CrowdStrike (CRWD) Fal.con 2026 New AI products may drive a paradigm shift for cyber defenders

Equity Research 8 September 2026 | 8:10AM EDT

CrowdStrike (CRWD) Fal.con 2026: New AI products may drive a paradigm shift for cyber defenders

CRWD 12m Price Target: $230.00 Price: $213.10 Upside: 7.9% BUY Gabriela Borges, CFA We attended Fal.Con in Las Vegas, Sept 1-3. For at least the last | Goldman Sachs & Co. LLC decade in Security, practitioners have been on their back foot, and Max Gamperl there has been increasing concern that industry dynamics get worse | Goldman Sachs & Co. LLC in a world of AI-enabled attacks before they get better. There were two tangible products announced at Fal.Con that may directly address the AI security threat and potentially create a paradigm shift in security back toward empowering the defenders: SafeMind (for continuous agentic penetration testing) and Key Data _____________________________________ Market cap: $222.0bn Guardian (for agentic discovery and control). SafeMind is built on Enterprise value: $216.7bn 3m ADTV: $2.0bn CrowdStrike’s newly-introduced cyber frontier model. We have United States argued this year that domain-specific SLMs may offer a more Americas Software M&A Rank: 3 compelling value proposition to enterprises, as taking a solid GS Forecast __________________________________ foundation of LLM technology, pairing it with business context, and 1/26 1/27E 1/28E 1/29E

training it on proprietary domain-specific data can yield better Revenue ($ mn) EBITDA ($ mn) 4,812.0 1,296.7 6,004.3 1,777.6 7,444.1 2,357.0 9,087.4 3,072.5 results than a frontier model. CrowdStrike’s Cyber Superintelligence EBIT ($ mn) 1,046.5 1,501.7 2,106.0 2,793.1 EPS ($) Lab takes Nvidia’s Nemotron open-source and open-weight models P/E (X) and then trains it on its 15+ year history of kill chain datapoints and EV/EBITDA (X) FCF yield (%) 4.4 0.8 1.2 1.4 human reinforcement labelled data. In doing so, remediations with Dividend yield (%) 0.0 0.0 0.0 0.0 SafeMind now cost as little as $0.03 per query, vs. frontier models at Net debt/EBITDA (X) (3.5) (2.9) (3.3) (3.5)

$10/query (a 99% reduction in cost). The combination of a strong 7/26 10/26E 1/27E 4/27E vision, tangible product innovations, and a conference that EPS ($)

meaningfully raised the bar on what a flagship conference looks GS Factor Profile ______________________________ Growth like in Security reinforces our view that CrowdStrike is well positioned to capture outsized share as security budgets inflect, Financial Returns

with the best part of the AI security product cycle still to come. Multiple

1. CrowdStrike’s AI security strategy is becoming more tangible Percentile 20th 40th 60th 80th 100th

across the product portfolio. While CrowdStrike has discussed CRWD relative to Americas Coverage

AIDR for several quarters, Fal.Con added specifics around how CRWD relative to Americas Software

CrowdStrike intends to productize the opportunity, including Source: Company data, Goldman Sachs Research estimates. See disclosures for details. SafeMind for cyber-specific AI models and harnesses, Falcon Guardian for agent runtime security, Agentic SOC for AI-enabled

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs CrowdStrike (CRWD)

CrowdStrike (CRWD) Balance Sheet ($ mn) _______________________________________ BUY Rating since Feb 14, 2023 1/26 1/27E 1/28E 1/29E Cash & cash equivalents 5,230.1 5,987.8 8,501.6 11,632.8 Accounts receivable 1,361.8 1,761.6 2,135.6 2,540.2 Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets 827.2 1,236.6 1,507.6 1,733.3 1/26 1/27E 1/28E 1/29E Total current assets 7,419.1 8,986.0 12,144.8 15,906.2 P/E (X) Net PP&E 976.3 1,213.9 1,335.0 1,510.1 EV/EBITDA (X) Net intangibles 1,500.0 2,507.1 2,459.5…