The cybersecurity leader looks expensive on paper, but the price you pay falls sharply on future earnings, if you believe the growth story.

If you’ve glanced at CrowdStrike (CRWD) stock, you’ve likely seen the price tag and moved on. Trading at about 234.6 times its last twelve months of adjusted earnings, the stock screens as prohibitively expensive. But that headline number doesn’t tell the whole story. For a patient holder, the price you’re really paying is quite a bit lower.

What Patience Buys You

Look two years out, and the picture changes. Based on what analysts expect the company to earn by fiscal 2028, today’s price of about $231 a share is only about 140 times those future…