CrowdStrike Holdings Inc., FCFF calculation

US$ in thousands

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net income (loss) attributable to CrowdStrike	89,327)	(183,245)	(234,802)	(92,629)	(141,779)
Net income attributable to non-controlling interest	1,258)	960)	2,424)	—)	—)
Net noncash charges	1,024,096)	802,851)	485,439)	262,676)	143,014)
Changes in operating assets and liabilities, net of impact of acquisitions	51,526)	320,441)	321,723)	186,519)	98,708)
Net cash provided by operating activities	1,166,207)	941,007)	574,784)	356,566)	99,943)
Interest paid, net of tax¹	16,596)	17,815)	217)	14)	6)
Purchases of property and equipment	(176,529)	(235,019)	(112,143)	(52,799)	(80,198)
Capitalized internal-use software and website development costs	(49,457)	(29,095)	(20,866)	(10,864)	(7,289)
Purchases of intangible assets	(11,126)	(2,323)	(680)	(180)	—)
Free cash flow to the firm (FCFF)	945,691)	692,385)	441,312)	292,737)	12,462)

Based on: 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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the CrowdStrike Holdings Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	CrowdStrike Holdings Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

CrowdStrike Holdings Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	26.24%	21.00%	21.00%	21.00%	21.00%
Interest Paid, Net of Tax
Interest paid, before tax	22,500)	22,551)	275)	18)	7)
Less: Interest paid, tax²	5,904)	4,736)	58)	4)	1)
Interest paid, net of tax	16,596)	17,815)	217)	14)	6)

Based on: 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 See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 22,500 × 26.24% = 5,904

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CrowdStrike Holdings Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	60,820,583)
Free cash flow to the firm (FCFF)	945,691)
Valuation Ratio
EV/FCFF	64.31
Benchmarks
EV/FCFF, Competitors¹
Accenture PLC	23.36
Adobe Inc.	33.28
Autodesk Inc.	43.45
Cadence Design Systems Inc.	57.33
International Business Machines Corp.	17.36
Intuit Inc.	38.67
Microsoft Corp.	50.19
Oracle Corp.	34.90
Palo Alto Networks Inc.	35.85
Salesforce Inc.	24.67
ServiceNow Inc.	65.27
Synopsys Inc.	48.67
EV/FCFF, Sector
Software & Services	44.14
EV/FCFF, Industry
Information Technology	50.00

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

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

CrowdStrike Holdings Inc., historical EV/FCFF calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	77,040,232)	26,759,359)	42,522,195)	41,404,219)	10,058,246)
Free cash flow to the firm (FCFF)²	945,691)	692,385)	441,312)	292,737)	12,462)
Valuation Ratio
EV/FCFF³	81.46	38.65	96.35	141.44	807.14
Benchmarks
EV/FCFF, Competitors⁴
Accenture PLC	—	20.26	16.99	24.76	17.90
Adobe Inc.	—	37.75	20.82	33.61	40.43
Autodesk Inc.	36.00	20.48	27.63	41.13	23.38
Cadence Design Systems Inc.	—	63.83	44.54	35.05	44.13
International Business Machines Corp.	—	15.27	16.47	13.10	9.35
Intuit Inc.	36.79	31.28	32.85	48.64	37.90
Microsoft Corp.	49.30	41.75	32.31	38.37	33.99
Oracle Corp.	31.24	35.83	31.60	16.36	14.99
Palo Alto Networks Inc.	34.69	28.15	29.29	32.74	26.50
Salesforce Inc.	29.95	28.41	35.97	44.91	39.63
ServiceNow Inc.	—	56.49	40.86	60.13	83.74
Synopsys Inc.	—	55.87	30.82	38.59	42.88
EV/FCFF, Sector
Software & Services	—	35.33	29.55	32.31	27.29
EV/FCFF, Industry
Information Technology	—	34.38	27.28	28.22	24.29

Based on: 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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 77,040,232 ÷ 945,691 = 81.46

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	CrowdStrike Holdings Inc. EV/FCFF ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical