Friday 6 November 2026 Export MSTR’s income statement to Excel — free account

Strategy Inc

Strategy Inc’s revenue for fiscal 2025 (year ended December 2025) was $477.2 million, up 2.97% from fiscal 2024.

Revenue: −2.54%
EPS: +413.8%
Free cash flow: +96.1%
Total debt: −17.8%

Quarter to September 2026, against a year earlier

128.59 0.71 −0.55%

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Market cap: $54.6B
P/E: 0.0×
Fwd P/E: −8.0×
Dividend yield: —
F-score: 3/9
Altman Z: 1.35
Beneish M: −2.47
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Strategy Inc (MSTR) valuation and DCF model

What the price implies · reverse DCF

At $128.59 the price implies the cash flow shrinking by more than 20% a year.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Strategy Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Revenue and margin

Revenue, last twelve months ($ billions)the four quarters to September 2026, from the 10-Q and 10-K filings

Free-cash-flow margin now (%)

Margin in year 10 (%)

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Shares (billions)

Current price ($)

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs

Free cash flow Revenue and margin

Value per share Expected return

How the model ends

Net debt ($ billions)negative is net cash

Dilution a year (%)new shares the cash flow does not pay for

Margin of safety (%)

Against Strategy Inc’s own cost of capital: risk-free 4.3% + beta 3.61 × equity premium 4.5% = 20.5% cost of equity; weighted, 20.5%.

Use 20.5%

Equity value $(55.24b) ▼ below market cap $44.75b

Base case value per share $(158.72) equity value ÷ 348.04m shares

Current price $128.59 market price per share

Below today’s price 223.4% downside at the base case’s assumptions

How we got there$(54.74b) 10 years of cash to equity+$303.32m terminal value−$807.83m net debt=$(55.24b) equity value÷348.04m shares=$(158.72) per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Software Application).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	—	47.15×	47.15×	—	25.90×	—
P/FCF	—	105.96×	105.96×	—	17.17×	—
P/B	0.94×	2.97×	3.39×	72% below	2.60×	64% below
EV/EBITDA	—	725.83×	725.83×	—	15.48×	—
EV/Sales	107.04×	74.93×	40.37×	165% above	2.89×	3600% above

P/E P/FCF P/B EV/EBITDA EV/Sales

MSTR trades at 0.94× P/B, against a 10-year average of 3.39× (range 0.94×–6.80×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $462.59 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.