares Number
1,023,845
1,008,312
Share Issued
1,023,845
1,008,312
Total Debt
820,179
818,046
Tangible Book Value
2,577,063
2,519,165
Invested Capital
5,847,940
4,761,596
Working Capital
2,525,490
2,919,387
Net Tangible Assets
2,577,063
2,519,165
Capital Lease Obligations
73,963
72,947
Common Stock Equity
5,101,724
4,016,497
Total Capitalization
5,847,940
4,761,596
Total Equity Gross Minority Interest
5,139,525
4,059,017
Minority Interest
37,801
42,520
Stockholders Equity
5,101,724
4,016,497
Gains Losses Not Affecting Retained Earnings
15,684
1,537
Other Equity Adjustments
15,684
1,537
Retained Earnings
-1,249,962
-1,299,986
Additional Paid In Capital
6,335,490
5,314,820
Capital Stock
512
126
Common Stock
512
126
Total Liabilities Net Minority Interest
6,885,476
5,906,330
Total Non Current Liabilities Net Minority Interest
2,455,788
2,306,435
Other Non Current Liabilities
312,610
292,556
Non Current Deferred Liabilities
1,345,066
1,211,762
Non Current Deferred Revenue
1,345,066
1,211,762
Long Term Debt And Capital Lease Obligation
798,112
802,117
Long Term Capital Lease Obligation
51,896
57,018
Long Term Debt
746,216
745,099
Current Liabilities
4,429,688
3,599,895
Other Current Liabilities
157,851
53,220
Current Deferred Liabilities
3,497,144
2,851,488
Current Deferred Revenue
3,497,144
2,851,488
Current Debt And Capital Lease Obligation
22,067
15,929
Current Capital Lease Obligation
22,067
15,929
Pensionand Other Post Retirement Benefit Plans Current
25,448
Payables And Accrued Expenses
727,178
679,258
Current Accrued Expenses
612,691
547,662
Payables
114,487
131,596
Accounts Payable
114,487
131,596
Total Assets
12,025,001
9,965,347
Total Non Current Assets
5,069,823
3,446,065
Other Non Current Assets
427,122
316,858
Non Current Deferred Assets
805,537
556,221
Investments And Advances
69,263
81,332
Other Investments
69,263
81,332
Goodwill And Other Intangible Assets
2,524,661
1,497,332
Other Intangible Assets
273,235
144,405
Goodwill
2,251,426
1,352,927
Net PPE
1,243,240
994,322
Accumulated Depreciation
-920,142
-702,841
Gross PPE
2,163,382
1,697,163
Leases
68,776
50,151
Construction In Progress
342,470
227,502
Other Properties
Machinery Furniture Equipment
1,683,747
1,352,151
Buildings And Improvements
68,389
67,359
Current Assets
6,955,178
6,519,282
Other Current Assets
256,686
306,375
Current Deferred Assets
389,070
398,708
Prepaid Assets
257,000
Receivables
1,038,575
1,013,116
Accounts Receivable
1,038,575
1,013,116
Allowance For Doubtful Accounts Receivable
-3,300
-2,700
Gross Accounts Receivable
1,041,875
1,015,816
Cash Cash Equivalents And Short Term Investments
5,013,847
4,801,083
Cash And Cash Equivalents
5,013,847
4,801,083
Cash Equivalents
Cash Financial
Cash Flow
2026
2025
Free Cash Flow
376,336
297,376
Repurchase Of Capital Stock
0
Capital Expenditure
-153,932
-100,165
Interest Paid Supplemental Data
0
11,250
Income Tax Paid Supplemental Data
12,911
15,474
End Cash Position
5,176,664
4,886,054
Beginning Cash Position
4,715,726
4,973,912
Effect Of Exchange Rate Changes
-1,732
722
Changes In Cash
462,670
-88,580
Financing Cash Flow
83,956
4,773
Cash Flow From Continuing Financing Activities
83,956
4,773
Net Other Financing Charges
-3,654
4,500
Proceeds From Stock Option Exercised
87,610
273
Net Common Stock Issuance
0
Common Stock Payments
0
Investing Cash Flow
-151,554
-490,894
Cash Flow From Continuing Investing Activities
-151,554
-490,894
Net Investment Purchase And Sale
2,378
-9,815
Sale Of Investment
7,368
522
Purchase Of Investment
-4,990
-10,337
Net Business Purchase And Sale
0
-380,914
Purchase Of Business
0
-380,914
Net PPE Purchase And Sale
-124,413
-83,395
Purchase Of PPE
-124,413
-83,395
Capital Expenditure Reported
-26,519
-16,770
Operating Cash Flow
530,268
397,541
Cash Flow From Continuing Operating Activities
530,268
397,541
Change In Working Capital
-65,134
-39,890
Change In Other Working Capital
-85,700
47,459
Change In Other Current Liabilities
-4,926
-866
Change In Payables And Accrued Expense
150,573
68,358
Change In Accrued Expense
103,936
64,675
Change In Payable
46,637
3,683
Change In Account Payable
46,637
3,683
Change In Prepaid Assets
-20,430
-29,029
Change In Receivables
-104,651
-125,812
Changes In Account Receivables
-104,651
-125,812
Other Non Cash Items
114,053
120,641
Stock Based Compensation
376,914
295,436
Deferred Tax
3,769
-3,042
Deferred Income Tax
3,769
-3,042
Depreciation Amortization Depletion
95,360
71,849
Depreciation And Amortization
95,360
71,849
Amortization Cash Flow
13,285
7,800
Amortization Of Intangibles
13,285
7,800
Depreciation
82,075
64,049
Operating Gains Losses
0
Gain Loss On Investment Securities
0
Net Income From Continuing Operations
5,306
-47,453
📊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: $1.2B▲ $1.5B+25.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 73.6%▲ 74.6%+1.0pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -2.8%▲ -2.3%+0.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -6.0%▲ 0.4%+6.4pp
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.
$1.5B/qtr (≈$5.9B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.57x 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.
$376M
vs Positive
Operating Cash Flow
$530M
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
49.7x
Net Assets: $5.1B
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
1.45%
Low — management has little skin in the game
Return on Equity (ROE)
0.1%
Weak — poor returns on equity
Return on Assets (ROA)
0.0%
Poor — assets are not generating adequate returns
Debt Trend YoY
-0.1% YoY
Debt is declining — management is deleveraging
Leadership Team
George Kurtz
Co-Founder, President, CEO & Director
Age 54
Pay: $5,454,792
102.804% of net income
Michael Sentonas
President
Age 51
Pay: $1,858,750
35.031% of net income
Dmitri Alperovitch
Co-Founder
Age 44
Andy Nowinski
Vice President of Investor Relations & Strategic Finance
Adam Meyers
Senior Vice President of Counter Adversary Operations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
2.13%
21,846,397
Vanguard Capital Management LLC
1.58%
16,205,746
State Street Corporation
1.13%
11,583,850
Invesco Ltd.
0.82%
8,392,874
JPMORGAN CHASE & CO
0.80%
8,174,463
FMR, LLC
0.76%
7,847,117
Morgan Stanley
0.63%
6,494,547
Geode Capital Management, LLC
0.59%
6,083,339
Risk Analysis
Beta (Market Risk)
1.25
Moderate volatility — moves slightly more than market
Short Interest
2.4% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.16x
Conservative balance sheet — low financial risk
Current Ratio
1.57x
Adequate liquidity
52-Week Price Range
Low: $85.68Current: $249.35High: $250.32
Currently at 99% 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: $1.06. Margin of safety: 0%. Gross profit margin: 74.6%. Operating margin: -2.3%. Net margin: 0.4%. Market cap: $255.3B. 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
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