CRWD
CrowdStrike
Recurring SaaS
★ Quality 54/100Price today
$213.10
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What this business is made of
The business
A single sensor that watches every computer in the company, and charges a subscription for it.
CrowdStrike protects computers and servers against cyberattacks with its Falcon platform, a single lightweight software you install once and manage from the cloud. It charges an annual subscription per module; annual recurring revenue already tops 5 billion, growing 24%.
A single agent powers dozens of modules: the more customers it has, the more attacks it sees, and the better it protects everyone. Switching security providers is scary and a lot of work, so 97% of customers stay. Not yet an unavoidable toll, but getting close.
Revenue history
From $1.5B to $4.8B in 4 years — nearly 3.2x its size. Selling more and more is the base of everything else.
Catalysts and risks
ARR (annual recurring revenue) of $5.25 billion growing 24%.
Customers adopting more modules: each one raises spending with no new sales cost.
FCF of $1.3 billion with a 75% gross margin.
The July 2024 global outage showed that a self-inflicted bug can ground planes and banks.
Microsoft gives away built-in security and pressures prices from above.
Reports a net loss; accounting profitability still depends on curbing stock-based spending.
Charlie's note
“Top-tier business: grows 22%, retains nearly everything, and generates real cash. But paying close to 80 times free cash flow for something I value at 29 times is inviting bad luck. Excellent company, impatient price.”
Analysis · July 2026
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