Forensic Analysis · Technology / Software · as of Jun 27, 2026
CrowdStrike Holdings, Inc. (CRWD)
A forensic read on CrowdStrike Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-0.6%
ROE
$178.5B
Market cap
CrowdStrike Holdings, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 2.1, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-14%Return on invested capital.Return on invested capital is -14% and rising from -33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.5%/yrShare-count dilution.Diluted share count changed +7% over the last 3 years to FY2026 (+2.5%/yr). The count is GROWING — existing holders are being diluted. That's ~2.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~7%.
23% of revStock-based comp load.Stock-based compensation ran 23% of revenue and 84% of free cash flow in FY2026 — about $4.38 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2019, but ~$0 in FY2021. A halt usually means the company is conserving cash; understand why before reading it as neutral.
Key fundamentals
Net Margin-3.4%
Debt / Equity0.17x
Free Cash Flow$1.31B
Latest Revenue$4.81B
Return on Equity-3.7%
Revenue Growth YoY+21.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on CrowdStrike Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CRWD's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown