| 期间 | EPS Actual | EPS 预期 | 惊喜 |
|---|---|---|---|
| 2026年3月31日 | $1.12 | $1.12 | -0.00% |
| 2025年12月31日 | $0.96 | $0.96 | 0.00% |
| 2025年9月30日 | $0.93 | $0.85 | 0.08% |
| 2025年6月30日 | $0.73 | $0.67 | 0.06% |
| 股票代码 | 市值 | P/E | 营收同比增长 | 净利润率 | ROE | 毛利率 |
|---|---|---|---|---|---|---|
| CRWD | — | -685.9 | 21.7% | -3.4% | -4.2% | 74.7% |
| MSFT | $3.70T | 36.5 | 14.9% | 36.1% | 31.5% | 68.8% |
| ORCL | $464.64B | 38.1 | 8.4% | 21.7% | 85.4% | — |
| PANW | $115.95B | 108.5 | 14.9% | 12.3% | 16.0% | 73.4% |
| NOW | $160.43B | 91.7 | 20.9% | 13.2% | 14.6% | 77.5% |
| FTNT | $59.00B | 32.8 | 14.2% | 27.3% | 135.7% | 80.5% |
| ZS | $45.20B | -1057.6 | 23.3% | -1.6% | -2.4% | 76.9% |
| GEN | $16.31B | 25.7 | 3.5% | 16.3% | 29.1% | 80.3% |
| RBRK | $11.32B | -31.4 | 48.5% | -26.5% | 64.4% | 80.1% |
| FROG | $7.47B | -100.7 | 24.1% | -13.5% | -8.4% | 76.8% |
| S | — | -10.2 | 21.9% | -45.0% | -30.6% | 74.1% |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.81B | $3.95B | $3.06B | $2.24B | $1.45B | $874M | $481M | $250M | |
| Cost of Revenue | $1.22B | $990M | $759M | $601M | $383M | $230M | $142M | $87M | |
| Gross Profit | $3.59B | $2.96B | $2.30B | $1.64B | $1.07B | $645M | $340M | $163M | |
| R&D Expense | $1.38B | $1.08B | $780M | $608M | $371M | $215M | $130M | $85M | |
| SG&A Expense | $670M | $481M | $395M | $317M | $223M | $121M | $89M | $42M | |
| Operating Expenses | $3.89B | $3.08B | $2.32B | $1.83B | $1.21B | $737M | $486M | $299M | |
| Operating Income | $-293M | $-116M | $-19M | $-190M | $-143M | $-93M | $-146M | $-137M | |
| Interest Expense | · | · | $26M | $25M | $25M | $2M | $442.0K | $428.0K | |
| Interest Income | $195M | $196M | $149M | $52M | $4M | $5M | · | · | |
| Other Non-op | $-645.0K | $5M | $2M | $3M | $4M | $1M | $7M | $-1M | |
| Pretax Income | $-127M | $59M | $106M | $-160M | $-160M | $-88M | $-140M | $-139M | |
| Income Tax | $34M | $71M | $32M | $22M | $72M | $5M | $2M | $1M | |
| Net Income | $-163M | $-15M | $72M | $-183M | $-235M | $-93M | $-142M | $-140M | |
| EPS (Basic) | $-0.65 | $-0.06 | $0.30 | $-0.79 | $-1.03 | $-0.43 | $-0.96 | · | |
| EPS (Diluted) | $-0.65 | $-0.06 | $0.30 | $-0.79 | $-1.03 | $-0.43 | $-0.96 | · | |
| Shares (Basic) | 250,576,000 | 244,750,000 | 238,637,000 | 233,139,000 | 227,142,000 | 217,756,000 | 148,062,000 | · | |
| Shares (Diluted) | 250,576,000 | 244,750,000 | 243,635,000 | 233,139,000 | 227,142,000 | 217,756,000 | 148,062,000 | · | |
| EBITDA | $-293M | $-120M | $-2M | $-190M | $-143M | $-93M | $-146M | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.23B | $4.32B | $3.38B | $2.46B | $2.00B | $1.92B | $265M | $88M | |
| Short-term Investments | · | $0 | $100M | $250M | $0 | · | $647M | $103M | |
| Receivables | $1.36B | $1.13B | $853M | $626M | $368M | $239M | $165M | $92M | |
| Prepaid Expense | $380M | $314M | $183M | $122M | $79M | $54M | $52M | $18M | |
| Other Current Assets | $129M | $67M | $38M | · | $13M | $5M | $7M | $1M | |
| Current Assets | $7.42B | $6.11B | $4.76B | $3.64B | $2.57B | $2.29B | $1.17B | $331M | |
| PP&E (Net) | $976M | $789M | $620M | $492M | $261M | $167M | $136M | $74M | |
| PP&E (Gross) | $1.75B | $1.31B | $958M | $709M | $402M | $256M | $186M | $100M | |
| Accum. Depreciation | $771M | $522M | $338M | $216M | $142M | $89M | $50M | $27M | |
| Goodwill | $1.36B | $913M | $638M | $431M | $416M | $84M | $8M | $8M | |
| Intangibles | $137M | $133M | $115M | $87M | $97M | $16M | $527.0K | $1M | |
| Other Non-current Assets | $389M | $137M | $76M | $29M | $25M | $17M | $17M | $9M | |
| Total Assets | $11.09B | $8.70B | $6.65B | $5.03B | $3.62B | $2.73B | $1.40B | $433M | |
| Accounts Payable | $105M | $131M | $28M | $45M | $48M | $12M | $1M | $7M | |
| Accrued Liabilities | $181M | $191M | $126M | $138M | $83M | $51M | $30M | $33M | |
| Current Liabilities | $4.18B | $3.46B | $2.70B | $2.11B | $1.41B | $864M | $493M | $281M | |
| Capital Leases | $56M | $31M | $36M | $30M | $25M | $32M | $0 | · | |
| Other Non-current Liabilities | $296M | $151M | $50M | $32M | $16M | $17M | $11M | $10M | |
| Total Liabilities | $6.61B | $5.38B | $4.31B | $3.54B | $2.58B | $1.86B | $662M | $363M | |
| Total Debt | $745M | $744M | $742M | $741M | $740M | $738M | · | · | |
| Common Stock | $127.0K | $124.0K | $121.0K | $118.0K | $115.0K | $112.0K | · | $24.0K | |
| Paid-in Capital | $5.69B | $4.41B | $3.36B | $2.61B | $1.99B | $1.60B | $1.38B | $31M | |
| Retained Earnings | $-1.28B | $-1.12B | $-1.06B | $-1.15B | $-965M | $-730M | $-637M | $-519M | |
| AOCI | $17M | $-10M | $-2M | $-1M | $-1M | $2M | $1M | $98.0K | |
| Stockholders' Equity | $4.43B | $3.28B | $2.30B | $1.46B | $1.03B | $871M | $742M | $-488M | |
| Liabilities + Equity | $11.09B | $8.70B | $6.65B | $5.03B | $3.62B | $2.73B | $1.40B | $433M | |
| Shares Outstanding | · | · | · | · | · | · | 0 | 47,421,000 |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $1.10B | $861M | $649M | $527M | $310M | $150M | $80M | $21M | |
| Deferred Tax | $-15M | $-10M | $-3M | $1M | $-14M | $-1M | $-681.0K | $-418.0K | |
| Amort. of Intangibles | $31M | $26M | $18M | $17M | $13M | $1M | $487.0K | $583.0K | |
| Restructuring | $45M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.61B | $1.38B | $1.17B | $941M | $575M | $357M | $100M | $-23M | |
| CapEx | $302M | $255M | $177M | $235M | $112M | $53M | $80M | $36M | |
| Investing Cash Flow | $-764M | $-537M | $-341M | $-557M | $-565M | $495M | $-630M | $-142M | |
| Stock Repurchased | · | · | · | · | · | $0 | $0 | $2M | |
| Net Stock Activity | · | · | · | · | · | $0 | $0 | · | |
| Financing Cash Flow | $132M | $107M | $93M | $77M | $73M | $800M | $706M | $190M | |
| Net Change in Cash | $990M | $947M | $921M | $460M | $78M | $1.65B | $176M | $25M | |
| Taxes Paid | $51M | $19M | $23M | $12M | $75M | $2M | $2M | $1M | |
| Free Cash Flow | $1.31B | $1.13B | $990M | $706M | $463M | $304M | $20M | · | |
| Levered FCF | · | · | $971M | $677M | $426M | $302M | $19M | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.7% | 74.9% | 75.3% | 73.2% | 73.6% | 73.8% | 70.6% | · | |
| Operating Margin | -6.1% | -3.0% | -0.07% | -8.5% | -9.8% | -10.6% | -30.3% | · | |
| Net Margin | -3.4% | -0.49% | 2.9% | -8.2% | -16.2% | · | -29.4% | · | |
| Pretax Margin | -2.6% | 1.4% | 4.0% | -7.1% | -11.0% | -10.1% | -29.0% | · | |
| EBITDA Margin | -6.1% | -3.0% | -0.07% | -8.5% | -9.8% | -10.6% | -30.3% | · | |
| ROA | -1.6% | -0.25% | 1.5% | -4.2% | -7.4% | · | -15.4% | · | |
| ROE | -4.2% | -0.69% | 4.7% | -14.7% | -24.8% | · | -19.4% | · | |
| ROIC | -7.2% | 0.91% | -0.05% | -9.8% | -11.7% | -6.1% | -20.0% | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 1.8 | 1.8 | 1.7 | 1.8 | 2.7 | 2.4 | · | |
| Quick Ratio | 1.6 | 1.6 | 1.6 | 1.6 | 0.3 | 0.3 | 1.6 | · | |
| Debt / Equity | 0.2 | 0.2 | 0.3 | 0.5 | 0.7 | 0.8 | · | · | |
| LT Debt / Equity | 0.2 | 0.2 | 0.3 | 0.5 | 0.7 | 0.8 | · | · | |
| Interest Coverage | · | · | -0.1 | -7.5 | -5.6 | -59.4 | -330.5 | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.5 | · | |
| Receivables Turnover | 3.9 | 4.0 | 4.1 | 4.5 | 4.8 | 4.3 | 3.7 | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 21.7% | 29.4% | 36.3% | 54.4% | 66.0% | · | · | · | |
| Revenue CAGR 3Y | 29.0% | 39.6% | 51.7% | · | · | · | · | · | |
| Revenue CAGR 5Y | 40.6% | · | · | · | · | · | · | · |
| 指标 | 趋势 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.81B | $3.95B | $3.06B | $2.24B | $1.45B | $874M | $481M | · | |
| Net Income TTM | $-163M | $-15M | $72M | $-183M | $-235M | $-93M | $-142M | · | |
| Market Cap | · | · | · | · | · | · | $0 | · | |
| P/E | -685.9 | -6634.5 | 975.0 | -134.1 | -175.4 | -501.9 | -63.6 | · | |
| P/S | · | · | · | · | · | · | 0.0 | · | |
| P / Cash Flow | · | · | · | · | · | · | 0.0 | · | |
| P / FCF | · | · | · | · | · | · | 0.0 | · | |
| Earnings Yield | -0.15% | -0.02% | 0.10% | -0.75% | -0.57% | -0.20% | -1.6% | · |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.23B | $1.17B | $1.10B | $1.06B | $1.01B | $964M | $921M | $845M | $786M | $732M | $693M | $637M | $581M | $535M | $488M | |
| Cost of Revenue | $312M | $308M | $310M | $289M | $273M | $255M | $237M | $225M | $212M | $195M | $183M | $169M | $176M | $158M | $141M | $127M | |
| Gross Profit | $994M | $926M | $859M | $814M | $786M | $755M | $726M | $696M | $634M | $591M | $549M | $523M | $462M | $423M | $395M | $361M | |
| R&D Expense | $356M | $348M | $347M | $334M | $314M | $276M | $251M | $235M | $226M | $196M | $179M | $179M | $192M | $155M | $138M | $123M | |
| SG&A Expense | $160M | $167M | $178M | $165M | $144M | $127M | $106M | $104M | $105M | $106M | $102M | $83M | $85M | $84M | $80M | $68M | |
| Operating Expenses | $980M | $996M | $972M | $939M | $867M | $811M | $713M | $689M | $621M | $588M | $564M | $543M | $523M | $479M | $443M | $385M | |
| Operating Income | $14M | $-69M | $-113M | $-125M | $-81M | $-56M | $14M | $7M | $13M | $3M | $-15M | $-19M | $-62M | $-56M | $-48M | $-24M | |
| Interest Expense | · | · | · | · | · | · | · | $7M | · | $7M | $6M | $6M | · | $6M | $6M | $6M | |
| Interest Income | $48M | $51M | $51M | $45M | $47M | $52M | $52M | $46M | $42M | $40M | $37M | $31M | $27M | $16M | $8M | $2M | |
| Other Non-op | · | · | · | · | · | · | · | $8M | $4M | $-474.0K | $-2M | $230.0K | $-3M | $750.0K | $3M | $2M | |
| Pretax Income | $58M | $-23M | $-72M | $-90M | $-42M | $-11M | $58M | $54M | $51M | $36M | $13M | $5M | $-44M | $-46M | $-44M | $-27M | |
| Income Tax | $-4M | $11M | $6M | $21M | $46M | $6M | $11M | $8M | $14M | $10M | $5M | $4M | $5M | $9M | $5M | $3M | |
| Net Income | $59M | $-34M | $-78M | $-110M | $-88M | $-17M | $47M | $43M | $37M | $27M | $8M | $491.0K | $-47M | $-55M | $-49M | $-32M | |
| EPS (Basic) | $0.24 | $-0.14 | $-0.31 | $-0.44 | $-0.36 | $-0.07 | $0.19 | $0.18 | $0.15 | $0.11 | $0.04 | $0.00 | $-0.20 | $-0.24 | $-0.21 | $-0.14 | |
| EPS (Diluted) | $0.24 | $-0.14 | $-0.31 | $-0.44 | $-0.35 | $-0.07 | $0.19 | $0.17 | $0.16 | $0.11 | $0.03 | $0.00 | $-0.20 | $-0.24 | $-0.21 | $-0.14 | |
| Shares (Basic) | -499,091,000 | 251,326,000 | 249,909,000 | 248,432,000 | -487,266,000 | 245,536,000 | 244,091,000 | 242,389,000 | -474,985,000 | 239,297,000 | 237,911,000 | 236,414,000 | -464,379,000 | 233,785,000 | 232,554,000 | 231,179,000 | |
| Shares (Diluted) | -499,091,000 | 251,326,000 | 249,909,000 | 248,432,000 | -502,215,000 | 245,536,000 | 251,265,000 | 250,164,000 | -482,906,000 | 243,799,000 | 242,144,000 | 240,598,000 | -464,379,000 | 233,785,000 | 232,554,000 | 231,179,000 | |
| EBITDA | · | $-69M | $-113M | $-125M | · | $-56M | $14M | $7M | · | $3M | $-15M | $-19M | · | $-56M | $-48M | $-24M |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.23B | $4.80B | $4.97B | $4.61B | $4.32B | $4.26B | $4.04B | $3.70B | $3.38B | $2.97B | $3.17B | $2.83B | $2.46B | $2.47B | $2.32B | $2.15B | |
| Short-term Investments | · | · | · | · | · | $0 | $0 | $0 | · | $198M | $0 | $100M | · | · | · | · | |
| Receivables | $1.36B | $1.01B | $887M | $809M | $1.13B | $814M | $661M | $703M | · | $562M | $539M | $461M | · | $485M | $419M | $369M | |
| Prepaid Expense | $380M | $306M | $303M | $296M | $314M | $204M | $231M | $192M | · | $142M | $147M | $131M | · | $89M | $90M | $76M | |
| Other Current Assets | $129M | · | · | · | $67M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $7.42B | $6.52B | $6.53B | $6.07B | $6.11B | $5.57B | $5.18B | $4.84B | · | $4.08B | $4.05B | $3.71B | · | $3.20B | $2.98B | $2.73B | |
| PP&E (Net) | $976M | $927M | $869M | $826M | $789M | $747M | $648M | $627M | · | $581M | $562M | $524M | · | $430M | $383M | $316M | |
| PP&E (Gross) | $1.75B | $1.63B | $1.51B | $1.41B | $1.31B | $1.22B | $1.07B | $1.01B | · | $884M | $834M | $766M | · | $622M | $557M | $474M | |
| Accum. Depreciation | $771M | $703M | $642M | $582M | $522M | $475M | $426M | $380M | · | $303M | $272M | $243M | · | $192M | $174M | $157M | |
| Goodwill | $1.36B | $1.35B | $913M | $913M | $913M | $722M | $722M | $722M | · | $638M | $431M | $431M | · | $430M | $416M | $416M | |
| Intangibles | $137M | $144M | $118M | $125M | $133M | $109M | $116M | $122M | · | $109M | $79M | $83M | · | $90M | $90M | $94M | |
| Other Non-current Assets | $389M | $317M | $201M | $178M | $137M | $96M | $89M | $92M | · | $39M | $31M | $29M | · | $25M | $23M | $22M | |
| Total Assets | $11.09B | $9.97B | $9.29B | $8.72B | $8.70B | $7.78B | $7.20B | $6.84B | · | $5.83B | $5.52B | $5.14B | · | $4.47B | $4.15B | $3.84B | |
| Accounts Payable | $105M | $132M | $121M | $16M | $131M | $79M | $21M | $21M | · | $57M | $37M | $17M | · | $89M | $54M | $11M | |
| Accrued Liabilities | $181M | $190M | $211M | $167M | $191M | $177M | $101M | $102M | · | $146M | $122M | $91M | · | $89M | $101M | $95M | |
| Current Liabilities | $4.18B | $3.60B | $3.48B | $3.28B | $3.46B | $3.00B | $2.73B | $2.68B | · | $2.35B | $2.23B | $2.08B | · | $1.82B | $1.65B | $1.50B | |
| Capital Leases | $56M | $57M | $53M | $29M | $31M | $33M | $32M | $34M | · | $38M | $33M | $37M | · | $18M | $21M | $22M | |
| Other Non-current Liabilities | $296M | $293M | $167M | $149M | $151M | $77M | $64M | $53M | · | $39M | $33M | $30M | · | $24M | $19M | $16M | |
| Total Liabilities | $6.61B | $5.91B | $5.49B | $5.23B | $5.38B | $4.69B | $4.31B | $4.27B | · | $3.77B | $3.65B | $3.50B | · | $3.13B | $2.91B | $2.72B | |
| Total Debt | · | $745M | $745M | $744M | · | $744M | $743M | $743M | · | $742M | $742M | $741M | · | $741M | $740M | $740M | |
| Common Stock | $127.0K | $126.0K | $125.0K | $125.0K | $124.0K | $124.0K | $123.0K | $122.0K | · | $120.0K | $119.0K | $118.0K | · | $117.0K | $116.0K | $116.0K | |
| Paid-in Capital | $5.69B | $5.31B | $5.02B | $4.63B | $4.41B | $4.05B | $3.82B | $3.56B | · | $3.15B | $2.98B | $2.75B | · | $2.42B | $2.28B | $2.10B | |
| Retained Earnings | $-1.28B | $-1.30B | $-1.27B | $-1.19B | $-1.12B | $-986M | $-969M | $-1.02B | · | $-1.11B | $-1.14B | $-1.15B | · | $-1.10B | $-1.05B | $-996M | |
| AOCI | $17M | $2M | $6M | $6M | $-10M | $-2M | $-3M | $-5M | · | $-5M | $913.0K | $139.0K | · | $-9M | $-6M | $-4M | |
| Stockholders' Equity | $4.43B | $4.02B | $3.76B | $3.45B | $3.28B | $3.06B | $2.85B | $2.54B | · | $2.03B | $1.84B | $1.61B | · | $1.31B | $1.23B | $1.10B | |
| Liabilities + Equity | $11.09B | $9.97B | $9.29B | $8.72B | $8.70B | $7.78B | $7.20B | $6.84B | · | $5.83B | $5.52B | $5.14B | · | $4.47B | $4.15B | $3.84B |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $274M | $282M | $287M | $254M | $269M | $209M | $201M | $183M | $193M | $160M | $165M | $131M | $152M | $140M | $132M | $102M | |
| Deferred Tax | $-9M | $-3M | $-639.0K | $-2M | $-8M | $-193.0K | $-2M | $-255.0K | $-1M | $-2M | $-97.0K | $-255.0K | $-980.0K | $682.0K | $-148.0K | $2M | |
| Amort. of Intangibles | $8M | $8M | $8M | $8M | $7M | $6M | $6M | $6M | $6M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Restructuring | $-700.0K | $466.0K | $38M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $498M | $398M | $333M | $384M | $346M | $326M | $327M | $383M | $347M | $274M | $245M | $301M | $273M | $243M | $210M | $215M | |
| CapEx | $102M | $83M | $30M | $86M | $87M | $79M | $39M | $50M | $53M | $21M | $40M | $62M | $55M | $61M | $66M | $52M | |
| Investing Cash Flow | $-123M | $-491M | $-49M | $-102M | $-325M | $-106M | $-55M | $-51M | $20M | $-469M | $42M | $66M | $-319M | $-97M | $-79M | $-61M | |
| Financing Cash Flow | $51M | $5M | $74M | $2M | $46M | $844.0K | $62M | $-3M | $33M | $2M | $50M | $8M | $29M | $5M | $39M | $5M | |
| Net Change in Cash | $429M | $-88M | $358M | $291M | $62M | $222M | $335M | $328M | $406M | $-198M | $338M | $375M | $-11M | $148M | $168M | $156M | |
| Taxes Paid | $10M | $15M | $9M | $17M | $5M | $4M | $3M | $8M | $5M | $8M | $7M | $3M | $5M | $2M | $1M | $4M | |
| Free Cash Flow | · | · | · | $298M | · | · | · | $334M | · | · | · | $239M | · | · | · | $163M | |
| Levered FCF | · | · | · | · | · | · | · | $328M | · | · | · | $238M | · | · | · | $156M |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 75.1% | 73.5% | 73.8% | · | 74.8% | 75.4% | 75.6% | · | 75.2% | 75.0% | 75.6% | · | 72.8% | 73.7% | 74.0% | |
| Operating Margin | · | -5.6% | -9.7% | -11.3% | · | -5.5% | 1.4% | 0.75% | · | 0.40% | -2.1% | -2.8% | · | -9.7% | -9.0% | -4.9% | |
| Net Margin | · | -2.8% | -6.6% | -10.0% | · | -1.7% | 4.9% | 4.7% | · | 3.4% | 1.2% | 0.07% | · | -9.5% | -9.2% | -6.5% | |
| Pretax Margin | · | -1.9% | -6.1% | -8.2% | · | -1.0% | 6.0% | 5.9% | · | 4.6% | 1.8% | 0.71% | · | -7.9% | -8.1% | -5.5% | |
| EBITDA Margin | · | -5.6% | -9.7% | -11.3% | · | -5.5% | 1.4% | 0.75% | · | 0.40% | -2.1% | -2.8% | · | -9.7% | -9.0% | -4.9% | |
| ROA | · | -0.38% | -0.94% | -1.4% | · | -0.25% | 0.74% | 0.71% | · | 0.52% | 0.18% | 0.01% | · | -1.4% | -1.4% | -0.94% | |
| ROE | · | -0.96% | -2.4% | -3.7% | · | -0.66% | 2.0% | 2.1% | · | 1.6% | 0.55% | 0.04% | · | -4.9% | -4.6% | -3.2% | |
| ROIC | · | -2.1% | -2.7% | -3.7% | · | -2.3% | 0.31% | 0.18% | · | 0.08% | -0.39% | -0.08% | · | -3.3% | -2.7% | -1.5% |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 1.8 | 1.9 | 1.8 | · | 1.9 | 1.9 | 1.8 | · | 1.7 | 1.8 | 1.8 | · | 1.8 | 1.8 | 1.8 | |
| Quick Ratio | · | 1.6 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | 1.7 | 1.6 | · | 1.6 | 1.7 | 1.7 | |
| Debt / Equity | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | 0.6 | 0.7 | |
| LT Debt / Equity | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | 0.6 | 0.7 | |
| Interest Coverage | · | · | · | · | · | · | · | 1.1 | · | 0.5 | -2.4 | -3.0 | · | -8.9 | -7.6 | -3.8 |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | 1.4 | 1.5 | 1.5 | · | 1.5 | 1.6 | 1.6 | · | 1.5 | 1.5 | 1.7 | · | 1.5 | 1.6 | 1.7 |
| 指标 | 趋势 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $4.52B | $4.25B | $4.00B | · | $3.68B | $3.40B | $3.13B | · | $2.79B | $2.54B | $2.30B | · | $1.98B | $1.74B | $1.51B | |
| Net Income TTM | · | $-239M | $-158M | $-37M | · | $100M | $125M | $78M | · | $-19M | $-95M | $-135M | · | $-186M | $-189M | $-224M | |
| P/E | · | -565.6 | -721.5 | -2859.1 | · | 742.2 | 463.9 | 943.7 | · | -1767.7 | -384.9 | -203.5 | · | -199.0 | -223.9 | -200.8 | |
| Earnings Yield | · | -0.18% | -0.14% | -0.03% | · | 0.13% | 0.22% | 0.11% | · | -0.06% | -0.26% | -0.49% | · | -0.50% | -0.45% | -0.50% |
| 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | |
|---|---|---|---|---|---|
| 收入 | $4.81B | $3.95B | $3.06B | $2.24B | $1.45B |
| 毛利率 % | 74.7% | 74.9% | 75.3% | 73.2% | 73.6% |
| 营业利润率 % | -6.1% | -3.0% | -0.07% | -8.5% | -9.8% |
| 净收入 | $-163M | $-15M | $72M | $-183M | $-235M |
| 稀释后每股收益 (EPS) | $-0.65 | $-0.06 | $0.30 | $-0.79 | $-1.03 |
| 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | |
|---|---|---|---|---|---|
| 负债/股东权益比率 | 0.2 | 0.2 | 0.3 | 0.5 | 0.7 |
| 流动比率 | 1.8 | 1.8 | 1.8 | 1.7 | 1.8 |
| 速动比率 | 1.6 | 1.6 | 1.6 | 1.6 | 0.3 |
| 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | |
|---|---|---|---|---|---|
| 自由现金流 | $1.31B | $1.13B | $990M | $706M | $463M |
我认为 CrowdStrike 的云原生 Falcon 平台将在端点检测领域占据主导地位，因为人工智能驱动的威胁正在爆炸式增长，根据 Dan Ives 在 4 月 3 日的预测，网络安全预算可能在 2030 年翻一番。毛利率保持在 74%，显示出巨大的定价权和订阅粘性，可以在不按比例增加成本的情况下进行扩展。管理层在 4 月 6 日将股票回购增至 15 亿美元，这是对自由现金流改善的强烈信心投票。与 Anthropic 在 4 月 12 日的合作进一步扩大了护城河。
CrowdStrike 烧钱，亏损加剧，在泡沫化的网络安全领域，其高估值容易受到任何增长失误的冲击。股本回报率 (ROE) 已降至 -8.66%，通过相对于股本的高运营费用，积极地损害股东价值。净利润率恶化至 -6.88%，表明尽管收入规模扩大，但盈利之路仍然难以捉摸。市销率 (P/S) 为 25.9 倍，在近期股价疲软的情况下保持稳定，要求像 PANW 一样以相似倍数交易但回报为正的公司执行完美。
CrowdStrike 在端点安全领域拥有结构性护城河，随着人工智能攻击面的爆炸式增长，这条护城河只会越来越宽——市场终于开始为这种转变定价。毛利率为 74.28%，对于软件来说是坚不可摧的水平，这意味着定价权是真实的。该公司还在积极地返还资本：4 月初宣布增持 5 亿美元用于股票回购，这表明管理层对股票被低估充满信心。如果网络安全预算如分析师所建议的那样在 2030 年翻一番，CRWD 的现有客户群和平台粘性将使其在抓住这一扩张机会方面具有先发优势。
CrowdStrike 正在大规模烧钱——过去十二个月净利润率为负 6.88%，每股收益为负 1.26 美元——这意味着回购计划掩盖了单位经济效益的恶化，而不是反映了实力。对于一家亏损的公司来说，25.9 倍的市销率仍然很高，而 18.55 的负债权益比则危险地高，几乎没有为收入错失或利润率压缩留下空间。在公司证明其能够将 74% 的毛利率转化为实际利润之前，该股票只是一个故事，而不是一项业务，而近期从 514 美元跌至 478 美元的 7% 的跌幅可能是市场终于意识到这一差距。
CrowdStrike 正在成功地将自己定位为下一代人工智能驱动安全不可或缺的支柱。该公司最近为 Anthropic 的 Project Glasswing 获得了启动合作伙伴关系，这验证了其平台作为代理人工智能的主要安全层。其 74.28% 的毛利率证明了它们拥有在这个高增长领域占据主导地位所需的大规模定价能力。这一利润率表明，每赚取一美元收入，在扣除直接成本后仍有近 75 美分，显示了交付其云原生服务的卓越效率。此外，额外拨款 5 亿美元用于股票回购，管理层明确表示对其长期估值充满信心。
CrowdStrike 巨大的市场估值与其持续缺乏盈利能力之间的根本脱节，仍然是投资者面临的一个重大危险信号。该公司目前的股本回报率为 -8.66%。负回报意味着公司每赚取一美元股东资本，目前都在亏损价值而不是产生利润。此外，以 25.89 倍的销售额进行交易，该股票的定价近乎完美，在一个日益不容忍“不惜一切代价增长”模式的市场中。以这个市销率，投资者支付的溢价假设了完美的执行和快速的利润率扩张，而这些尚未实现。
我认为 CrowdStrike 仍然是人工智能驱动的安全护城河，拥有可扩展、高利润率的平台和审慎的资本配置策略。毛利率 (TTM) 74.28%。该利润率表明定价能力和可扩展的软件经济效益，因为客户在增加。债务/权益比 18.55。这为资产负债表留下了投资和资助回购的空间。回购授权高达 15 亿美元。它显示了对现金流的信心，即使在近期收益面临挑战的情况下也能提升每股价值。近期信号：4/6 的回购提振和 4/12 的 Claude Mythos 新闻突显了人工智能的势头。
我认为最强烈的看跌理由是盈利能力仍然为负，并且股票相对于同行而言交易价格过高。股本回报率 (TTM) -8.66%。负股本回报率意味着市场尚未奖励资本。净利润率 (TTM) -6.88%。盈利能力为负，播下了增长本身无法证明估值合理的风险。市值上个季度从约 1294 亿美元跌至 1182 亿美元。这一举动反映了投资者的怀疑以及增长无法转化为利润的风险。
Claude，你认为 18.55 的负债权益比非常高，这忽略了它从 2025 年第三季度 21.57 的下降趋势，表明管理层随着收入的增长正在积极地减少债务。这意味着每债务美元有更多的股权缓冲来资助人工智能扩张，而没有稀释风险。随着流动比率稳定在 1.81，流动性足以满足短期需求——这支持了在波动中持有的理由。
我需要反驳 Grok 的观点——你混淆了两件不同的事情，这让分析变得模糊。是的，74% 的毛利率是坚不可摧的，是的，回购提振表明了信心。但然后你说 ROE 下降到 -8.66% 是“积极地损害股东价值”。这是错误的。当一家公司无利可图时，负的 ROE 并不意味着回购正在损害价值——而是意味着公司尚未证明其能够将收入转化为收益。回购是对此的押注。这是一个可以辩护的论点，但前提是我们诚实地说，目前，CRWD 正在花钱减少股份数量，而底层业务却在亏损。护城河故事和盈利差距是真实存在的紧张关系，而不是兼容的叙事。
Claude，你关于负债权益比的观点忽略了 CrowdStrike 实际为其运营融资的现实。虽然你引用了 18.55 的比率，但你忽略了这主要是其激进的资本结构造成的，而不是不偿债能力的标志。1.81 的流动比率表明，其流动资产几乎是短期债务的两倍。这种流动性缓冲提供了必要的跑道来支持其增长计划，而没有你暗示的即时流动性危机。
Claude，你关于盈利能力的观点是有效的，但我认为你忽略了 CrowdStrike 的利润率构成和回购信号如何即使在近期亏损的情况下也能带来潜在价值。74.28% 的毛利率表明定价能力和规模，随着收入的增长，这可能会转化为更好的单位经济效益。这意味着如果增长保持强劲且自由现金流改善，允许在不扼杀投资的情况下继续回购，那么该股票的高倍数可能是合理的。你对债务权益比和负 ROE 的担忧仍然存在，但资本配置仍然可以提升每股价值。
Claude，你将负 ROE 视为仅仅是无利可图，这忽略了数学：每年以 -8.66% 的比率，CrowdStrike 每 100 美元的股本就会损失 8.66 美元的股东价值。回购减少了股份，但除非盈利能力迅速转变，否则会将这种损失集中在更少的股东身上。PANW 管理着 14.85% 的 ROE，将股本转化为实际收益，而没有同样的亏损——CRWD 的道路需要比合作伙伴关系或预算翻倍更多的证据。
我想对一个还没有人触及的问题进行反驳——竞争护城河的说法本身。是的，CRWD 拥有 74% 的毛利率和一个庞大的现有客户群，但我还没有听到有人解释为什么 Palo Alto Networks 的市盈率 (P/E) 为 115 倍，而 CRWD 的市销率 (P/S) 为 25.9 倍，尽管 PANW 盈利而 CRWD 却在烧钱。这种差距存在是有原因的：市场正在为 CRWD 的端点主导地位定价，但这并不能使其免受平台整合的影响。如果企业开始将检测、响应和威胁情报捆绑到统一的堆栈中——这正是 PANW 和微软正在推动的——CRWD 的单点入口优势将迅速侵蚀。Anthropic 合作关系是真实的，但它是一种防御性举措，而不是护城河的扩大。在 CRWD 表明其能够交叉销售 Falcon 以外的产品或抵御捆绑压力之前，回购只是在不断缩小的总潜在市场 (TAM) 上进行的财务工程。
我想拓宽视野，因为我们忽略了目前驱动 CRWD 价格走势的技术定位。随着更广泛的市场为“更高更久”的利率环境定价，机构投资者目前正在从高贝塔系数的软件股中轮换出来。这种转变反映在 6 月 27 日当周交易的 1750 万股股票中，远高于通常的交易量。在一周下跌期间交易量的激增表明大型机构持有者正在积极削减头寸。在我们看到卖压稳定之前，关于人工智能合作伙伴关系的根本叙事很可能次于技术阻力。
Claude，你关于回购掩盖单位经济效益恶化的说法过于片面。毛利率为 74.28%。这表明定价能力和可扩展的软件经济效益，这意味着即使短期利润滞后，现金流也可能改善。此外，回购的节奏——现在高达 15 亿美元——表明管理层有信心资本将用于提升每股价值，而不是追逐疲软的增长。净亏损和负 ROE 仍然是风险，但企业的核心经济效益不会仅仅因为回购而被摧毁。
| 模型 | 3个月目标 | 6个月目标 | 原因 |
|---|---|---|---|
| G Grok | 3个月目标 $495.00 | 6个月目标 $525.00 | 原因 我认为 CrowdStrike 值得持有，并有温和的上涨空间，因为其人工智能安全护城河可以抵消盈利拖累，前提是其增长叙事得到执行。具体的催化剂是预计在 8 月下旬发布的 2026 年第二季度财报，届时如果订阅年经常性收入 (ARR) 增长超过 30% 的预期得到重申，可能会证实 Dan Ives 的预算翻倍论点，并扭转近期从 514 美元跌至 478 美元的局面。关键风险是 PANW 的平台捆绑在第三季度企业 RFP 中获得吸引力，挤压 CRWD 的端点定价能力。25.9 倍的市销率意味着市场要求 25% 以上的收入复合年增长率 (CAGR) 来证明溢价的合理性，如果运营支出得到控制，以 74% 的毛利率是可以实现的。 |
| C Claude | 3个月目标 $445.00 | 6个月目标 $520.00 | 原因 CrowdStrike 的护城河能够抵御平台整合风险，前提是管理层证明 Falcon 能够成为统一堆栈的基石，而不是被捆绑包抢走份额。具体的催化剂是 7 月下旬的 2026 年第二季度财报——如果自由现金流转为正且毛利率保持在 73% 以上，市场会将回购重新定价为价值创造，而不是绝望。致命的风险是企业采购围绕 PANW 或微软进行整合，这将一夜之间摧毁总潜在市场 (TAM) 的假设。目前以 25.9 倍的销售额交易，但收益为负，CRWD 的定价近乎完美；一次指导失误，像 Gemini 这样的机构卖方就会加速。我坚持我的观点，即利润率下限是真实的，并且回购在盈利能力改善时有效，但我需要第二季度的证据，否则我将减少敞口。 |
| G Gemini | 3个月目标 $450.00 | 6个月目标 $485.00 | 原因 我相信 CrowdStrike 将在盘整区间交易，因为夏季轮动的机构卖压消退，市场重新关注其人工智能驱动的平台粘性。我的 6 个月目标取决于即将发布的第三季度财报显示净亏损明显收窄，这将验证其利润率扩张战略。相反，如果未能抵御微软等竞争对手的平台捆绑，将打破我的论点。投资者目前为这只股票支付 25.89 倍的销售额。这一倍数意味着市场对未来盈利能力寄予厚望，因此任何偏离其当前增长轨迹的行为都可能立即引发股价的急剧回调。 |
| C Chatgpt | 3个月目标 $455.00 | 6个月目标 $490.00 | 原因 我认为 CRWD 应该在回购和人工智能安全需求的支持下走高，即使目前有亏损。催化剂：2026 年第二季度财报和回购扩张可能在短期内推向 455 美元，并在六个月内推向 490 美元。风险：未能改善盈利能力或运营成本上升可能会打破这一论点。市销率约为 25.9 倍。这表明投资者正在为增长付出高昂代价，而目前的利润却很少，因此利润率或增长的意外惊喜可能会重新评估这一倍数。 |
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