Added to YB: 2026-08-26
Pitch date: 2026-08-23
CRWD [bearish]
CrowdStrike Holdings, Inc.
+2.18%
current return
Author Info
Started in 2000, Disclosure Insight (DI) is an independent publisher of investment research that focuses on one thing, and one thing only: Public company interactions with the US Securities and Exchange Commission (SEC). Sign up for the newsletter.
Company Info
CrowdStrike Holdings, Inc. provides cybersecurity solutions in the United States and internationally.
Market Cap
$195.5B
Pitch Price
$189.52
Price Target
N/A
Dividend
N/A
EV/EBITDA
1.9K
P/E
-6.3K
EV/Sales
37.64
Sector
Software
Category
special_situation
CrowdStrike: Can You Trust the Annual Recurring Revenue Numbers?
CRW (bearish): DI argues the ARR growth story (stock +100% since spring) rests on numbers investors can't trust given undisclosed-in-plain-terms dual SEC/DOJ probes into 'recognition of revenue and reporting of ARR for transactions with certain customers.' Claims SEC piece has run 18+ months (since Jan-2025); disclosure repeated verbatim, never updated/quantified since Jun-2025. Flags governance red flags: overcommitted Audit Chair (Austin chairs Verizon audit too), Board Chair on 3-person audit committee, and quiet non-renomination of long-serving audit member Sullivan (board cut 9→8). Thesis is a disclosure/accounting-integrity red flag, not a valuation call—risk is probes resolve benignly with no restatement.
Read full article (7 min)