CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Debt to Equity Ratios

The debt to equity ratio displays an overall declining trend from January 31, 2021, moving downward from 0.85 to 0.22 by January 31, 2025. This indicates a reduction in debt relative to shareholder equity over the period. When including operating lease liabilities, a similar decline is observed starting from an initial value of 0.89 in January 2020, decreasing steadily to 0.23 by the latest date. The narrowing gap between the two measures over time suggests a diminishing impact of operating leases on total debt levels.

Debt to Capital Ratios

Debt to capital ratios, both standard and including operating lease liabilities, show a consistent downward trend across the reported timeline. The standard ratio drops from 0.46 in January 2021 to 0.18 in April 2025, reflecting a declining proportion of debt in the company's capital structure. Correspondingly, the ratio including lease liabilities begins at 0.47 and falls to 0.19, further confirming the trend of deleveraging and improved capital health.

Debt to Assets Ratios

Debt to assets ratios steadily decrease from January 31, 2021, when the ratio was 0.27 down to 0.09 by April 30, 2025. This suggests a gradual decrease in debt relative to the company's total assets. Including operating lease liabilities, the ratio commences slightly higher at 0.29 and follows a similar trajectory, reaching 0.09 by the last period, demonstrating a consistent reduction in total debt proportional to asset base.

Financial Leverage

Financial leverage shows significant fluctuations in earlier periods, peaking at 6.29 in April 2019 then dropping sharply and stabilizing in the range of approximately 2.5 to 3.5 from 2020 onwards. Over the last reported years, financial leverage trends downward slightly, moving from 3.53 in January 2022 to around 2.53 by April 2025, indicating a modest decrease in the use of debt relative to equity financing and possibly an improving equity position.

Interest Coverage

Interest coverage ratios exhibit extreme negative values in the early periods, with a notable uptrend from large negative figures (e.g., -315.25 in October 2019) improving to positive territory by mid-2023. A significant recovery is seen with positive ratios above 5.7 in July and October 2023, reaching 9.33 in October 2023. However, the trend reverses later, falling back to slightly positive and even negative values by early 2025 (-2.37 in April 2025), suggesting renewed pressure on the company's ability to cover interest expenses consistently.

The analyzed data reveal the evolution of total debt, stockholders' equity, and the debt-to-equity ratio over a multi-year quarterly timeline. A detailed examination of the trends provides insights into the financial structure and leverage profile changes.

Total Debt

Total debt figures are missing for the earlier periods, but from April 2021 onward, the data show a steady and minimal increase each quarter. The debt level rises incrementally from approximately $738 million in April 2021 to about $744 million by April 2025. The slope of this increase is gentle, indicating relative stability and restrained growth in the company's total liabilities over these quarters.

Total Stockholders’ Equity

Stockholders' equity demonstrates a significant upward trajectory throughout the entire timeframe, beginning at approximately $73 million in April 2019 and advancing steadily to around $3.45 billion by April 2025. The growth appears consistent quarter over quarter, with no evident reversals or stagnation. This substantial increase points to continuous accumulation of net assets, likely reflecting strong retained earnings, equity financing, or valuation enhancements.

Debt to Equity Ratio

The debt-to-equity ratio data starts from April 2021 and displays a clear declining trend from 0.85 down to 0.22 by April 2025. This steady reduction indicates a consistent decrease in leverage relative to equity, suggesting the company increasingly finances its assets through shareholders' equity rather than debt. The decline in this ratio also correlates with the relatively flat debt growth juxtaposed with the robust equity expansion, emphasizing strengthening financial stability and lowering financial risk.

In summary, the organization exhibits a sound financial progression characterized by stable debt levels coupled with strong growth in equity capital. The resulting decrease in leverage ratio reflects enhanced solvency and potentially greater capacity to absorb financial shocks. These trends are indicative of a firm strengthening its balance sheet and possibly improving its credit profile over the assessed periods.

Total Debt (including operating lease liability)

The data indicates that total debt values are only reported from mid-2020 onward. From July 31, 2020, total debt was recorded at approximately $39.6 million and showed a slight increase for the next two quarters. A substantial jump is observed starting January 31, 2021, when debt surged to nearly $779 million and remained fairly stable thereafter, fluctuating slightly around the $772 to $794 million range through April 30, 2025. This implies a significant capital raise or debt restructuring event occurred around early 2021, after which the company maintained a consistent level of debt.

Total Stockholders’ Equity

Stockholders’ equity displays a consistent, pronounced growth trend over the entire period. Beginning at approximately $72.7 million on April 30, 2019, equity rose steadily each quarter, reaching about $870.6 million by January 31, 2021. This steady increase continued, with an accelerated growth phase observed post-2021, culminating near $3.45 billion by April 30, 2025. The substantial increase in equity over these years suggests strong retained earnings, successful capital raises, or valuation gains, underpinning a healthier financial position over time.

Debt to Equity Ratio (including operating lease liability)

The debt to equity ratio data, available from July 31, 2020, reflects an initial low ratio (around 0.05–0.06), indicating minor leverage relative to equity at that time. A dramatic spike occurs on January 31, 2021, where the ratio jumps to approximately 0.89–0.92, corresponding to the sharp increase in total debt recorded in the same period. Following this peak, the ratio shows a consistent downward trend quarter over quarter, declining from 0.86 on October 31, 2021, to 0.23 by April 30, 2025. This decreasing trend in leverage suggests the company has been effectively strengthening its equity base at a faster rate than its debt growth, improving its financial stability and reducing financial risk.

Overall Trends and Insights

The company's financial data reflect a period of significant transformation starting around the beginning of 2021, highlighted by a sharp increase in total debt and a concurrent high debt to equity ratio. Despite this, equity growth steadily continued, substantially outpacing debt growth in subsequent periods. The progressive reduction in the debt to equity ratio over the following years indicates a deleveraging trend or robust equity growth, which improves financial leverage metrics and potentially reduces risk for stakeholders. The sustained equity increment and stabilization of debt levels suggest an improving capital structure and the strengthening of the company’s financial foundation.

The financial data reflects notable trends in the company's capital structure over the observed periods, emphasizing changes in total debt, total capital, and debt to capital ratio.

Total Debt

The total debt figures begin reporting from January 31, 2021, with values consistently around 738,000 to 744,000 thousand US dollars. The debt amount remains relatively stable, showing a slight incremental trend over time, indicating minimal additional borrowings or repayments.

Total Capital

The total capital exhibits significant growth across the periods, starting from approximately 727,000 thousand US dollars in April 2019 and increasing steadily to over 4,195,000 thousand US dollars by April 2025. This consistent rise reflects a substantial expansion in the company’s capital base, possibly driven by equity increases, retained earnings, or other capital injections.

Debt to Capital Ratio

The debt to capital ratio, available from January 31, 2021 onwards, shows a clear downward trend from 0.46 to 0.18 by April 2025. This decreasing ratio indicates a reduction in reliance on debt relative to the total capital structure. The decline suggests improved financial leverage and potentially a stronger equity position.

Overall, the data reveals a strategic move towards strengthening the company's capital position with growing total capital and relatively stable debt levels, resulting in progressively lower leverage as indicated by the declining debt to capital ratio.

Total Debt (Including Operating Lease Liability)

The total debt exhibits a sudden and significant increase starting in the quarter ending January 31, 2020, jumping from previously unreported or negligible values to approximately 778,000 thousand US dollars. Following this spike, the total debt remains relatively stable with minor fluctuations, generally hovering slightly below 795,000 thousand US dollars through to the quarter ending April 30, 2025. This suggests that the company undertook a major financing or leasing obligation around early 2020 and maintained a consistent level of indebtedness thereafter.

Total Capital (Including Operating Lease Liability)

Total capital shows a notable upward trend throughout the period. Starting from 72,735 thousand US dollars in April 2019, it increases steadily to over 4,236,275 thousand US dollars by April 2025. The growth accelerates considerably from January 2020 onwards, reflecting possible equity raises, retained earnings growth, or other capital inflows. This steady increase in capital alongside relatively stable debt indicates a strengthening capital base and expansion in the company's overall financial capacity.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt-to-capital ratio begins at a low level of approximately 0.05 in mid-2020 but rises sharply to 0.47 by the quarter ending January 31, 2021, coinciding with the spike in total debt. After peaking, the ratio steadily declines over the subsequent quarters, reaching approximately 0.19 by April 2025. This downward trajectory suggests that while debt levels remained fairly stable after the initial increase, the company's capital base grew significantly, reducing reliance on debt relative to total capital. The decreasing ratio indicates improving balance sheet strength and a lower proportion of financed debt over the observed period.

Total Debt

The total debt figures are available starting from the period ending April 30, 2021. The debt value is approximately 738 million USD at that point and exhibits a very slight upward trend throughout the periods, rising incrementally by a few hundred units each quarter. By April 30, 2025, the total debt reaches approximately 744 million USD. This indicates essentially stable total debt levels over the observed time frame.

Total Assets

Total assets display a consistent and significant growth trend across all reported quarters. Starting from approximately 457 million USD in April 2019, the asset base expands steadily each quarter, reaching about 8700 million USD (8.7 billion USD) by April 2025. This growth reflects an increase of nearly 19 times the asset value over six years, indicating substantial expansion in resource base and investments during the period.

Debt to Assets Ratio

The debt to assets ratio is only reported beginning from the quarter ending January 31, 2021. At that point, the ratio stands at 0.27 and demonstrates a steady decline over subsequent quarters. By April 30, 2025, the ratio falls to approximately 0.09, less than half its initial level. This trend suggests a decreasing relative reliance on debt compared to total assets, highlighting an improving financial structure characterized by stronger asset backing against liabilities.

Summary of Trends

Overall, the company shows robust asset growth combined with a stable yet slightly increasing total debt level. The marked decline in the debt to assets ratio underscores a shift toward a more conservative leverage profile, indicative of either debt repayment, asset growth outpacing borrowing, or both. This financial dynamic suggests an enhancement in financial stability and potentially lower financial risk over the observed periods.

Total Debt (including operating lease liability)

The total debt data is available from July 2020 onwards, starting at 39,580 thousand US dollars. The figures show a significant increase in debt around January 2021 reaching approximately 779,000 thousand US dollars and then gradually decreasing over subsequent periods. From mid-2021 to early 2025, the debt level remains relatively stable around 770,000 to 790,000 thousand US dollars, ending at approximately 785,398 thousand US dollars by April 2025. This pattern indicates an initial sharp rise followed by a plateau in total debt levels.

Total Assets

Total assets display a consistent upward trend throughout the entire period from April 2019 to April 2025. Starting at 457,361 thousand US dollars in April 2019, assets increase steadily quarter over quarter, surpassing 1.7 million in late 2020 and continuing to grow considerably thereafter. A more significant increase occurs after January 2021, with assets reaching around 8.7 million thousand US dollars by April 2025. This steady growth demonstrates expansion in asset base, potentially reflecting business growth, acquisitions, or capital investments.

Debt to Assets Ratio (including operating lease liability)

The debt-to-assets ratio is available starting July 2020 at 0.03. This ratio sharply rises to 0.29 in January 2021, coinciding with the large increase in total debt during the same period. After this peak, the ratio begins a consistent downward trend, decreasing from 0.27 in April 2021 to about 0.09 by April 2025. The decrease indicates that asset growth has outpaced debt accumulation, improving the company's leverage position and indicating stronger financial stability over time.

Overall Insights

The financial data reveals a period of increased leverage around early 2021, likely related to increased borrowing or operating lease liabilities. However, the company's robust growth in total assets since that period has resulted in a steadily improving debt-to-assets ratio, reflecting enhanced financial strength and potentially lower financial risk. The stabilization of debt levels alongside growing asset value suggests effective financial management and a focus on sustainable growth.

Total Assets

The total assets have shown a consistent upward trajectory over the examined periods, beginning at approximately $457 million in April 2019 and reaching close to $8.72 billion by April 2025. There is a substantial increase between January 2021 and January 2023, where total assets nearly doubled from about $2.73 billion to over $5 billion. This growth trend continues steadily to the last data point, indicating ongoing asset accumulation and expansion in the company’s resource base.

Total Stockholders’ Equity

The stockholders’ equity started at around $73 million in April 2019 and rose steadily to approximately $3.45 billion by April 2025. Notably, there was a significant jump in equity between April 2019 and July 2019, surging from $73 million to $728 million, followed by relatively stable values with moderate increases up until early 2021. Since then, equity has consistently grown, with the most rapid increases occurring between January 2022 and April 2025, reflecting strengthened ownership interest and capital accumulation.

Financial Leverage

The financial leverage ratio began at a high point of 6.29 in April 2019, which sharply declined to around 1.61 by July 2019, signaling a swift reduction in reliance on debt or other liabilities relative to equity. From late 2019 to early 2021, leverage steadily increased, peaking again at 3.53 by January 2022. After that peak, a gradual decline is observed through to April 2025, settling near 2.53. This pattern suggests the company initially managed to de-leverage significantly, then increased leverage moderately during expansion phases, before slightly reducing leverage levels in more recent periods to balance growth with financial stability.

Overall Observations

The data depicts a company experiencing robust growth in both assets and equity over the span of six years. The fluctuations in financial leverage imply strategic adjustments in capital structure, possibly balancing debt usage with equity financing to support expansion while managing risk. The significant increases in equity and assets correlate with strategic growth initiatives, while the leverage ratio trends indicate a cautious approach to financial risk management, especially during periods of substantial asset growth.

Earnings Before Interest and Tax (EBIT)

The EBIT figures demonstrate significant volatility over the examined periods. Initially, EBIT shows negative values consistently, indicating operating losses, with a general pattern of large negative amounts ranging between approximately -25,000 and -51,000 thousand US dollars during the initial quarters. This trend of operating losses continues, though the magnitude fluctuates between -18,000 and -47,000 thousand, indicating ongoing challenges in profitability.

Starting from around January 2023, a marked improvement in EBIT is observed, where the values transition from negative to positive. This positive trend grows steadily, reaching a peak of approximately 74,972 thousand US dollars in January 2024. However, after this peak, EBIT exhibits a sharp decline, falling back to negative territory by the last periods reported, with values decreasing to nearly -83,172 thousand US dollars by April 2025. This pattern reflects a period of recovery followed by a reversal in operating profitability.

Interest Expense

Interest expense has generally trended upwards throughout the periods. Starting at a very low base of 1 thousand US dollars in April 2019, the interest expense increased moderately during early periods and experienced a substantial rise around January 2021, reaching values above 6,000 thousand US dollars. Post January 2021, the interest expense remains relatively stable but slightly increases overall, gradually rising towards 6,700 thousand US dollars by April 2025. This suggests increasing financing costs or debt levels over time.

Interest Coverage Ratio

The interest coverage ratio provides insights into the company's ability to meet interest obligations from operating earnings. The data indicates extremely negative coverage ratios initially, with values worsening from approximately -315 to around -5 between early 2020 and early 2023, reflecting EBIT losses far exceeding interest expenses. This points to a weak ability to cover interest costs during this phase.

After January 2023, the interest coverage ratio transitions into positive figures, reaching a maximum coverage of approximately 9.33 by October 2024. This improvement corresponds with the period when EBIT turned positive, signaling better operational earnings relative to interest obligations.

Nevertheless, towards the final periods, coverage declines again, falling to a negative value of about -2.37 by April 2025, which aligns with the return of negative EBIT. The trend suggests a return of financial strain concerning interest payment coverage.

Overall Analysis

Over the analyzed timeline, the company experienced substantial fluctuations in operating profitability, with a prolonged period of losses followed by a recovery phase in EBIT before reverting to losses again. Interest expenses progressively increased and stabilized at higher levels, indicating growing debt costs. The interest coverage ratio reflects these operational and financial pressures, initially showing poor ability to cover interest from earnings, then improvement, and subsequently deterioration. These patterns highlight periods of financial stress and partial recovery, underscoring challenges in sustaining profitability and managing interest burdens effectively.