Key Points - CrowdStrike set company cash flow and free cash flow records in its most recent quarter. - CrowdStrike customers are increasingly using more of its cybersecurity products. - Trading at 44 times sales, CrowdStrike is the most expensive cybersecurity stock among its peers. It has been a great year for cybersecurity company CrowdStrike(NASDAQ: CRWD), with its stock up 85% year to date. It's now one of the most valuable public companies in the world, with a market cap of over $220 billion. I began investing in CrowdStrike shortly after its June 2019 initial public offering, and it has been one of my best investments since. But despite its strong performance and its hovering near an all-time high, there's one key reason I'm avoiding the stock for now: its valuation. Missed Nvidia in 2009? This Rare Signal Is Flashing Again.In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » CrowdStrike's business keeps getting stronger Before we dive into valuation, let's take a peek at how CrowdStrike's business has been performing lately. It's been on an impressive run -- in its recent quarter (ended April 30), it set company records for cash flow from operations ($591 million) and free cash flow ($468 million). CrowdStrike has a subscription model, so its annual recurring revenue (ARR) is a key metric for measuring financial performance. In the recent quarter, it added $256 million in new net ARR, up 32% year over year, bringing its total ARR to $5.51 billion, up 24% year over year. It's one thing to attract new customers. But CrowdStrike's adoption and growth show that its cybersecurity products are among the best in the