Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
CrowdStrike Holdings Inc., solvency ratios
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).
The solvency position of the company demonstrates a consistent improvement in leverage metrics from 2021 through 2025, followed by a mixed trend in the latest year presented. A clear pattern of decreasing debt relative to various financial metrics is evident during the initial period, suggesting a strengthening financial structure. However, the final year shows some deterioration in key coverage ratios.
- Debt Levels & Capital Structure
- Debt to equity, both with and without the inclusion of operating lease liabilities, exhibits a steady decline from 0.85 and 0.89 in 2021 to 0.23 and 0.24 in 2025, respectively. This trend continues, albeit at a slower pace, reaching 0.17 and 0.19 in 2026. Similarly, debt to capital ratios, including and excluding operating lease liabilities, show a consistent decrease over the period, moving from 0.46 and 0.47 to 0.14 and 0.16. Debt to assets ratios follow the same pattern, decreasing from 0.27 and 0.29 to 0.07 in both calculations by 2026. These declines indicate a reduced reliance on debt financing and an increasing proportion of equity and assets relative to debt.
- Leverage
- Financial leverage, initially at 3.14 in 2021, decreases to 2.50 by 2026. This reduction aligns with the declining debt ratios, indicating a lessening of the company’s overall financial risk associated with debt.
- Coverage Ratios
- Interest coverage and fixed charge coverage ratios initially present negative values in 2021 and 2022, indicating insufficient earnings to cover interest and fixed charges. However, both ratios turn positive in 2023 and 2024, with interest coverage reaching 5.77 and fixed charge coverage reaching 3.98. This signifies an improved ability to meet these obligations. Notably, both ratios decline in 2026, with interest coverage becoming negative again (-3.53) and fixed charge coverage also falling into negative territory (-1.64). This reversal suggests a weakening in the company’s capacity to cover its fixed financial obligations in the most recent year.
In summary, the company experienced a period of improving solvency from 2021 to 2025, characterized by decreasing debt levels and increasing coverage ratios. However, the latest year’s results indicate a potential reversal of this trend, with coverage ratios declining and becoming negative, warranting further investigation.
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Debt Ratios
Coverage Ratios
Debt to Equity
CrowdStrike Holdings Inc., debt to equity calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 3,279,494) | 2,303,950) | 1,463,641) | 1,025,764) | 870,574) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.17 | 0.23 | 0.32 | 0.51 | 0.72 | 0.85 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Accenture PLC | — | 0.17 | 0.04 | 0.01 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.53 | 0.40 | 0.22 | 0.29 | 0.28 | |
| AppLovin Corp. | — | 1.70 | 3.36 | 2.61 | 1.72 | 1.53 | |
| Cadence Design Systems Inc. | — | 0.45 | 0.53 | 0.19 | 0.27 | 0.13 | |
| Datadog Inc. | — | 0.26 | 0.59 | 0.37 | 0.52 | 0.71 | |
| International Business Machines Corp. | — | 1.88 | 2.01 | 2.51 | 2.32 | 2.74 | |
| Intuit Inc. | — | 0.30 | 0.33 | 0.35 | 0.42 | 0.21 | |
| Microsoft Corp. | — | 0.26 | 0.29 | 0.31 | 0.39 | 0.50 | |
| Oracle Corp. | — | 4.67 | 9.98 | 84.33 | — | 16.08 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | — | 0.00 | 0.19 | 1.14 | 17.51 | 5.08 | |
| Salesforce Inc. | 0.25 | 0.15 | 0.17 | 0.20 | 0.19 | 0.07 | |
| ServiceNow Inc. | — | 0.12 | 0.15 | 0.20 | 0.30 | 0.43 | |
| Synopsys Inc. | — | 0.48 | 0.00 | 0.00 | 0.00 | 0.02 | |
| Workday Inc. | 0.38 | 0.33 | 0.37 | 0.53 | 0.41 | 0.55 | |
| Debt to Equity, Sector | |||||||
| Software & Services | — | 0.50 | 0.55 | 0.64 | 0.71 | 0.83 | |
| Debt to Equity, Industry | |||||||
| Information Technology | — | 0.52 | 0.61 | 0.66 | 0.71 | 0.83 | |
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).
1 2026 Calculation
Debt to equity = Total debt ÷ Total CrowdStrike Holdings, Inc. stockholders’ equity
= 745,471 ÷ 4,428,390 = 0.17
2 Click competitor name to see calculations.
The Debt to Equity ratio demonstrates a consistent and significant downward trend over the observed period. This indicates a strengthening financial position with decreasing reliance on debt financing relative to equity.
- Overall Trend
- From January 31, 2021, to January 31, 2026, the Debt to Equity ratio decreased substantially from 0.85 to 0.17. This represents a considerable improvement in the company’s solvency.
- Year-over-Year Changes
- Between January 31, 2021, and January 31, 2022, the ratio decreased from 0.85 to 0.72, suggesting an initial reduction in debt leverage. A more pronounced decrease occurred between January 31, 2022, and January 31, 2023, with the ratio falling to 0.51. This decline accelerated further in subsequent years, reaching 0.32 by January 31, 2024, 0.23 by January 31, 2025, and finally 0.17 by January 31, 2026.
- Debt and Equity Movements
- Total debt remained relatively stable throughout the period, fluctuating modestly between US$738,029 thousand and US$745,471 thousand. Conversely, Total Stockholders’ Equity experienced substantial growth, increasing from US$870,574 thousand in January 31, 2021, to US$4,428,390 thousand by January 31, 2026. This significant expansion of equity is the primary driver of the declining Debt to Equity ratio.
The consistent reduction in the Debt to Equity ratio suggests the company is becoming less reliant on debt to finance its assets and operations, and is increasingly funded by equity. This generally indicates a lower level of financial risk and improved long-term financial flexibility.
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Debt to Equity (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Operating lease liabilities, current | 18,232) | 13,811) | 14,150) | 13,046) | 9,820) | 8,977) | |
| Operating lease liabilities, noncurrent | 56,374) | 31,107) | 36,230) | 29,567) | 25,379) | 31,986) | |
| Total debt (including operating lease liability) | 820,077) | 788,901) | 792,874) | 783,618) | 774,716) | 778,992) | |
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 3,279,494) | 2,303,950) | 1,463,641) | 1,025,764) | 870,574) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.19 | 0.24 | 0.34 | 0.54 | 0.76 | 0.89 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.26 | 0.15 | 0.12 | 0.15 | 0.18 | |
| Adobe Inc. | — | 0.57 | 0.43 | 0.25 | 0.33 | 0.32 | |
| AppLovin Corp. | — | 1.72 | 3.41 | 2.66 | 1.76 | 1.57 | |
| Cadence Design Systems Inc. | — | 0.49 | 0.56 | 0.24 | 0.34 | 0.18 | |
| Datadog Inc. | — | 0.34 | 0.68 | 0.45 | 0.59 | 0.78 | |
| International Business Machines Corp. | — | 1.98 | 2.14 | 2.66 | 2.46 | 2.92 | |
| Intuit Inc. | — | 0.34 | 0.36 | 0.39 | 0.46 | 0.25 | |
| Microsoft Corp. | — | 0.33 | 0.36 | 0.39 | 0.47 | 0.58 | |
| Oracle Corp. | — | 5.33 | 10.85 | 88.84 | — | 16.61 | |
| Palantir Technologies Inc. | — | 0.03 | 0.05 | 0.07 | 0.10 | 0.11 | |
| Palo Alto Networks Inc. | — | 0.05 | 0.27 | 1.33 | 19.12 | 5.68 | |
| Salesforce Inc. | 0.30 | 0.20 | 0.23 | 0.25 | 0.25 | 0.15 | |
| ServiceNow Inc. | — | 0.19 | 0.24 | 0.30 | 0.44 | 0.60 | |
| Synopsys Inc. | — | 0.50 | 0.08 | 0.11 | 0.12 | 0.13 | |
| Workday Inc. | 0.49 | 0.37 | 0.41 | 0.58 | 0.46 | 0.68 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.58 | 0.63 | 0.73 | 0.81 | 0.93 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.58 | 0.67 | 0.72 | 0.77 | 0.91 | |
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).
1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total CrowdStrike Holdings, Inc. stockholders’ equity
= 820,077 ÷ 4,428,390 = 0.19
2 Click competitor name to see calculations.
The Debt to Equity ratio, including operating lease liability, demonstrates a consistent and significant downward trend over the observed period. Total debt remained relatively stable between 2021 and 2024, with a slight increase projected for 2026. However, this stability occurred alongside substantial growth in total stockholders’ equity, driving the observed ratio decline.
- Debt to Equity Ratio Trend
- The ratio decreased from 0.89 in 2021 to 0.34 in 2024. Projections indicate a further decrease to 0.24 in 2025 and 0.19 in 2026. This indicates a strengthening financial position with decreasing reliance on debt financing relative to equity.
- Total Debt
- Total debt, inclusive of operating lease liabilities, exhibited minimal fluctuation between 2021 and 2024, ranging from approximately 775,000 to 793,000 US$ in thousands. A projected increase to 820,077 US$ in thousands is anticipated by 2026, but this increase is proportionally smaller than the growth in equity.
- Total Stockholders’ Equity
- Total stockholders’ equity experienced substantial growth throughout the period. It increased from 870,574 US$ in thousands in 2021 to a projected 4,428,390 US$ in thousands by 2026. This significant expansion in equity is the primary driver of the declining Debt to Equity ratio.
The consistent decline in the Debt to Equity ratio suggests improving solvency and a reduced level of financial risk. The company appears to be effectively financing its growth through equity rather than debt, which is a positive indicator of financial health.
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Debt to Capital
CrowdStrike Holdings Inc., debt to capital calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 3,279,494) | 2,303,950) | 1,463,641) | 1,025,764) | 870,574) | |
| Total capital | 5,173,861) | 4,023,477) | 3,046,444) | 2,204,646) | 1,765,281) | 1,608,603) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.14 | 0.18 | 0.24 | 0.34 | 0.42 | 0.46 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Accenture PLC | — | 0.14 | 0.03 | 0.01 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.35 | 0.29 | 0.18 | 0.23 | 0.22 | |
| AppLovin Corp. | — | 0.63 | 0.77 | 0.72 | 0.63 | 0.60 | |
| Cadence Design Systems Inc. | — | 0.31 | 0.35 | 0.16 | 0.21 | 0.11 | |
| Datadog Inc. | — | 0.21 | 0.37 | 0.27 | 0.34 | 0.41 | |
| International Business Machines Corp. | — | 0.65 | 0.67 | 0.72 | 0.70 | 0.73 | |
| Intuit Inc. | — | 0.23 | 0.25 | 0.26 | 0.30 | 0.17 | |
| Microsoft Corp. | — | 0.21 | 0.23 | 0.24 | 0.28 | 0.33 | |
| Oracle Corp. | — | 0.82 | 0.91 | 0.99 | 1.09 | 0.94 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | — | 0.00 | 0.16 | 0.53 | 0.95 | 0.84 | |
| Salesforce Inc. | 0.20 | 0.13 | 0.15 | 0.16 | 0.16 | 0.06 | |
| ServiceNow Inc. | — | 0.10 | 0.13 | 0.16 | 0.23 | 0.30 | |
| Synopsys Inc. | — | 0.32 | 0.00 | 0.00 | 0.00 | 0.02 | |
| Workday Inc. | 0.28 | 0.25 | 0.27 | 0.35 | 0.29 | 0.35 | |
| Debt to Capital, Sector | |||||||
| Software & Services | — | 0.33 | 0.35 | 0.39 | 0.42 | 0.45 | |
| Debt to Capital, Industry | |||||||
| Information Technology | — | 0.34 | 0.38 | 0.40 | 0.41 | 0.45 | |
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).
1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 745,471 ÷ 5,173,861 = 0.14
2 Click competitor name to see calculations.
The Debt to Capital ratio demonstrates a consistent downward trend over the observed period. This indicates a decreasing reliance on debt financing relative to the company’s total capital structure.
- Total Debt
- Total debt exhibits a modest, incremental increase each year, moving from 738,029 thousand US dollars in 2021 to 745,471 thousand US dollars in 2026. The rate of increase appears relatively stable, suggesting consistent, but not aggressive, debt accumulation.
- Total Capital
- Total capital shows a significant and accelerating increase throughout the period. Starting at 1,608,603 thousand US dollars in 2021, it rises to 5,173,861 thousand US dollars by 2026. This substantial growth suggests increasing equity contributions, retained earnings, or other forms of capital beyond debt.
- Debt to Capital Ratio
- The Debt to Capital ratio declines steadily from 0.46 in 2021 to 0.14 in 2026. This decrease signifies a strengthening financial position, as the proportion of debt financing diminishes relative to the overall capital base. The most substantial declines occur between 2022 and 2023 (from 0.42 to 0.34) and between 2023 and 2024 (from 0.34 to 0.24), indicating periods of particularly strong capital growth relative to debt.
The observed trend suggests the company is becoming less leveraged over time, potentially reducing financial risk and increasing its capacity for future investment and growth. The consistent increase in total capital, coupled with relatively stable debt levels, drives this improvement in the Debt to Capital ratio.
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Debt to Capital (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Operating lease liabilities, current | 18,232) | 13,811) | 14,150) | 13,046) | 9,820) | 8,977) | |
| Operating lease liabilities, noncurrent | 56,374) | 31,107) | 36,230) | 29,567) | 25,379) | 31,986) | |
| Total debt (including operating lease liability) | 820,077) | 788,901) | 792,874) | 783,618) | 774,716) | 778,992) | |
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 3,279,494) | 2,303,950) | 1,463,641) | 1,025,764) | 870,574) | |
| Total capital (including operating lease liability) | 5,248,467) | 4,068,395) | 3,096,824) | 2,247,259) | 1,800,480) | 1,649,566) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.16 | 0.19 | 0.26 | 0.35 | 0.43 | 0.47 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.21 | 0.13 | 0.11 | 0.13 | 0.15 | |
| Adobe Inc. | — | 0.36 | 0.30 | 0.20 | 0.25 | 0.24 | |
| AppLovin Corp. | — | 0.63 | 0.77 | 0.73 | 0.64 | 0.61 | |
| Cadence Design Systems Inc. | — | 0.33 | 0.36 | 0.19 | 0.25 | 0.15 | |
| Datadog Inc. | — | 0.26 | 0.40 | 0.31 | 0.37 | 0.44 | |
| International Business Machines Corp. | — | 0.66 | 0.68 | 0.73 | 0.71 | 0.74 | |
| Intuit Inc. | — | 0.25 | 0.26 | 0.28 | 0.31 | 0.20 | |
| Microsoft Corp. | — | 0.25 | 0.27 | 0.28 | 0.32 | 0.37 | |
| Oracle Corp. | — | 0.84 | 0.92 | 0.99 | 1.08 | 0.94 | |
| Palantir Technologies Inc. | — | 0.03 | 0.05 | 0.06 | 0.09 | 0.10 | |
| Palo Alto Networks Inc. | — | 0.05 | 0.21 | 0.57 | 0.95 | 0.85 | |
| Salesforce Inc. | 0.23 | 0.16 | 0.19 | 0.20 | 0.20 | 0.13 | |
| ServiceNow Inc. | — | 0.16 | 0.19 | 0.23 | 0.31 | 0.37 | |
| Synopsys Inc. | — | 0.34 | 0.07 | 0.10 | 0.11 | 0.11 | |
| Workday Inc. | 0.33 | 0.27 | 0.29 | 0.37 | 0.32 | 0.41 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.37 | 0.39 | 0.42 | 0.45 | 0.48 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.37 | 0.40 | 0.42 | 0.44 | 0.48 | |
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).
1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 820,077 ÷ 5,248,467 = 0.16
2 Click competitor name to see calculations.
The information presents a consistent decline in the debt to capital ratio over the observed period. Total debt, inclusive of operating lease liabilities, exhibits a moderate increase between 2021 and 2026, while total capital demonstrates a significantly larger increase during the same timeframe. This disparity drives the observed trend in the ratio.
- Debt to Capital Ratio Trend
- The debt to capital ratio decreased steadily from 0.47 in 2021 to 0.16 in 2026. This indicates a decreasing reliance on debt financing relative to the company’s total capital structure. The most substantial decrease occurred between 2022 and 2024, falling from 0.43 to 0.26.
- Total Debt
- Total debt remained relatively stable between 2021 and 2023, fluctuating around US$780,000 thousand. A slight increase is noted in 2024, reaching US$792,874 thousand, followed by a minor decrease in 2025. The largest increase in total debt occurs in 2026, reaching US$820,077 thousand, though this increase is proportionally smaller than the increase in total capital.
- Total Capital
- Total capital experienced consistent growth throughout the period. From US$1,649,566 thousand in 2021, it increased to US$5,248,467 thousand in 2026. The rate of growth accelerated between 2022 and 2025, suggesting increasing investment and/or retained earnings contributing to the capital base. The largest absolute increase in total capital occurred between 2023 and 2024.
The decreasing debt to capital ratio suggests improving solvency and a strengthening financial position. The company appears to be effectively managing its debt levels while simultaneously growing its capital base, indicating a reduced level of financial risk over time.
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Debt to Assets
CrowdStrike Holdings Inc., debt to assets calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total assets | 11,086,684) | 8,701,578) | 6,646,520) | 5,026,540) | 3,618,381) | 2,732,533) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.07 | 0.09 | 0.11 | 0.15 | 0.20 | 0.27 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Accenture PLC | — | 0.08 | 0.02 | 0.00 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.21 | 0.19 | 0.12 | 0.15 | 0.15 | |
| AppLovin Corp. | — | 0.50 | 0.62 | 0.61 | 0.56 | 0.53 | |
| Cadence Design Systems Inc. | — | 0.24 | 0.28 | 0.11 | 0.15 | 0.08 | |
| Datadog Inc. | — | 0.15 | 0.28 | 0.19 | 0.25 | 0.31 | |
| International Business Machines Corp. | — | 0.40 | 0.40 | 0.42 | 0.40 | 0.39 | |
| Intuit Inc. | — | 0.16 | 0.19 | 0.22 | 0.25 | 0.13 | |
| Microsoft Corp. | — | 0.14 | 0.15 | 0.16 | 0.18 | 0.21 | |
| Oracle Corp. | — | 0.57 | 0.62 | 0.67 | 0.69 | 0.64 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | — | 0.00 | 0.05 | 0.14 | 0.30 | 0.31 | |
| Salesforce Inc. | 0.13 | 0.09 | 0.10 | 0.12 | 0.12 | 0.04 | |
| ServiceNow Inc. | — | 0.06 | 0.07 | 0.09 | 0.11 | 0.15 | |
| Synopsys Inc. | — | 0.28 | 0.00 | 0.00 | 0.00 | 0.01 | |
| Workday Inc. | 0.17 | 0.17 | 0.18 | 0.22 | 0.18 | 0.21 | |
| Debt to Assets, Sector | |||||||
| Software & Services | — | 0.22 | 0.23 | 0.25 | 0.26 | 0.28 | |
| Debt to Assets, Industry | |||||||
| Information Technology | — | 0.23 | 0.25 | 0.26 | 0.26 | 0.29 | |
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).
1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 745,471 ÷ 11,086,684 = 0.07
2 Click competitor name to see calculations.
The Debt to Assets ratio demonstrates a consistent downward trend over the observed period. This indicates a decreasing reliance on debt financing relative to the company’s total asset base.
- Overall Trend
- From January 31, 2021, to January 31, 2026, the Debt to Assets ratio declined steadily. The ratio moved from 0.27 to 0.07, representing a significant reduction in leverage.
- Year-over-Year Changes
- The most substantial decrease occurred between January 31, 2021, and January 31, 2022, with a reduction of 0.07. Subsequent yearly declines were more moderate, ranging from 0.01 to 0.02. This suggests an initial period of rapid deleveraging followed by a more gradual reduction in debt relative to asset growth.
- Debt and Asset Movement
- Total debt remained relatively stable throughout the period, fluctuating only slightly. Conversely, total assets experienced substantial growth each year. This disparity between stable debt and increasing assets is the primary driver of the declining Debt to Assets ratio. The growth in assets significantly outpaced any changes in debt levels.
The continued decrease in the Debt to Assets ratio suggests improving financial stability and a stronger equity position. The company appears to be effectively utilizing assets to generate growth without a corresponding increase in debt.
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Debt to Assets (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Long-term debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Total debt | 745,471) | 743,983) | 742,494) | 741,005) | 739,517) | 738,029) | |
| Operating lease liabilities, current | 18,232) | 13,811) | 14,150) | 13,046) | 9,820) | 8,977) | |
| Operating lease liabilities, noncurrent | 56,374) | 31,107) | 36,230) | 29,567) | 25,379) | 31,986) | |
| Total debt (including operating lease liability) | 820,077) | 788,901) | 792,874) | 783,618) | 774,716) | 778,992) | |
| Total assets | 11,086,684) | 8,701,578) | 6,646,520) | 5,026,540) | 3,618,381) | 2,732,533) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.07 | 0.09 | 0.12 | 0.16 | 0.21 | 0.29 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.13 | 0.07 | 0.06 | 0.07 | 0.08 | |
| Adobe Inc. | — | 0.23 | 0.20 | 0.14 | 0.17 | 0.17 | |
| AppLovin Corp. | — | 0.51 | 0.63 | 0.62 | 0.57 | 0.54 | |
| Cadence Design Systems Inc. | — | 0.26 | 0.29 | 0.14 | 0.18 | 0.11 | |
| Datadog Inc. | — | 0.19 | 0.32 | 0.23 | 0.28 | 0.34 | |
| International Business Machines Corp. | — | 0.43 | 0.43 | 0.44 | 0.42 | 0.42 | |
| Intuit Inc. | — | 0.18 | 0.20 | 0.24 | 0.27 | 0.16 | |
| Microsoft Corp. | — | 0.18 | 0.19 | 0.19 | 0.21 | 0.25 | |
| Oracle Corp. | — | 0.65 | 0.67 | 0.71 | 0.73 | 0.66 | |
| Palantir Technologies Inc. | — | 0.03 | 0.04 | 0.05 | 0.07 | 0.08 | |
| Palo Alto Networks Inc. | — | 0.02 | 0.07 | 0.16 | 0.33 | 0.35 | |
| Salesforce Inc. | 0.16 | 0.12 | 0.14 | 0.15 | 0.15 | 0.10 | |
| ServiceNow Inc. | — | 0.09 | 0.11 | 0.13 | 0.17 | 0.21 | |
| Synopsys Inc. | — | 0.30 | 0.05 | 0.07 | 0.07 | 0.08 | |
| Workday Inc. | 0.21 | 0.19 | 0.20 | 0.24 | 0.20 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.26 | 0.27 | 0.29 | 0.30 | 0.32 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.26 | 0.27 | 0.28 | 0.29 | 0.31 | |
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).
1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 820,077 ÷ 11,086,684 = 0.07
2 Click competitor name to see calculations.
The relationship between total debt, including operating lease liability, and total assets demonstrates a consistent decline over the observed period. This indicates a strengthening solvency position for the company.
- Debt to Assets Ratio - Overall Trend
- The debt to assets ratio exhibits a pronounced downward trend, decreasing from 0.29 in January 2021 to 0.07 in January 2026. This signifies a decreasing reliance on debt financing relative to the company’s asset base.
- Debt to Assets Ratio - Period Specific Changes
- The most significant decrease in the ratio occurred between January 2021 and January 2022, with a reduction from 0.29 to 0.21. A further, though less dramatic, decrease was observed between January 2022 and January 2023, moving to 0.16. The rate of decline slowed between January 2023 and January 2024, reaching 0.12. The final two periods, January 2024 to January 2026, show continued, steady decreases, reaching 0.07.
- Total Debt
- Total debt, including operating lease liability, remained relatively stable between January 2021 and January 2024, fluctuating between approximately US$775,000 and US$793,000. A noticeable increase to US$820,077 is observed in January 2026, however, this increase is outpaced by the growth in total assets.
- Total Assets
- Total assets experienced substantial growth throughout the period. From US$2,732,533 in January 2021, assets more than tripled to US$8,701,578 by January 2025, and continued to grow to US$11,086,684 in January 2026. This significant asset growth is the primary driver of the declining debt to assets ratio.
The consistent decline in the debt to assets ratio, coupled with the substantial growth in total assets, suggests improving financial leverage and a reduced risk profile.
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Financial Leverage
CrowdStrike Holdings Inc., financial leverage calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Total assets | 11,086,684) | 8,701,578) | 6,646,520) | 5,026,540) | 3,618,381) | 2,732,533) | |
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 3,279,494) | 2,303,950) | 1,463,641) | 1,025,764) | 870,574) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 2.50 | 2.65 | 2.88 | 3.43 | 3.53 | 3.14 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Accenture PLC | — | 2.10 | 1.98 | 1.99 | 2.14 | 2.21 | |
| Adobe Inc. | — | 2.54 | 2.14 | 1.80 | 1.93 | 1.84 | |
| AppLovin Corp. | — | 3.40 | 5.39 | 4.27 | 3.07 | 2.88 | |
| Cadence Design Systems Inc. | — | 1.85 | 1.92 | 1.67 | 1.87 | 1.60 | |
| Datadog Inc. | — | 1.78 | 2.13 | 1.94 | 2.13 | 2.29 | |
| International Business Machines Corp. | — | 4.65 | 5.02 | 6.00 | 5.80 | 6.98 | |
| Intuit Inc. | — | 1.88 | 1.74 | 1.61 | 1.69 | 1.57 | |
| Microsoft Corp. | — | 1.80 | 1.91 | 2.00 | 2.19 | 2.35 | |
| Oracle Corp. | — | 8.23 | 16.20 | 125.24 | — | 25.03 | |
| Palantir Technologies Inc. | — | 1.20 | 1.27 | 1.30 | 1.35 | 1.42 | |
| Palo Alto Networks Inc. | — | 3.01 | 3.87 | 8.29 | 58.35 | 16.14 | |
| Salesforce Inc. | 1.90 | 1.68 | 1.67 | 1.69 | 1.64 | 1.60 | |
| ServiceNow Inc. | — | 2.01 | 2.12 | 2.28 | 2.64 | 2.92 | |
| Synopsys Inc. | — | 1.70 | 1.45 | 1.68 | 1.71 | 1.65 | |
| Workday Inc. | 2.32 | 1.99 | 2.04 | 2.41 | 2.31 | 2.66 | |
| Financial Leverage, Sector | |||||||
| Software & Services | — | 2.22 | 2.35 | 2.55 | 2.72 | 2.95 | |
| Financial Leverage, Industry | |||||||
| Information Technology | — | 2.25 | 2.46 | 2.55 | 2.68 | 2.89 | |
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).
1 2026 Calculation
Financial leverage = Total assets ÷ Total CrowdStrike Holdings, Inc. stockholders’ equity
= 11,086,684 ÷ 4,428,390 = 2.50
2 Click competitor name to see calculations.
An examination of the financial information reveals trends in the company’s financial leverage over a five-year period. Total assets have consistently increased, growing from US$2.73 billion in 2021 to US$11.09 billion in 2026. Simultaneously, total stockholders’ equity has also risen, albeit at a slower pace, increasing from US$870.57 million to US$4.43 billion over the same timeframe. These changes are reflected in the financial leverage ratio.
- Financial Leverage
- The financial leverage ratio demonstrates a generally decreasing trend. Starting at 3.14 in 2021, the ratio increased to 3.53 in 2022, before declining to 3.43 in 2023. A more pronounced decrease is then observed, with the ratio falling to 2.88 in 2024, 2.65 in 2025, and further to 2.50 in 2026.
- This downward trend suggests a decreasing reliance on debt financing relative to equity. While total assets and equity both increased, the growth in equity has outpaced the growth in assets in recent years, contributing to the lower leverage ratio.
- The initial increase in 2022 may indicate increased borrowing to fund asset growth, but subsequent years show a shift towards funding growth through equity or internally generated funds. The consistent decline from 2023 onwards suggests improved financial stability and a reduced risk profile associated with debt.
In summary, the company’s financial leverage has decreased over the analyzed period, indicating a strengthening financial position and a reduced dependence on debt. The increasing equity base relative to assets contributes to this positive trend.
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Interest Coverage
CrowdStrike Holdings Inc., interest coverage calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net income (loss) attributable to CrowdStrike | (162,502) | (19,271) | 89,327) | (183,245) | (234,802) | (92,629) | |
| Add: Net income attributable to noncontrolling interest | 1,337) | 2,675) | 1,258) | 960) | 2,424) | —) | |
| Add: Income tax expense | 34,176) | 71,130) | 32,232) | 22,402) | 72,355) | 4,760) | |
| Add: Interest expense | 28,021) | 26,311) | 25,756) | 25,319) | 25,231) | 1,559) | |
| Earnings before interest and tax (EBIT) | (98,968) | 80,845) | 148,573) | (134,564) | (134,792) | (86,310) | |
| Solvency Ratio | |||||||
| Interest coverage1 | -3.53 | 3.07 | 5.77 | -5.31 | -5.34 | -55.36 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Accenture PLC | — | 45.94 | 165.48 | 193.31 | 195.34 | 131.46 | |
| Adobe Inc. | — | 34.21 | 42.01 | 61.17 | 54.64 | 51.49 | |
| AppLovin Corp. | — | 20.09 | 5.95 | 2.38 | -0.19 | 1.45 | |
| Cadence Design Systems Inc. | — | 14.06 | 19.37 | 36.43 | 46.58 | 46.26 | |
| Datadog Inc. | — | 12.49 | 29.85 | 10.56 | -1.30 | 0.12 | |
| International Business Machines Corp. | — | 6.35 | 4.40 | 6.42 | 1.97 | 5.20 | |
| Intuit Inc. | — | 20.57 | 15.67 | 13.05 | 32.38 | 89.14 | |
| Microsoft Corp. | — | 52.84 | 37.72 | 46.38 | 41.58 | 31.31 | |
| Oracle Corp. | — | 5.01 | 4.39 | 3.65 | 3.84 | 6.28 | |
| Palantir Technologies Inc. | — | — | — | 69.33 | -87.97 | -133.20 | |
| Palo Alto Networks Inc. | — | 532.90 | 120.07 | 21.82 | -6.56 | -1.85 | |
| Salesforce Inc. | 30.38 | 28.35 | 18.49 | 3.20 | 7.93 | 21.49 | |
| ServiceNow Inc. | — | 99.30 | 76.57 | 43.00 | 15.78 | 9.89 | |
| Synopsys Inc. | — | 4.12 | 44.06 | 1,106.08 | 657.96 | 240.38 | |
| Workday Inc. | 9.85 | 6.60 | 4.12 | -1.54 | 1.97 | -3.00 | |
| Interest Coverage, Sector | |||||||
| Software & Services | — | 20.56 | 17.70 | 16.84 | 17.69 | 17.08 | |
| Interest Coverage, Industry | |||||||
| Information Technology | — | 26.09 | 19.41 | 17.52 | 22.44 | 19.79 | |
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).
1 2026 Calculation
Interest coverage = EBIT ÷ Interest expense
= -98,968 ÷ 28,021 = -3.53
2 Click competitor name to see calculations.
The interest coverage ratio exhibits significant fluctuations over the observed period. Initially negative, the ratio transitions to positive values before declining again, indicating a volatile capacity to meet interest obligations from earnings.
- Earnings Before Interest and Tax (EBIT)
- EBIT is negative for the first three years of the period, reaching its most negative value in 2022. A substantial positive shift occurs in 2024, followed by a decrease in 2025, and a return to negative territory in 2026. This pattern directly influences the interest coverage ratio.
- Interest Expense
- Interest expense demonstrates a consistent upward trend throughout the period, increasing from US$1.559 thousand in 2021 to US$28.021 thousand in 2026. This increase in interest expense places greater pressure on earnings to maintain adequate coverage.
- Interest Coverage Ratio
- The interest coverage ratio is substantially negative in 2021 and 2022, reflecting the negative EBIT and increasing interest expense. While the ratio becomes positive in 2024 at 5.77, indicating a comfortable ability to cover interest payments, it declines to 3.07 in 2025 and then reverts to a negative value of -3.53 in 2026. This final negative value suggests an inability to cover interest obligations from current earnings.
The volatility in the interest coverage ratio suggests a sensitivity to changes in profitability. The increasing interest expense, coupled with fluctuating EBIT, creates a dynamic where maintaining consistent interest coverage is challenging. The return to a negative ratio in the final year of the period warrants further investigation into the underlying causes of the decreased earnings.
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Fixed Charge Coverage
CrowdStrike Holdings Inc., fixed charge coverage calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net income (loss) attributable to CrowdStrike | (162,502) | (19,271) | 89,327) | (183,245) | (234,802) | (92,629) | |
| Add: Net income attributable to noncontrolling interest | 1,337) | 2,675) | 1,258) | 960) | 2,424) | —) | |
| Add: Income tax expense | 34,176) | 71,130) | 32,232) | 22,402) | 72,355) | 4,760) | |
| Add: Interest expense | 28,021) | 26,311) | 25,756) | 25,319) | 25,231) | 1,559) | |
| Earnings before interest and tax (EBIT) | (98,968) | 80,845) | 148,573) | (134,564) | (134,792) | (86,310) | |
| Add: Operating lease cost | 20,141) | 17,326) | 15,510) | 11,084) | 11,262) | 10,308) | |
| Earnings before fixed charges and tax | (78,827) | 98,171) | 164,083) | (123,480) | (123,530) | (76,002) | |
| Interest expense | 28,021) | 26,311) | 25,756) | 25,319) | 25,231) | 1,559) | |
| Operating lease cost | 20,141) | 17,326) | 15,510) | 11,084) | 11,262) | 10,308) | |
| Fixed charges | 48,162) | 43,637) | 41,266) | 36,403) | 36,493) | 11,867) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | -1.64 | 2.25 | 3.98 | -3.39 | -3.39 | -6.40 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Accenture PLC | — | 11.72 | 13.46 | 10.98 | 12.25 | 10.41 | |
| Adobe Inc. | — | 25.40 | 26.20 | 30.56 | 26.79 | 25.59 | |
| AppLovin Corp. | — | 18.93 | 5.73 | 2.30 | -0.07 | 1.35 | |
| Cadence Design Systems Inc. | — | 9.12 | 11.13 | 14.79 | 15.50 | 13.77 | |
| Datadog Inc. | — | 2.93 | 5.09 | 2.47 | 0.09 | 0.55 | |
| International Business Machines Corp. | — | 4.50 | 3.13 | 4.32 | 1.52 | 3.13 | |
| Intuit Inc. | — | 14.50 | 11.14 | 9.03 | 14.67 | 25.58 | |
| Microsoft Corp. | — | 16.63 | 17.61 | 19.44 | 19.50 | 16.90 | |
| Oracle Corp. | — | 3.71 | 3.55 | 3.12 | 3.22 | 5.17 | |
| Palantir Technologies Inc. | — | 29.99 | 9.48 | 4.62 | -5.06 | -7.89 | |
| Palo Alto Networks Inc. | — | 18.52 | 12.78 | 7.20 | -1.18 | -1.09 | |
| Salesforce Inc. | 11.15 | 8.78 | 4.74 | 1.51 | 2.18 | 2.92 | |
| ServiceNow Inc. | — | 14.30 | 12.36 | 7.59 | 3.87 | 2.95 | |
| Synopsys Inc. | — | 3.47 | 12.88 | 14.38 | 12.91 | 9.29 | |
| Workday Inc. | 4.67 | 3.69 | 2.60 | -0.29 | 1.15 | -0.69 | |
| Fixed Charge Coverage, Sector | |||||||
| Software & Services | — | 10.44 | 9.92 | 9.35 | 9.29 | 9.13 | |
| Fixed Charge Coverage, Industry | |||||||
| Information Technology | — | 15.44 | 12.38 | 11.26 | 13.34 | 12.15 | |
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).
1 2026 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -78,827 ÷ 48,162 = -1.64
2 Click competitor name to see calculations.
The fixed charge coverage ratio exhibits significant volatility over the observed period. Initially negative, the ratio transitions to positive values before declining again, indicating fluctuating ability to meet fixed financial obligations. A detailed examination of the components reveals the drivers behind these changes.
- Earnings Before Fixed Charges and Tax
- Earnings before fixed charges and tax are negative for the first three years of the period, reaching a peak negative value in 2022. A substantial positive shift occurs in 2024, followed by a decrease in 2025, and a return to negative values in 2026. This pattern suggests considerable fluctuations in core profitability before accounting for fixed obligations and income taxes.
- Fixed Charges
- Fixed charges demonstrate a consistent upward trend throughout the period. While the increase is moderate from 2021 to 2023, the rate of growth accelerates in 2024 and 2025, and continues into 2026. This indicates a growing burden of fixed financial commitments, such as debt service and lease payments.
- Fixed Charge Coverage Ratio
- The fixed charge coverage ratio is negative from 2021 to 2023, reflecting the negative earnings before fixed charges and tax. The ratio becomes positive in 2024, reaching 3.98, signifying the company generates sufficient earnings to cover its fixed charges. However, the ratio declines to 2.25 in 2025 and reverts to a negative value of -1.64 in 2026. This suggests a weakening ability to cover fixed charges in the later years, despite the increasing level of fixed charges.
The interplay between earnings and fixed charges is critical. The initial negative coverage is driven by insufficient earnings. The improvement in 2024 is attributable to a significant increase in earnings, but this improvement is not sustained, and the return to negative coverage in 2026 highlights a potential vulnerability as fixed charges continue to rise.
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