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

Assumptions as of 2026-08-27

USD

Updated Aug 27, 2026 · Revised 1 time

as of 2026-08-27

Max justified price per share

$22.37

Upside vs market

-90.2%

Decayed 7-yr CAGR

14.0%

Justified multiple of normalized FCF

19.54

Market EV/revenue being paid

47.98

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 2026-07-31 ($M, cash 5,013.8 less long-term debt ~745.8)

4,268$M

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

115.0%

Market price, split-adjusted ($)

$227.96

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	4,268
= Justified equity value	23,075
Justified EV/revenue	3.91
Market EV/revenue	47.98

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