Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

CrowdStrike Holdings Inc., FCFE calculation

US$ in thousands

12 months ended:	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Net income (loss) attributable to CrowdStrike	(162,502)	(19,271)	89,327)	(183,245)	(234,802)	(92,629)
Net income attributable to non-controlling interest	1,337)	2,675)	1,258)	960)	2,424)	—)
Net noncash charges	1,832,805)	1,404,321)	1,024,096)	802,851)	485,439)	262,676)
Changes in operating assets and liabilities, net of impact of acquisitions	(59,291)	(5,998)	51,526)	320,441)	321,723)	186,519)
Net cash provided by operating activities	1,612,349)	1,381,727)	1,166,207)	941,007)	574,784)	356,566)
Purchases of property and equipment	(302,108)	(254,852)	(176,529)	(235,019)	(112,143)	(52,799)
Capitalized internal-use software and website development costs	(68,751)	(58,969)	(49,457)	(29,095)	(20,866)	(10,864)
Purchases of intangible assets	—)	—)	(11,126)	(2,323)	(680)	(180)
Payments of debt issuance costs related to revolving line of credit	—)	—)	—)	—)	(219)	(3,328)
Payments of debt issuance costs related to Senior Notes	—)	—)	—)	—)	(1,581)	—)
Proceeds from issuance of Senior Notes, net of debt financing costs	—)	—)	—)	—)	—)	739,569)
Repayment of loan payable	—)	—)	—)	(1,591)	—)	—)
Free cash flow to equity (FCFE)	1,241,490)	1,067,906)	929,095)	672,979)	439,295)	1,028,964)

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).

Net cash provided by operating activities demonstrates a consistent upward trend over the observed period. Beginning at US$356,566 thousand in January 2021, it increased substantially to US$1,612,349 thousand by January 2026. This indicates improving operational efficiency and profitability over time.

Free Cash Flow to Equity (FCFE): FCFE exhibits a more volatile pattern than net cash from operations, though generally positive. It peaked at US$1,028,964 thousand in January 2021, experienced a significant decline to US$439,295 thousand in January 2022, and then began a recovery. By January 2026, FCFE reached US$1,241,490 thousand, surpassing the initial peak.; The decrease in FCFE from 2021 to 2022 warrants further investigation, as it occurred despite a substantial increase in operating cash flow. This suggests potential increases in capital expenditures, debt repayment, or other uses of cash that impacted the amount available to equity holders.; From January 2022 to January 2026, FCFE shows a clear upward trajectory, indicating improved cash generation for equity investors. The growth in FCFE appears to be accelerating in the later years of the period.

The divergence between the consistently rising operating cash flow and the fluctuating FCFE suggests that factors beyond core operations significantly influence the cash available to equity holders. These factors could include financing activities, investment strategies, or changes in working capital management. The overall trend, however, points to strengthening financial health and increasing capacity to return value to shareholders.

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Price to FCFE Ratio, Current

CrowdStrike Holdings Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,018,259,280
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,241,490)
FCFE per share	1.22
Current share price (P)	190.86
Valuation Ratio
P/FCFE	156.54
Benchmarks
P/FCFE, Competitors¹
Accenture PLC	6.77
Adobe Inc.	9.62
AppLovin Corp.	33.91
Cadence Design Systems Inc.	59.01
Datadog Inc.	341.91
International Business Machines Corp.	14.58
Intuit Inc.	14.38
Microsoft Corp.	53.93
Oracle Corp.	22.64
Palantir Technologies Inc.	140.44
Palo Alto Networks Inc.	108.00
Salesforce Inc.	7.60
ServiceNow Inc.	25.37
Synopsys Inc.	5.02
Workday Inc.	14.26
P/FCFE, Sector
Software & Services	36.40
P/FCFE, Industry
Information Technology	56.24

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

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

CrowdStrike Holdings Inc., historical P/FCFE calculation, comparison to benchmarks

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,241,490)	1,067,906)	929,095)	672,979)	439,295)	1,028,964)
FCFE per share³	1.22	1.08	0.96	0.71	0.48	1.15
Share price^1, 4	106.54	77.22	82.42	30.42	47.42	47.55
Valuation Ratio
P/FCFE⁵	87.06	71.69	85.82	42.65	99.64	41.38
Benchmarks
P/FCFE, Competitors⁶
Accenture PLC	—	9.96	23.91	21.01	17.87	25.76
Adobe Inc.	—	12.06	18.02	41.83	21.32	34.26
AppLovin Corp.	—	35.43	45.36	23.30	—	22.51
Cadence Design Systems Inc.	—	50.96	24.08	71.40	33.41	36.31
Datadog Inc.	—	153.91	28.64	71.93	69.38	202.25
International Business Machines Corp.	—	14.89	20.90	9.97	11.97	48.45
Intuit Inc.	—	31.01	38.43	38.74	13.86	86.74
Microsoft Corp.	45.32	60.89	42.11	43.32	36.73	42.54
Oracle Corp.	30.52	89.42	48.38	15.47	—	8.36
Palantir Technologies Inc.	—	151.45	256.11	74.28	96.89	198.12
Palo Alto Networks Inc.	—	50.89	52.90	79.75	29.54	32.91
Salesforce Inc.	8.99	25.91	38.33	31.06	16.56	49.52
ServiceNow Inc.	—	26.94	61.82	58.19	44.44	64.54
Synopsys Inc.	—	6.21	63.94	57.04	33.41	40.55
Workday Inc.	13.98	29.52	36.59	19.79	49.17	40.57
P/FCFE, Sector
Software & Services	—	40.45	39.85	32.92	31.52	34.18
P/FCFE, Industry
Information Technology	—	45.13	36.69	33.14	26.97	27.38

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2026 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,241,490,000 ÷ 1,014,456,360 = 1.22

⁴ Closing price as at the filing date of CrowdStrike Holdings Inc. Annual Report.

⁵ 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= 106.54 ÷ 1.22 = 87.06

⁶ Click competitor name to see calculations.

The analysis of the Price to Free Cash Flow to Equity (P/FCFE) ratio reveals a period of significant volatility characterized by sharp fluctuations in market valuation relative to cash flow generation.

Free Cash Flow to Equity (FCFE) per Share Trend: A substantial contraction occurred on January 31, 2022, with FCFE per share decreasing to 0.48 US$ from 1.15 US$ in the preceding year. Following this trough, a consistent upward trajectory is observed, with FCFE per share increasing annually to reach 1.22 US$ by January 31, 2026. This indicates a sustained recovery and growth in the cash available to equity holders.
Share Price Dynamics: The share price experienced significant variance over the period. A notable decline was recorded on January 31, 2023, reaching a low of 30.42 US$. This was followed by a rapid recovery, with the price climbing to 82.42 US$ in 2024 and ultimately peaking at 106.54 US$ by January 31, 2026, despite a minor correction in 2025.
P/FCFE Ratio Interpretation: The P/FCFE ratio exhibits an erratic pattern, reaching a peak of 99.64 in 2022, primarily driven by the sharp decline in FCFE per share. While the ratio compressed to 42.65 in 2023, it expanded again in 2024 and remained at elevated levels through 2026, closing at 87.06. The sustained high multiples from 2024 onwards suggest that market pricing is heavily influenced by growth expectations, as share price appreciation has significantly outpaced the growth rate of FCFE per share.