CRWD CrowdStrike Holdings, Inc.
$278.86
High-Growth Software 80%
Revenue × Terminal Margin DCF
Strong · Conviction

Overvalued

Trading 485.0% above fair value

You pay $278.86
Bear $24.19
Fair $47.67
Bull $76.30
Bear $24.19 -91.3% 16% rev growth, 19% terminal margin
Fair $47.67 -82.9% 27% rev growth, 25% terminal margin
Bull $76.30 -72.6% 35% rev growth, 29% terminal margin

Adjust Assumptions

27.0%
25.0%
12.0%

Key Value Driver

Revenue growth (27%) × margin expansion to 25%

Terminal Value % of EV 56%
Implied Market Multiple 58.1x

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (67 analysts) $233.92
Divergence from AlphaVal 80%

Summary

Projecting 27% revenue growth with FCF margins expanding from 28% to 25% over 10 years, discounted at 12%, the base-case value is $47.67 per share.

Warnings

⚠ Stock-based employee pay is 23% of revenue — your ownership shrinks by about 2.0% each year as new shares are issued. Our estimate already accounts for this dilution.
ℹ Wall Street's average price target is $233.92 (from 67 analysts). Our estimate is 80% below the consensus -- consider that gap carefully.

Key Risks

  • Current FCF misleads — the model values future margins, not today's cash
  • SBC dilution is the hidden tax: 2-4% annual share growth compounds fast
  • Revenue deceleration is inevitable — the question is when and how steep