CrowdStrike Holdings, Inc. (CRWD): A Bull Case Theory

 We came across a bullish thesis on CrowdStrike Holdings, Inc. on Business Ontology’s Substack by Lorenzo Bastianelli. In this article, we will summarize the bulls’ thesis on CRWD. CrowdStrike Holdings, Inc.'s share was trading at $509.16 as of November 28th. CRWD’s trailing and forward P/E were 401.83 and 105.26 respectively according to Yahoo Finance.

CrowdStrike Holdings, Inc. provides cybersecurity solutions in the United States and internationally. CRWD has delivered a remarkable acceleration in its business, achieving reacceleration a quarter earlier than expected, validating the thesis that it remains the premier cybersecurity company. The AI-native Falcon platform is driving unprecedented demand, positioning CrowdStrike as the foundational security layer for the emerging agentic AI era.

Platform adoption continues to deepen, with 48% of subscription customers using six or more modules, and 60% of $100K+ ARR customers adopting eight or more modules, demonstrating strong consolidation across security tools. The three key solutions—Cloud Security, Next-Gen Identity, and LogScale Next-Gen SIEM—now combine for $1.56 billion in ARR, growing over 40% year-over-year, while Charlotte AI, the automated SOC analyst, grew more than 85% quarter-over-quarter, accelerating threat detection and mitigation. CEO George Kurtz emphasized the growing complexity of securing AI agents and the accelerating threat landscape, including adversaries leveraging AI for sophisticated attacks, reinforcing the critical role of CrowdStrike’s integrated platform.

The company’s guidance anticipates at least 40% growth in back-half net new ARR, with a clear trajectory to exceed $5 billion in ARR by FY26 and $10 billion by FY31. CrowdStrike’s platform superiority, AI-native architecture, and cross-module adoption create a defensible moat through data, speed, and enforcement. The disruptive events from July have been addressed, leaving the company well-positioned to capitalize on AI-driven demand.

With strong growth, expanding ARR, and a leadership position in consolidating fragmented security tools, CrowdStrike presents a compelling investment opportunity, combining durable competitive advantages with significant upside potential. Its execution underscores resilience, innovation, and strategic foresight, making it a standout player in the cybersecurity landscape.

Previously we covered a bullish thesis on CrowdStrike Holdings, Inc. by Bulls On Parade in February 2025, highlighting its cybersecurity consolidation, resilient financials, and ARR growth potential despite the July 19 incident. The stock has appreciated approximately 33.90% since coverage as the thesis played out. Lorenzo Bastianelli shares a similar perspective but emphasizes AI-driven demand, platform reacceleration, and deeper module adoption.

CrowdStrike Holdings, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held CRWD at the end of the second quarter which was 64 in the previous quarter. While we acknowledge the potential of CRWD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.