CrowdStrike Holdings, Inc: Two Cloud Security Companies Have Raised Capex Guides; Worth Flagging for CRWD

研报英文原文证据摘录

CrowdStrike Holdings, Inc: Two Cloud Security Companies Have Raised Capex Guides; Worth Flagging for CRWD

Equity Research

U.S. Software

27 May 2026

CrowdStrike Holdings, Inc

Two Cloud Security Companies

Have Raised Capex Guides; Worth

CRWD OVERWEIGHTFlagging for CRWD

U.S. Software POSITIVE

After ZS results last night, now we have seen two cloud Price Target USD 650.00

security companies raise capex guides (NET is the other) on Price (26-May-26) USD 671.55

higher memory costs. We are already modelling CRWD capex PotentialSource: Bloomberg,Upside/DownsideBarclays Research -3.2%

up to 8% of revenue, and there could be multiple levers of

U.S. Softwareupside - but we wanted to flag this dynamic. More below...

Saket Kalia, CFA

+1 212 526 8465

Two cloud security companies have now raised capex as a percentage of revenue given higher saket.kalia@barclays.com

memory costs - ZS raised FY26 capex to HSD % of revneue (up from MSD), and NET raised FY26 BCI, US

capex to 14-15% (up from 12-15% last quarter). We wanted to flag this dynamic for CRWD where Alyssa Lee

we model ~8% of revenue for capex in FY27 (up from 6% in FY26). To be clear, CRWD arguably +1 212 526 7608

has multiple levers to its 30%+ FCF margin guide for FY27 including operating leverage and mix alyssa.lee@barclays.com

of public cloud versus data center capex - but either way, we thought this higher capex dynamic BCI, US

from cloud security companies was worth flagging. Carly Buecker

+1 212 526 8284

•• Two cloud security companies (NET and ZS) have taken up their FY capex guide on carly.buecker@barclays.com

memory costs pricing pressures. One trend we want to call out in the wake of ZS results last BCI, US

night is that two cloud security companies have now raised capex guidance on the back of