CrowdStrikeNarrow moat

CRWD — overall economic moat

Investment snapshot
Narrow moat→ Holding steadyConfidenceMediumValuationExpensive
Strongest advantageSwitching costs proven under stress: a sensor on every machine, 51% of customers on six or more modules, about 97% gross retention through the July 2024 outage, and customers who prepay
Greatest threatPrice and pay: about 48 times sales, twice its own multiple of January, with stock pay rising to 27% of revenue and a GAAP operating loss in every fiscal year on record
Key metricNet retention (115% at January 2026) and net new ARR growth (51% in Q2 FY2027)
Verdict: CrowdStrike's moat passed the hardest test a security vendor can face: it disabled millions of its customers' computers and kept almost all of their revenue. The sensor, the module count and the prepaid contracts make leaving expensive. But the business has not yet earned a return on capital, stock pay is rising as a share of revenue, and the shares trade at about 48 times sales on a growth rate that has only just started to accelerate again.
📈 CRWD valuation, revenue & earnings — P/E, P/S, revenue, EPS →

CrowdStrike sells cybersecurity by subscription. A small program, the Falcon sensor, runs on a customer's laptops, servers and cloud workloads, reports what it sees to CrowdStrike's cloud, and is the channel through which the company sells 33 cloud modules1: endpoint protection, cloud security, identity protection, security data and more. Founded in 20112, based in Austin, Texas, and listed on Nasdaq since June 2019 at $34.00 a share3, it had 10,698 full-time employees at 31 January 20264 and says it protects more than 88,000 organisations5.

Revenue by fiscal year ($M)119FY2018481FY20201,452FY20223,056FY20244,812FY20265,396TTM Jul 2026CrowdStrike Forms 10-K and results releases; trailing twelve months calculated
Forty times larger in eight years.

Revenue was $4,812.0 million in fiscal 2026, the year to 31 January 2026, up about 21.7%67. Subscriptions were $4,564.7 million, 95% of the total, and professional services $247.3 million8. By customer location, the United States supplied 67%, Europe, the Middle East and Africa 16%, Asia Pacific 10% and other regions 7%9. Annual recurring revenue, the company's headline measure, was $5.84 billion at 31 July 2026, up 25%10.

How it makes money: customers pay per protected endpoint and per module, are generally invoiced at the start of a one-to-three-year term, and CrowdStrike recognises the revenue evenly over it11. Most sales pass through channel partners12. Once the sensor is installed, each additional module is a licence switched on from the cloud; at July 2026, 51% of subscription customers had six or more modules13.

The accounts tell two stories. On a GAAP basis CrowdStrike lost $293.3 million from operations in fiscal 2026 and $162.5 million after tax14. On its non-GAAP basis it earned $1.05 billion from operations, and free cash flow was $1,235.3 million15. The difference is mostly stock-based pay. In the latest quarter it reported a small GAAP profit of $5.3 million16.

Its defining event was 19 July 2024, when a faulty sensor update disabled Windows machines worldwide17. Customers largely stayed, which is the best evidence of the moat, and the company's growth has since re-accelerated.

The shares closed at $252.13 on 25 September 2026, a market value of $258.72 billion18, about 47.9 times trailing sales19. It has "never declared or paid any cash dividends"20. It split its stock four-for-one in July 202621.

Almost all of that growth was built rather than bought. Revenue rose from $118.8 million in fiscal 201822 to $4,812.0 million in fiscal 202623, about 40 times24, and the acquisitions along the way were small; the largest, SGNL, cost $627.9 million in cash25. The ownership structure is now simple as well: on 11 December 2024 all outstanding Class B shares converted automatically into Class A shares26, ending the dual-class structure the company listed with, and George Kurtz, the founder, remains chief executive27.

The moat is narrow: a real switching cost, tested by the outage and passed, earned by a company whose return on invested capital computed from its filings has been negative every year since fiscal 201928. The number that would change the verdict is net retention, 115% at January 202629; back above 119%, the pre-outage level, it would show the expansion engine fully restored, while a slide below 112% would say the recent acceleration borrowed from future spending.

The number that tests this moat
Reported
Revenue, and where it comes from
$4.81bn in FY2026: subscription $4.56bn (95%), professional services $0.25bn; 67% from the United States

Nearly all of it recurs, billed ahead. Watch ARR growth, 25% at July 2026, and net retention, 115%.

Source: CrowdStrike Form 10-K, FY2026 ↗
Moat scorecardHow ratings work →
Switching costs8/10
Network effects3/10
Pricing power5/10
Hard to replicate6/10
Disruption resistance5/10
Overall durability6/10

Switching costs are high: the sensor runs on every protected machine, half of customers run six or more modules, and gross retention stayed about 97% through the July 2024 outage. The data gathered across the installed base gives a modest network effect. Pricing power is moderate: a 78% subscription margin held through post-outage discounts, but Microsoft bundles security and rivals may undercut. Replication is fairly hard because of the installed base, though Palo Alto sells the same platform idea. Disruption resistance is middling, with AI both a market and a threat. Durability sits in the narrow band because return on invested capital has never been positive in the period measured.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Subscriptions are 95% of CrowdStrike's revenue and about 99% of its gross profit; services mostly exist to install the sensor.
DIG DEEPER 02
The Moat
CrowdStrike's customers could not leave even after it crashed their computers, but its return on capital cannot yet be shown to exceed its cost.
DIG DEEPER 03
Competitors
CrowdStrike competes with a rival making the same pitch, a host that bundles security for free and a crowd of small specialists, several of which it…
DIG DEEPER 04
Major Clients
No CrowdStrike customer reaches 10% of revenue, but the $10.7 billion contract book behind that revenue carries no names at all.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
CrowdStrike's future bets all depend on the same installed sensor reaching further, and it has raised its guidance for the nearest one three times…
⚠ Threats to the moat
⚠ THREAT 01
Paid in Shares
CrowdStrike's stock pay rose to 27% of revenue in the latest quarter, and it accounts for nearly all of the gap between its GAAP loss and non-GAAP…
⚠ THREAT 02
Forty-Eight Times Sales
CrowdStrike trades at about 48 times sales, twice its own multiple of eight months ago, and above the average analyst target.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Almost all of CrowdStrike's ARR growth in the past year sits in Falcon Flex accounts, and ARR outside them barely moved.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 FY2027)
CrowdStrike's latest quarter brought record net new ARR, up 51%, and a raised outlook, while GAAP profit was a thin $5.3 million.
References
  1. ReportedA small program, the Falcon sensor, runs on a customer's laptops, servers and cloud workloads, reports what it sees to CrowdStrike's cloud, and is the channel through which the company sells 33 cloud modules: endpoint protection, cloud security, identity protection, security data and more.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1 business: the Falcon platform, modules, markets, customers, channels, managed service providers, public sector, employees and the Onum and Pangea acquisitions. — FY2026 · publ. 5 March 2026 · source ↗
  2. ReportedFounded in 2011, based in Austin, Texas, and listed on Nasdaq since June 2019 at $34.00 a share, it had 10,698 full-time employees at 31 January 2026 and says it protects more than 88,000 organisations.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1 business: the Falcon platform, modules, markets, customers, channels, managed service providers, public sector, employees and the Onum and Pangea acquisitions. — FY2026 · publ. 5 March 2026 · source ↗
  3. ReportedFounded in 2011, based in Austin, Texas, and listed on Nasdaq since June 2019 at $34.00 a share, it had 10,698 full-time employees at 31 January 2026 and says it protects more than 88,000 organisations.
    CrowdStrike IPO prospectus (Form 424B4) - 18,000,000 shares at $34.00, and dollar-based gross retention of 96% and 98% at 31 January 2018 and 2019. — June 2019 · publ. 13 June 2019 · source ↗
  4. ReportedFounded in 2011, based in Austin, Texas, and listed on Nasdaq since June 2019 at $34.00 a share, it had 10,698 full-time employees at 31 January 2026 and says it protects more than 88,000 organisations.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1 business: the Falcon platform, modules, markets, customers, channels, managed service providers, public sector, employees and the Onum and Pangea acquisitions. — FY2026 · publ. 5 March 2026 · source ↗
  5. ReportedFounded in 2011, based in Austin, Texas, and listed on Nasdaq since June 2019 at $34.00 a share, it had 10,698 full-time employees at 31 January 2026 and says it protects more than 88,000 organisations.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1 business: the Falcon platform, modules, markets, customers, channels, managed service providers, public sector, employees and the Onum and Pangea acquisitions. — FY2026 · publ. 5 March 2026 · source ↗
  6. ReportedRevenue was $4,812.0 million in fiscal 2026, the year to 31 January 2026, up about 21.7%.
    CrowdStrike fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - fourth-quarter and full-year results, ARR, retention and module adoption. — Q4 FY2026 · publ. 3 March 2026 · source ↗
  7. Moat Explorer calcRevenue was $4,812.0 million in fiscal 2026, the year to 31 January 2026, up about 21.7%.
    Moat Explorer calculation from CrowdStrike's reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2019 249.8 / 118.8 - 1 = 110.4%; FY2020 481.4 / 249.8 - 1 = 92.7%; FY2021 874.4 / 481.4 - 1 = 81.6%, about 82%; FY2022 1,451.6 / 874.4 - 1 = 66.0%; FY2023 2,241.2 / 1,451.6 - 1 = 54.4%; FY2024 3,055.6 / 2,241.2 - 1 = 36.3%; FY2025 3,953.6 / 3,055.6 - 1 = 29.4%, about 29%; FY2026 4,812.0 / 3,953.6 - 1 = 21.7%, about 22%; FY2024 to FY2026 4,812.0 / 3,055.6 - 1 = 57.5%, about 57%; compound FY2018-FY2026 (4,812.0 / 118.8)^(1/8) - 1 = 58.8%, about 59%; revenue grew about 40 times in eight years (4,812.0 / 118.8 = 40.5); FY2027 guidance midpoint (5,991.1 + 6,011.1) / 2 = 6,001.1, 6,001.1 / 4,812.0 - 1 = 24.7%, about 25%; H1 FY2027 revenue 2,856.5 / 6,001.1 = 47.6%; trailing revenue to 31 July 2026 4,812.0 - 2,272.4 + 2,856.5 = 5,396.1, about $5.40 billion. Subscription growth: FY2019 219.4 / 92.6 - 1 = 137.0%; FY2020 98.9%; FY2021 804.7 / 436.3 - 1 = 84.4%; FY2022 69.0%; FY2023 2,111.7 / 1,359.5 - 1 = 55.3%; FY2024 35.9%; FY2025 3,761.5 / 2,870.6 - 1 = 31.0%; FY2026 4,564.7 / 3,761.5 - 1 = 21.4%; H1 FY2027 2,721.1 / 2,153.7 - 1 = 26.3%, about 26%; compound FY2018-FY2026 (4,564.7 / 92.6)^(1/8) - 1 = 62.8%. Subscription added: FY2022 1,359.5 - 804.7 = 554.9; FY2023 2,111.7 - 1,359.5 = 752.1; FY2024 2,870.6 - 2,111.7 = 758.9; FY2025 890.9; FY2026 803.2. Subscription share of revenue FY2018 92.6 / 118.8 = 78%. Subscription gross profit FY2026 4,564.7 - 1,015.9 = 3,548.8. Professional services: revenue FY2018 118.8 - 92.6 = 26.2; FY2024 185.0 / 129.6 - 1 = 42.8%; FY2025 192.1 / 185.0 - 1 = 3.9%, about 4%; FY2026 247.3 / 192.1 - 1 = 28.7%, about 29%; compound FY2018-FY2026 (247.3 / 26.2)^(1/8) - 1 = 32.4%; gross profit FY2026 247.3 - 203.0 = 44.3; GAAP gross margin 44.3 / 247.3 = 17.9%, about 18%; share of gross profit 44.3 / 3,593.1 = 1.2%. Region: FY2026 growth United States 3,216.7 / 2,682.9 - 1 = 19.9%; EMEA 782.7 / 619.5 - 1 = 26.3%; Asia Pacific 495.7 / 402.5 - 1 = 23.2%; Other 317.0 / 248.7 - 1 = 27.4%. United States share FY2018 99.2 / 118.8 = 84%. ARR and net new ARR: ARR compound FY2018-FY2026 (5,252.8 / 141.3)^(1/8) - 1 = 57.1%, about 57%; net new ARR FY2026 5,252.8 - 4,241.8 = 1,010.9; FY2026 growth 1,010.9 / 806.7 - 1 = 25.3%, about 25%; FY2025 change 806.7 / 875.5 - 1 = -7.9%; FY2024 875.5 / 828.4 - 1 = 5.7%; FY2023 828.4 / 681.3 - 1 = 21.6%; H1 FY2027 net new ARR 255.8 + 332.8 = 588.6; FY2027 guided net new ARR 6,607.5 - 5,252.8 = 1,354.7; FY2027 ARR guidance midpoints: March (6,465.8 + 6,516.4) / 2 = 6,491.1, June (6,531.7 + 6,555.5) / 2 = 6,543.6, August (6,603.0 + 6,611.9) / 2 = 6,607.5; 6,607.5 / 5,252.8 - 1 = 25.8%, about 26%; FY2036 goal (20,000 / 5,252.8)^(1/10) - 1 = 14.3% a year; average net new ARR (20,000 - 5,252.8) / 10 = 1,474.7, about 1.47 billion. Falcon Flex: share of ARR 2.29 / 5.84 = 39%; Flex-account ARR a year earlier 2.29 / 2.01 = 1.14 billion; ARR outside Flex accounts 4.66 - 1.14 = 3.52 billion (July 2025) and 5.84 - 2.29 = 3.55 billion (July 2026), growth 3.55 / 3.52 - 1 = 0.8%, under 1%; ARR added 5.84 - 4.66 = 1.18 billion, of which Flex accounts 2.29 - 1.14 = 1.15 billion. Contracts: RPO within twelve months 0.46 x 10.7 = 4.9 billion (July 2026) and 0.51 x 9.0 = 4.6 billion (January 2026); RPO after twelve months 0.54 x 10.7 = 5.8 billion, 54% of RPO (July 2026), 0.49 x 9.0 = 4.4 billion (January 2026), 0.47 x 6.5 = 3.1 billion (January 2025), 0.37 x 3.4 = 1.3 billion (January 2023); RPO growth six months to July 2026 10.7 / 9.0 - 1 = 18.9%; FY2026 9.0 / 6.5 - 1 = 38.5%; RPO / trailing revenue 10.7 / 5.40 = about two years; unbilled backlog 5.9 / 2.8 - 1 = 111% in eighteen months. Deferred revenue 31 July 2026 3,497.1 + 1,345.1 = 4,842.2, about $4.84 billion; noncurrent share 1,345.1 / 4,842.2 = 27.8%, just over a quarter; deferred revenue 31 January 2025 2,733.0 + 995.7 = 3,728.7, 31 January 2026 3,421.1 + 1,332.4 = 4,753.4, growth 27.5%. Accounts receivable 1,038.6 / 1,470.9 = 71% of quarterly revenue. Subscription customers 29,000 / 23,019 - 1 = 26.0%, about 26%. H1 FY2027 revenue growth 2,856.5 / 2,272.4 - 1 = 25.7%, about 26%; H1 capital expenditure 222.0 / 116.2 = 1.9 times. Revenue per subscription customer FY2024 3,055.6 / 29,000 = about $105,000. Cash, costs and stock pay: GAAP operating margin FY2026 -293.3 / 4,812.0 = -6.1%; free cash flow margin FY2026 1,235.3 / 4,812.0 = 25.7%; FY2025 1,065.1 / 3,953.6 = 26.9%; FY2024 938.2 / 3,055.6 = 30.7%; free cash flow after stock pay 1,235.3 - 1,096.7 = 138.6, 138.6 / 4,812.0 = 2.9%; stock pay (cash flow) 1,096.7 / 4,812.0 = 22.8% (FY2026), 861.4 / 3,953.6 = 21.8% (FY2025), 648.7 / 3,055.6 = 21.2% (FY2024); stock pay and payroll tax 1,130.6 / 4,812.0 = 23.5% (FY2026), 903.6 / 3,953.6 = 22.9% (FY2025), 399.0 / 1,470.9 = 27.1% (Q2 FY2027), 276.7 / 1,169.0 = 23.7% (Q2 FY2026). Capital expenditure growth FY2024-FY2026 302.1 / 176.5 - 1 = 71.2%, about 71%; capex share of revenue FY2024 176.5 / 3,055.6 = 5.8%, FY2026 302.1 / 4,812.0 = 6.3%. Net cash 5,230.1 - 745.5 = 4,484.6, about $4.5 billion. Non-GAAP operating income guidance midpoint (1,497.2 + 1,508.4) / 2 = 1,502.8, 1,502.8 / 1,050 - 1 = 43%. July 19 incident net costs 60.1 + 117.7 = 177.8 (FY2025-FY2026) and 177.8 + 3.6 = 181.4, about $181 million through July 2026; update live 04:09 to 05:27 UTC = 78 minutes; cash against Delta claim 5,010 / 500 = about 10 times; a $250 million charge against free cash flow 250 / 1,235.3 = 20%, about a fifth. Acquisitions: cash consideration 96.4 + 213.7 + 252.7 + 212.1 + 327.5 + 627.9 = 1,730.3, about $1.7 billion; CyberArk against SGNL 21,061 / 627.9 = 33.5 times. Valuation: market value against Palo Alto Networks 258.72 / 306.54 = 0.84; Palo Alto price to sales 306.54 / 11.48 = 26.7; market value 25 September 2026 against 31 January 2026 258.718 / 111.278 = 2.3 times; price to trailing sales 258.718 / 5.396 = 47.9; analyst target 235.67 / 252.13 - 1 = -6.5%; market value over fiscal revenue 10.25 / 0.4814 = 21.3 (FY2020, December 2019 value), 46.86 / 0.8744 = 53.6 (FY2021, December 2020 value) - growth rates, margins and guidance. — FY2018-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in CrowdStrike's Forms 10-K and 10-Q, its results releases and market data; operands shown in the source line.
  8. ReportedSubscriptions were $4,564.7 million, 95% of the total, and professional services $247.3 million.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
  9. ReportedBy customer location, the United States supplied 67%, Europe, the Middle East and Africa 16%, Asia Pacific 10% and other regions 7%.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
  10. ReportedAnnual recurring revenue, the company's headline measure, was $5.84 billion at 31 July 2026, up 25%.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - second-quarter results, ARR, net new ARR, margins, module adoption and recent highlights. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  11. ReportedHow it makes money: customers pay per protected endpoint and per module, are generally invoiced at the start of a one-to-three-year term, and CrowdStrike recognises the revenue evenly over it.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
  12. ReportedMost sales pass through channel partners.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors and Item 3 legal proceedings: competition, the July 19 incident, customer commitment packages, insurance and litigation. — FY2026 · publ. 5 March 2026 · source ↗
  13. ReportedOnce the sensor is installed, each additional module is a licence switched on from the cloud; at July 2026, 51% of subscription customers had six or more modules.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - ARR, net new ARR, Falcon Flex, module adoption and retention. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  14. ReportedOn a GAAP basis CrowdStrike lost $293.3 million from operations in fiscal 2026 and $162.5 million after tax.
    CrowdStrike fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - fourth-quarter and full-year results, ARR, retention and module adoption. — Q4 FY2026 · publ. 3 March 2026 · source ↗
  15. ReportedOn its non-GAAP basis it earned $1.05 billion from operations, and free cash flow was $1,235.3 million.
    CrowdStrike fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - balance sheet, cash flow, interest income and stock-based compensation. — Q4 FY2026 · publ. 3 March 2026 · source ↗
  16. ReportedIn the latest quarter it reported a small GAAP profit of $5.3 million.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - second-quarter results, ARR, net new ARR, margins, module adoption and recent highlights. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  17. ReportedIts defining event was 19 July 2024, when a faulty sensor update disabled Windows machines worldwide.
    CrowdStrike Form 8-K on the 19 July 2024 sensor configuration update - released at 04:09 UTC and reverted at 05:27 UTC; not caused by a cyberattack. — July 2024 · publ. 22 July 2024 · source ↗
  18. ReportedThe shares closed at $252.13 on 25 September 2026, a market value of $258.72 billion, about 47.9 times trailing sales.
    CrowdStrike (CRWD) market data - $252.13 at the close on 25 September 2026, market value $258.72 billion, trailing revenue $5.40 billion, net income $45.00 million, trailing P/E 5,749.93, forward P/E 178.75, 52-week range $85.68-$263.87, analyst target $235.67. — September 2026 · publ. 25 September 2026 · source ↗
  19. ReportedThe shares closed at $252.13 on 25 September 2026, a market value of $258.72 billion, about 47.9 times trailing sales.
    CrowdStrike (CRWD) statistics - 1.03 billion shares, up 3.24% in a year; P/S 47.94, forward P/S 38.91, P/FCF 160.82; price up 111.73% in 52 weeks; net cash $4.19 billion. — September 2026 · publ. 25 September 2026 · source ↗
  20. ReportedIt has "never declared or paid any cash dividends".
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
  21. ReportedIt split its stock four-for-one in July 2026.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - second-quarter results, ARR, net new ARR, margins, module adoption and recent highlights. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  22. ReportedRevenue rose from $118.8 million in fiscal 2018 to $4,812.0 million in fiscal 2026, about 40 times, and the acquisitions along the way were small; the largest, SGNL, cost $627.9 million in cash.
    CrowdStrike Form 10-K for fiscal 2020 - revenue by type and region for fiscal 2018-2020, ARR of $141.3 million (FY2018) to $600.5 million (FY2020) and net retention of 124%. — FY2020 · publ. March 2020 · source ↗
  23. ReportedRevenue rose from $118.8 million in fiscal 2018 to $4,812.0 million in fiscal 2026, about 40 times, and the acquisitions along the way were small; the largest, SGNL, cost $627.9 million in cash.
    CrowdStrike fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - balance sheet, cash flow, interest income and stock-based compensation. — Q4 FY2026 · publ. 3 March 2026 · source ↗
  24. Moat Explorer calcRevenue rose from $118.8 million in fiscal 2018 to $4,812.0 million in fiscal 2026, about 40 times, and the acquisitions along the way were small; the largest, SGNL, cost $627.9 million in cash.
    Moat Explorer calculation from CrowdStrike's reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2019 249.8 / 118.8 - 1 = 110.4%; FY2020 481.4 / 249.8 - 1 = 92.7%; FY2021 874.4 / 481.4 - 1 = 81.6%, about 82%; FY2022 1,451.6 / 874.4 - 1 = 66.0%; FY2023 2,241.2 / 1,451.6 - 1 = 54.4%; FY2024 3,055.6 / 2,241.2 - 1 = 36.3%; FY2025 3,953.6 / 3,055.6 - 1 = 29.4%, about 29%; FY2026 4,812.0 / 3,953.6 - 1 = 21.7%, about 22%; FY2024 to FY2026 4,812.0 / 3,055.6 - 1 = 57.5%, about 57%; compound FY2018-FY2026 (4,812.0 / 118.8)^(1/8) - 1 = 58.8%, about 59%; revenue grew about 40 times in eight years (4,812.0 / 118.8 = 40.5); FY2027 guidance midpoint (5,991.1 + 6,011.1) / 2 = 6,001.1, 6,001.1 / 4,812.0 - 1 = 24.7%, about 25%; H1 FY2027 revenue 2,856.5 / 6,001.1 = 47.6%; trailing revenue to 31 July 2026 4,812.0 - 2,272.4 + 2,856.5 = 5,396.1, about $5.40 billion. Subscription growth: FY2019 219.4 / 92.6 - 1 = 137.0%; FY2020 98.9%; FY2021 804.7 / 436.3 - 1 = 84.4%; FY2022 69.0%; FY2023 2,111.7 / 1,359.5 - 1 = 55.3%; FY2024 35.9%; FY2025 3,761.5 / 2,870.6 - 1 = 31.0%; FY2026 4,564.7 / 3,761.5 - 1 = 21.4%; H1 FY2027 2,721.1 / 2,153.7 - 1 = 26.3%, about 26%; compound FY2018-FY2026 (4,564.7 / 92.6)^(1/8) - 1 = 62.8%. Subscription added: FY2022 1,359.5 - 804.7 = 554.9; FY2023 2,111.7 - 1,359.5 = 752.1; FY2024 2,870.6 - 2,111.7 = 758.9; FY2025 890.9; FY2026 803.2. Subscription share of revenue FY2018 92.6 / 118.8 = 78%. Subscription gross profit FY2026 4,564.7 - 1,015.9 = 3,548.8. Professional services: revenue FY2018 118.8 - 92.6 = 26.2; FY2024 185.0 / 129.6 - 1 = 42.8%; FY2025 192.1 / 185.0 - 1 = 3.9%, about 4%; FY2026 247.3 / 192.1 - 1 = 28.7%, about 29%; compound FY2018-FY2026 (247.3 / 26.2)^(1/8) - 1 = 32.4%; gross profit FY2026 247.3 - 203.0 = 44.3; GAAP gross margin 44.3 / 247.3 = 17.9%, about 18%; share of gross profit 44.3 / 3,593.1 = 1.2%. Region: FY2026 growth United States 3,216.7 / 2,682.9 - 1 = 19.9%; EMEA 782.7 / 619.5 - 1 = 26.3%; Asia Pacific 495.7 / 402.5 - 1 = 23.2%; Other 317.0 / 248.7 - 1 = 27.4%. United States share FY2018 99.2 / 118.8 = 84%. ARR and net new ARR: ARR compound FY2018-FY2026 (5,252.8 / 141.3)^(1/8) - 1 = 57.1%, about 57%; net new ARR FY2026 5,252.8 - 4,241.8 = 1,010.9; FY2026 growth 1,010.9 / 806.7 - 1 = 25.3%, about 25%; FY2025 change 806.7 / 875.5 - 1 = -7.9%; FY2024 875.5 / 828.4 - 1 = 5.7%; FY2023 828.4 / 681.3 - 1 = 21.6%; H1 FY2027 net new ARR 255.8 + 332.8 = 588.6; FY2027 guided net new ARR 6,607.5 - 5,252.8 = 1,354.7; FY2027 ARR guidance midpoints: March (6,465.8 + 6,516.4) / 2 = 6,491.1, June (6,531.7 + 6,555.5) / 2 = 6,543.6, August (6,603.0 + 6,611.9) / 2 = 6,607.5; 6,607.5 / 5,252.8 - 1 = 25.8%, about 26%; FY2036 goal (20,000 / 5,252.8)^(1/10) - 1 = 14.3% a year; average net new ARR (20,000 - 5,252.8) / 10 = 1,474.7, about 1.47 billion. Falcon Flex: share of ARR 2.29 / 5.84 = 39%; Flex-account ARR a year earlier 2.29 / 2.01 = 1.14 billion; ARR outside Flex accounts 4.66 - 1.14 = 3.52 billion (July 2025) and 5.84 - 2.29 = 3.55 billion (July 2026), growth 3.55 / 3.52 - 1 = 0.8%, under 1%; ARR added 5.84 - 4.66 = 1.18 billion, of which Flex accounts 2.29 - 1.14 = 1.15 billion. Contracts: RPO within twelve months 0.46 x 10.7 = 4.9 billion (July 2026) and 0.51 x 9.0 = 4.6 billion (January 2026); RPO after twelve months 0.54 x 10.7 = 5.8 billion, 54% of RPO (July 2026), 0.49 x 9.0 = 4.4 billion (January 2026), 0.47 x 6.5 = 3.1 billion (January 2025), 0.37 x 3.4 = 1.3 billion (January 2023); RPO growth six months to July 2026 10.7 / 9.0 - 1 = 18.9%; FY2026 9.0 / 6.5 - 1 = 38.5%; RPO / trailing revenue 10.7 / 5.40 = about two years; unbilled backlog 5.9 / 2.8 - 1 = 111% in eighteen months. Deferred revenue 31 July 2026 3,497.1 + 1,345.1 = 4,842.2, about $4.84 billion; noncurrent share 1,345.1 / 4,842.2 = 27.8%, just over a quarter; deferred revenue 31 January 2025 2,733.0 + 995.7 = 3,728.7, 31 January 2026 3,421.1 + 1,332.4 = 4,753.4, growth 27.5%. Accounts receivable 1,038.6 / 1,470.9 = 71% of quarterly revenue. Subscription customers 29,000 / 23,019 - 1 = 26.0%, about 26%. H1 FY2027 revenue growth 2,856.5 / 2,272.4 - 1 = 25.7%, about 26%; H1 capital expenditure 222.0 / 116.2 = 1.9 times. Revenue per subscription customer FY2024 3,055.6 / 29,000 = about $105,000. Cash, costs and stock pay: GAAP operating margin FY2026 -293.3 / 4,812.0 = -6.1%; free cash flow margin FY2026 1,235.3 / 4,812.0 = 25.7%; FY2025 1,065.1 / 3,953.6 = 26.9%; FY2024 938.2 / 3,055.6 = 30.7%; free cash flow after stock pay 1,235.3 - 1,096.7 = 138.6, 138.6 / 4,812.0 = 2.9%; stock pay (cash flow) 1,096.7 / 4,812.0 = 22.8% (FY2026), 861.4 / 3,953.6 = 21.8% (FY2025), 648.7 / 3,055.6 = 21.2% (FY2024); stock pay and payroll tax 1,130.6 / 4,812.0 = 23.5% (FY2026), 903.6 / 3,953.6 = 22.9% (FY2025), 399.0 / 1,470.9 = 27.1% (Q2 FY2027), 276.7 / 1,169.0 = 23.7% (Q2 FY2026). Capital expenditure growth FY2024-FY2026 302.1 / 176.5 - 1 = 71.2%, about 71%; capex share of revenue FY2024 176.5 / 3,055.6 = 5.8%, FY2026 302.1 / 4,812.0 = 6.3%. Net cash 5,230.1 - 745.5 = 4,484.6, about $4.5 billion. Non-GAAP operating income guidance midpoint (1,497.2 + 1,508.4) / 2 = 1,502.8, 1,502.8 / 1,050 - 1 = 43%. July 19 incident net costs 60.1 + 117.7 = 177.8 (FY2025-FY2026) and 177.8 + 3.6 = 181.4, about $181 million through July 2026; update live 04:09 to 05:27 UTC = 78 minutes; cash against Delta claim 5,010 / 500 = about 10 times; a $250 million charge against free cash flow 250 / 1,235.3 = 20%, about a fifth. Acquisitions: cash consideration 96.4 + 213.7 + 252.7 + 212.1 + 327.5 + 627.9 = 1,730.3, about $1.7 billion; CyberArk against SGNL 21,061 / 627.9 = 33.5 times. Valuation: market value against Palo Alto Networks 258.72 / 306.54 = 0.84; Palo Alto price to sales 306.54 / 11.48 = 26.7; market value 25 September 2026 against 31 January 2026 258.718 / 111.278 = 2.3 times; price to trailing sales 258.718 / 5.396 = 47.9; analyst target 235.67 / 252.13 - 1 = -6.5%; market value over fiscal revenue 10.25 / 0.4814 = 21.3 (FY2020, December 2019 value), 46.86 / 0.8744 = 53.6 (FY2021, December 2020 value) - valuation, cash flow, stock pay, capital spending, acquisitions and the July 2024 incident. — FY2018-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in CrowdStrike's Forms 10-K and 10-Q, its results releases and market data; operands shown in the source line.
  25. ReportedRevenue rose from $118.8 million in fiscal 2018 to $4,812.0 million in fiscal 2026, about 40 times, and the acquisitions along the way were small; the largest, SGNL, cost $627.9 million in cash.
    CrowdStrike Form 10-Q for the quarter ended 31 July 2026 - remaining performance obligations of $10.7 billion (46% within twelve months), unbilled backlog of $5.9 billion, the SGNL, Seraphic and XM Cyber transactions, the $750 million 3.00% senior notes, legal proceedings, the DOJ and SEC requests, purchase commitments and the share repurchase programme. — Q2 FY2027 · publ. 27 August 2026 · source ↗
  26. ReportedThe ownership structure is now simple as well: on 11 December 2024 all outstanding Class B shares converted automatically into Class A shares, ending the dual-class structure the company listed with, and George Kurtz, the founder, remains chief executive.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
  27. ReportedThe ownership structure is now simple as well: on 11 December 2024 all outstanding Class B shares converted automatically into Class A shares, ending the dual-class structure the company listed with, and George Kurtz, the founder, remains chief executive.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - second-quarter results, ARR, net new ARR, margins, module adoption and recent highlights. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  28. Moat Explorer calcThe moat is narrow: a real switching cost, tested by the outage and passed, earned by a company whose return on invested capital computed from its filings has been negative every year since fiscal 2019.
    Moat Explorer calculation, tools_roic_edgar.py method on SEC EDGAR XBRL for CIK 1535527: return on invested capital -170.6% (FY2019), -32.5% (FY2020), -24.5% (FY2021), -136.3% (FY2022), -44.4% (FY2023), -2.6% (FY2024), -10.1% (FY2025), -17.9% (FY2026); fiscal years end 31 January. — FY2019-FY2026 · publ. September 2026 · source ↗
    Method: NOPAT (operating income x (1 - effective tax rate)) divided by average operating invested capital (total assets less current liabilities less cash), from SEC EDGAR XBRL via the tools_roic_edgar.py method. GAAP operating income is negative in every year, so the ratio is negative throughout.
  29. ReportedThe number that would change the verdict is net retention, 115% at January 2026; back above 119%, the pre-outage level, it would show the expansion engine fully restored, while a slide below 112% would say the recent acceleration borrowed from future spending.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - financial statements and notes: contract terms, deferred revenue, remaining performance obligations, backlog, concentration, revisions and commission amortisation. — FY2026 · publ. 5 March 2026 · source ↗
Sources
Generated September 28, 2026