Strategy Inc

Finance Services

MSTRStrained5 of 10 basics passed

$154.95

+2.30%

Market cap $61.8B

$154.95

+2.30%

Market cap $61.8B

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments.

It is a $61.8B financial services company. Revenue grew 7.8% over the last year, and it currently loses money.

Website: strategy.com
Location: Tysons Corner, VA
Employees: 1 539
Sector: Financial Services

Share price · 3 years

$34.05 → $154.95+355.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $498M
Loss: spends more than it earns; -$30.4B
Free cash flow: cash left after running the business; -$26.2M
Net debt: debt minus cash on hand; $5.86B
Dividend: of the share price, paid yearly; 1.46%
Shares: up 61% since 2016 — dilution; 277.7M
Volatility: beta vs the market — under 1 swings less; 3.61

Revenue, last 10 years

52-week range

Low $82.31$154.95High $315.47

Today's price is 31% of the way from the year's low to its high.

P/E vs its history3y

4.3×median 26.5×

Higher than 0% of past days — near the lowest of its own history.

Valuation vs own history

P/E

4.3×

100%

P/S

123.0×

20%

EV/EBITDA

3.6×

99%

P/B

1.4×

83%

FCF yield

0.0%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$692Knet selling

Purchases$0

Sales$692K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$61.8Btop 26%
Revenue growth-1%top 92%
Net margin-6103%top 99%
Return on equity-61%top 98%
Dividend yield1.46%top 64%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Profitability, Health, Quality and Moat lag behind.

Valuation50

P/E vs own history0th pct · 25/25
FCF yield-0.0% · 0/25
P/S130.7x · 0/25
EV/EBITDA6.4x · 25/25

Growth0

Revenue CAGR-1.7% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-7.7% · 0/25
ROE-60.8% · 0/25
Net margin-6103.0% · 0/25
Operating margin-7272.5% · 0/25

Health45

Altman Zn/a · 0/25
Current ratio5.39 · 25/25
Interest coverage-84.1x · 0/25
Net cash / debtD/A 10% · 20/25

Quality5

Piotroski F3/9 · 5/25
Beneish M5.33 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 2502.8% · 0/25

Moat43

ROIC >12% years0/6 yrs · 0/25
Median gross margin79.7% · 25/25
FCF-positive years8/10 yrs · 18/25
Worst-year net marginworst -806.3% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$429M net income
2022Milestone
The attorney general for the District of Columbia sued Saylor for tax fraud, accusing him of…
2017Product
MicroStrategy 10.10, released in December 2017, added MicroStrategy Workstation
FY2016Financial
First recorded profitable year
$90.9M net income
2010Product
MicroStrategy Mobile, introduced in 2010, incorporates analytics capabilities to apps for iPhone, iPad, Android
Mar 20, 2000Milestone
Following MicroStrategy Inc.'s March 20, 2000 announcement that it had significantly overstated its 1998 and 1999…
Jun 11, 1998IPO
MicroStrategy became a public company via an initial public offering
1992Milestone
MicroStrategy gained its first major client when it signed a $10 million contract with McDonald's

Achievements

Verifiable track record, straight from the reported numbers.

#34 largest of 129 Financial Services companies by market cap

$10 000 invested in 2021 would be worth ~$25 053 today — price return only

$477.2M revenue in FY2025

Revenue up 7.8% year over year

1 539 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (67.6%)

Watch-outs

Not profitable — 6103.0% net margin
Negative free cash flow (-$26.2M)
Thin interest coverage (-84.1×)
Loss-making in 5 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 10 checks passed

Revenue growing — the company sells more than a year ago+7.8% YoY
Profitable — makes more than it spends-$30.4B TTM
Profit growing — earnings are higher than last year-229.8% YoY
Generates cash — cash left after running and investing-$26.2M TTM
Debt under control — could handle its obligationscurrent ratio 5.39
Established company — not a micro-cap — lower blow-up risk$61.8B market cap
Not printing shares — share count not ballooning — you keep your slice+91.1% shares over ~5y
Proven track record — years of profitability behind it5/10 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersyield 1.46%
Valuation not extreme — price not wildly above earningsno data

Peer comparisonStrategy Inc vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MSTR this company	$61.8B	—	+7.8%	-6103.0%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: MSTR vs BRK.A · MSTR vs BRK.B · MSTR vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 17Hold 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $498M · net income -$30.4B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$498M

YoY 7.8%

Net income (TTM)

-$30.4B

Margin -6103.0%

Gross margin

67.6%

Operating margin

-7272.5%

Dividend yield

1.46%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.5	0.5	0.5	0.5	0.5	0.5
Gross profit	0.4	0.4	0.4	0.4	0.3	0.3
Operating income (EBIT)	-0.0	-0.8	-1.3	-0.1	-1.9	-5.4
Net income	-0.0	-0.5	-1.5	0.4	-1.2	-3.8
EPS (diluted)	-0.05	-3.56	-8.66	2.64	-6.06	-13.86

Cash flowFree cash flow -$26.2M · operating cash flow -$20.1M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$26.2M

Margin -5.3%

Operating cash flow (TTM)

-$20.1M

FCF margin

-5.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.1	0.1	0.0	0.0	-0.1	-0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.0	0.1	0.0	0.0	-0.1	-0.1
FCF margin	10.4%	17.8%	0.1%	2.0%	-12.1%	-15.8%

Balance sheetAssets $61.6B · net debt $5.86B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $61.6B of assets is financed

19%

81%

Liabilities $10.6B — borrowed moneyEquity $44.1B — owners' stake

Cash vs debt

Total debt $8.16B − cash $2.30B = net debt $5.86B

Cash on hand covers 28% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-84.1x

EBIT ÷ interest expense

ROE

-60.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.0	0.0	0.0	2.3
Total assets	1.5	3.6	2.4	4.8	25.8	61.6
Total liabilities	0.9	2.6	2.8	2.6	7.6	10.6
Total debt	—	2.2	2.4	2.3	7.2	8.2
Equity	0.6	1.0	-0.4	2.2	18.2	44.1
Net debt	—	2.1	2.3	2.2	7.2	5.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MSTR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $154.95 · market cap $61.8B.