CASH
Narrative unverifiedOperating cash flow
Operating cash flow: $332.8M → $530.3M (+59.3% YOY)
Operating cash flow increased, but no eligible quarterly year-over-year explanation was supplied.
C
CrowdStrike Holdings, Inc.
CRWD
Price$262.48
Market cap$266.7B
Market dataCurrent · 2026-09-23
FundamentalsLatest period · 2026-07-31
Primary filing10-Q · Filed 2026-08-26
First public update: 2026-08-26 16:07:02 ET
Current state
Standard DCF
Current price
$262.48
Market capitalization
$266.7B
Valuation date
2026-09-23
Model-Implied Valuation Gap
-87.3%
negative means model value is below market capitalization
Model equity value
$34B
Previous gap
-85.3%
Change vs prior
−1.9 pp
Model & data status
Standard DCFStandard DCF · ValidData ready · Evidence recorded
Market dataCurrent · 2026-09-23
Latest period2026-07-31
Filed2026-08-27
Why the model sees this gap
The standard DCF implies an equity value substantially below the current market capitalization. The latest widening is entirely market-driven: market capitalization rose without a new operating-period update. Across the supplied chronology, higher FCFF and generally greater cash balances supported modeled equity value, but repeated market re-rating outweighed those fundamental improvements. Current diluted earnings are positive but small, making the reported P/E sensitive to its earnings denominator; material non-operating items and corporate-action normalization limit multiple interpretation.
Primary drivers
Market Capitalization
Central research view
Price, Fundamentals & Valuation
Series
Range
Scale
One reporting-period timeline preserves the supplied values in USD/share, USD, USD/share, and percent.Mixed units selected. Use Base 100 or Z-score for direct visual comparison.Reporting-period timeline; filed/published dates remain in evidence. No intermediate values are synthesized.
Point-in-time states
How the Valuation Gap Evolved
2026-09-23Market-only updateWidened by 1.9 ppMarket-only update extends the widening
What changed
The gap widened to its current level without a new operating-period update.
Why changed
The supplied attribution assigns the widening entirely to higher market capitalization, rather than changed fundamentals.
2026-08-27Information available · 2026-08-26 16:07:02 ETNew Financial PeriodWidened by 2.6 ppContinued re-rating outweighs stronger fundamentals
What changed
The gap widened again as market value grew faster than modeled support.
Why changed
Higher FCFF and cash narrowed the gap on fundamental grounds, but the market-cap increase more than offset them.
2026-06-04Information available · 2026-06-03 16:06:20 ETNew Financial PeriodWidened by 10.5 ppSharp market re-rating overwhelms FCFF growth
What changed
The gap widened sharply despite stronger cash generation.
Why changed
Higher market capitalization dominated the FCFF improvement, while reduced cash balances also widened the gap.
2026-03-04Information available · 2026-03-03 16:06:26 ETNew Financial PeriodNarrowed by 8.3 ppMarket decline and stronger fundamentals narrow the gap
What changed
The gap narrowed substantially.
Why changed
Lower market capitalization was reinforced by higher FCFF and renewed cash accumulation.
2025-12-03Information available · 2025-12-02 16:11:13 ETNew Financial PeriodWidened by 2.8 ppMarket gains outpace FCFF recovery
What changed
The gap resumed widening.
Why changed
Higher market capitalization outweighed stronger FCFF, while lower cash balances added fundamental pressure.
2025-08-28Information available · 2025-08-27 16:11:24 ETNew Financial PeriodNarrowed by 1.3 ppMarket easing and fundamental gains narrow the gap
What changed
The gap narrowed modestly.
Why changed
Lower market capitalization combined with higher cash and recovering FCFF to support narrowing.
Fundamental intelligence
What Changed — and Why
EARNINGS QUALITY
Explanation verifiedNet income
Net income: -$70.1M → $5.3M · turned profitable · N/M — sign change
Net income moved from a loss to a profit, principally reflecting a narrower operating loss, with tax benefits helping and lower interest income offsetting the improvement.
Statement decompositionManagement stated
GROWTH
Explanation verifiedRevenue
Revenue: $1.17B → $1.47B (+25.8% YOY)
Revenue growth was led by subscriptions, supported by new customers and expanded sales to existing customers.
Statement decompositionManagement stated
PROFITABILITY
Explanation verifiedOperating income
Operating loss: $105.5M → $33.2M · Loss narrowed by $72.2M (68.5%)
The operating loss narrowed as gross-profit growth exceeded higher operating expenses; reduced Strategic Plan charges also helped.
Statement decompositionManagement stated
Deterministic review
Quality of Earnings
NET INCOME OPERATING INCOME GAPMEDIUM
Net income and operating income differ materially; tax, interest and other non-operating items require explanation.
TTM · period ended 2026-07-31
UNUSUAL EFFECTIVE TAX RATEMEDIUM
Effective tax rate (TTM): -1.84%; tax benefit sign is preserved.
TTM · period ended 2026-07-31
Earnings context
Earnings & Multiples
TTM diluted EPS
$0.037
P/E
7,146×
Latest quarter EPS
$0.01
Calculation status
Mathematically valid
P/E is mathematically valid but highly unstable because TTM EPS is close to zero.