Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
CrowdStrike Holdings Inc., EBITDA calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Net Income (Loss) Attributable to CrowdStrike
- The net income shows a pattern of fluctuation over the periods. Initially, there was a significant loss, peaking at -234,802 thousand US$ in the fiscal year ending January 31, 2022. Following this, the loss decreases notably, reaching a positive income of 89,327 thousand US$ in 2024. However, the year ending January 31, 2025, sees a reversal to a loss of -19,271 thousand US$, indicating volatility in profitability.
- Earnings Before Tax (EBT)
- EBT mirrors the net income trend with losses in the initial years, peaking at -160,023 thousand US$ in 2022. A significant improvement occurs in 2024, where earnings before tax turn positive at 122,817 thousand US$. This positive trend continues but at a reduced level of 54,534 thousand US$ in 2025, suggesting some stabilization but reduced growth momentum.
- Earnings Before Interest and Tax (EBIT)
- EBIT shows negative figures throughout the first four reported years, with the largest loss of -139,340 thousand US$ in 2020 and a gradual reduction in loss by 2023. A notable turnaround happens in 2024, with EBIT turning positive at 148,573 thousand US$, and although the figure drops to 80,845 thousand US$ in 2025, it remains positive, indicating improved core profitability before interest and taxes.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibits a marked improvement over time. Starting from significant negative values (-115,827 thousand US$ in 2020 and -46,152 thousand US$ in 2021), the losses diminish, reaching -40,754 thousand US$ by 2023. The subsequent years show a substantial increase to positive figures, with EBITDA rising sharply to 293,827 thousand US$ in 2024 and slightly increasing to 294,801 thousand US$ in 2025. This suggests strong operational cash flow generation in the most recent periods.
Enterprise Value to EBITDA Ratio, Current
CrowdStrike Holdings Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 115,177,013) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 294,801) |
| Valuation Ratio | |
| EV/EBITDA | 390.69 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Accenture PLC | 15.60 |
| Adobe Inc. | 19.91 |
| Cadence Design Systems Inc. | 48.15 |
| International Business Machines Corp. | 24.72 |
| Intuit Inc. | 46.78 |
| Microsoft Corp. | 26.70 |
| Oracle Corp. | 27.44 |
| Palantir Technologies Inc. | 612.33 |
| Palo Alto Networks Inc. | 102.54 |
| Salesforce Inc. | 21.83 |
| ServiceNow Inc. | 84.65 |
| Synopsys Inc. | 37.40 |
| Workday Inc. | 54.33 |
| EV/EBITDA, Sector | |
| Software & Services | 30.09 |
| EV/EBITDA, Industry | |
| Information Technology | 32.39 |
Based on: 10-K (reporting date: 2025-01-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
CrowdStrike Holdings Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | 73,018,294) | 77,040,232) | 26,759,359) | 42,522,195) | 41,404,219) | 10,058,246) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 294,801) | 293,827) | (40,754) | (65,982) | (46,152) | (115,827) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 247.69 | 262.20 | — | — | — | — | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Accenture PLC | — | 19.87 | 17.26 | 14.25 | 23.31 | 17.46 | |
| Adobe Inc. | — | 22.06 | 34.07 | 22.32 | 35.44 | 43.06 | |
| Cadence Design Systems Inc. | — | 42.25 | 55.61 | 42.11 | 39.61 | 45.75 | |
| International Business Machines Corp. | — | 22.90 | 14.41 | 22.17 | 12.53 | 12.28 | |
| Intuit Inc. | — | 38.55 | 38.71 | 36.22 | 51.96 | 35.70 | |
| Microsoft Corp. | — | 23.66 | 22.92 | 20.17 | 24.59 | 21.74 | |
| Oracle Corp. | 28.10 | 21.81 | 21.80 | 17.12 | 13.78 | 11.54 | |
| Palantir Technologies Inc. | — | 551.39 | 175.93 | — | — | — | |
| Palo Alto Networks Inc. | — | 84.17 | 85.08 | 515.19 | — | 349.99 | |
| Salesforce Inc. | 24.64 | 31.64 | 38.31 | 38.88 | 33.83 | 49.45 | |
| ServiceNow Inc. | — | 87.89 | 96.48 | 104.30 | 147.45 | 220.91 | |
| Synopsys Inc. | — | 39.17 | 54.59 | 36.73 | 53.43 | 42.24 | |
| Workday Inc. | 55.27 | 86.37 | 216.44 | 147.90 | 670.04 | — | |
| EV/EBITDA, Sector | |||||||
| Software & Services | — | 27.09 | 25.22 | 22.55 | 25.68 | 23.25 | |
| EV/EBITDA, Industry | |||||||
| Information Technology | — | 27.60 | 23.59 | 18.31 | 20.49 | 19.71 | |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 73,018,294 ÷ 294,801 = 247.69
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrates significant volatility over the observed period. It increased sharply from approximately $10 billion in early 2020 to over $41 billion in early 2021, followed by a slight increase in early 2022. Thereafter, it declined notably to around $26.8 billion by early 2023. A substantial rebound occurred in early 2024, with EV reaching about $77 billion, before a moderate decrease to approximately $73 billion in early 2025. These fluctuations suggest considerable changes in market perception, capital structure, or operating performance over the years.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- The EBITDA figures show a consistently negative trend from 2020 through 2023, indicating operating losses during this period. The loss narrowed significantly from approximately -$116 million in 2020 to around -$41 million in 2021, worsening slightly in 2022 to nearly -$66 million, before improving again to about -$41 million in 2023. A remarkable turnaround is observed in 2024 and 2025, where EBITDA becomes positive at roughly $294 million in both years. This suggests a marked improvement in operational profitability starting in 2024.
- EV/EBITDA Ratio
- The EV/EBITDA ratio data is only available for the last two periods, corresponding to early 2024 and early 2025, with extremely high values of 262.2 and 247.69 respectively. These elevated ratios indicate that despite positive EBITDA, the enterprise value remains substantially high relative to earnings, implying high market expectations or significant growth potential being priced in.