Strategy Inc (MSTR)

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Symbol: MSTR
Exchange: Nasdaq
Sector: Technology
Industry: Software - Application
Market cap: $55.96B
52 week range: 81.81 - 365.21

Valuation

Share price: $160.50 (close of 2026-10-01)
P/E (TTM): -1.63x
Price to book: 1.81x
Price to free cash flow: -2136.82x
Enterprise value: $61.02B
Book value per share: $87.61

Price performance

Period	Change
1 day	+4.84%
5 days	-0.69%
1 month	+28.52%
3 months	+71.86%
6 months	+30.72%
Year to date	+5.63%
1 year	-52.57%
3 years	+388.88%
5 years	+162.04%
10 years	+858.79%
All time	+1419.89%

Members of Congress who disclosed MSTR trades

Jefferson Shreve · Shri Thanedar · Gilbert Ray Cisneros · Neal Dunn

Profitability and growth

Return on equity: -8.72%
Return on invested capital: -7.52%
Return on assets: -6.24%
Return on capital employed: -8.90%
Gross margin: 68.69%
Net margin: -806.35%
EBITDA margin: -1135.48%
Revenue growth: 2.97%
Net income growth: -229.84%
Free cash flow growth: -34.71%

Cash flow and balance sheet

Free cash flow yield (TTM): -0.05%
Current ratio: 5.39x
Net debt to EBITDA: -0.23x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $477.23M
Cost of revenue: $149.42M
Gross profit: $327.82M
EBITDA: -$5.42B
Net income: -$3.85B
Earnings per share: $-15.23
Research and development: $93.86M
Shares outstanding: 277.66M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$477.23M	$327.82M	-$3.85B	$-15.23
2024-12-31	$463.46M	$333.99M	-$1.17B	$-6.06
2023-12-31	$496.26M	$386.32M	$429.12M	$3.14
2022-12-31	$499.26M	$396.27M	-$1.47B	$-12.98
2021-12-31	$510.76M	$418.85M	-$535.48M	$-5.34
2020-12-31	$480.74M	$389.68M	-$7.52M	$-0.08
2019-12-31	$486.33M	$386.35M	$34.35M	$0.34
2018-12-31	$497.64M	$398.14M	$22.50M	$0.20
2017-12-31	$503.84M	$407.19M	$18.20M	$0.16
2016-12-31	$513.59M	$420.44M	$92.24M	$0.81

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	68.69%	-806.35%	-8.72%	-7.52%
2024-12-31	72.06%	-251.73%	-6.40%	-4.27%
2023-12-31	77.85%	86.47%	19.82%	-1.32%
2022-12-31	79.37%	-294.39%	383.64%	-63.17%
2021-12-31	82.01%	-104.84%	-54.70%	-16.11%
2020-12-31	81.06%	-1.57%	-1.69%	-0.70%
2019-12-31	79.44%	7.06%	6.76%	-1.79%
2018-12-31	80.01%	4.52%	4.25%	-
2017-12-31	80.82%	3.61%	3.00%	-
2016-12-31	81.86%	17.96%	16.29%	-

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$2.30B	$8.16B
2024-12-31	$38.12M	$7.19B
2023-12-31	$46.82M	$2.18B
2022-12-31	$43.84M	$2.38B
2021-12-31	$63.36M	$2.16B
2020-12-31	$59.67M	$486.37M
2019-12-31	$565.65M	-
2018-12-31	$576.11M	-
2017-12-31	$675.17M	-
2016-12-31	$589.38M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$75.45M	$53.37M
2024-12-31	-$56.01M	$77.12M
2023-12-31	$9.77M	$69.57M
2022-12-31	$725.00K	$63.62M
2021-12-31	$91.13M	$44.13M
2020-12-31	$49.97M	$11.15M
2019-12-31	$50.69M	$10.21M
2018-12-31	$3.78M	$14.64M
2017-12-31	$74.34M	$14.27M
2016-12-31	$108.25M	$11.82M

Investor relations

Next earnings report

Next confirmed report: 2026-10-29
Consensus EPS estimate: $21.50

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-30	Jun/2026	$52.04
2026-05-05	-	-
2026-02-05	-	-
2025-10-30	-	-
2025-07-31	-	-
2025-05-01	-	-
2025-02-05	-	-
2024-10-30	-	-

Filings and sources

Company website: strategy.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

Workday, Inc. (WDAY) · Intuit Inc. (INTU) · Autodesk, Inc. (ADSK) · Adobe Inc. (ADBE) · Paychex Inc (PAYX) · Cadence Design Systems Inc (CDNS) · Roper Technologies Inc (ROP) · Datadog, Inc. (DDOG)

All Technology companies

Understanding these figures

Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades