CRWD – Market expectations for new-peak Uniform ROA, but management may have concerns about security breaches, partnerships, and growth

February 24, 2022

  • CrowdStrike Holdings, Inc. (CRWD) currently trades above historical averages relative to Uniform assets, with a 24.8x Uniform P/B (V/A’).
  • At these levels, markets are pricing in expectations for Uniform ROA to reach new peaks of 52%, accompanied by 25% Uniform asset growth.

  • However, analysts expect Uniform ROA to fade to 5% by 2023, accompanied by 57% Uniform asset growth.

  • If sustained going forward, these levels would suggest significant potential equity downside. That said, as an early-stage growth name, it is not uncommon to see expectations for a material expansion in profitability.

  • Moreover, the firm’s most recent earnings call suggests management may have concerns about security breaches, partnerships, and growth.

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