CrowdStrike's stock and business have become uncoupled.
CrowdStrike's stock appears to be recreating the end of 2021.
CrowdStrike (NASDAQ: CRWD) has been an incredible performer in 2026. The stock has nearly doubled this year, providing excellent returns. Can it sustain its momentum?
If you invest $5,000 in CrowdStrike now, what could that be worth by the end of 2028? The answer may be a bit shocking.
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CrowdStrike is a cybersecurity company. It offers several products to provide a complete cybersecurity solution for its clients, and 51% of clients use six or more products. However, it all centers on endpoint protection, which is a way to prevent network access points from being used as attack vectors.
CrowdStrike uses AI to monitor an endpoint and shut down access if anything out of the ordinary is detected. When today's cybercriminals are assisted by AI, they become more potent. That's why proper cybersecurity platforms, like CrowdStrike, have become so important. The market recognizes this, which is why CrowdStrike's stock has skyrocketed this year.
However, there may be a bit of a problem. While cybersecurity adoption has certainly ramped up, CrowdStrike's revenue growth rate has remained steady over the past year.

CRWD Revenue (Quarterly YOY Growth) data by YCharts.
A 26% revenue growth rate is slower than many of the major AI giants, yet CrowdStrike's stock is outperforming them. Wall Street analysts don't expect anything out of the ordinary for the rest of the year, as they estimate 24% revenue growth in the third and fourth quarters. Next year, they expect 23% revenue growth.
Growth rates like that, combined with a stock that has doubled this year, start to raise red flags for me as an investor. The stock may have gotten ahead of itself, and it could be getting a bit pricey. One quick look at its price-to-sales (P/S) ratio (because it isn't profitable) confirms this.

CRWD P/S Ratio data by YCharts.
CrowdStrike is now the most expensive it has been since 2021. That's a huge red flag, as 2022 saw many software stocks, like CrowdStrike, crater because expectations were too high for the growth they were delivering. History may be repeating itself, as CrowdStrike's growth is matching its valuation.
Although I'm a CrowdStrike shareholder, now may be the time to trim and take some gains, as the stock has gotten very expensive. By 2028, CrowdStrike will have grown in some of its valuation, but not all. As a result, a $5,000 investment now could be worth less than it is today, based solely on a sky-high price tag. There are many other AI stocks with much better valuations and faster growth, and investors should turn their focus there.
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Keithen Drury has positions in CrowdStrike. The Motley Fool has positions in and recommends CrowdStrike. The Motley Fool has a disclosure policy.