CrowdStrike Holdings, Inc. (CRWD)
被高估基本面
50
价格
$265.11
市值
$265.89B
第一部分 · 这家公司值多少
概览
CrowdStrike protects computers, cloud accounts and corporate identities from hackers using a single lightweight piece of software, called an agent, installed on every device it watches. That agent constantly streams what it sees back to CrowdStrike's cloud, where machine-learning models compare it against threat activity observed across all of CrowdStrike's customers to spot an attack early. Customers start with endpoint protection and then add modules for cloud security, identity protection or log analysis on the same underlying data feed.
盈利方式
Almost all revenue is subscription: customers pay an annual or multi-year fee per protected device or identity, priced by how many modules they turn on beyond the base endpoint product. Because the agent and cloud backend are already installed once a customer signs up, adding a module is mostly a pricing conversation rather than a new deployment, which is why CrowdStrike measures growth in modules adopted per customer as much as in new customers won.
分部营收
Recurring fees for the Falcon platform's endpoint, cloud, identity and other security modules, billed per protected device or identity.
Incident response, proactive threat hunting and implementation consulting sold alongside the subscription, a small and less predictable part of revenue.
护城河
转换成本 · 宽阔Once the Falcon agent is deployed across an organization's devices, it becomes the source of truth for security alerts and incident response playbooks; ripping it out means re-deploying a new agent everywhere and retraining a security team's workflows. High module-adoption rates, with two-thirds of customers running five or more, show how sticky that initial deployment becomes.
需求驱动因素
中度周期性Cybersecurity spending is broadly resilient because breaches are costly and boards demand visible protection, but individual deals still move with IT budgets and can slip in a downturn. Demand also responds to the threat environment itself: a wave of high-profile attacks tends to accelerate buying decisions industry-wide.
主要风险
- July 2024 Falcon update outage — A faulty content update in July 2024 crashed millions of Windows systems worldwide, triggering litigation, customer credits and reputational damage that the company is still working through.
- Intense competition in security software — Microsoft bundles competing endpoint protection into products many customers already own, and other specialized vendors compete module by module, pressuring pricing and the pace of new customer wins.
- A single defect can affect every customer at once — Because the same agent runs on nearly every protected device, a bug in one update can disrupt customers simultaneously and at scale, as the 2024 outage demonstrated.
- History of net losses and heavy stock-based compensation — CrowdStrike has a history of GAAP net losses and relies heavily on stock-based compensation to pay employees, which dilutes shareholders even as the business scales.
客户集中度
No single direct customer or channel partner accounted for 10% or more of total revenue in the three most recent fiscal years, indicating a broad, diversified customer base.
看多理由
Buyers argue that the Falcon platform's single-agent architecture creates real switching costs that show up in high module-adoption rates, that the July 2024 outage did less lasting damage to the customer base than feared, and that AI-driven detection keeps CrowdStrike ahead of a threat landscape rivals struggle to match.
看空理由
Sellers fear that the July 2024 outage exposed the risk of concentrating so much trust in one vendor's agent, that Microsoft's bundled alternative is good enough for many customers at a much lower price, and that a company still posting GAAP losses is priced for a level of growth that gets harder to sustain as its customer base matures.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Defender for Endpoint is bundled into Microsoft 365 E5 licences, so it competes for the same endpoint security budget CrowdStrike sells into, often on bundle economics.
Its Cortex XDR and XSIAM line targets the same endpoint detection and security-operations workloads, sold to the same corporate SOC buyers.
A network security vendor that extends its platform to endpoint and SecOps products, competing for the consolidated security spend of the same mid-market and enterprise customers.
Pure-play endpoint protection vendor whose Singularity platform is bid against Falcon in the same EDR/XDR deals, for the same enterprise and mid-market security teams.
Vision One sells endpoint and XDR protection to the same enterprise accounts, with a particularly strong installed base in Japan and the rest of Asia.
Privately held (Thoma Bravo) endpoint and managed detection vendor that wins many of the mid-market and small-enterprise deals CrowdStrike also pursues.
资产负债表与流动性
营收
$5.40B
最近12个月（截至2026/7/31）
净利润
$45M
最近12个月（截至2026/7/31）
自由现金流
$1.31B
股东权益合计
$4.43B
负债合计
$6.61B
流动比率
1.57
利息覆盖率
4.99
债务/EBITDA
7.68
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$174.23
当前价格
$265.11
安全边际
-52.2%
公允价值区间
$113.25 - $235.21
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
4556.06
ROE
-3.7%
市净率（P/B）
53.14
P/FCF
168.51
毛利率
75.2%
ROIC
-1.4%
盈利能力雷达图
价值创造（经济护城河）
ROIC
-1.4%
WACC
11.0%
ROIC − WACC
-12.4 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（13）
- EPS shows upward trend
- Price CAGR 53.65%
- Gross Margin 75.2%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Revenue Growth 5Y 40.6%
- Analyst Consensus 74% Buy
- Earnings Quality (OCF/NI) 44.82
- Share Dilution -1.6%
- Net Margin Trend 0.8% vs -6.4%
- Piotroski F-Score 5/9
未通过（11）
- ROIC -1.4%
- P/FCF 168.51
- P/B Ratio 53.14
- Operating Margin -2.5%
- CapEx intensity
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE 1.3%
- Earnings Surprise avg 1.1%
不可用（3）
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. George R. Kurtz | Co-Founder, President, CEO & Director | 54 |
| Mr. Michael Sentonas | President | 51 |
| Mr. Dmitri Alperovitch | Co-Founder | 44 |
| Mr. Anurag Saha | Chief Accounting Officer | 45 |
| Mr. Justin Acquaro | Chief Information Officer | - |
| Mr. Andy Nowinski | Vice President of Investor Relations & Strategic Finance | - |
| Ms. Cathleen Garrigan Anderson J.D. | Chief Legal Officer | - |
| Mr. Brad Burns | Chief Communications Officer | - |
| Mr. J. C. Herrera | Chief Human Resources Officer | - |
| Mr. Adam Meyers | Senior Vice President of Counter Adversary Operations | - |
审计风险
10
董事会风险
9
薪酬风险
10
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for CRWD, sourced from Markets Gazette.
- 8d agoPOSITIVEJosh Brown: queste 3 azioni della sicurezza informatica restano attraenti
Cybersecurity stocks are highlighted as an attractive investment niche despite broader software sector pressures. Josh Brown, CEO of Ritholtz Wealth Management, identifies CrowdStrike (CRWD), Palo Alto Networks (PANW), and Fortinet (FTNT) as prime opportunities. The accelerating adoption of AI is expanding corporate attack surfaces, making cybersecurity an essential operational expenditure. This fundamental shift supports premium valuations for leading cybersecurity firms, suggesting significant upside potential for these companies. Investors are advised to consider these names for exposure to a resilient and growing sector.
- 17d agoPOSITIVECrowdStrike and Palo Alto Networks lead software stocks to a never-before-seen feat
CrowdStrike Holdings Inc. and Palo Alto Networks Inc. have spearheaded a remarkable outperformance by software stocks over the semiconductor sector. This divergence occurred amidst heightened concerns surrounding artificial intelligence development, a trend that has historically benefited chip manufacturers. The software sector's ability to lead in this environment suggests a potential shift in market focus, with investors prioritizing cybersecurity and cloud solutions over hardware components. This unprecedented feat highlights the resilience and evolving strategic importance of software companies in the current tech landscape, potentially signaling a favorable outlook for these cybersecurity leaders.
- 8/27/2026POSITIVECrowdStrike’s stock jumps after record-breaking earnings. Wall Street is lapping it up.
CrowdStrike's stock surged following the release of record-breaking earnings, prompting several Wall Street analysts to raise their price targets. The cybersecurity firm's stellar performance has garnered significant positive attention from financial institutions, indicating strong investor confidence. This upward revision in price targets suggests that analysts anticipate continued growth and positive momentum for CrowdStrike, making it an attractive prospect for investors seeking exposure to the cybersecurity sector. The market's enthusiastic reception underscores the company's robust financial health and its strategic position in a critical industry.
- 8/26/2026POSITIVECrowdStrike’s stock soars after AI fuels the cybersecurity company’s ‘best quarter’ ever
CrowdStrike Holdings Inc. experienced a significant stock surge following its announcement of an exceptionally strong quarter, largely attributed to its advancements in Artificial Intelligence (AI) for cybersecurity. CEO George Kurtz highlighted AI as the cornerstone of future enterprise operations and stated that securing these AI-driven environments represents the largest market opportunity in the company's history. This strategic positioning and demonstrated success in leveraging AI are expected to drive continued growth and market leadership for CrowdStrike, attracting investor interest in its innovative solutions.
via Markets Gazette