Competitive PressureThere may be a rotation between CrowdStrike and Palo Alto Networks, making it harder for CrowdStrike to deliver returns.
Growth DecelerationGrowth has decelerated to below 20% in 1H26, and while acceleration to about 22% is expected in 2H, growth will decelerate in the next few years, hence the growing focus on valuation.
Valuation ConcernsDespite best in class metrics and execution, current valuation places CRWD at a high position relative to its peers, creating a disconnect given the lofty valuation.