CompetitorsNarrow moat

CrowdStrike (CRWD) — moat facet

CrowdStrike competes with a rival making the same pitch, a host that bundles security for free and a crowd of small specialists, several of which it has simply bought.

CrowdStrike's annual report does not name a single competitor. It lists categories: "legacy antivirus product providers", network security vendors, cloud security vendors, identity security vendors, professional service providers and legacy SIEM vendors1. And it concedes that "Many of our competitors have greater financial, technical, marketing, sales, and other resources"2. Rivals are more forthcoming: Palo Alto Networks names CrowdStrike in its own 10-K3.

CrowdStrike and Palo Alto Networks, 25 September 2026Market value$258.7bn vs $306.5bnLatest fiscal-year revenue$4.81bn vs $11.48bnPrice to trailing sales47.9x vs 26.7xTrailing P/E5,750x vs 998xstockanalysis, 25 September 2026; company filings; Palo Alto P/S calculated
The smaller company carries the richer price.

The four relationships that matter are four different kinds. Palo Alto is the rival with the same pitch, competing for the single decision a customer makes when it consolidates. Microsoft is host, storefront and rival at once, supplying the operating system CrowdStrike protects and bundling security into software customers already own. The startups in adjacent markets are rivals CrowdStrike buys before they grow: six bought and a seventh agreed since March 2024. And Schwarz Digits is a partner that owned a competing product, sold it to CrowdStrike and now carries the Falcon platform into Europe.

The claim that no rival matches the platform is examined on its own page inside The Moat. Here the evidence is the market's verdict and the growth rates. CrowdStrike was worth $258.72 billion on 25 September 20264 and Palo Alto $306.54 billion5. CrowdStrike's revenue grew 26% in the latest quarter6, and its ARR 25%7, while the bundle and the platform rival were both selling hard.

The 10-K's categories are broad. Cloud security rivals, for example, include vendors "who focus on public cloud infrastructure and services"8, a description that fits the cloud providers themselves as well as specialists.

What the filings do not give is market share. Without it, growth relative to rivals is the only scoreboard, and the market value ratio is the crowd's summary of it: about 0.84 times Palo Alto's today9. A ratio that climbs toward one while CrowdStrike grows faster says the platform contest is going its way; one that falls while Microsoft's bundle spreads says the opposite.

Moat trajectory: Holding steady

Market value 0.84 times Palo Alto's; revenue +26% in Q2 FY2027.

The number that tests this moat
Moat Explorer calc
Market value against Palo Alto Networks
About 0.84 times (25 September 2026)

The market's read on the platform contest; rising toward one with faster growth means CrowdStrike is winning it.

How it's calculated: CrowdStrike market value $258.72bn divided by Palo Alto Networks $306.54bn, stockanalysis, 25 September 2026.
Source: Moat Explorer calculation from CrowdStrike filings ↗
Dig deeper
DIG DEEPER 01
Palo Alto Networks: The Rival With the Same Pitch
Palo Alto Networks sells the same consolidation promise to the same buyer, so each platform deal CrowdStrike wins is one Palo Alto loses.
DIG DEEPER 02
Microsoft: Host, Storefront and Rival
Microsoft is CrowdStrike's host, its newest storefront and a rival that gives security away inside a bundle, all at once.
DIG DEEPER 03
The Startups It Buys Before They Grow
CrowdStrike turns small rivals into modules before they grow, paying about $1.7 billion in cash for six of them since 2024.
DIG DEEPER 04
Schwarz Digits: The Partner That Sold It a Rival
Schwarz Digits owned a product that competed with CrowdStrike and chose to sell it to CrowdStrike and carry the Falcon platform into Europe instead.
References
  1. ReportedIt lists categories: "legacy antivirus product providers", network security vendors, cloud security vendors, identity security vendors, professional service providers and legacy SIEM vendors.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors and Item 3 legal proceedings: competition, the July 19 incident, customer commitment packages, insurance and litigation. — FY2026 · publ. 5 March 2026 · source ↗
  2. ReportedAnd it concedes that "Many of our competitors have greater financial, technical, marketing, sales, and other resources".
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors and Item 3 legal proceedings: competition, the July 19 incident, customer commitment packages, insurance and litigation. — FY2026 · publ. 5 March 2026 · source ↗
  3. ReportedRivals are more forthcoming: Palo Alto Networks names CrowdStrike in its own 10-K.
    Palo Alto Networks Form 10-K for fiscal 2026 - competitors in four categories, naming Alphabet, Cisco and Microsoft among large companies that incorporate security in their products and CrowdStrike, Check Point, Delinea, Fortinet, Okta, SailPoint and Zscaler among independent security vendors; and the CyberArk acquisition, booked at $21,061 million. — FY2026 (year to 31 July 2026) · publ. 10 September 2026 · source ↗
  4. ReportedCrowdStrike was worth $258.72 billion on 25 September 2026 and Palo Alto $306.54 billion.
    CrowdStrike (CRWD) market data - $252.13 at the close on 25 September 2026, market value $258.72 billion, trailing revenue $5.40 billion, net income $45.00 million, trailing P/E 5,749.93, forward P/E 178.75, 52-week range $85.68-$263.87, analyst target $235.67. — September 2026 · publ. 25 September 2026 · source ↗
  5. ReportedCrowdStrike was worth $258.72 billion on 25 September 2026 and Palo Alto $306.54 billion.
    Palo Alto Networks (PANW) market data - market value $306.54 billion on 25 September 2026; fiscal 2026 revenue $11.48 billion, up 24.50%; earnings $307.00 million; P/E 998.49. — September 2026 · publ. 25 September 2026 · source ↗
  6. ReportedCrowdStrike's revenue grew 26% in the latest quarter, and its ARR 25%, while the bundle and the platform rival were both selling hard.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - ARR, net new ARR, Falcon Flex, module adoption and retention. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  7. ReportedCrowdStrike's revenue grew 26% in the latest quarter, and its ARR 25%, while the bundle and the platform rival were both selling hard.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - ARR, net new ARR, Falcon Flex, module adoption and retention. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  8. ReportedCloud security rivals, for example, include vendors "who focus on public cloud infrastructure and services", a description that fits the cloud providers themselves as well as specialists.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors and Item 3 legal proceedings: competition, the July 19 incident, customer commitment packages, insurance and litigation. — FY2026 · publ. 5 March 2026 · source ↗
  9. Moat Explorer calcWithout it, growth relative to rivals is the only scoreboard, and the market value ratio is the crowd's summary of it: about 0.84 times Palo Alto's today.
    Moat Explorer calculation from CrowdStrike's reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2019 249.8 / 118.8 - 1 = 110.4%; FY2020 481.4 / 249.8 - 1 = 92.7%; FY2021 874.4 / 481.4 - 1 = 81.6%, about 82%; FY2022 1,451.6 / 874.4 - 1 = 66.0%; FY2023 2,241.2 / 1,451.6 - 1 = 54.4%; FY2024 3,055.6 / 2,241.2 - 1 = 36.3%; FY2025 3,953.6 / 3,055.6 - 1 = 29.4%, about 29%; FY2026 4,812.0 / 3,953.6 - 1 = 21.7%, about 22%; FY2024 to FY2026 4,812.0 / 3,055.6 - 1 = 57.5%, about 57%; compound FY2018-FY2026 (4,812.0 / 118.8)^(1/8) - 1 = 58.8%, about 59%; revenue grew about 40 times in eight years (4,812.0 / 118.8 = 40.5); FY2027 guidance midpoint (5,991.1 + 6,011.1) / 2 = 6,001.1, 6,001.1 / 4,812.0 - 1 = 24.7%, about 25%; H1 FY2027 revenue 2,856.5 / 6,001.1 = 47.6%; trailing revenue to 31 July 2026 4,812.0 - 2,272.4 + 2,856.5 = 5,396.1, about $5.40 billion. Subscription growth: FY2019 219.4 / 92.6 - 1 = 137.0%; FY2020 98.9%; FY2021 804.7 / 436.3 - 1 = 84.4%; FY2022 69.0%; FY2023 2,111.7 / 1,359.5 - 1 = 55.3%; FY2024 35.9%; FY2025 3,761.5 / 2,870.6 - 1 = 31.0%; FY2026 4,564.7 / 3,761.5 - 1 = 21.4%; H1 FY2027 2,721.1 / 2,153.7 - 1 = 26.3%, about 26%; compound FY2018-FY2026 (4,564.7 / 92.6)^(1/8) - 1 = 62.8%. Subscription added: FY2022 1,359.5 - 804.7 = 554.9; FY2023 2,111.7 - 1,359.5 = 752.1; FY2024 2,870.6 - 2,111.7 = 758.9; FY2025 890.9; FY2026 803.2. Subscription share of revenue FY2018 92.6 / 118.8 = 78%. Subscription gross profit FY2026 4,564.7 - 1,015.9 = 3,548.8. Professional services: revenue FY2018 118.8 - 92.6 = 26.2; FY2024 185.0 / 129.6 - 1 = 42.8%; FY2025 192.1 / 185.0 - 1 = 3.9%, about 4%; FY2026 247.3 / 192.1 - 1 = 28.7%, about 29%; compound FY2018-FY2026 (247.3 / 26.2)^(1/8) - 1 = 32.4%; gross profit FY2026 247.3 - 203.0 = 44.3; GAAP gross margin 44.3 / 247.3 = 17.9%, about 18%; share of gross profit 44.3 / 3,593.1 = 1.2%. Region: FY2026 growth United States 3,216.7 / 2,682.9 - 1 = 19.9%; EMEA 782.7 / 619.5 - 1 = 26.3%; Asia Pacific 495.7 / 402.5 - 1 = 23.2%; Other 317.0 / 248.7 - 1 = 27.4%. United States share FY2018 99.2 / 118.8 = 84%. ARR and net new ARR: ARR compound FY2018-FY2026 (5,252.8 / 141.3)^(1/8) - 1 = 57.1%, about 57%; net new ARR FY2026 5,252.8 - 4,241.8 = 1,010.9; FY2026 growth 1,010.9 / 806.7 - 1 = 25.3%, about 25%; FY2025 change 806.7 / 875.5 - 1 = -7.9%; FY2024 875.5 / 828.4 - 1 = 5.7%; FY2023 828.4 / 681.3 - 1 = 21.6%; H1 FY2027 net new ARR 255.8 + 332.8 = 588.6; FY2027 guided net new ARR 6,607.5 - 5,252.8 = 1,354.7; FY2027 ARR guidance midpoints: March (6,465.8 + 6,516.4) / 2 = 6,491.1, June (6,531.7 + 6,555.5) / 2 = 6,543.6, August (6,603.0 + 6,611.9) / 2 = 6,607.5; 6,607.5 / 5,252.8 - 1 = 25.8%, about 26%; FY2036 goal (20,000 / 5,252.8)^(1/10) - 1 = 14.3% a year; average net new ARR (20,000 - 5,252.8) / 10 = 1,474.7, about 1.47 billion. Falcon Flex: share of ARR 2.29 / 5.84 = 39%; Flex-account ARR a year earlier 2.29 / 2.01 = 1.14 billion; ARR outside Flex accounts 4.66 - 1.14 = 3.52 billion (July 2025) and 5.84 - 2.29 = 3.55 billion (July 2026), growth 3.55 / 3.52 - 1 = 0.8%, under 1%; ARR added 5.84 - 4.66 = 1.18 billion, of which Flex accounts 2.29 - 1.14 = 1.15 billion. Contracts: RPO within twelve months 0.46 x 10.7 = 4.9 billion (July 2026) and 0.51 x 9.0 = 4.6 billion (January 2026); RPO after twelve months 0.54 x 10.7 = 5.8 billion, 54% of RPO (July 2026), 0.49 x 9.0 = 4.4 billion (January 2026), 0.47 x 6.5 = 3.1 billion (January 2025), 0.37 x 3.4 = 1.3 billion (January 2023); RPO growth six months to July 2026 10.7 / 9.0 - 1 = 18.9%; FY2026 9.0 / 6.5 - 1 = 38.5%; RPO / trailing revenue 10.7 / 5.40 = about two years; unbilled backlog 5.9 / 2.8 - 1 = 111% in eighteen months. Deferred revenue 31 July 2026 3,497.1 + 1,345.1 = 4,842.2, about $4.84 billion; noncurrent share 1,345.1 / 4,842.2 = 27.8%, just over a quarter; deferred revenue 31 January 2025 2,733.0 + 995.7 = 3,728.7, 31 January 2026 3,421.1 + 1,332.4 = 4,753.4, growth 27.5%. Accounts receivable 1,038.6 / 1,470.9 = 71% of quarterly revenue. Subscription customers 29,000 / 23,019 - 1 = 26.0%, about 26%. H1 FY2027 revenue growth 2,856.5 / 2,272.4 - 1 = 25.7%, about 26%; H1 capital expenditure 222.0 / 116.2 = 1.9 times. Revenue per subscription customer FY2024 3,055.6 / 29,000 = about $105,000. Cash, costs and stock pay: GAAP operating margin FY2026 -293.3 / 4,812.0 = -6.1%; free cash flow margin FY2026 1,235.3 / 4,812.0 = 25.7%; FY2025 1,065.1 / 3,953.6 = 26.9%; FY2024 938.2 / 3,055.6 = 30.7%; free cash flow after stock pay 1,235.3 - 1,096.7 = 138.6, 138.6 / 4,812.0 = 2.9%; stock pay (cash flow) 1,096.7 / 4,812.0 = 22.8% (FY2026), 861.4 / 3,953.6 = 21.8% (FY2025), 648.7 / 3,055.6 = 21.2% (FY2024); stock pay and payroll tax 1,130.6 / 4,812.0 = 23.5% (FY2026), 903.6 / 3,953.6 = 22.9% (FY2025), 399.0 / 1,470.9 = 27.1% (Q2 FY2027), 276.7 / 1,169.0 = 23.7% (Q2 FY2026). Capital expenditure growth FY2024-FY2026 302.1 / 176.5 - 1 = 71.2%, about 71%; capex share of revenue FY2024 176.5 / 3,055.6 = 5.8%, FY2026 302.1 / 4,812.0 = 6.3%. Net cash 5,230.1 - 745.5 = 4,484.6, about $4.5 billion. Non-GAAP operating income guidance midpoint (1,497.2 + 1,508.4) / 2 = 1,502.8, 1,502.8 / 1,050 - 1 = 43%. July 19 incident net costs 60.1 + 117.7 = 177.8 (FY2025-FY2026) and 177.8 + 3.6 = 181.4, about $181 million through July 2026; update live 04:09 to 05:27 UTC = 78 minutes; cash against Delta claim 5,010 / 500 = about 10 times; a $250 million charge against free cash flow 250 / 1,235.3 = 20%, about a fifth. Acquisitions: cash consideration 96.4 + 213.7 + 252.7 + 212.1 + 327.5 + 627.9 = 1,730.3, about $1.7 billion; CyberArk against SGNL 21,061 / 627.9 = 33.5 times. Valuation: market value against Palo Alto Networks 258.72 / 306.54 = 0.84; Palo Alto price to sales 306.54 / 11.48 = 26.7; market value 25 September 2026 against 31 January 2026 258.718 / 111.278 = 2.3 times; price to trailing sales 258.718 / 5.396 = 47.9; analyst target 235.67 / 252.13 - 1 = -6.5%; market value over fiscal revenue 10.25 / 0.4814 = 21.3 (FY2020, December 2019 value), 46.86 / 0.8744 = 53.6 (FY2021, December 2020 value) - valuation, cash flow, stock pay, capital spending, acquisitions and the July 2024 incident. — FY2018-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in CrowdStrike's Forms 10-K and 10-Q, its results releases and market data; operands shown in the source line.
Sources
Generated September 28, 2026