CrowdStrike (CRWD) - Graham-Dodd SaaS growth-multiplier valuation (post 4-for-1 split)

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Max justified price per share

$21.92

Upside vs market

-89.2%

Decayed 7-yr CAGR

14.0%

Justified multiple of normalized FCF

19.54

Market EV/revenue being paid

42.74

Relative growth decay per year

15.0%

Discount rate

10.0%

Entry revenue growth (FY2026 YoY)

21.7%

FY2026 gross margin (gate is 70%)

74.1%

Mature FCF margin (AFTER charging SBC in full)

20.0%

Net cash at 2026-04-30 ($M)

3,807$M

Dollar-based net retention at 2026-01-31 (gate is 105%)

115.0%

Market price, split-adjusted ($)

$203.08

FY2026 revenue ($M)

4,812$M

Diluted shares POST 4-for-1 split (M)

1,031.5M

	FY2026A
FY2026 revenue	4,812
Decayed 7-yr CAGR	14.0%
Yr-7 revenue multiple	2.50
Terminal multiple	15.26
Justified mult. of normalized FCF	19.54
Normalized FCF	962
Justified enterprise value	18,807
+ Net cash	3,807
= Justified equity value	22,614
Justified EV/revenue	3.91
Market EV/revenue	42.74

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