CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrated a general upward trend from April 2020 through January 2022, increasing from 4.05 to a peak of 5.57. This indicates an improving efficiency in utilizing fixed assets to generate sales during this period. However, after January 2022, the ratio showed a gradual decline, reaching 4.92 by October 2025. Despite this decline, the turnover ratio remained relatively strong, consistently above 4.5, suggesting sustained effective use of fixed assets.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

This adjusted measure, accounting for operating leases and right-of-use assets, mirrored the trend of the basic net fixed asset turnover. It rose steadily from 3.22 in April 2020 to a high of 4.97 in January 2022. Following this peak, the ratio decreased moderately, ending at 4.59 in October 2025. The inclusion of leased assets results in a lower ratio compared to the non-inclusive metric, but the parallel trends confirm consistent asset utilization patterns across both measures.

Total Asset Turnover

The total asset turnover ratio fluctuated moderately over the observed period. It began at 0.37 in April 2020, showed some volatility with a dip to 0.32 by January 2021, and then increased steadily to reach a maximum of 0.49 in July and October 2024. Towards the end of the period, the ratio slightly declined to 0.46 by October 2025. Overall, the steady values close to 0.45 to 0.49 from mid-2022 onwards suggest consistent efficiency in generating revenue from total assets.

Equity Turnover

The equity turnover ratio exhibited a strong upward movement in the early part of the timeline, rising from 0.75 in April 2020 to a peak of 1.55 in October 2022. This signifies improved productivity in using shareholders' equity to generate revenue. Subsequently, the ratio experienced a notable decline, trending downward to 1.14 by October 2025. Despite this decrease, the values remain higher than initial levels, indicating a moderate reduction in equity efficiency but still reflecting stronger equity utilization compared to the start of the period.

Revenue Trend

The revenue demonstrates a consistent upward trajectory over the observed periods. Starting from approximately 178 million US dollars, revenue increases steadily to exceed 1.2 billion US dollars in the final reported quarter. This reflects a sustained ability to generate growing sales over time.

Property and Equipment, Net

The net value of property and equipment also shows a marked increase throughout the periods. Beginning around 139 million US dollars, it rises substantially to reach close to 927 million US dollars by the last quarter. This upward movement indicates significant investment in fixed assets, suggesting capacity expansion or modernization efforts.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio displays fluctuations but generally remains within a range of roughly 4.0 to 5.6 across the quarters. Initially, the ratio increases, peaking around 5.57, followed by a gradual decrease and some variability. This ratio suggests that while asset investments have grown, the efficiency with which these assets generate revenue has experienced marginal variations, maintaining a moderately stable level.

Overall Summary

The company shows robust revenue growth alongside substantial capital expenditure in property and equipment. Despite the large increases in fixed assets, the revenue generated per unit of fixed asset remains relatively stable with slight downward pressure in later periods. This may reflect a strategic phase of heavy investment where asset growth temporarily outpaces revenue gains, or a shift in asset utilization efficiency. Continuous monitoring of asset turnover trends alongside revenue will be important to assess the effectiveness of capital deployment over time.

Revenue Growth

The revenue exhibited a consistent upward trend over the entire period analyzed. Starting at approximately $178 million, it steadily increased each quarter without any interruptions, reaching over $1.2 billion by the end of the period. This represents a significant expansion in sales, with particularly notable acceleration from early 2023 onwards.

Property and Equipment, Net

The net value of property and equipment, including operating lease right-of-use assets, also demonstrated continuous growth, rising from around $175 million to nearly $1 billion. There is a marked escalation in the later quarters, especially from 2021 forward, indicating substantial investment in physical and leased assets. This increase aligns closely with the company’s growth in scale and operations.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures how efficiently the company utilizes its fixed assets to generate revenue, showed variability but generally remained in a moderate range between approximately 3.2 and 5.1. The ratio increased from about 3.22 in early 2020 to peaks near 5.06 in mid-2024, suggesting improved asset utilization efficiency over time. However, there were fluctuations, with some quarters showing declines, particularly towards the latter end of the data, possibly reflecting recent heavy investments in fixed assets diluting short-term efficiency.

Overall Analysis

The company’s revenue growth is strongly positive, supported by consistent increases in property and equipment assets, reflecting expansion and capital investment. The net fixed asset turnover ratio indicates relatively stable or slightly improving efficiency in asset use, though recent dips may point to a lag in revenue catch-up with asset accumulation. This pattern is common in growth phases where capital expenditures precede proportional revenue gains. The data suggest a strategic focus on scaling capacity and operational infrastructure in tandem with growing sales.

The analysis of the quarterly financial data reveals several key trends in the company's operational performance and asset management over the reported periods.

Revenue Growth

Revenue shows a consistent upward trajectory throughout the periods analyzed. Starting from approximately $178 million in April 2020, the revenue steadily increases in each quarter, reaching over $1.23 billion by April 2025. This pattern indicates sustained strong sales growth and effective market penetration or expansion strategies.

Total Assets Expansion

Total assets also demonstrate a significant increasing trend, rising from around $1.52 billion in April 2020 to nearly $10 billion in April 2025. The escalation in assets is particularly notable from early 2021 onward, suggesting strategic investments or acquisitions to support the company’s growth and operational capacity.

Total Asset Turnover

The total asset turnover ratio, which measures the efficiency of asset utilization to generate revenue, shows moderate fluctuations with a generally stable pattern. It starts around 0.37 in April 2020, experiences a dip to 0.32 by January 2021, then improves and stabilizes in the range of 0.45 to 0.49 in subsequent quarters. This indicates a relatively efficient use of assets to generate revenue, with minor variations, despite the rapid asset growth.

Revenue Trends

Over the period analyzed, revenue exhibited a consistent upward trajectory. Beginning at approximately $178 million, revenue increased steadily each quarter, reaching over $1.23 billion by the end of the timeframe. This reflects robust growth with no significant periods of decline, indicating sustained demand and effective business expansion.

Stockholders' Equity Development

Stockholders' equity also showed a steady increase throughout the periods reviewed. Starting at about $752 million, it grew progressively to exceed $4 billion by the last quarter. This steady augmentation in equity signals ongoing capital accumulation, retained earnings growth, or additional equity financing, contributing to the strengthening of the company’s financial base.

Equity Turnover Ratio Patterns

The equity turnover ratio initially rose from 0.75 to a peak of approximately 1.55 between early 2020 and late 2022, signifying improved efficiency in generating revenue from shareholders’ equity during that time. However, post-2022, the ratio gradually declined to around 1.14 in the latest period, suggesting either a slow-down in revenue growth relative to equity expansion or a strategic decision to build equity at a faster pace than revenue growth.

Combined Insights

The simultaneous increase in both revenue and equity demonstrates sustained growth in operational size and capital base. The peak and subsequent decline in equity turnover ratio imply that although the company improved its revenue generation efficiency relative to equity initially, there may be a trend towards capital accumulation outpacing revenue growth more recently. This could be indicative of investments in new assets, acquisitions, or a conservative financial strategy emphasizing capitalization and stability.