Analysis of Solvency Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
Over the observed period, the company demonstrates a consistent and significant improvement in its solvency position, as indicated by declining leverage ratios. While initial periods exhibit negative interest coverage, a clear trend towards positive coverage emerges and then reverses in the final periods.
- Debt to Equity
- The debt to equity ratio exhibits a steady decline from 0.87 in April 2021 to 0.17 in January 2026. This indicates a decreasing reliance on debt financing relative to equity, suggesting improved financial stability. The rate of decline appears to moderate over time, with smaller decreases observed in the later quarters.
- Debt to Equity (Including Operating Lease Liability)
- Similar to the standard debt to equity ratio, this metric also shows a consistent downward trend, moving from 0.92 to 0.19 over the period. The inclusion of operating lease liabilities results in slightly higher ratios compared to the standard debt to equity calculation, but the overall trend remains consistent, reinforcing the observation of decreasing leverage.
- Debt to Capital
- The debt to capital ratio mirrors the trend observed in the debt to equity ratios, decreasing from 0.47 to 0.14. This suggests that the proportion of debt in the company’s capital structure is steadily decreasing, further supporting the conclusion of improved solvency.
- Debt to Capital (Including Operating Lease Liability)
- This ratio also demonstrates a consistent decline, from 0.48 to 0.16, mirroring the trend of the standard debt to capital ratio. The inclusion of operating lease liabilities again results in slightly higher values, but the overall trend remains consistent.
- Debt to Assets
- The debt to assets ratio shows a consistent decrease from 0.26 to 0.07, indicating a decreasing proportion of assets financed by debt. This reinforces the overall trend of improving solvency and reduced financial risk.
- Debt to Assets (Including Operating Lease Liability)
- This metric also exhibits a declining trend, moving from 0.27 to 0.07. The inclusion of operating lease liabilities results in slightly higher ratios, but the trend remains consistent with the other solvency indicators.
- Financial Leverage
- Financial leverage, initially around 3.4, fluctuates before generally decreasing to 2.50. The initial values suggest a moderate degree of financial leverage, which diminishes over time. However, a recent increase to 2.65 and then 2.47 suggests a potential stabilization or slight reversal of this trend.
- Interest Coverage
- The interest coverage ratio initially presents negative values, indicating an inability to cover interest expenses with earnings. However, the ratio improves significantly, becoming positive at 1.41 in October 2023 and reaching a peak of 9.33 in July 2024. Subsequently, the ratio declines sharply, returning to negative values by January 2026 (-3.53). This suggests a period of improved earnings relative to interest expense, followed by a deterioration in this relationship.
In summary, the company’s solvency position generally improved over the analyzed period, as evidenced by consistently declining debt ratios. However, the recent reversal in the interest coverage ratio warrants further investigation to understand the underlying factors contributing to this change.
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Debt Ratios
Coverage Ratios
Debt to Equity
CrowdStrike Holdings Inc., debt to equity calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 4,016,497) | 3,756,680) | 3,450,877) | 3,279,494) | 3,057,933) | 2,852,915) | 2,535,540) | 2,303,950) | 2,028,950) | 1,838,207) | 1,605,301) | 1,463,641) | 1,314,289) | 1,225,419) | 1,102,541) | 1,025,764) | 948,182) | 904,268) | 849,264) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.17 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.26 | 0.29 | 0.32 | 0.37 | 0.40 | 0.46 | 0.51 | 0.56 | 0.60 | 0.67 | 0.72 | 0.78 | 0.82 | 0.87 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.04 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Adobe Inc. | — | — | — | — | 0.53 | 0.53 | 0.54 | 0.47 | 0.40 | 0.39 | 0.38 | 0.24 | 0.22 | 0.23 | 0.24 | 0.26 | 0.29 | 0.29 | 0.30 | 0.30 | ||||||
| AppLovin Corp. | — | — | — | — | 1.65 | 2.38 | 3.01 | 6.45 | 3.22 | 3.74 | 4.32 | 4.64 | 2.48 | 2.85 | 2.11 | 1.69 | 1.69 | 1.71 | 1.69 | 1.60 | ||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.45 | 0.48 | 0.49 | 0.52 | 0.53 | 0.62 | 0.32 | 0.18 | 0.19 | 0.21 | 0.22 | 0.23 | 0.27 | 0.29 | 0.13 | 0.13 | ||||||
| Datadog Inc. | — | — | — | — | 0.26 | 0.29 | 0.31 | 0.55 | 0.59 | 0.28 | 0.31 | 0.34 | 0.37 | 0.41 | 0.45 | 0.49 | 0.52 | 0.57 | 0.61 | 0.66 | ||||||
| International Business Machines Corp. | — | — | — | — | 1.88 | 2.26 | 2.33 | 2.35 | 2.01 | 2.31 | 2.35 | 2.56 | 2.51 | 2.39 | 2.59 | 2.72 | 2.32 | 2.53 | 2.59 | 2.85 | ||||||
| Intuit Inc. | — | — | 0.32 | 0.32 | 0.30 | 0.32 | 0.35 | 0.34 | 0.33 | 0.32 | 0.35 | 0.35 | 0.35 | 0.38 | 0.45 | 0.43 | 0.42 | 0.40 | 0.43 | 0.21 | ||||||
| Microsoft Corp. | — | — | 0.10 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.32 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | ||||||
| Oracle Corp. | — | 3.50 | 3.61 | 3.78 | 4.53 | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.05 | 0.08 | 0.11 | 0.19 | 0.26 | 0.42 | 0.90 | 1.14 | 2.99 | 5.05 | 7.24 | 17.51 | 10.89 | 31.19 | 7.08 | ||||||
| Salesforce Inc. | 0.24 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.19 | 0.24 | 0.06 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.21 | 0.21 | 0.27 | 0.30 | 0.33 | 0.35 | 0.39 | ||||||
| Synopsys Inc. | — | — | — | 0.33 | 0.48 | 0.52 | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.38 | 0.34 | 0.33 | 0.33 | 0.33 | 0.35 | 0.36 | 0.37 | 0.37 | 0.45 | 0.47 | 0.50 | 0.53 | 0.55 | 0.80 | 0.86 | 0.41 | 0.44 | 0.48 | 0.55 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 for the analyzed period demonstrates a consistent and significant downward trend. This indicates a strengthening financial position with decreasing reliance on debt financing relative to equity.
- Overall Trend
- From April 30, 2021, to January 31, 2026, the debt to equity ratio decreased from 0.87 to 0.17. This represents a substantial reduction in financial leverage over the five-year period.
- Initial Phase (Apr 30, 2021 – Apr 30, 2022)
- The ratio experienced a relatively rapid decline, moving from 0.87 to 0.67. This suggests an initial period of focused debt reduction or significant equity growth, or a combination of both. The rate of decline slowed slightly in subsequent quarters.
- Intermediate Phase (Jul 31, 2022 – Oct 31, 2023)
- The decline continued at a steady pace, decreasing from 0.60 to 0.37. This phase indicates a sustained commitment to improving the capital structure and reducing financial risk.
- Later Phase (Jan 31, 2024 – Jan 31, 2026)
- The rate of decrease slowed further, with the ratio falling from 0.32 to 0.17. While still declining, the diminishing magnitude of the change suggests the company is approaching a lower bound for its debt to equity ratio, given its current growth and financing strategies.
- Debt and Equity Components
- Total debt remained relatively stable throughout the period, with incremental increases each quarter. However, total stockholders’ equity exhibited substantial growth, driving the overall reduction in the debt to equity ratio. The consistent growth in equity significantly outpaced the modest increases in debt.
The observed trend suggests the company is successfully managing its financial leverage and strengthening its balance sheet. The decreasing ratio indicates a lower level of financial risk and potentially greater capacity for future investment and growth.
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Debt to Equity (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Operating lease liabilities, current | 18,232) | 15,929) | 12,860) | 11,964) | 13,811) | 15,658) | 17,031) | 16,020) | 14,150) | 14,430) | 16,133) | 16,215) | 13,046) | 10,423) | 10,316) | 9,967) | 9,820) | 9,706) | 9,374) | 9,333) | ||||||
| Operating lease liabilities, noncurrent | 56,374) | 57,018) | 52,941) | 29,079) | 31,107) | 32,683) | 31,704) | 34,090) | 36,230) | 38,371) | 32,688) | 36,774) | 29,567) | 17,984) | 21,340) | 22,197) | 25,379) | 27,895) | 29,378) | 31,458) | ||||||
| Total debt (including operating lease liability) | 820,077) | 818,046) | 810,528) | 785,398) | 788,901) | 791,951) | 791,973) | 792,976) | 792,874) | 794,923) | 790,571) | 794,366) | 783,618) | 769,040) | 771,917) | 772,053) | 774,716) | 776,746) | 777,524) | 779,191) | ||||||
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 4,016,497) | 3,756,680) | 3,450,877) | 3,279,494) | 3,057,933) | 2,852,915) | 2,535,540) | 2,303,950) | 2,028,950) | 1,838,207) | 1,605,301) | 1,463,641) | 1,314,289) | 1,225,419) | 1,102,541) | 1,025,764) | 948,182) | 904,268) | 849,264) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.26 | 0.28 | 0.31 | 0.34 | 0.39 | 0.43 | 0.49 | 0.54 | 0.59 | 0.63 | 0.70 | 0.76 | 0.82 | 0.86 | 0.92 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.27 | 0.27 | 0.26 | 0.27 | 0.28 | 0.28 | 0.15 | 0.17 | 0.12 | 0.12 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.17 | ||||||
| Adobe Inc. | — | — | — | — | 0.57 | 0.56 | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 | 0.29 | 0.33 | 0.32 | 0.33 | 0.34 | ||||||
| Datadog Inc. | — | — | — | — | 0.34 | 0.37 | 0.40 | 0.64 | 0.68 | 0.37 | 0.40 | 0.43 | 0.45 | 0.49 | 0.54 | 0.56 | 0.59 | 0.65 | 0.67 | 0.72 | ||||||
| International Business Machines Corp. | — | — | — | — | 1.98 | 2.39 | 2.46 | 2.49 | 2.14 | 2.46 | 2.49 | 2.70 | 2.66 | 2.54 | 2.72 | 2.85 | 2.46 | 2.68 | 2.75 | 3.02 | ||||||
| Intuit Inc. | — | — | 0.36 | 0.35 | 0.33 | 0.35 | 0.38 | 0.37 | 0.35 | 0.34 | 0.38 | 0.37 | 0.38 | 0.40 | 0.48 | 0.47 | 0.45 | 0.43 | 0.46 | 0.25 | ||||||
| Microsoft Corp. | — | — | 0.15 | 0.17 | 0.18 | 0.19 | 0.21 | 0.21 | 0.25 | 0.32 | 0.37 | 0.39 | 0.29 | 0.31 | 0.33 | 0.35 | 0.37 | 0.38 | 0.40 | 0.42 | ||||||
| Oracle Corp. | — | 3.98 | 4.15 | 4.36 | 5.09 | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | ||||||
| Palo Alto Networks Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.10 | 0.14 | 0.17 | 0.26 | 0.34 | 0.50 | 1.02 | 1.30 | 3.20 | 5.42 | 7.80 | 18.82 | 11.70 | 33.58 | 7.65 | ||||||
| Salesforce Inc. | 0.29 | 0.19 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.25 | 0.30 | 0.14 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.19 | 0.21 | 0.22 | 0.24 | 0.24 | 0.24 | 0.26 | 0.28 | 0.30 | 0.31 | 0.32 | 0.40 | 0.44 | 0.47 | 0.51 | 0.55 | ||||||
| Synopsys Inc. | — | — | — | 0.36 | 0.50 | 0.55 | 1.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | ||||||
| Workday Inc. | 0.49 | 0.43 | 0.41 | 0.38 | 0.37 | 0.39 | 0.40 | 0.41 | 0.41 | 0.49 | 0.52 | 0.55 | 0.58 | 0.60 | 0.86 | 0.92 | 0.46 | 0.51 | 0.56 | 0.63 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 downward trend over the observed period spanning from April 2021 to January 2026. This indicates a strengthening financial position with decreasing reliance on debt financing relative to equity.
- Overall Trend
- The ratio began at 0.92 in April 2021 and progressively decreased to 0.19 by January 2026. This represents a substantial reduction in leverage over the five-year period.
- Initial Phase (Apr 2021 – Oct 2021)
- From April 2021 to October 2021, the ratio experienced a moderate decline, moving from 0.92 to 0.82. This initial decrease suggests early efforts to manage debt levels or a concurrent increase in equity.
- Accelerated Decline (Jan 2022 – Apr 2023)
- A more pronounced decrease occurred between January 2022 and April 2023, with the ratio falling from 0.76 to 0.49. This period reflects a significant improvement in the company’s capital structure, potentially driven by strong earnings and equity accumulation.
- Stabilization and Continued Reduction (Jul 2023 – Jan 2026)
- The rate of decline slowed somewhat from July 2023 onwards, but the downward trajectory continued. The ratio moved from 0.43 to 0.19 over this period. This suggests a continued focus on maintaining a healthy debt-to-equity balance, even as the most substantial improvements had already been realized.
- Total Debt and Equity Movements
- While the debt amount remained relatively stable, fluctuating between approximately US$770,000 and US$820,000 in thousands, total stockholders’ equity exhibited consistent growth, increasing from US$849,264 to US$4,428,390 over the same timeframe. This expansion of equity is the primary driver of the observed decrease in the debt to equity ratio.
The consistent reduction in the debt to equity ratio indicates a strengthening financial foundation and reduced financial risk. The company appears to be effectively managing its capital structure, prioritizing equity financing and maintaining a conservative leverage position.
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Debt to Capital
CrowdStrike Holdings Inc., debt to capital calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 4,016,497) | 3,756,680) | 3,450,877) | 3,279,494) | 3,057,933) | 2,852,915) | 2,535,540) | 2,303,950) | 2,028,950) | 1,838,207) | 1,605,301) | 1,463,641) | 1,314,289) | 1,225,419) | 1,102,541) | 1,025,764) | 948,182) | 904,268) | 849,264) | ||||||
| Total capital | 5,173,861) | 4,761,596) | 4,501,407) | 4,195,232) | 4,023,477) | 3,801,543) | 3,596,153) | 3,278,406) | 3,046,444) | 2,771,072) | 2,579,957) | 2,346,678) | 2,204,646) | 2,054,922) | 1,965,680) | 1,842,430) | 1,765,281) | 1,687,327) | 1,643,040) | 1,587,664) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.14 | 0.16 | 0.17 | 0.18 | 0.18 | 0.20 | 0.21 | 0.23 | 0.24 | 0.27 | 0.29 | 0.32 | 0.34 | 0.36 | 0.38 | 0.40 | 0.42 | 0.44 | 0.45 | 0.47 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.03 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Adobe Inc. | — | — | — | — | 0.35 | 0.35 | 0.35 | 0.32 | 0.29 | 0.28 | 0.27 | 0.19 | 0.18 | 0.19 | 0.20 | 0.20 | 0.23 | 0.22 | 0.23 | 0.23 | ||||||
| AppLovin Corp. | — | — | — | — | 0.62 | 0.70 | 0.75 | 0.87 | 0.76 | 0.79 | 0.81 | 0.82 | 0.71 | 0.74 | 0.68 | 0.63 | 0.63 | 0.63 | 0.63 | 0.62 | ||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.31 | 0.32 | 0.33 | 0.34 | 0.35 | 0.38 | 0.24 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.23 | 0.12 | 0.11 | ||||||
| Datadog Inc. | — | — | — | — | 0.21 | 0.22 | 0.23 | 0.36 | 0.37 | 0.22 | 0.24 | 0.25 | 0.27 | 0.29 | 0.31 | 0.33 | 0.34 | 0.36 | 0.38 | 0.40 | ||||||
| International Business Machines Corp. | — | — | — | — | 0.65 | 0.69 | 0.70 | 0.70 | 0.67 | 0.70 | 0.70 | 0.72 | 0.72 | 0.71 | 0.72 | 0.73 | 0.70 | 0.72 | 0.72 | 0.74 | ||||||
| Intuit Inc. | — | — | 0.24 | 0.24 | 0.23 | 0.24 | 0.26 | 0.25 | 0.25 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 | 0.31 | 0.30 | 0.30 | 0.29 | 0.30 | 0.17 | ||||||
| Microsoft Corp. | — | — | 0.09 | 0.11 | 0.11 | 0.12 | 0.13 | 0.14 | 0.16 | 0.21 | 0.24 | 0.24 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.26 | ||||||
| Oracle Corp. | — | 0.78 | 0.78 | 0.79 | 0.82 | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.05 | 0.08 | 0.10 | 0.16 | 0.21 | 0.29 | 0.47 | 0.53 | 0.75 | 0.83 | 0.88 | 0.95 | 0.92 | 0.97 | 0.88 | ||||||
| Salesforce Inc. | 0.20 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.06 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.10 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.21 | 0.23 | 0.25 | 0.26 | 0.28 | ||||||
| Synopsys Inc. | — | — | — | 0.25 | 0.32 | 0.34 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.28 | 0.25 | 0.25 | 0.25 | 0.25 | 0.26 | 0.26 | 0.27 | 0.27 | 0.31 | 0.32 | 0.33 | 0.35 | 0.35 | 0.45 | 0.46 | 0.29 | 0.30 | 0.32 | 0.35 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 for the analyzed period demonstrates a consistent downward trend, indicating a decreasing reliance on debt financing relative to the company’s total capital structure. This suggests improving financial leverage and a strengthening financial position over time.
- Overall Trend
- From April 30, 2021, to January 31, 2026, the debt to capital ratio decreased from 0.47 to 0.14. This represents a substantial reduction in the proportion of debt used to finance the company’s assets and operations.
- Initial Phase (Apr 30, 2021 – Oct 31, 2022)
- The ratio experienced a relatively rapid decline during this period, moving from 0.47 to 0.36. This suggests a deliberate strategy to reduce debt or a significant increase in capital contributions during these quarters.
- Subsequent Phase (Jan 31, 2023 – Jan 31, 2026)
- The rate of decline slowed somewhat, but remained consistent, decreasing from 0.34 to 0.14. This indicates a continued, albeit more moderate, effort to improve the capital structure. The decrease appears more linear in this phase compared to the initial period.
- Total Debt
- Total debt exhibited a steady, incremental increase throughout the analyzed period, rising from US$738.4 million to US$745.471 million. However, the growth in total capital significantly outpaced the growth in total debt, driving the observed decline in the debt to capital ratio.
- Total Capital
- Total capital demonstrated substantial growth, increasing from US$1,587.664 million to US$5,173.861 million. This growth likely stems from retained earnings, equity issuances, or a combination of both, and is the primary driver behind the decreasing debt to capital ratio.
The consistent decline in the debt to capital ratio suggests the company is becoming less reliant on debt financing and is strengthening its overall financial health. The continued growth in total capital, exceeding the increase in total debt, reinforces this positive trend.
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Debt to Capital (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Operating lease liabilities, current | 18,232) | 15,929) | 12,860) | 11,964) | 13,811) | 15,658) | 17,031) | 16,020) | 14,150) | 14,430) | 16,133) | 16,215) | 13,046) | 10,423) | 10,316) | 9,967) | 9,820) | 9,706) | 9,374) | 9,333) | ||||||
| Operating lease liabilities, noncurrent | 56,374) | 57,018) | 52,941) | 29,079) | 31,107) | 32,683) | 31,704) | 34,090) | 36,230) | 38,371) | 32,688) | 36,774) | 29,567) | 17,984) | 21,340) | 22,197) | 25,379) | 27,895) | 29,378) | 31,458) | ||||||
| Total debt (including operating lease liability) | 820,077) | 818,046) | 810,528) | 785,398) | 788,901) | 791,951) | 791,973) | 792,976) | 792,874) | 794,923) | 790,571) | 794,366) | 783,618) | 769,040) | 771,917) | 772,053) | 774,716) | 776,746) | 777,524) | 779,191) | ||||||
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 4,016,497) | 3,756,680) | 3,450,877) | 3,279,494) | 3,057,933) | 2,852,915) | 2,535,540) | 2,303,950) | 2,028,950) | 1,838,207) | 1,605,301) | 1,463,641) | 1,314,289) | 1,225,419) | 1,102,541) | 1,025,764) | 948,182) | 904,268) | 849,264) | ||||||
| Total capital (including operating lease liability) | 5,248,467) | 4,834,543) | 4,567,208) | 4,236,275) | 4,068,395) | 3,849,884) | 3,644,888) | 3,328,516) | 3,096,824) | 2,823,873) | 2,628,778) | 2,399,667) | 2,247,259) | 2,083,329) | 1,997,336) | 1,874,594) | 1,800,480) | 1,724,928) | 1,681,792) | 1,628,455) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.21 | 0.22 | 0.24 | 0.26 | 0.28 | 0.30 | 0.33 | 0.35 | 0.37 | 0.39 | 0.41 | 0.43 | 0.45 | 0.46 | 0.48 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.13 | 0.14 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | ||||||
| Adobe Inc. | — | — | — | — | 0.36 | 0.36 | 0.36 | 0.33 | 0.30 | 0.29 | 0.29 | 0.21 | 0.20 | 0.21 | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 | ||||||
| Datadog Inc. | — | — | — | — | 0.26 | 0.27 | 0.28 | 0.39 | 0.40 | 0.27 | 0.29 | 0.30 | 0.31 | 0.33 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | ||||||
| International Business Machines Corp. | — | — | — | — | 0.66 | 0.70 | 0.71 | 0.71 | 0.68 | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 | 0.73 | 0.74 | 0.71 | 0.73 | 0.73 | 0.75 | ||||||
| Intuit Inc. | — | — | 0.26 | 0.26 | 0.25 | 0.26 | 0.28 | 0.27 | 0.26 | 0.25 | 0.28 | 0.27 | 0.28 | 0.29 | 0.32 | 0.32 | 0.31 | 0.30 | 0.31 | 0.20 | ||||||
| Microsoft Corp. | — | — | 0.13 | 0.14 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.24 | 0.27 | 0.28 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.27 | 0.29 | 0.29 | ||||||
| Oracle Corp. | — | 0.80 | 0.81 | 0.81 | 0.84 | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | ||||||
| Palo Alto Networks Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.09 | 0.12 | 0.15 | 0.21 | 0.26 | 0.33 | 0.51 | 0.56 | 0.76 | 0.84 | 0.89 | 0.95 | 0.92 | 0.97 | 0.88 | ||||||
| Salesforce Inc. | 0.23 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.23 | 0.13 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.16 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.29 | 0.31 | 0.32 | 0.34 | 0.36 | ||||||
| Synopsys Inc. | — | — | — | 0.26 | 0.34 | 0.35 | 0.52 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | ||||||
| Workday Inc. | 0.33 | 0.30 | 0.29 | 0.28 | 0.27 | 0.28 | 0.29 | 0.29 | 0.29 | 0.33 | 0.34 | 0.35 | 0.37 | 0.38 | 0.46 | 0.48 | 0.32 | 0.34 | 0.36 | 0.39 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 debt to capital ratio, inclusive of operating lease liabilities, demonstrates a consistent downward trend over the observed period spanning from April 2021 to January 2026. This indicates a decreasing reliance on debt financing relative to the company’s total capital structure.
- Overall Trend
- Beginning at 0.48 in April 2021, the ratio progressively declined to 0.16 by January 2026. The rate of decline appears relatively consistent throughout the period, although it decelerates slightly in the latter half of the observation window.
- Initial Period (Apr 2021 – Jan 2022)
- From April 2021 to January 2022, the ratio decreased from 0.48 to 0.43, representing a reduction of 5 percentage points. This initial decline suggests early efforts to improve the capital structure by reducing debt or increasing equity.
- Intermediate Period (Jan 2022 – Oct 2023)
- The period between January 2022 and October 2023 witnessed a more pronounced decrease, with the ratio falling from 0.43 to 0.28. This represents a 15 percentage point reduction, indicating a more aggressive approach to debt management or significant capital increases during this timeframe.
- Recent Period (Oct 2023 – Jan 2026)
- The decline continued, albeit at a slower pace, from 0.28 in October 2023 to 0.16 in January 2026. This 12 percentage point reduction suggests a continued, but moderating, improvement in the company’s solvency position. The stabilization of the decline may indicate reaching a desired capital structure or a shift in financing strategies.
The consistent decrease in the debt to capital ratio suggests strengthening financial health and reduced financial risk. The company appears to be effectively managing its debt levels in relation to its overall capital base.
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Debt to Assets
CrowdStrike Holdings Inc., debt to assets calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total assets | 11,086,684) | 9,965,347) | 9,288,859) | 8,720,362) | 8,701,578) | 7,782,958) | 7,202,474) | 6,841,985) | 6,646,520) | 5,831,056) | 5,520,458) | 5,137,858) | 5,026,540) | 4,469,443) | 4,154,236) | 3,835,835) | 3,618,381) | 3,299,617) | 3,136,045) | 2,881,171) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.19 | 0.20 | 0.22 | 0.24 | 0.26 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Adobe Inc. | — | — | — | — | 0.21 | 0.22 | 0.22 | 0.21 | 0.19 | 0.19 | 0.19 | 0.13 | 0.12 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | ||||||
| AppLovin Corp. | — | — | — | — | 0.48 | 0.55 | 0.59 | 0.65 | 0.60 | 0.64 | 0.67 | 0.67 | 0.58 | 0.62 | 0.58 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | ||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.24 | 0.26 | 0.26 | 0.27 | 0.28 | 0.31 | 0.19 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.08 | 0.08 | ||||||
| Datadog Inc. | — | — | — | — | 0.15 | 0.16 | 0.17 | 0.27 | 0.28 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.22 | 0.24 | 0.25 | 0.26 | 0.28 | 0.29 | ||||||
| International Business Machines Corp. | — | — | — | — | 0.40 | 0.43 | 0.43 | 0.43 | 0.40 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.40 | 0.40 | 0.39 | 0.41 | ||||||
| Intuit Inc. | — | — | 0.18 | 0.18 | 0.16 | 0.18 | 0.20 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.24 | 0.26 | 0.14 | ||||||
| Microsoft Corp. | — | — | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.14 | 0.16 | 0.16 | 0.11 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.16 | ||||||
| Oracle Corp. | — | 0.55 | 0.53 | 0.51 | 0.55 | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | 0.05 | 0.06 | 0.10 | 0.13 | 0.14 | 0.26 | 0.28 | 0.29 | 0.30 | 0.33 | 0.35 | 0.35 | ||||||
| Salesforce Inc. | 0.13 | 0.09 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.15 | 0.04 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | ||||||
| Synopsys Inc. | — | — | — | 0.21 | 0.28 | 0.30 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.18 | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | 0.31 | 0.32 | 0.18 | 0.20 | 0.20 | 0.22 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 for the analyzed period demonstrates a consistent downward trend, indicating a strengthening solvency position. Over the course of the observed period, the ratio decreased from 0.26 to 0.07. This suggests a decreasing reliance on debt financing relative to the company’s asset base.
- Overall Trend
- From April 30, 2021, through January 31, 2026, the debt to assets ratio exhibits a steady decline. The rate of decrease appears relatively consistent, although it decelerates slightly in the later periods. This suggests a deliberate strategy to reduce leverage or a faster growth rate in assets compared to debt.
- Initial Period (Apr 30, 2021 – Jan 31, 2022)
- The ratio decreased from 0.26 to 0.20 during this period. This represents a relatively rapid initial reduction in the proportion of assets financed by debt. The decrease is consistent quarter over quarter.
- Intermediate Period (Apr 30, 2022 – Jan 31, 2024)
- The ratio continued its decline, moving from 0.19 to 0.11. While still decreasing, the magnitude of the quarterly reductions is slightly smaller than in the initial period, indicating a potential slowing in the pace of deleveraging.
- Later Period (Apr 30, 2024 – Jan 31, 2026)
- The ratio decreased from 0.11 to 0.07. The rate of decline is the slowest observed throughout the entire period, suggesting a stabilization of the capital structure or a shift in financial strategy. The company’s asset base grew significantly during this period, contributing to the lower ratio.
- Debt and Asset Movements
- Total debt remained relatively stable throughout the analyzed period, with only incremental increases each quarter. Conversely, total assets experienced substantial growth, particularly from October 31, 2022, onwards. This divergence in the growth rates of debt and assets is the primary driver of the observed decrease in the debt to assets ratio.
In conclusion, the consistent decline in the debt to assets ratio suggests improving financial health and a reduced level of financial risk. The company appears to be effectively managing its debt levels while simultaneously growing its asset base.
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Debt to Assets (including Operating Lease Liability)
CrowdStrike Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Long-term debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Total debt | 745,471) | 745,099) | 744,727) | 744,355) | 743,983) | 743,610) | 743,238) | 742,866) | 742,494) | 742,122) | 741,750) | 741,377) | 741,005) | 740,633) | 740,261) | 739,889) | 739,517) | 739,145) | 738,772) | 738,400) | ||||||
| Operating lease liabilities, current | 18,232) | 15,929) | 12,860) | 11,964) | 13,811) | 15,658) | 17,031) | 16,020) | 14,150) | 14,430) | 16,133) | 16,215) | 13,046) | 10,423) | 10,316) | 9,967) | 9,820) | 9,706) | 9,374) | 9,333) | ||||||
| Operating lease liabilities, noncurrent | 56,374) | 57,018) | 52,941) | 29,079) | 31,107) | 32,683) | 31,704) | 34,090) | 36,230) | 38,371) | 32,688) | 36,774) | 29,567) | 17,984) | 21,340) | 22,197) | 25,379) | 27,895) | 29,378) | 31,458) | ||||||
| Total debt (including operating lease liability) | 820,077) | 818,046) | 810,528) | 785,398) | 788,901) | 791,951) | 791,973) | 792,976) | 792,874) | 794,923) | 790,571) | 794,366) | 783,618) | 769,040) | 771,917) | 772,053) | 774,716) | 776,746) | 777,524) | 779,191) | ||||||
| Total assets | 11,086,684) | 9,965,347) | 9,288,859) | 8,720,362) | 8,701,578) | 7,782,958) | 7,202,474) | 6,841,985) | 6,646,520) | 5,831,056) | 5,520,458) | 5,137,858) | 5,026,540) | 4,469,443) | 4,154,236) | 3,835,835) | 3,618,381) | 3,299,617) | 3,136,045) | 2,881,171) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.24 | 0.25 | 0.27 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.07 | 0.08 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | ||||||
| Adobe Inc. | — | — | — | — | 0.23 | 0.23 | 0.23 | 0.22 | 0.20 | 0.20 | 0.20 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | ||||||
| Datadog Inc. | — | — | — | — | 0.19 | 0.21 | 0.22 | 0.31 | 0.32 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.27 | 0.27 | 0.28 | 0.30 | 0.31 | 0.32 | ||||||
| International Business Machines Corp. | — | — | — | — | 0.43 | 0.45 | 0.46 | 0.46 | 0.43 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.46 | 0.42 | 0.43 | 0.42 | 0.43 | ||||||
| Intuit Inc. | — | — | 0.20 | 0.20 | 0.18 | 0.19 | 0.22 | 0.20 | 0.20 | 0.20 | 0.22 | 0.22 | 0.24 | 0.25 | 0.28 | 0.28 | 0.27 | 0.25 | 0.27 | 0.16 | ||||||
| Microsoft Corp. | — | — | 0.09 | 0.10 | 0.10 | 0.11 | 0.12 | 0.12 | 0.13 | 0.17 | 0.19 | 0.19 | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 | ||||||
| Oracle Corp. | — | 0.62 | 0.61 | 0.58 | 0.62 | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | ||||||
| Palantir Technologies Inc. | — | — | — | — | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | ||||||
| Palo Alto Networks Inc. | — | — | 0.01 | 0.01 | 0.01 | 0.03 | 0.04 | 0.05 | 0.07 | 0.09 | 0.12 | 0.15 | 0.16 | 0.28 | 0.30 | 0.32 | 0.32 | 0.36 | 0.38 | 0.38 | ||||||
| Salesforce Inc. | 0.15 | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.09 | ||||||
| ServiceNow Inc. | — | — | — | — | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.19 | 0.20 | ||||||
| Synopsys Inc. | — | — | — | 0.23 | 0.30 | 0.31 | 0.45 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||
| Workday Inc. | 0.21 | 0.21 | 0.21 | 0.20 | 0.19 | 0.20 | 0.21 | 0.21 | 0.20 | 0.24 | 0.24 | 0.25 | 0.24 | 0.26 | 0.33 | 0.34 | 0.20 | 0.23 | 0.24 | 0.25 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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 debt to assets ratio, including operating lease liabilities, demonstrates a consistent downward trend over the observed period, spanning from April 2021 to January 2026. This indicates a strengthening of the company’s financial position with respect to its leverage. Initially, the ratio stood at 0.27, and progressively decreased to 0.07 by the end of the analyzed timeframe.
- Overall Trend
- A clear and sustained decline in the debt to assets ratio is evident. The rate of decrease appears relatively consistent throughout the period, although the magnitude of the change diminishes as the ratio approaches lower levels. From April 2021 to October 2022, the ratio decreased by 10 percentage points, while from October 2022 to January 2026, it decreased by 9 percentage points.
- Short-Term Fluctuations
- While the overall trend is downward, minor fluctuations are present. A slight increase in the ratio is observed between October 2022 and January 2023 (from 0.17 to 0.16), and again between April 2025 and July 2025 (from 0.09 to 0.09). These fluctuations are relatively small and do not alter the overarching downward trajectory.
- Asset Growth and Debt Management
- The decreasing ratio is attributable to a combination of factors. Total assets experienced substantial growth over the period, increasing from US$2,881,171 thousand to US$11,086,684 thousand. Simultaneously, total debt, including operating lease liability, remained relatively stable, with a modest increase from US$779,191 thousand to US$820,077 thousand. This suggests that the company has been effectively managing its debt levels while simultaneously expanding its asset base.
The continued reduction in the debt to assets ratio suggests improving solvency and a reduced reliance on debt financing. This trend could be viewed favorably by investors and creditors, indicating a lower risk profile.
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Financial Leverage
CrowdStrike Holdings Inc., financial leverage calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Total assets | 11,086,684) | 9,965,347) | 9,288,859) | 8,720,362) | 8,701,578) | 7,782,958) | 7,202,474) | 6,841,985) | 6,646,520) | 5,831,056) | 5,520,458) | 5,137,858) | 5,026,540) | 4,469,443) | 4,154,236) | 3,835,835) | 3,618,381) | 3,299,617) | 3,136,045) | 2,881,171) | ||||||
| Total CrowdStrike Holdings, Inc. stockholders’ equity | 4,428,390) | 4,016,497) | 3,756,680) | 3,450,877) | 3,279,494) | 3,057,933) | 2,852,915) | 2,535,540) | 2,303,950) | 2,028,950) | 1,838,207) | 1,605,301) | 1,463,641) | 1,314,289) | 1,225,419) | 1,102,541) | 1,025,764) | 948,182) | 904,268) | 849,264) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 2.50 | 2.48 | 2.47 | 2.53 | 2.65 | 2.55 | 2.52 | 2.70 | 2.88 | 2.87 | 3.00 | 3.20 | 3.43 | 3.40 | 3.39 | 3.48 | 3.53 | 3.48 | 3.47 | 3.39 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 2.15 | 2.10 | 2.10 | 2.07 | 2.05 | 2.05 | 1.98 | 1.95 | 1.89 | 1.93 | 1.99 | 1.98 | 2.01 | 2.05 | 2.14 | 2.16 | 2.16 | 2.15 | ||||||
| Adobe Inc. | — | — | — | — | 2.54 | 2.44 | 2.46 | 2.29 | 2.14 | 2.05 | 2.02 | 1.86 | 1.80 | 1.84 | 1.88 | 1.88 | 1.93 | 1.86 | 1.88 | 1.89 | ||||||
| AppLovin Corp. | — | — | — | — | 3.40 | 4.30 | 5.11 | 9.92 | 5.39 | 5.80 | 6.47 | 6.92 | 4.27 | 4.57 | 3.61 | 3.12 | 3.07 | 3.08 | 3.11 | 3.06 | ||||||
| Cadence Design Systems Inc. | — | — | — | — | 1.85 | 1.85 | 1.90 | 1.89 | 1.92 | 2.01 | 1.70 | 1.60 | 1.67 | 1.74 | 1.77 | 1.76 | 1.87 | 1.83 | 1.66 | 1.59 | ||||||
| Datadog Inc. | — | — | — | — | 1.78 | 1.76 | 1.82 | 2.06 | 2.13 | 1.76 | 1.83 | 1.88 | 1.94 | 1.96 | 2.01 | 2.08 | 2.13 | 2.17 | 2.18 | 2.26 | ||||||
| International Business Machines Corp. | — | — | — | — | 4.65 | 5.24 | 5.40 | 5.42 | 5.02 | 5.49 | 5.57 | 5.90 | 6.00 | 5.60 | 5.96 | 6.19 | 5.80 | 6.27 | 6.57 | 7.00 | ||||||
| Intuit Inc. | — | — | 1.80 | 1.72 | 1.88 | 1.82 | 1.77 | 1.83 | 1.74 | 1.68 | 1.76 | 1.68 | 1.61 | 1.64 | 1.72 | 1.69 | 1.69 | 1.68 | 1.69 | 1.53 | ||||||
| Microsoft Corp. | — | — | 1.70 | 1.75 | 1.80 | 1.75 | 1.76 | 1.82 | 1.91 | 1.91 | 1.97 | 2.02 | 2.00 | 1.95 | 1.99 | 2.07 | 2.19 | 2.12 | 2.13 | 2.21 | ||||||
| Oracle Corp. | — | 6.37 | 6.84 | 7.47 | 8.23 | 9.65 | 10.80 | 13.33 | 16.20 | 24.38 | 34.74 | 57.66 | 125.24 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | — | — | — | 1.20 | 1.23 | 1.24 | 1.24 | 1.27 | 1.28 | 1.28 | 1.27 | 1.30 | 1.31 | 1.35 | 1.35 | 1.35 | 1.39 | 1.40 | 1.40 | ||||||
| Palo Alto Networks Inc. | — | — | 2.66 | 2.72 | 3.01 | 3.04 | 3.29 | 3.45 | 3.87 | 4.01 | 4.20 | 6.82 | 8.29 | 11.50 | 18.06 | 24.69 | 58.35 | 32.88 | 88.29 | 20.09 | ||||||
| Salesforce Inc. | 1.90 | 1.59 | 1.59 | 1.63 | 1.68 | 1.56 | 1.60 | 1.61 | 1.67 | 1.57 | 1.59 | 1.63 | 1.69 | 1.55 | 1.57 | 1.58 | 1.64 | 1.53 | 1.60 | 1.52 | ||||||
| ServiceNow Inc. | — | — | — | — | 2.01 | 1.93 | 2.02 | 2.07 | 2.12 | 1.98 | 2.10 | 2.16 | 2.28 | 2.10 | 2.15 | 2.43 | 2.64 | 2.46 | 2.65 | 2.75 | ||||||
| Synopsys Inc. | — | — | — | 1.55 | 1.70 | 1.75 | 2.40 | 1.40 | 1.45 | 1.51 | 1.54 | 1.58 | 1.68 | 1.67 | 1.68 | 1.70 | 1.71 | 1.66 | 1.66 | 1.65 | ||||||
| Workday Inc. | 2.32 | 2.00 | 1.96 | 1.93 | 1.99 | 1.90 | 1.95 | 1.95 | 2.04 | 2.10 | 2.19 | 2.23 | 2.41 | 2.29 | 2.58 | 2.68 | 2.31 | 2.24 | 2.36 | 2.53 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 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.
The financial leverage ratio for the analyzed period demonstrates a consistent, though moderating, decline. Initially, the ratio exhibited relative stability before a more pronounced downward trend emerged in later periods. This suggests a decreasing reliance on financial leverage over time.
- Initial Period (Apr 30, 2021 – Jan 31, 2022)
- The financial leverage ratio began at 3.39 and fluctuated modestly, reaching 3.53 by January 31, 2022. This indicates a relatively stable level of financial leverage during this timeframe, with a slight increase in reliance on debt financing.
- Downward Trend (Apr 30, 2022 – Jan 31, 2026)
- From April 30, 2022, a clear downward trend in the financial leverage ratio is observed. The ratio decreased from 3.48 to 2.50 by January 31, 2026. This suggests a deliberate or responsive shift towards financing operations with more equity and less debt. The rate of decline appears to accelerate in the latter half of the period.
- Recent Fluctuations (Apr 30, 2025 – Jan 31, 2026)
- The most recent observations show minor fluctuations, with the ratio moving from 2.47 to 2.50. While still representing a low point in the observed period, this slight increase warrants monitoring to determine if it signals a potential stabilization or reversal of the downward trend.
- Overall Trend
- Overall, the trend indicates a strengthening financial position, characterized by a reduced dependence on debt. This could be attributed to increased profitability, successful equity raises, or a strategic decision to de-lever the balance sheet. The consistent decline suggests a proactive approach to managing financial risk.
The observed decrease in financial leverage is accompanied by consistent growth in total assets and stockholders’ equity, indicating that the company is expanding its operations while simultaneously improving its capital structure. This combination is generally viewed favorably by investors and credit rating agencies.
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Interest Coverage
CrowdStrike Holdings Inc., interest coverage calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income (loss) attributable to CrowdStrike | 59,377) | (33,997) | (77,675) | (110,207) | (92,282) | (16,822) | 47,013) | 42,820) | 53,699) | 26,665) | 8,472) | 491) | (47,481) | (54,956) | (49,285) | (31,523) | (41,980) | (50,455) | (57,318) | (85,049) | ||||||
| Add: Net income attributable to noncontrolling interest | 2,084) | 9) | 30) | (786) | (449) | 3) | (323) | 3,444) | 1,242) | 4) | 4) | 8) | (1,451) | 325) | 972) | 1,114) | 241) | 5) | —) | 2,178) | ||||||
| Add: Income tax expense | (3,621) | 10,720) | 5,971) | 21,106) | 46,268) | 6,281) | 10,914) | 7,667) | 13,609) | 9,603) | 4,611) | 4,409) | 5,314) | 8,870) | 4,778) | 3,440) | 13,582) | 4,473) | 4,238) | 50,062) | ||||||
| Add: Interest expense | 7,552) | 6,931) | 6,823) | 6,715) | 6,664) | 6,587) | 6,549) | 6,511) | 6,422) | 6,503) | 6,444) | 6,387) | 6,352) | 6,334) | 6,335) | 6,298) | 6,302) | 6,403) | 6,296) | 6,230) | ||||||
| Earnings before interest and tax (EBIT) | 65,392) | (16,337) | (64,851) | (83,172) | (39,799) | (3,951) | 64,153) | 60,442) | 74,972) | 42,775) | 19,531) | 11,295) | (37,266) | (39,427) | (37,200) | (20,671) | (21,855) | (39,574) | (46,784) | (26,579) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | -3.53 | -7.52 | -7.16 | -2.37 | 3.07 | 7.50 | 9.33 | 7.64 | 5.77 | 1.41 | -1.80 | -4.04 | -5.31 | -4.72 | -4.71 | -5.09 | -5.34 | -6.41 | -8.16 | -12.40 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | — | 40.77 | 39.97 | 45.94 | 57.86 | 80.38 | 135.71 | 165.48 | 175.20 | 175.18 | 168.23 | 193.31 | 220.23 | 212.89 | 217.31 | 195.34 | 188.01 | 133.08 | 133.32 | ||||||
| Adobe Inc. | — | — | — | — | 34.21 | 35.26 | 37.00 | 40.93 | 42.01 | 46.90 | 53.43 | 58.12 | 61.17 | 58.59 | 55.57 | 53.27 | 54.64 | 54.21 | 54.34 | 53.39 | ||||||
| AppLovin Corp. | — | — | — | — | 20.09 | 13.86 | 10.72 | 8.08 | 5.95 | 5.19 | 3.95 | 3.37 | 2.38 | 1.52 | 1.12 | 0.76 | -0.19 | 0.25 | 0.19 | 0.02 | ||||||
| Cadence Design Systems Inc. | — | — | — | — | 14.06 | 13.53 | 13.50 | 15.95 | 19.37 | 24.99 | 33.48 | 36.67 | 36.43 | 32.16 | 34.13 | 38.63 | 46.58 | 57.84 | 58.34 | 52.92 | ||||||
| Datadog Inc. | — | — | — | — | 12.49 | 12.47 | 15.42 | 22.90 | 29.85 | 37.27 | 33.23 | 24.08 | 10.56 | -1.85 | -5.72 | -4.15 | -1.30 | 0.81 | 1.72 | 1.24 | ||||||
| International Business Machines Corp. | — | — | — | — | 6.34 | 6.05 | 4.44 | 4.39 | 4.39 | 4.69 | 6.33 | 6.21 | 6.41 | 6.44 | 2.34 | 2.25 | 1.95 | 1.59 | 6.01 | 5.40 | ||||||
| Intuit Inc. | — | — | 23.55 | 22.15 | 20.57 | 18.45 | 16.48 | 15.76 | 15.67 | 15.74 | 14.07 | 13.20 | 13.05 | 14.66 | 16.17 | 19.99 | 32.38 | 55.36 | 62.71 | 93.29 | ||||||
| Oracle Corp. | — | 5.43 | 5.51 | 4.94 | 4.96 | 4.96 | 4.81 | 4.60 | 4.34 | 4.08 | 3.88 | 3.74 | 3.60 | 3.96 | 4.41 | 3.33 | 3.78 | 3.98 | 4.23 | 6.06 | ||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | 3,786.90 | 499.52 | 149.97 | 69.33 | 34.43 | -5.32 | -49.82 | -87.97 | -176.15 | -201.09 | -194.27 | ||||||
| Palo Alto Networks Inc. | — | — | 2,071.33 | 911.61 | 532.90 | 427.74 | 269.85 | 163.77 | 120.07 | 72.96 | 46.08 | 35.96 | 21.82 | 10.40 | 4.05 | -1.99 | -6.56 | -4.28 | -3.42 | -2.65 | ||||||
| Synopsys Inc. | — | — | — | 2.97 | 4.12 | 5.50 | 11.64 | 31.24 | 44.06 | 78.90 | 174.76 | 852.56 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q4 2026 Calculation
Interest coverage
= (EBITQ4 2026
+ EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026)
÷ (Interest expenseQ4 2026
+ Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026)
= (65,392 + -16,337 + -64,851 + -83,172)
÷ (7,552 + 6,931 + 6,823 + 6,715)
= -3.53
2 Click competitor name to see calculations.
The interest coverage ratio exhibits significant fluctuations over the observed period. Initially, the ratio is negative, indicating that earnings before interest and tax are insufficient to cover interest expense. This situation persists for the first thirteen quarters, with the ratio gradually improving, though remaining below one, until reaching a positive value in the first quarter of 2023.
- Initial Period (Apr 30, 2021 – Jan 31, 2023)
- From April 30, 2021, through January 31, 2023, the interest coverage ratio remains consistently negative. The ratio begins at -12.40 and shows a gradual, albeit limited, improvement, moving towards -1.80 by January 31, 2023. This suggests a lessening of the gap between earnings and interest obligations, but continued inability to fully cover interest payments from operating income.
- Positive Coverage & Peak (Apr 30, 2023 – Jan 31, 2024)
- A turning point is observed in April 30, 2023, with the ratio becoming positive at -4.04. This positive trend continues, with the ratio increasing to 1.41, 5.77, 7.64, and peaking at 9.33 in July 31, 2023. This indicates a substantial improvement in the company’s ability to meet its interest obligations from earnings.
- Subsequent Decline (Apr 30, 2024 – Jan 31, 2026)
- Following the peak, the interest coverage ratio experiences a marked decline. It decreases from 9.33 to 7.50, 3.07, and then becomes negative again at -2.37. This downward trend continues, reaching -7.16, -7.52, and finally -3.53 by January 31, 2026. This suggests a deterioration in earnings relative to interest expense, potentially due to increased borrowing costs or decreased profitability.
The volatility in the interest coverage ratio highlights a dynamic relationship between earnings and interest expense. While the company demonstrated an ability to cover its interest obligations for a period, the recent trend indicates a return to a position where earnings are insufficient to fully cover interest payments. Further investigation into the drivers of these fluctuations is warranted.
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