Crowdstrike Holdings Inc (CRWD) is overvalued and Fortinet Inc (FTNT) is overvalued.
Both trade above our estimate of their intrinsic value. FTNT is the closer of the two: -33%, against -571% for CRWD.
Values as of the 22 Sept 2026 close.
A 6.2x revenue multiple, discounted for its losses, values the shares at $37.26; the price of $250.06 is 571% above that value.
Leak Score 53/100 on 7 of 12 signals
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $130.76; the price of $174.26 is 33% above that value.
Leak Score 82/100 on 10 of 12 signals
| Metric | CRWD | FTNT |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $250.06 | $174.26 |
| Intrinsic value | $37.26 | $130.76 |
| Margin of safety | -571% | -33% |
| Leak Score | 53/100 (7/12) | 82/100 (10/12) |
| Market cap | $256.0B | $127.9B |
| Revenue growth, 5 years | 40.6% | 21.3% |
| Operating margin | -1.2% | 32.4% |
| Net margin | 0.7% | 28.2% |
| Return on equity | 0.9% | 117.4% |
| Debt to equity | 0.16 | 0.32 |
| P/E | 7004.5x | 61.4x |
| Forward P/E | 156.4x | 46.2x |
| P/B | 50.2x | 82.4x |