CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Debt to Equity

The debt to equity ratio shows a clear declining trend from a peak around early 2021 at approximately 0.85-0.87 down steadily to 0.19 by late 2025. This reflects a gradual reduction in reliance on debt relative to shareholders' equity over the period, indicating strengthening equity base or debt repayments.

Debt to Equity (Including Operating Lease Liability)

Including operating lease liabilities, the debt to equity ratio starts very low in early 2020 (~0.05-0.06), rises sharply to around 0.89 in early 2021, then proceeds on a consistent downward trend mirroring the prior ratio. By late 2025, it decreases to 0.20. This pattern indicates that while lease obligations impacted debt measures initially, their relative importance diminishes over time.

Debt to Capital

This ratio, available from early 2021, gradually decreases from approximately 0.46 to 0.16 by late 2025, signaling a substantial decline in debt as a percentage of total capital employed. The trend aligns with the decreasing debt to equity ratios, highlighting an improvement in the company's capital structure.

Debt to Capital (Including Operating Lease Liability)

Starting around 0.05 early in 2020, this ratio peaks near 0.47 in early 2021 and declines steadily to 0.17 by late 2025. The consistent downward movement underscores the fading impact of lease liabilities on the company's capital framework and an overall reduction in leveraged capital.

Debt to Assets

The debt to assets ratio is observed decreasing from approximately 0.27 in early 2021 to around 0.07 at the end of 2025. This steady reduction denotes declining use of debt to finance assets, suggesting a strengthening asset base or deleveraging activities.

Debt to Assets (Including Operating Lease Liability)

When including operating lease liabilities, this ratio starts near 0.03 in early 2020, peaks around 0.29 in early 2021, and then consistently falls to approximately 0.08 by late 2025. The trend parallels debt to assets without leases, with the added observation that lease liabilities inflate debt proportions at the start but become less significant over time.

Financial Leverage

Financial leverage increases from about 2.02-2.15 in early 2020 to a peak near 3.53 in early 2022, after which it declines steadily back to approximately 2.48 by late 2025. The rising phase reflects increased total asset exposure relative to equity, while the subsequent decline signals a gradual deleveraging or equity growth, improving financial stability.

Interest Coverage

The interest coverage ratio is deeply negative from early 2020 through late 2022, indicating persistent operating losses or insufficient earnings to cover interest expenses. Beginning around early 2023, the ratio crosses into positive territory and improves to approximately 9.33 by mid-2024, suggesting enhanced earnings relative to interest costs. However, after mid-2024, the coverage deteriorates again becoming negative by late 2025. This volatility implies fluctuating earnings performance and potential challenges in consistently covering interest obligations towards the end of the period analyzed.

Total Debt

The total debt remained constant at approximately $738 million from April 2021 through July 2020, and then it exhibited a very gradual increase over subsequent periods. By October 2025, total debt reached around $745 million, marking a slight but steady upward trend over the nearly five-year span.

Stockholders’ Equity

Stockholders’ equity showed a consistent and robust upward trajectory throughout the periods under review. Starting from around $752 million in April 2020, equity rose significantly to exceed $4 billion by October 2025. This growth emphasizes a strengthening in the company’s net asset base and a notable increase in the value attributable to shareholders.

Debt to Equity Ratio

The debt to equity ratio demonstrates a clear and continuous decline from 0.85 in April 2021 to just 0.19 in October 2025. This indicates that while total debt remained relatively stable with a minor increase, the equity growth considerably outpaced debt levels. The declining ratio signals improving financial leverage, reflecting reduced reliance on debt relative to equity financing over time.

The financial data reveals several key trends regarding the company's leverage and equity position over the presented periods.

Total Debt (including operating lease liability)

The total debt level initially stood at approximately $39.6 million and exhibited a significant jump to around $778 million by early 2021. Following this sharp increase, the debt level stabilized and slightly decreased over subsequent quarters, fluctuating in the range of approximately $771 million to $819 million through mid-2025. This suggests a substantial refinancing or acquisition of liabilities occurred in early 2021, after which the company maintained a relatively stable debt load.

Total Stockholders’ Equity

The stockholders’ equity has demonstrated consistent and significant growth throughout the periods under review. Starting from roughly $752 million, equity increased steadily to about $4.0 billion by mid-2025. This growth indicates strong capital accumulation, possibly through retained earnings, new equity issuance, or asset revaluation, reflecting an overall strengthening of the company's net worth and capitalization over time.

Debt to Equity Ratio (including operating lease liability)

The debt to equity ratio experienced a dramatic increase from a low range of 0.05 in early 2020 to a peak near 0.92 at the start of 2021, corresponding to the surge in total debt relative to equity. Following this peak, the ratio has steadily declined, reaching approximately 0.20 by mid-2025. This declining trend in leverage ratio signifies an improving capital structure, where equity growth outpaces debt accumulation, leading to reduced financial risk and enhanced solvency.

Overall, the financial trends highlight a transaction or event causing a large increase in debt early in 2021, followed by sustained growth in equity and a gradual deleveraging over the subsequent years. The company's financial position appears to have strengthened considerably, with equity growth driving lower leverage ratios and signaling improved balance sheet health over time.

Total Debt

The total debt shows consistency across all reported periods, with values maintaining a relatively stable level around 738,000 to 745,000 thousand US dollars. This indicates that the company has taken a conservative approach towards debt, keeping the absolute amount nearly steady over multiple quarters. There is a gradual, minimal upward trend in total debt, increasing by approximately 7,000 thousand US dollars over the presented timeline.

Total Capital

Total capital demonstrates a significant and steady upward trend from the earliest available data point of approximately 752,000 thousand US dollars, escalating to over 4,761,000 thousand US dollars in the latest period. This growth reflects a robust capital expansion, indicating potential reinvestment of earnings, equity issuance, or other financing activities strengthening the company's financial base. The increase is continuous and accelerates over time, particularly evident after the initial periods, signaling strong growth momentum.

Debt to Capital Ratio

The debt to capital ratio shows a consistently declining trend, beginning at about 0.46 and reducing progressively to approximately 0.16 by the final period. This decrease reflects the company's improving capital structure, with a relatively lower reliance on debt financing as a proportion of its total capital. The reduction in ratio over time, despite stable absolute debt levels, suggests that equity or other forms of capital are increasing at a faster rate, enhancing financial leverage and potentially lowering financial risk.

Total debt (including operating lease liability)

The total debt experienced a significant increase between October 31, 2020, and January 31, 2021, jumping sharply from approximately 42.7 million USD to around 779 million USD. Following this spike, total debt remained relatively stable with minor fluctuations, generally maintaining a range between 769 million USD and 818 million USD during the subsequent periods up to October 31, 2025.

Total capital (including operating lease liability)

Total capital steadily increased over the entire period, showing consistent growth from about 791.7 million USD in April 2020 to approximately 4.83 billion USD by October 2025. This growth trend was continuous and reflected significant capital expansion, particularly after the initial leap in debt noted early in 2021.

Debt to capital ratio (including operating lease liability)

The debt to capital ratio surged sharply from 0.05 at the start of the period to 0.47 by January 31, 2021, indicating a substantial rise in leverage relative to capital within a short timeframe. After reaching this peak, the ratio showed a consistent declining trend, gradually improving from 0.48 to 0.17 by October 31, 2025. This decline suggests a decreasing reliance on debt financing relative to total capital over time, implying strengthened capital structure and potentially improved financial stability.

Summary

Overall, the company experienced a notable increase in total debt early in the observed period, immediately followed by sustained capital growth. Despite the initial high leverage reflected in the debt to capital ratio, the subsequent consistent reduction of this ratio denotes an improving balance between debt and capital resources. The data indicates a strategic leveraging event in early 2021, followed by prudent capital management aimed at reducing financial risk and enhancing capital adequacy in the long term.

Total Debt

The total debt remained unreported in the initial periods, then appeared starting from April 30, 2021, at approximately 738 million US dollars. From that point onward, it exhibited a very gradual increase each quarter, rising incrementally from roughly 738 million to about 745 million US dollars by October 31, 2025. This indicates a relatively stable debt level with minimal fluctuation over the observed timeframe.

Total Assets

Total assets showed a consistent and significant upward trend throughout the entire period. Starting at around 1.52 billion US dollars in April 2020, assets steadily increased each quarter, reaching nearly 10 billion US dollars by October 31, 2025. This growth suggests robust asset accumulation, reflecting either investment, capital appreciation, or expansion activities.

Debt to Assets Ratio

The debt to assets ratio was only reported from April 30, 2021, onwards. It demonstrated a clear and continuous decline from 0.27 at the start to 0.07 by the end of the period. This downward trend indicates that while the company's debt level remained relatively flat, asset growth was substantial, leading to improved capital structure and lower leverage over time.

Total Debt (Including Operating Lease Liability)

The total debt exhibited a significant one-time increase between October 31, 2020, and January 31, 2021, rising sharply from approximately 42.7 million to over 778 million US dollars. After this spike, the debt level remained relatively stable, fluctuating slightly within a narrow range mostly around 770 to 820 million US dollars through to October 31, 2025.

Total Assets

Total assets have shown a consistent upward trajectory throughout the period analyzed. Starting at about 1.52 billion US dollars in April 2020, assets nearly doubled by January 2023, reaching approximately 5 billion US dollars, and continued to rise steadily thereafter. By October 2025, total assets approached close to 10 billion US dollars, indicating sustained asset growth over time.

Debt to Assets Ratio (Including Operating Lease Liability)

The debt to assets ratio experienced a notable shift in the same timeframe as the total debt spike, rising abruptly from around 0.02 to 0.29 between October 2020 and January 2021. From this peak, the ratio gradually declined in a consistent manner, moving down from 0.27 to 0.08 by the end of the period. This trend indicates that while debt remained stable after the initial increase, asset growth outpaced debt accumulation, resulting in a decreasing leverage ratio.

Overall Insights

The financial data suggests that the company took on substantial debt at the beginning of 2021, likely for strategic investment or expansion purposes. Following this, the firm significantly increased its asset base, nearly doubling it multiple times, while controlling new debt issuance, leading to a healthier leverage position over the subsequent years. The declining debt to assets ratio reflects an improving financial structure, with assets growing faster than debt levels.

The analyzed financial data reveals the evolution of key balance sheet metrics over multiple quarters. Total assets and stockholders’ equity have generally increased throughout the periods, while financial leverage exhibits a fluctuating pattern.

Total Assets

Total assets show a consistent upward trend from approximately 1.5 billion US dollars to nearly 10 billion US dollars over the examined timeframe. This steady growth indicates ongoing expansion and accumulation of resources, with no periods of significant decline. The increase appears relatively smooth, with occasional sharper rises around early 2021 and early 2024, suggesting possible strategic investments or asset acquisitions during those times.

Total Stockholders’ Equity

Stockholders’ equity has also demonstrated a strong positive trajectory, growing from about 750 million US dollars to over 4 billion US dollars. The growth is consistent and highlights continuous capital accumulation or retained earnings, contributing to the strengthening of the company’s financial foundation. The equity growth pace somewhat accelerates from early 2023 onward, reflecting improved profitability or capital raising activities.

Financial Leverage

Financial leverage ratio started near 2.0, reflecting the relationship between total assets and equity. A pronounced spike is observed in early 2021, peaking above 3.5, indicating increased reliance on debt or other liabilities to finance growth, possibly due to strategic expansions or capital structuring changes. After this peak, leverage gradually decreases and stabilizes around 2.5 by mid-2025, indicating a moderate reduction in risk exposure and a shift toward a more balanced capital structure over time.

Overall, the data reflects a period of strong asset and equity growth accompanied by a temporary increase in financial leverage followed by a normalization phase. This suggests dynamic financial management aimed at supporting growth while maintaining eventual leverage control, indicative of a maturing financial strategy.

Earnings Before Interest and Tax (EBIT)

The EBIT figures exhibit substantial volatility across the reported quarters. Initially, EBIT values were negative, indicating operating losses, with a notable decline from -18,043 thousand USD in April 2020 to a trough of -46,784 thousand USD in July 2021. After this period, there is evidence of an improving trend beginning in early 2023, with EBIT turning positive by April 2023 and reaching a peak of 74,972 thousand USD in January 2024. Subsequent quarters show some fluctuation, with EBIT decreasing again and turning negative in the later periods, suggesting a cyclical pattern or episodic challenges in sustaining positive operating income.

Interest Expense

Interest expense remains relatively consistent throughout the periods, staying within the range of approximately 143 thousand USD to 6,931 thousand USD. Initially low, interest expense sharply increased by April 2021 and then exhibited minor incremental increases thereafter. This steady level of interest outlays suggests ongoing debt obligations but no significant changes in financing costs during the observation window.

Interest Coverage Ratio

The interest coverage ratio shows a marked improvement over time, although it remains negative for many quarters initially, reflecting EBIT losses insufficient to cover interest expenses. The ratio starts extremely low at -226 in April 2020, gradually improving to positive territory in early 2023. The peak coverage occurs around January 2024 with a ratio of 9.33, indicating strong ability to meet interest obligations at that time. However, the decline back into negative ratios in later quarters points to renewed operational challenges affecting coverage capacity. The fluctuations align with the volatility seen in EBIT.