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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

CrowdStrike Holdings Inc., economic profit calculation

US$ in thousands

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net operating profit after taxes (NOPAT)¹	516,439)	690,745)	625,859)	389,934)	245,962)	139,090)
Cost of capital²	16.41%	16.42%	16.21%	16.31%	16.28%	16.46%
Invested capital³	7,614,215)	5,890,276)	4,116,318)	3,240,763)	2,524,874)	669,497)

Economic profit⁴	(732,882)	(276,161)	(41,437)	(138,496)	(165,126)	28,858)

Based on: 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), 10-K (reporting date: 2020-01-31).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 516,439 – 16.41% × 7,614,215 = -732,882

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CrowdStrike Holdings Inc., NOPAT calculation

US$ in thousands

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net income (loss) attributable to CrowdStrike	(19,271)	89,327)	(183,245)	(234,802)	(92,629)	(141,779)
Deferred income tax expense (benefit)¹	(9,903)	(3,387)	1,306)	(13,956)	(1,452)	(681)
Increase (decrease) in allowance for credit losses²	600)	(400)	1,000)	400)	100)	100)
Increase (decrease) in deferred revenue³	674,578)	698,986)	825,792)	617,426)	340,727)	281,101)
Increase (decrease) in equity equivalents⁴	665,275)	695,199)	828,098)	603,870)	339,375)	280,520)
Interest expense	26,311)	25,756)	25,319)	25,231)	1,559)	442)
Interest expense, operating lease liability⁵	2,470)	2,872)	1,918)	1,901)	2,417)	—)
Adjusted interest expense	28,781)	28,628)	27,237)	27,132)	3,976)	442)
Tax benefit of interest expense⁶	(6,044)	(6,012)	(5,720)	(5,698)	(835)	(93)
Adjusted interest expense, after taxes⁷	22,737)	22,616)	21,517)	21,434)	3,141)	349)
Interest income	(196,174)	(148,930)	(52,495)	(3,788)	(4,968)	—)
Investment income, before taxes	(196,174)	(148,930)	(52,495)	(3,788)	(4,968)	—)
Tax expense (benefit) of investment income⁸	41,197)	31,275)	11,024)	795)	1,043)	—)
Investment income, after taxes⁹	(154,977)	(117,655)	(41,471)	(2,993)	(3,925)	—)
Net income (loss) attributable to noncontrolling interest	2,675)	1,258)	960)	2,424)	—)	—)
Net operating profit after taxes (NOPAT)	516,439)	690,745)	625,859)	389,934)	245,962)	139,090)

Based on: 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), 10-K (reporting date: 2020-01-31).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for credit losses.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to CrowdStrike.

⁵ 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 44,918 × 5.50% = 2,470

⁶ 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 28,781 × 21.00% = 6,044

⁷ Addition of after taxes interest expense to net income (loss) attributable to CrowdStrike.

⁸ 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 196,174 × 21.00% = 41,197

⁹ Elimination of after taxes investment income.

Net Income (Loss) Attributable to CrowdStrike: The net income figures demonstrate significant variability over the periods. Starting with a net loss of approximately $141.8 million in the year ending January 2020, the loss decreased to about $92.6 million in January 2021. However, this was followed by an increased loss to roughly $234.8 million in January 2022. Thereafter, the loss narrowed to $183.2 million in 2023. Notably, in 2024, there was a reversal to a positive net income of $89.3 million, indicating a substantial recovery. In the following year, 2025, the figure returned to a loss, though much smaller than previous years, at approximately $19.3 million.
Net Operating Profit After Taxes (NOPAT): The NOPAT values exhibit a consistent and strong upward trend over the years observed. Starting at $139.1 million in 2020, there was a steep increase to $246.0 million in 2021. The upward momentum continued in 2022 with $389.9 million, then sharply increased to $625.9 million in 2023. In 2024, NOPAT further grew to $690.7 million before experiencing a decline to $516.4 million in 2025. Despite the decrease in the final year, the overall trend across the period indicates strong growth in operational profitability after taxes.
Summary of Trends and Insights: The financial data reveals a divergence between net income and NOPAT trends. While net income shows volatility with alternating losses and positive results, NOPAT consistently increased until 2024 before slightly declining in 2025. This suggests that operational efficiency and profitability improvements were achieved, but other factors such as non-operating expenses, taxes, or one-time items might have adversely impacted the net income figures. The significant positive net income in 2024 stands out as an anomaly compared to other years with net losses. The decreasing net loss in 2025 alongside a decline in NOPAT might indicate emerging challenges or increased costs affecting overall profitability despite strong operational earnings.

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CrowdStrike Holdings Inc., cash operating taxes calculation

US$ in thousands

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Provision for income taxes	71,130)	32,232)	22,402)	72,355)	4,760)	1,997)
Less: Deferred income tax expense (benefit)	(9,903)	(3,387)	1,306)	(13,956)	(1,452)	(681)
Add: Tax savings from interest expense	6,044)	6,012)	5,720)	5,698)	835)	93)
Less: Tax imposed on investment income	41,197)	31,275)	11,024)	795)	1,043)	—)
Cash operating taxes	45,881)	10,356)	15,792)	91,213)	6,004)	2,771)

Based on: 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), 10-K (reporting date: 2020-01-31).

Provision for Income Taxes: The provision for income taxes shows significant fluctuation over the observed periods. From 2020 to 2021, there is a noticeable increase from approximately 2 million to nearly 4.8 million US dollars. This upward trend continues sharply into 2022, reaching over 72 million US dollars. However, in 2023, the provision declines substantially to around 22 million US dollars before increasing again in the subsequent years, rising to about 32 million and then further to approximately 71 million US dollars by 2025. This pattern indicates periods of considerable variability in tax provisioning, suggesting changes in taxable income or adjustments in tax strategy during these years.
Cash Operating Taxes: Cash operating taxes follow a somewhat similar but less volatile pattern compared to the provision for income taxes. Starting at close to 2.8 million US dollars in 2020, the cash taxes increase to around 6 million US dollars in 2021. There is a significant spike in 2022 reaching over 91 million US dollars, which is a marked increase from previous years. Following this peak, the cash tax payments decrease sharply to approximately 15.8 million US dollars in 2023, then decline further to just over 10 million in 2024, before increasing again to about 45.9 million US dollars in 2025. The fluctuations in cash taxes suggest variability in actual tax payments that may reflect changes in cash flows or timing differences relative to the provision for income taxes.
Comparison and Insights: Both provision for income taxes and cash operating taxes exhibit significant fluctuations, with peaks around 2022, followed by declines and then increases toward 2025. The provision generally exceeds the cash taxes in some years, particularly noticeable in 2022, indicating potential deferred tax liabilities or adjustments in tax accounting treatments. The volatile nature of both metrics implies an underlying variability in taxable income or strategic tax management, possibly linked to changes in operating performance or tax regulations during the analyzed periods.

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CrowdStrike Holdings Inc., invested capital calculation (financing approach)

US$ in thousands

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Long-term debt	743,983)	742,494)	741,005)	739,517)	738,029)	—)
Operating lease liability¹	44,918)	50,380)	42,613)	35,199)	40,963)	50,686)
Total reported debt & leases	788,901)	792,874)	783,618)	774,716)	778,992)	50,686)
Total CrowdStrike Holdings, Inc. stockholders’ equity	3,279,494)	2,303,950)	1,463,641)	1,025,764)	870,574)	742,107)
Net deferred tax (assets) liabilities²	(14,585)	(7,226)	(4,453)	(4,727)	(1,240)	(163)
Allowance for credit losses³	2,800)	2,200)	2,600)	1,600)	1,200)	1,100)
Deferred revenue⁴	3,728,677)	3,054,099)	2,355,113)	1,529,321)	911,895)	571,168)
Equity equivalents⁵	3,716,892)	3,049,073)	2,353,260)	1,526,194)	911,855)	572,105)
Accumulated other comprehensive (income) loss, net of tax⁶	9,593)	1,663)	1,019)	1,240)	(2,319)	(1,009)
Non-controlling interest	39,423)	33,139)	23,793)	11,879)	1,300)	500)
Adjusted total CrowdStrike Holdings, Inc. stockholders’ equity	7,045,402)	5,387,825)	3,841,713)	2,565,077)	1,781,410)	1,313,703)
Construction in progress⁷	(220,088)	(190,832)	(259,013)	(99,030)	(35,528)	(47,626)
Short-term investments⁸	—)	(99,591)	(250,000)	—)	—)	(647,266)
Invested capital	7,614,215)	5,890,276)	4,116,318)	3,240,763)	2,524,874)	669,497)

Based on: 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), 10-K (reporting date: 2020-01-31).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of equity equivalents to total CrowdStrike Holdings, Inc. stockholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of construction in progress.

⁸ Subtraction of short-term investments.

The financial data indicates significant changes in the capital structure and equity position over the observed periods.

Total Reported Debt & Leases: The reported debt and leases showed a substantial increase from approximately $50.7 million in early 2020 to around $779.0 million in early 2021. From 2021 through 2025, the value of reported debt and leases remained relatively stable, fluctuating slightly around the $780 million mark. This suggests that after a sharp rise in debt, the company maintained a consistent level of liabilities related to debt and leases.
Total Stockholders’ Equity: Stockholders’ equity consistently increased throughout the period, starting from approximately $742.1 million at the beginning of 2020 and rising to nearly $3.28 billion by January 2025. The growth trend appears to accelerate over time, with a remarkable increase especially after 2022, indicating a significant strengthening of the company's equity base and potentially reflecting retained earnings growth, capital raises, or other equity improvements.
Invested Capital: Invested capital experienced a dramatic increase, jumping from about $669.5 million in 2020 to roughly $2.52 billion in 2021. This upward trend continued steadily, reaching over $7.61 billion by early 2025. The data reflects substantial investments and growth in company assets financed by both debt and equity over these years, underscoring rapid expansion or capital deployment activities.

Overall, the data reveals a period of rapid growth in invested capital accompanied by a stable level of debt and a strong expansion of stockholders’ equity. The company's capital structure appears to have shifted towards greater equity financing while maintaining a steady debt position. This trend suggests increased financial strength and capacity to support ongoing operations and growth initiatives.

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CrowdStrike Holdings Inc., cost of capital calculations

Jan 31, 2025

	Capital (fair value)¹	Weights					Cost of capital
Equity²	76,558,183)	76,558,183)	÷	77,291,501)	=	0.99	0.99	×	16.54%	=	16.38%
Senior Notes³	688,400)	688,400)	÷	77,291,501)	=	0.01	0.01	×	3.00% × (1 – 21.00%)	=	0.02%
Operating lease liability⁴	44,918)	44,918)	÷	77,291,501)	=	0.00	0.00	×	5.50% × (1 – 21.00%)	=	0.00%
Total:	77,291,501)					1.00					16.41%

Based on: 10-K (reporting date: 2025-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

Jan 31, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	79,739,259)	79,739,259)	÷	80,460,839)	=	0.99	0.99	×	16.54%	=	16.39%
Senior Notes³	671,200)	671,200)	÷	80,460,839)	=	0.01	0.01	×	3.00% × (1 – 21.00%)	=	0.02%
Operating lease liability⁴	50,380)	50,380)	÷	80,460,839)	=	0.00	0.00	×	5.70% × (1 – 21.00%)	=	0.00%
Total:	80,460,839)					1.00					16.42%

Based on: 10-K (reporting date: 2024-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

Jan 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	28,699,930)	28,699,930)	÷	29,387,943)	=	0.98	0.98	×	16.54%	=	16.15%
Senior Notes³	645,400)	645,400)	÷	29,387,943)	=	0.02	0.02	×	3.00% × (1 – 21.00%)	=	0.05%
Operating lease liability⁴	42,613)	42,613)	÷	29,387,943)	=	0.00	0.00	×	4.50% × (1 – 21.00%)	=	0.01%
Total:	29,387,943)					1.00					16.21%

Based on: 10-K (reporting date: 2023-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

Jan 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	43,767,432)	43,767,432)	÷	44,511,331)	=	0.98	0.98	×	16.54%	=	16.26%
Senior Notes³	708,700)	708,700)	÷	44,511,331)	=	0.02	0.02	×	3.00% × (1 – 21.00%)	=	0.04%
Operating lease liability⁴	35,199)	35,199)	÷	44,511,331)	=	0.00	0.00	×	5.40% × (1 – 21.00%)	=	0.00%
Total:	44,511,331)					1.00					16.31%

Based on: 10-K (reporting date: 2022-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

Jan 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	42,583,498)	42,583,498)	÷	43,384,661)	=	0.98	0.98	×	16.54%	=	16.24%
Senior Notes³	760,200)	760,200)	÷	43,384,661)	=	0.02	0.02	×	3.00% × (1 – 21.00%)	=	0.04%
Operating lease liability⁴	40,963)	40,963)	÷	43,384,661)	=	0.00	0.00	×	5.90% × (1 – 21.00%)	=	0.00%
Total:	43,384,661)					1.00					16.28%

Based on: 10-K (reporting date: 2021-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

Jan 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	10,969,810)	10,969,810)	÷	11,020,496)	=	1.00	1.00	×	16.54%	=	16.46%
Senior Notes³	—)	—)	÷	11,020,496)	=	0.00	0.00	×	0.00% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	50,686)	50,686)	÷	11,020,496)	=	0.00	0.00	×	0.00% × (1 – 21.00%)	=	0.00%
Total:	11,020,496)					1.00					16.46%

Based on: 10-K (reporting date: 2020-01-31).

¹ US$ in thousands

² Equity. See details »

³ Senior Notes. See details »

⁴ Operating lease liability. See details »

CrowdStrike Holdings Inc., economic spread ratio calculation, comparison to benchmarks

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Selected Financial Data (US$ in thousands)
Economic profit¹	(732,882)	(276,161)	(41,437)	(138,496)	(165,126)	28,858)
Invested capital²	7,614,215)	5,890,276)	4,116,318)	3,240,763)	2,524,874)	669,497)
Performance Ratio
Economic spread ratio³	-9.63%	-4.69%	-1.01%	-4.27%	-6.54%	4.31%
Benchmarks
Economic Spread Ratio, Competitors⁴
Accenture PLC	3.44%	3.17%	3.96%	6.82%	8.65%	9.23%
Adobe Inc.	—	3.70%	3.92%	9.38%	11.78%	4.05%
AppLovin Corp.	—	-5.15%	-14.10%	-22.23%	-23.86%	—
Cadence Design Systems Inc.	—	-0.62%	9.49%	8.88%	9.10%	9.91%
Datadog Inc.	—	-5.31%	-1.74%	-7.53%	0.32%	-5.34%
International Business Machines Corp.	—	-6.41%	-2.47%	-10.27%	-5.21%	-4.87%
Intuit Inc.	-2.39%	-6.06%	-8.11%	-7.02%	0.64%	4.02%
Microsoft Corp.	9.98%	11.86%	14.90%	22.85%	31.87%	29.91%
Oracle Corp.	-2.07%	-2.15%	-3.15%	-2.67%	5.43%	-0.18%
Palantir Technologies Inc.	—	-20.77%	-17.47%	-41.12%	-48.61%	-88.61%
Palo Alto Networks Inc.	-1.37%	7.74%	13.79%	5.69%	-3.00%	-3.97%
Salesforce Inc.	-8.80%	-11.39%	-13.65%	-11.23%	-8.96%	-11.97%
ServiceNow Inc.	—	8.22%	7.50%	2.98%	4.19%	5.81%
Synopsys Inc.	—	-5.29%	-4.59%	2.00%	-4.03%	-3.84%
Workday Inc.	-8.02%	-9.41%	-15.70%	-10.48%	-15.73%	-19.21%

Based on: 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), 10-K (reporting date: 2020-01-31).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -732,882 ÷ 7,614,215 = -9.63%

⁴ Click competitor name to see calculations.

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CrowdStrike Holdings Inc., economic profit margin calculation, comparison to benchmarks

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Selected Financial Data (US$ in thousands)
Economic profit¹	(732,882)	(276,161)	(41,437)	(138,496)	(165,126)	28,858)

Revenue	3,953,624)	3,055,555)	2,241,236)	1,451,594)	874,438)	481,413)
Add: Increase (decrease) in deferred revenue	674,578)	698,986)	825,792)	617,426)	340,727)	281,101)
Adjusted revenue	4,628,202)	3,754,541)	3,067,028)	2,069,020)	1,215,165)	762,514)
Performance Ratio
Economic profit margin²	-15.84%	-7.36%	-1.35%	-6.69%	-13.59%	3.78%
Benchmarks
Economic Profit Margin, Competitors³
Accenture PLC	2.21%	1.80%	2.04%	3.28%	4.44%	4.70%
Adobe Inc.	—	4.19%	4.91%	10.92%	14.67%	5.81%
AppLovin Corp.	—	-4.97%	-19.31%	-41.63%	-47.78%	—
Cadence Design Systems Inc.	—	-0.96%	9.45%	8.86%	9.25%	9.98%
Datadog Inc.	—	-4.82%	-1.09%	-5.21%	0.25%	-4.10%
International Business Machines Corp.	—	-11.34%	-4.40%	-17.83%	-9.94%	-8.47%
Intuit Inc.	-3.09%	-9.32%	-13.29%	-13.51%	0.81%	4.53%
Microsoft Corp.	14.88%	16.58%	16.96%	21.90%	26.45%	22.20%
Oracle Corp.	-4.14%	-4.10%	-6.09%	-4.89%	10.75%	-0.41%
Palantir Technologies Inc.	—	-18.02%	-9.37%	-68.99%	-80.06%	-180.50%
Palo Alto Networks Inc.	-1.63%	8.22%	13.69%	6.63%	-4.03%	-6.44%
Salesforce Inc.	-19.06%	-26.36%	-34.76%	-31.17%	-20.54%	-29.47%
ServiceNow Inc.	—	6.76%	6.04%	2.39%	3.63%	4.74%
Synopsys Inc.	—	-8.87%	-6.47%	2.81%	-6.40%	-6.60%
Workday Inc.	-8.52%	-10.48%	-19.26%	-14.20%	-20.53%	-24.71%

Based on: 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), 10-K (reporting date: 2020-01-31).

¹ Economic profit. See details »

² 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × -732,882 ÷ 4,628,202 = -15.84%

³ Click competitor name to see calculations.

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CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin