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Strategy Inc

MSTR Technology Software Application

Strategy Inc’s revenue for fiscal 2025 (year ended December 2025) was $477.2 million, up 2.97% from fiscal 2024. In the quarter to June 2026, revenue grew 6.88%, EPS fell 167.5%, free cash flow grew 6.40% and total debt fell 17.8%, each against the same quarter a year earlier. Member of the Nasdaq 100; insiders bought in the last twelve months.

130.38 11.24 −7.94%
Market cap
$59.8B
P/E
0.0×
Fwd P/E
−7.6×
Dividend yield
—
F-score
3/9
Altman Z
1.35
Beneish M
−2.47
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings
Officer departure
All filings →

Insider Decisions trades per month

Total buys 2.25
Total sells 36.14
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — 3 — 1 — 1 2 — — — —
Sell 5 — — — 9 6 7 8 2 3 3 1
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 59,770.00
Revenue 498.35
Net Income (30,413.93)
Free Cash Flow (21,708.46)
Net Debt 4,260.10
Current Ratio 5.39 (at or above 1.5: strong)
Debt/Equity 0.22 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (7.64) (negative: loss-making)
P/S ratio 92.23 (above 10: high)
P/B ratio 1.49
Past 5Y EPS Growth —
This Y EPS Growth (32.25%) (below 0%: weak)
Next Y EPS Growth 164.09% (at or above 15%: strong)
Next Y revenue growth 5.13%
Next 5Y EPS Growth 55.33% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 101×, against a ten-year median of 10.1×; over the ten years it ranged from 1.5× in 2018 to 258× in 2025.
P/S against its own 10 years 85.82%
10-year low 10-year high
P/B against its own 10 years 7.46%
10-year low 10-year high
EV/Sales against its own 10 years 85.60%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 49 40 2,303 2,450
Receivables 184 181 206 124
Inventory — — — —
Other — — — —
268 252 2,564 2,669
2023 2024 2025 Q'26
Payables 43 53 50 35
ST’ Debt 0 1 31 40
Other — — — —
323 355 456 495

Compound Annual Growth %

10y 5y 3y
Sales (1.04%) (0.15%) (1.49%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 57.99% 140.09% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 52.04 Actual −24.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.11 8.42 Beat by 8.53
Q4 FY25 46.02 −42.93 Miss by 88.95
Q1 FY26 −3.41 −38.25 Miss by 34.84
Q2 FY26 52.04 −24.45 Miss by 76.49
Q3 FY26 21.50 — Reports 29 October 2026

EPS $

Mar Jun Sep Dec Year
’26 (38.25) (24.45) — — —
’25 (16.49) 32.60 8.42 (42.93) (15.23)
’24 (0.31) (0.57) (1.72) (3.03) (6.06)
’23 3.18 0.15 (1.01) 0.50 2.64
’22 (1.16) (9.40) (0.24) (2.19) (12.98)
’21 (1.14) (3.07) (0.36) (0.84) (5.34)
’20 0.01 0.04 (0.15) 0.03 (0.08)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 124 122 — — —
’25 111 114 129 123 477
’24 115 111 116 121 463
’23 122 120 129 124 496
’22 119 122 125 133 499
’21 123 125 128 135 511
’20 111 111 127 131 481
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 14 (4) — — —
’25 (2) (35) (8) (22) (67)
’24 29 (23) (41) (17) (53)
’23 37 (18) (7) 1 13
’22 44 (21) (1) (18) 3
’21 63 14 14 3 94
’20 29 (3) 2 25 54
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7,238) (6,386) — — —
’25 (7,673) (6,822) (4,968) (3,116) (22,580)
’24 (1,612) (818) (1,616) (18,093) (22,139)
’23 (142) (366) (171) (1,214) (1,893)
’22 (172) (32) (8) (75) (287)
’21 (1,024) (516) (406) (589) (2,535)
’20 28 (3) (423) (677) (1,075)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 14.10 12.29 11.55 12.05 9.00 40.65 13.26 13.94 43.87 151.42 +30.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 20.73 20.60 15.12 15.89 40.00 131.50 57.63 68.94 543.00 457.22 +41.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 2,133 2,216 2,528 2,396 1,997 2,121 2,152 1,934 1,534 1,539 (3.6%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.24 0.23 0.20 0.20 0.24 0.24 0.23 0.26 0.30 0.31 +2.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 514 504 498 486 481 511 499 496 463 477 (0.8%) 502 513 525 +3.2%
Gross margin, % 81.86 80.82 80.01 79.44 81.06 82.01 79.37 77.85 72.06 68.69 (13.2) pt
EBT 115 71 20 38 (20) (811) (1,322) (125) (1,934) (5,526) n/m
EBT margin, % 22.38 14.19 4.12 7.87 (4.15) (158.86) (264.88) (25.09) (417.37) (1,157.92) (1,180.3) pt
Net income 92 18 23 34 (8) (535) (1,470) 429 (1,167) (3,848) n/m
Depreciation 20 16 4 9 15 19 20 23 33 51 +11.0%
Per share, $
Per share, $ Revenue 4.50 4.40 4.37 4.74 4.96 5.10 4.41 3.63 2.41 1.72 (10.1%)
Earnings 0.80 0.15 0.20 0.34 (0.08) (5.34) (12.98) 3.14 (6.06) (15.23) n/m
Cash flow 0.97 0.68 0.09 0.59 0.55 0.94 0.03 0.09 (0.28) (0.24) n/m
Capex (0.02) (0.03) (0.06) (0.10) (11.65) (26.24) (2.57) (13.94) (114.70) (81.08) +151.0%
Free cash flow 0.95 0.65 0.03 0.49 (11.10) (25.30) (2.54) (13.84) (114.98) (81.32) n/m
Book value 4.83 5.29 4.66 4.96 5.71 9.77 (3.38) 15.84 94.68 158.91 +47.4%
Shares, m 114 114 114 103 97 100 113 137 193 278 +10.4%
Valuation, ×
Valuation, × P/E 24.88 85.03 64.55 42.44 0.00 0.00 0.00 18.84 0.00 0.00 23.6
P/S 4.40 2.99 2.92 3.01 7.83 10.68 3.29 18.88 120.33 88.41 26.3
P/B 4.09 2.49 2.74 2.88 6.80 5.57 0.00 4.33 3.06 0.96 3.3
EV/Sales 3.25 1.65 1.76 2.07 8.74 14.79 7.95 23.18 135.76 100.74 30.0
EV/FCF 15.42 11.19 231.88 19.90 84.05 (2.98) (13.82) (6.08) (2.84) (2.13) 33.5
Cash, $m
Cash, $m Operating cash flow 111 78 11 61 54 94 3 13 (53) (67) n/m
Capex (2) (4) (7) (10) (1,129) (2,629) (290) (1,905) (22,086) (22,512) +177.1%
Free cash flow 108 74 4 51 (1,075) (2,535) (287) (1,893) (22,139) (22,580) n/m
Balance, $m
Balance, $m Working capital 500 590 520 484 (13) (44) (53) (55) (103) 2,108 +17.3%
Total debt — — — 113 497 2,164 2,379 2,183 7,192 8,190 +104.2%
Net debt (590) (676) (577) (454) 437 2,100 2,328 2,134 7,152 5,887 n/m
Shareholders’ equity 552 606 530 509 553 979 (383) 2,165 18,230 44,123 +62.7%
Returns, %
Returns, % ROA 12.94 2.14 2.52 3.88 (0.63) (21.32) (49.26) 11.97 (7.62) (9.67) (22.6) pt
ROIC 0.00 0.00 0.00 (1.14) (0.86) (15.93) (40.99) (1.67) (4.56) (6.80) (6.8) pt
ROE 18.31 3.14 3.96 6.62 (1.42) (69.91) (493.35) 48.17 (11.44) (13.57) (31.9) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by products and services, and margins
Product support 296 59.52%
Product licenses 88 17.69%
Other services 84 16.84%
Subscription services 30 5.94%
Gross margin 80.01%
Operating margin 0.80%
Pre-tax margin 4.12%

Revenue by segment since 2010

Strategy Inc vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DDOG Datadog, Inc. $95.5B 461× 486× +35.64% (above 0%: growing) +1,610.53% (above 0%: growing) +68.55% (above 0%: growing) 78.59% 0.49% Compare
CDNS Cadence Design Systems, Inc. $94.0B 64.9× 65.8× +24.23% (above 0%: growing) +127.12% (above 0%: growing) +72.50% (above 0%: growing) 84.90% 28.42% Compare
INTU Intuit Inc. $88.5B 20.7× 16.9× +13.65% (above 0%: growing) −1.47% (below 0%: shrinking) +253.37% (above 0%: growing) 78.11% 10.91% Compare
MSTR Strategy Inc $59.8B — (loss-making) — (loss-making) +6.88% (above 0%: growing) n/m +6.40% (above 0%: growing) 66.64% (6,808.11%)
TEAM Atlassian Corporation PLC $51.4B — (loss-making) 228× +27.60% (above 0%: growing) n/m +31.74% (above 0%: growing) 86.50% 11.93% Compare
ADSK Autodesk, Inc. $50.5B 32.1× 29.7× +16.05% (above 0%: growing) +59.18% (above 0%: growing) +24.77% (above 0%: growing) 91.40% 29.28% Compare
WDAY Workday, Inc. $47.1B 39.9× 36.8× +12.82% (above 0%: growing) +200.00% (above 0%: growing) −21.77% (below 0%: shrinking) 75.39% 11.82% Compare
ROP Roper Technologies, Inc. $44.5B 19.2× 17.0× +8.50% (above 0%: growing) +230.68% (above 0%: growing) +18.70% (above 0%: growing) 69.71% 27.73% Compare
PAYX Paychex, Inc. $38.9B 22.2× 21.5× +5.88% (above 0%: growing) +13.08% (above 0%: growing) −46.05% (below 0%: shrinking) 73.62% 37.98% Compare
Median of peers $51.0B 32.1× 33.3× +14.85% +127.12% +28.26% 78.35% 19.83%

All 230 Software Application stocks →

Business profile

Updated

Strategy Inc. combines a bitcoin treasury operation with an enterprise analytics software business. Founded in 1989 and headquartered in Tysons, it holds bitcoin as its primary treasury reserve asset and develops securities that give investors different forms of indirect exposure to its bitcoin holdings. It was reported on 29 October 2026 that President and Chief Executive Officer Phong Le would also resume the chief financial officer role through the remainder of 2026.

The company generally buys bitcoin using money raised by issuing common stock, preferred stock or debt. It manages those holdings alongside dividend, interest and other obligations. As of February 13, 2026, Strategy held approximately 717,131 bitcoins. It was reported on 26 October 2026 that its holdings were unchanged at 848,517 BTC.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Cantor Fitzgerald Oct 27, 2026 Target raised Outperform 186.00 → 208.00
Clear Street Oct 26, 2026 Target raised Buy 211.00
Barclays Oct 21, 2026 Target raised Outperform 160.00 → 175.00
Citi Oct 19, 2026 Reiterated Buy 240.00
Benchmark Oct 8, 2026 Reiterated Buy 435.00
Citigroup Oct 2, 2026 Target raised Buy 240.00
Canaccord Genuity Sep 28, 2026 Target raised — —
B. Riley Sep 28, 2026 Target raised Buy 175.00 → 195.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 57.63%
Held by the ten largest 38.90%
Holder Shares Stake Change
Capital Group 42.23m 11.58% −1.13m
Vanguard 33.31m 9.14% +1.68m
BlackRock 19.39m 5.32% +1.64m
Invesco 9.34m 2.56% +616.33k
Morgan Stanley 9.33m 2.56% +44.44k
State Street 7.53m 2.06% +506.64k
UBS 6.29m 1.73% −1.59m
Goldman Sachs 5.81m 1.59% +4.02m
Geode Capital Management 4.61m 1.26% −49.11k
Norges Bank 3.98m 1.09% +3.98m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 5 October 2026

Ownership

Directors and executive officers, together less than 1% of the votes
Michael J. Saylor 32.90% of the votes
Capital International Investors 5.30% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Strategy Inc (MSTR) Latest News

30 Oct

Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 · transcript
Impact 3 ·
Impact 3 ·

29 Oct

Impact 4 ·
Impact 4 · transcript
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

28 Oct

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

27 Oct

Impact 4 ·
Impact 4 ·
stockrow.com/MSTR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com