CrowdStrike Holdings Inc., current enterprise value calculation

Current share price (P)	$179.77
No. shares of common stock outstanding	1,018,259,280
US$ in thousands
Common equity (market value)¹	183,052,471)
Add: Preferred stock, $0.0005 par value; no shares issued and outstanding (per books)	—)
Add: Non-controlling interest (per books)	44,215)
Total equity	183,096,686)
Add: Long-term debt (per books)	745,471)
Total equity and debt	183,842,157)
Less: Cash and cash equivalents	5,230,125)
Less: Short-term investments	—)
Enterprise value (EV)	178,612,032)

Based on: 10-K (reporting date: 2026-01-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 179.77 × 1,018,259,280

CrowdStrike Holdings Inc., EV calculation

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Share price^1, 2	$106.54	$77.22	$82.42	$30.42	$47.42	$47.55
No. shares of common stock outstanding¹	1,014,456,360	991,493,660	967,474,632	943,455,940	923,071,440	895,504,916
US$ in thousands
Common equity (market value)³	108,080,181)	76,563,140)	79,739,259)	28,699,930)	43,772,048)	42,581,259)
Add: Preferred stock, $0.0005 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Add: Non-controlling interest (book value)	44,215)	39,423)	33,139)	23,793)	11,879)	1,300)
Total equity	108,124,396)	76,602,563)	79,772,398)	28,723,723)	43,783,927)	42,582,559)
Add: Long-term debt (book value)	745,471)	743,983)	742,494)	741,005)	739,517)	738,029)
Total equity and debt	108,869,867)	77,346,546)	80,514,892)	29,464,728)	44,523,444)	43,320,588)
Less: Cash and cash equivalents	5,230,125)	4,323,295)	3,375,069)	2,455,369)	1,996,633)	1,918,608)
Less: Short-term investments	—)	—)	99,591)	250,000)	—)	—)
Enterprise value (EV)	103,639,742)	73,023,251)	77,040,232)	26,759,359)	42,526,811)	41,401,980)

Based on: 10-K (reporting date: 2026-01-31), 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of CrowdStrike Holdings Inc. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 106.54 × 1,014,456,360

The Enterprise Value (EV) of CrowdStrike Holdings Inc. exhibits significant volatility over the observed period, characterized by a sharp contraction in 2023 followed by a substantial recovery and projected growth through 2026.

Valuation Fluctuations and Recovery: A notable decline in Enterprise Value occurred between January 31, 2022, and January 31, 2023, where EV dropped from US$ 42,526,811 thousand to US$ 26,759,359 thousand. This represents a contraction of approximately 37%. However, a rapid reversal is observed by January 31, 2024, with EV surging to US$ 77,040,232 thousand, effectively tripling the 2023 valuation.
Capital Structure and Net Debt Position: Analysis of the relationship between Common Equity market value and Enterprise Value indicates a consistent net cash position. Throughout the period, Enterprise Value remains lower than the market value of common equity. This pattern suggests that the company's cash and cash equivalents exceed its total debt obligations, thereby reducing the overall enterprise cost of acquisition relative to the equity market capitalization.
Long-term Growth Trajectory: Following a slight moderation in value in 2025, where EV shifted to US$ 73,023,251 thousand, the trajectory is projected to ascend sharply. By January 31, 2026, the Enterprise Value is expected to reach US$ 103,639,742 thousand. This represents an overall increase of approximately 150% from the initial 2021 valuation of US$ 41,401,980 thousand.
Equity Alignment: There is a near-total alignment between the market value of common equity and total equity across all reported dates. This suggests that the valuation is driven almost exclusively by equity market perceptions rather than significant shifts in book value or debt-funded expansions.

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CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)