CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Total Asset Turnover

The reported total asset turnover ratio exhibits a gradual improvement over the periods, increasing from 0.34 in early 2020 to a peak of 0.46 in early 2024, before slightly declining to 0.45 in early 2025. The adjusted total asset turnover shows a similar upward trend, starting from 0.52 in 2020, rising to 0.61 in 2023, then decreasing to 0.53 in 2025. This indicates an overall improvement in asset utilization efficiency, with a peak in 2023 followed by a modest decline.

Current Ratio

The reported current ratio declined notably from 2.38 in 2020 to 1.73 in 2023, then stabilized around 1.76-1.77 through 2024 and 2025. The adjusted current ratio shows a sharper reduction, falling from a very high level of 14.64 in 2020 to levels between 8.4 and 11.16 in subsequent years. While the reported data suggests a moderate decrease in short-term liquidity, the adjusted figures imply a significant reduction in current assets relative to current liabilities over time, although still maintaining a comfortable liquidity position.

Debt to Equity and Debt to Capital

The reported debt to equity ratio declined steadily from 0.85 in 2021 to 0.23 in 2025, reflecting a reduction in leverage. Adjusted figures show a similar pattern, decreasing from 0.44 to 0.11. Correspondingly, debt to capital ratios also decreased from 0.46 (reported) and 0.30 (adjusted) in 2021 to 0.18 and 0.10 respectively by 2025. These trends demonstrate a consistent deleveraging strategy over the examined period, suggesting improved financial stability and lower reliance on debt financing.

Financial Leverage

Reported financial leverage increased from 1.89 in 2020 to a peak of 3.53 in 2022, then declined to 2.65 by 2025. Adjusted leverage ratios increased initially from 1.11 in 2020 to 1.53 in 2021 but decreased steadily thereafter to approximately 1.24 in 2025. The divergence between reported and adjusted data may indicate different treatments of liabilities or equity adjustments, but overall leverage appears to have peaked around 2021-2022 before declining, supporting the observed deleveraging trend.

Profitability Measures

The reported net profit margin starts with significant negative values, -29.45% in 2020 and fluctuates through subsequent years with improvement culminating in a positive margin of 2.92% in 2024 before slightly dipping to -0.49% in 2025. In contrast, adjusted net profit margins are consistently positive and relatively stable, ranging from 13.84% to 21.06%, with a declining trend post-2023. Reported return on equity (ROE) follows a similar volatile pattern, negative through most periods but turning positive (3.88%) in 2024 before slightly reverting to negative in 2025. Adjusted ROE remains positive and stronger, peaking at 16.82% in 2023 with a moderate decline to 9.11% in 2025. Return on assets (ROA) mirrors these trends; reported ROA is negative throughout most periods but positive in 2024, while adjusted ROA is consistently positive and peaks at 12.86% in 2023. These patterns suggest that, when adjusted for particular items, the company maintains profitability, whereas the reported figures reflect fluctuations and occasional losses, likely due to one-time or non-operational factors.

Revenue Growth

The revenue has shown a consistent and substantial upward trend from 2020 through 2025, increasing from $481 million to nearly $3.95 billion. This demonstrates a strong growth trajectory with particularly notable acceleration between 2021 and 2024.

Total Assets Progression

Total assets have also increased significantly over the same period, rising from about $1.4 billion in 2020 to approximately $8.7 billion in 2025. This steady growth in asset base reflects expansion in resources and capabilities parallel to revenue growth.

Reported Total Asset Turnover Ratio

The reported total asset turnover ratio starts at 0.34 in 2020, declines slightly to 0.32 in 2021, then improves to peak at 0.46 in 2024 before marginally declining to 0.45 in 2025. This indicates a general improvement in asset utilization efficiency after 2021, although this efficiency stabilizes toward the end of the period.

Adjusted Revenue Analysis

Adjusted revenue figures, presumably accounting for non-recurring or exceptional items, follow a similar upward pattern as reported revenue but at consistently higher levels, starting at $762 million in 2020 and rising to $4.63 billion in 2025. This suggests that adjustments reveal a stronger revenue base than initially reported figures.

Adjusted Total Assets Examination

Adjusted total assets closely mirror the trends of reported total assets, growing from $1.46 billion in 2020 to approximately $8.69 billion in 2025. The slight differences between adjusted and reported assets imply minor reclassifications or asset valuation changes but confirm robust asset growth overall.

Adjusted Total Asset Turnover Ratio Insights

The adjusted total asset turnover ratio demonstrates more volatility than the reported ratio, starting at 0.52 in 2020, dipping to 0.44 in 2021, then climbing to a peak of 0.61 in 2023 before declining to 0.53 in 2025. This pattern suggests fluctuations in asset efficiency after adjustments but overall indicates improved utilization compared to the reported ratio, especially in the mid-period years.

The financial data over the six-year period reveals notable trends in liquidity and the composition of assets and liabilities. Current assets consistently increased each year, showing a nearly fivefold rise from 1,171,636 thousand US dollars in early 2020 to 6,113,345 thousand US dollars by early 2025. Similarly, current liabilities also escalated substantially, increasing roughly sevenfold from 493,096 thousand US dollars to 3,461,050 thousand US dollars in the same timeframe.

Examining the reported current ratio, which measures the company's ability to cover short-term obligations with short-term assets, a fluctuating downward trend is apparent. The ratio starts at a healthy 2.38 in 2020, peaking slightly at 2.65 in 2021, before declining to around 1.73-1.77 in the last three years shown. This decline suggests a narrowing margin of safety in terms of liquidity.

The adjusted figures, representing a different assessment of current assets and liabilities, show more robust liquidity ratios. Adjusted current assets rise in tandem with the reported assets, moving from approximately 1,172,736 thousand US dollars in 2020 to over 6,116,145 thousand US dollars by 2025. Adjusted current liabilities remain significantly lower than the reported liabilities throughout the period, indicating that certain liabilities are excluded or reclassified in the adjusted metrics.

The resulting adjusted current ratio is materially higher than the reported current ratio across all years. Starting very high at 14.64 in 2020 and slightly decreasing thereafter to around 8.4 by 2025, the adjusted ratio indicates consistently strong liquidity under the adjusted criteria, despite some volatility. The pronounced difference between reported and adjusted ratios highlights the importance of understanding the nature of liabilities excluded in the adjusted calculation.

Current Assets

Steady and significant annual growth, nearly fivefold increase from 2020 to 2025.

Current Liabilities

Substantial increase, roughly sevenfold from 2020 to 2025, outpacing asset growth in relative terms.

Reported Current Ratio

Initial improvement from 2.38 to 2.65 between 2020 and 2021, followed by a decline to a range near 1.73-1.77, indicating reduced liquidity margins.

Adjusted Current Assets

Follow similar upward trajectory to reported assets with minor adjustments leading to slightly higher values.

Adjusted Current Liabilities

Significantly lower values versus reported liabilities, suggesting reclassification or exclusion of certain liabilities.

Adjusted Current Ratio

Very strong liquidity levels maintained despite some downward trend, with values decreasing from 14.64 to 8.4 but remaining well above reported current ratios.

Overall, the company's liquidity position as measured by reported current ratios shows a weakening trend, mainly due to faster growth in current liabilities than in current assets. However, the adjusted liquidity ratios portray a more favorable situation, implying that certain liabilities impacting the reported ratios might be short-term in nature or less pressing. It is crucial to consider both perspectives for a comprehensive assessment of the company's short-term financial health.

Total Debt

The total debt remained constant from January 2020 to January 2024 at around 738,000 to 743,000 thousand US dollars, showing minimal incremental increases each year. This suggests a stable debt level over the period without significant new borrowings or repayments.

Total Stockholders’ Equity

There is a consistent and strong upward trend in total stockholders’ equity, rising from approximately 742,000 thousand US dollars in January 2020 to over 3,279,000 thousand US dollars by January 2025. This increase indicates substantial growth in the company's net worth and retained earnings over the five-year span.

Reported Debt to Equity Ratio

The reported debt to equity ratio has steadily declined from 0.85 in January 2021 to 0.23 in January 2025. This decline reflects the company's strengthening equity base relative to its debt, signaling improved financial leverage and a potentially lower risk profile.

Adjusted Total Debt

Adjusted total debt shows a significant increase from approximately 50,686 thousand US dollars in January 2020 to nearly 789,000 thousand US dollars in January 2025, peaking around 793,000 thousand in January 2024. Although fluctuating, the adjusted debt has generally trended upward, suggesting changes in debt classification or additional liabilities included in the adjustment.

Adjusted Total Stockholders’ Equity

Adjusted total stockholders’ equity exhibits a robust growth pattern, increasing from about 1,314,712 thousand US dollars in January 2020 to over 7,035,809 thousand US dollars in January 2025. This growth surpasses that of the reported equity figures, indicating that adjustments may be capturing other equity components or comprehensive income elements that contribute to net worth.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio decreased from 0.44 in January 2021 to 0.11 in January 2025. This sharp decline aligns with the rising equity base and relatively stable adjusted debt levels, further reinforcing the trend of deleveraging or improved financial strength over time.

Total Debt

The total debt amount remained stable from January 31, 2021 through January 31, 2025, with figures hovering marginally above 738 million US dollars. This indicates limited changes in the company's debt obligations over this period.

Total Capital

Total capital displayed a consistent and significant upward trend, increasing from approximately 743 million US dollars in January 31, 2020 to over 4 billion US dollars by January 31, 2025. This rapid growth suggests substantial capital accumulation and possible business expansion.

Reported Debt to Capital Ratio

The ratio showing reported debt relative to capital decreased steadily from 0.46 in January 31, 2021 to 0.18 by January 31, 2025. This decline reflects a reduction in the proportion of debt financing within the company's capital structure, implying improved financial leverage or increased equity contributions.

Adjusted Total Debt

Adjusted total debt, which may account for off-balance-sheet liabilities or other adjustments, increased sharply from 50,686 thousand US dollars in January 31, 2020 to a level near 789 million US dollars by January 31, 2025. Despite this growth, the increase aligns with the rise in overall capital, suggesting proportional scaling.

Adjusted Total Capital

Adjusted total capital exhibited a strong upward trajectory, rising from approximately 1.37 billion US dollars in January 31, 2020 to about 7.82 billion US dollars in January 31, 2025. This substantial increase reiterates the company's considerable growth in capital resources over five years.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio demonstrated a marked decrease from 0.30 in January 31, 2021 to 0.10 by January 31, 2025. This downward trend further confirms a reduction in relative indebtedness when adjusted figures are considered, indicating enhanced financial stability and potentially lower risk.

The analysis of the financial data over the six-year period reveals several notable trends in the company's asset base, equity position, and leverage ratios.

Total Assets

The total assets have shown a consistent and substantial increase each year, rising from approximately $1.4 billion in 2020 to over $8.7 billion in 2025. This steady growth suggests significant expansion in the company’s asset base, which may reflect investments, acquisitions, or growth in operational scale.

Total Stockholders' Equity

The stockholders’ equity has also increased steadily, from around $742 million in 2020 to nearly $3.3 billion in 2025. The growth in equity is particularly pronounced between 2023 and 2025, indicating strong retention of earnings, equity financing, or appreciation in investment value during this period.

Reported Financial Leverage

The reported financial leverage ratio rose sharply from 1.89 in 2020 to a peak of 3.53 in 2022, before gradually declining to 2.65 by 2025. This initial increase indicates higher reliance on debt relative to equity in the earlier years, while the subsequent decline suggests a strategic reduction in debt or an increase in equity to lower financial risk.

Adjusted Total Assets

Adjusted total assets closely follow the trend of total assets, increasing from about $1.46 billion in 2020 to nearly $8.7 billion in 2025. The minimal difference between reported and adjusted assets implies minor adjustments and reinforces the observed trend of asset growth.

Adjusted Total Stockholders’ Equity

The adjusted equity shows a more accelerated growth pattern, rising from $1.3 billion in 2020 to over $7 billion in 2025. The larger magnitude relative to reported equity suggests accounting adjustments or revaluation effects that significantly enhance the equity base.

Adjusted Financial Leverage

The adjusted leverage ratio increased from 1.11 in 2020 to a peak of 1.53 in 2021, then steadily declined to approximately 1.24 by 2025. This lower range of adjusted leverage compared to reported leverage indicates that after adjustments, the company maintains a more conservative capital structure with less reliance on debt.

In summary, the data indicate a strong upward trajectory in both assets and equity, with a corresponding improvement in financial stability as the adjusted leverage ratio decreases over time. The company appears to be managing its capital structure to reduce financial risk after a period of higher leverage, supporting a more sustainable growth path in the later years of the dataset.

The financial data reveals several notable trends over the six-year period under analysis. Revenue shows a consistent and significant upward trajectory, increasing steadily from approximately 481 million US dollars in early 2020 to nearly 4 billion US dollars by early 2025. This indicates strong growth in the company’s top-line performance.

Net income attributable to the company, however, displays a far more volatile pattern. Initially negative in the years 2020 through 2023, with losses as high as approximately 235 million US dollars in early 2022, net income turns positive in 2024 before returning to a slight loss by early 2025. The reported net profit margin follows a similar erratic path, being negative for most years and only becoming slightly positive in 2024 before declining again in 2025. This suggests challenges in turning revenue growth into consistent reported profitability.

Adjusted financial metrics provide a different perspective on profitability. Adjusted income shows a steady increase from about 140 million US dollars in early 2020 to a peak of approximately 785 million in early 2024, followed by a decline to around 641 million in early 2025. Adjusted revenue grows consistently, mirroring the overall revenue growth trend but at higher absolute values. The adjusted net profit margin remains positive throughout the entire period, fluctuating between roughly 13.8% and 21.1%, indicating that when excluding certain adjustments, the company maintains a stable and healthy level of profitability relative to its adjusted revenues.

Overall, the data suggests robust revenue growth and a solid underlying profitability when adjustments are considered. However, the reported results indicate volatility and intermittent losses, which could be attributed to non-recurring items, accounting practices, or other factors affecting net income. The difference between reported and adjusted margins underscores the importance of examining non-GAAP measures to assess the company’s ongoing earnings power. The marginal decline in adjusted net profit margin in the most recent year may warrant attention to potential shifts in cost structure or market dynamics.

Revenue Trend

Consistent strong growth from $481 million in 2020 to nearly $4 billion in 2025.

Net Income (Loss) Behavior

Volatile reported net income with large losses early on, brief profitability in 2024, and return to slight loss in 2025.

Reported Net Profit Margin

Generally negative until a brief positive margin in 2024, declining again by 2025.

Adjusted Net Income and Revenue

Continuous growth in adjusted net income and revenue, reflecting increasing operational profitability.

Adjusted Net Profit Margin

Stable and positive margins consistently above 13%, peaking above 21%, with a recent decline in 2025.

Insights

The divergence between reported and adjusted profitability indicates impact from non-recurring or special items; underlying business shows improving profitability despite reported losses in some years. Attention should be paid to the recent margin decrease in adjusted results.

Net Income (Loss) Attributable to CrowdStrike

The net income figures exhibit significant volatility throughout the observed periods. Starting with a loss of $141.8 million in 2020, the company experienced a reduced loss in 2021 at $92.6 million. However, losses escalated again in 2022 and 2023, reaching $234.8 million and $183.2 million respectively. A notable positive turnaround occurred in 2024, with a net income of $89.3 million, though this was followed by a slight loss of $19.3 million projected for 2025.

Total Stockholders’ Equity

This metric shows a consistent upward trend over the periods analyzed. Equity increased from $742.1 million in 2020 to $3.28 billion projected in 2025, reflecting substantial growth in the company’s capital base and shareholders’ investment over time. The growth rate accelerates starting from 2021 and continues steadily through 2025.

Reported Return on Equity (ROE)

Reported ROE has been predominantly negative, mirroring the net income losses during most years. It improved from -19.1% in 2020 to -10.64% in 2021, but then deteriorated to -22.89% in 2022 before improving again in 2023 to -12.52%. In 2024, ROE turned positive at 3.88%, followed by a slight decline to -0.59% in 2025. This suggests fluctuating profitability relative to shareholder equity.

Adjusted Net Income (Loss)

Adjusted net income shows a strong positive and steadily increasing trend. From $139.7 million in 2020, it more than quadrupled to $785.1 million in 2024 before a slight decrease to $640.7 million in 2025. These adjusted figures indicate improving core profitability and operational performance when excluding certain items or nonrecurring factors.

Adjusted Total Stockholders' Equity

Adjusted equity figures increase consistently, from $1.31 billion in 2020 to a projected $7.04 billion in 2025. This growth aligns with the trend in total stockholders’ equity but on a larger scale, indicating recognition of additional equity components or adjustments that enhance the capital base.

Adjusted Return on Equity (ROE)

Adjusted ROE exhibits a positive and upward trajectory between 2020 and 2023, increasing from 10.62% to a peak of 16.82%. It then declines to 14.58% in 2024 and further to 9.11% in 2025. Despite the deceleration in the last two periods, adjusted ROE remains robust and positive throughout, highlighting strong profitability relative to adjusted shareholder equity.

Overall Analysis

The financial data reveals contrasting trends between reported and adjusted figures. While reported net income and ROE reflect losses and negative returns for most years, adjusted measures portray consistent profitability and growth. Stockholders’ equity, both reported and adjusted, show strong and sustained increases indicating solid capital expansion. The divergence between reported and adjusted results suggests that the company’s underlying business performance is improving substantially once certain adjustments are considered. However, the fluctuations in reported profitability also emphasize the presence of volatility and potential one-time accounting elements affecting results.

The analysis of the annual financial data reveals several notable trends across the reporting periods.

Net Income (Loss) Attributable to CrowdStrike

The company experienced significant net losses in most years, with a loss of -$141,779 thousand in 2020 and a substantial loss of -$234,802 thousand in 2022. An improvement was observed in 2024 when the net income turned positive to $89,327 thousand, followed by a slight decline into a small loss of -$19,271 thousand in 2025. This indicates volatility and challenges in achieving consistent profitability.

Total Assets

Total assets showed a strong upward trend over the periods, increasing from $1,404,906 thousand in 2020 to $8,701,578 thousand in 2025. This substantial asset growth suggests aggressive expansion or significant investments in assets, reflecting a growth-oriented strategy.

Reported Return on Assets (ROA)

The reported ROA was negative throughout most of the period, indicating that the company incurred losses relative to its asset base. The value improved from -10.09% in 2020 to a less negative -0.22% in 2025, with a brief positive ROA of 1.34% in 2024. Overall, this metric highlights ongoing challenges in efficiently generating returns from assets.

Adjusted Net Income (Loss)

When adjustments are made, the net income figures reveal a positive and rising trend. Adjusted net income increased steadily from $139,652 thousand in 2020 to a peak of $785,140 thousand in 2024, before decreasing to $640,749 thousand in 2025. This pattern suggests that once non-recurring items or other adjustments are accounted for, the company demonstrates solid profitability growth.

Adjusted Total Assets

The adjusted total assets closely mirror the trend seen in the reported total assets, rising from $1,456,529 thousand in 2020 to $8,689,793 thousand in 2025. The consistency implies that the adjustments made do not materially change the asset base but serve to align profitability measures.

Adjusted Return on Assets (ROA)

Adjusted ROA shows a positive and improving trend, rising from 9.59% in 2020 to a peak of 12.86% in 2023, followed by a slight decline to 7.37% by 2025. This indicates that the company is generating increasing returns from its assets on an adjusted basis, reflecting strong operational performance after adjustments.

In summary, the company has demonstrated robust asset growth and improved profitability on an adjusted basis, although reported results show volatility and losses in several years. The adjusted ROA suggests efficient use of assets when accounting for one-time or non-operational factors, while the reported ROA and net income figures indicate ongoing challenges in achieving consistent profitability according to standard accounting measures.