CrowdStrike Holdings Inc., P/E, long-term trends, calculation

	P/E	=	Share price^{1, 2, 3}	÷	Earnings per share¹ (EPS)	EPS¹	=	Net income (loss) attributable to CrowdStrike¹ (in thousands)	÷	No. shares of common stock outstanding²
Mar 5, 2026	—	=	426.16	÷	-0.64	-0.64	=	-162,502	÷	253,614,090
Mar 10, 2025	—	=	308.86	÷	-0.08	-0.08	=	-19,271	÷	247,873,415
Mar 7, 2024	892.67	=	329.68	÷	0.37	0.37	=	89,327	÷	241,868,658
Mar 9, 2023	—	=	121.68	÷	-0.78	-0.78	=	-183,245	÷	235,863,985
Mar 16, 2022	—	=	189.66	÷	-1.02	-1.02	=	-234,802	÷	230,767,860
Mar 18, 2021	—	=	190.21	÷	-0.41	-0.41	=	-92,629	÷	223,876,229
Mar 23, 2020	—	=	51.45	÷	-0.66	-0.66	=	-141,779	÷	213,213,015

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

¹ US$

² Data adjusted for splits and stock dividends.

³ Closing price as at the filing date of CrowdStrike Holdings Inc. Annual Report.

The price-to-earnings (P/E) ratio exhibits significant fluctuation over the observed period. Initially, the P/E ratio is not available for the years 2020, 2021, and 2022, coinciding with periods of negative earnings per share (EPS). A substantial P/E ratio of 892.67 is recorded for 2023, representing a shift to positive, albeit modest, earnings. The P/E ratio is unavailable for 2025, and a negative EPS is reported for 2025 and 2026.

P/E Ratio Trend: The P/E ratio transitions from undefined, due to negative earnings, to a very high value in 2023. This suggests a considerable increase in investor expectations relative to earnings. The subsequent lack of a P/E ratio for 2025, coupled with negative EPS for 2025 and 2026, indicates a return to unprofitability and a potential decline in investor confidence.
Earnings Per Share (EPS) Correlation: A strong correlation exists between EPS and the availability of a P/E ratio. The P/E ratio is only calculable when EPS is positive. The negative EPS values recorded for 2020, 2021, 2022, 2025, and 2026 preclude the calculation of a meaningful P/E ratio for those years. The positive EPS in 2023 directly enables the reported P/E ratio.
Share Price Behavior: The share price demonstrates an overall upward trend, increasing from US$51.45 in 2020 to US$426.16 in 2026. However, this increase does not consistently align with the P/E ratio. The substantial share price increase in 2023 and 2024 occurs alongside a very high P/E ratio, suggesting potential speculative investment or growth expectations. The share price continues to increase in 2025 and 2026 despite negative EPS.

The observed fluctuations in the P/E ratio, coupled with the periods of negative EPS, suggest a company undergoing significant changes in profitability and investor sentiment. The high P/E ratio in 2023 warrants further investigation to understand the underlying drivers of investor valuation.

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CrowdStrike Holdings Inc., P/E, long-term trends, comparison to competitors

	CrowdStrike Holdings Inc.	Accenture PLC	Adobe Inc.	AppLovin Corp.	Cadence Design Systems Inc.	Datadog Inc.	International Business Machines Corp.	Intuit Inc.	Microsoft Corp.	Oracle Corp.	Palantir Technologies Inc.	Palo Alto Networks Inc.	Salesforce Inc.	ServiceNow Inc.	Synopsys Inc.	Workday Inc.
Mar 5, 2026	—	—	—	—	—	—	—	—	—	—	—	—	23.88	—	—	56.01
Mar 10, 2025	—	19.47	17.51	41.68	72.92	398.52	20.31	48.19	37.46	47.60	195.77	112.39	45.28	69.85	69.11	122.85
Mar 7, 2024	892.67	31.07	31.98	68.97	67.09	235.49	39.68	58.94	35.67	37.63	632.38	42.42	71.24	146.40	33.69	50.53
Mar 9, 2023	—	27.81	49.64	56.56	78.64	884.97	22.50	64.61	33.96	38.96	246.77	170.35	879.57	90.80	70.08	—
Mar 16, 2022	—	22.93	33.15	—	59.70	—	71.56	57.31	28.34	26.85	—	—	135.68	284.29	51.76	1,957.29
Mar 18, 2021	—	36.58	48.90	472.35	53.88	—	19.40	75.17	35.14	15.84	—	—	48.20	487.70	73.37	—
Mar 23, 2020	—	28.32	41.69	—	62.89	—	19.30	49.52	35.04	16.69	—	—	1,204.70	978.49	55.92	—