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Strategy

MSTR Nasdaq Application Software Financials FY2016–FY2025

Strategy's revenue rose 3.0% to $477 million in fiscal 2025. Its operating margin was −1,140.8%, down from −399.8% a year earlier. Free cash flow was −$75 million. The diluted share count rose 44.2%.

Last close · Oct 23, 2026

$146.01

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$477M
3.0% vs prior year
Operating margin Operating income as a share of revenue.
−1,140.8%
741.0 pts
Net income Profit after all expenses, interest and tax.
−$3.8B
Free cash flow Cash from operations minus capital spending.
−$75.5M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−11.4%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$51.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Strategy had no borrowings before its first convertible notes in December 2020, so debt counts as zero in earlier years. From 2025 Strategy carries its bitcoin at market value, so its profits and losses swing with the price of bitcoin; its revenue is still almost all from its analytics software. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.

What Strategy does

Strategy, formerly MicroStrategy, runs two things at once. It says it is the first and largest company built around holding bitcoin as its main treasury asset. It also sells business analytics software, now with AI features, mostly to customers it already has. It changed its name from MicroStrategy on August 11, 2025.

On the bitcoin side, the company buys and holds bitcoin and raises money to buy more. It does this by selling Class A common stock and preferred securities through at-the-market offerings, which let a company sell shares gradually at market prices. In 2025 it issued five classes of preferred stock, each aimed at a different group of investors. As of February 13, 2026, it held approximately 717,131 bitcoins, which it bought for an aggregate purchase price of $54.5 billion. It also keeps a cash reserve, which stood at $2.25 billion on that date.

On the software side, it is moving customers from product licenses to cloud subscriptions. That shift can change when it records revenue. Its software revenue comes from licenses, subscriptions and related services.

Legal name
STRATEGY INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 19, 2026
Accession · CIK
0001050446-26-000020
0001050446

Revenue and margins

Strategy had $477M of revenue in fiscal 2025, up 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$75.5M in fiscal 2025, −15.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Strategy returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 44.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Strategy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.9B and divides by 277.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Strategy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $63.4M$43.8M$46.8M$38.1M$2.3B
Debt incl. finance leases $2.2B$2.4B$2.2B$7.2B$8.2B
Debt / equity 2.2x—1.0x0.4x0.2x
Interest coverage −38.4x−29.4x−2.8x−41.6x−117.0x
Current ratio 0.9x0.8x0.8x0.7x5.6x
Quick ratio 0.9x0.8x0.8x0.7x5.6x
Total assets $3.6B$2.4B$4.8B$25.8B$61.6B
Total liabilities $2.6B$2.8B$2.6B$7.6B$10.6B
Shareholders' equity $979M−$383M$2.2B$18.2B$44.1B
Net debt (− = net cash) $2.1B$2.3B$2.1B$7.2B$5.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.3M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 9, 2026 Jarrod M PattenDirector Sold 1,350 $156.16 $0.2M Form 4
Oct 8, 2026 Jarrod M PattenDirector Sold 1,400 $151.01 $0.2M Form 4
Sep 22, 2026 Jarrod M PattenDirector Sold 475 $171.00 $0.1M Form 4
Sep 21, 2026 Jarrod M PattenDirector Sold 1,425 $167.33 $0.2M Form 4
Sep 4, 2026 Thomas C. ChowEVP & General Counsel Sold 106 $138.75 $0.0M Form 4
Aug 27, 2026 Jarrod M PattenDirector Sold 1,850 $130.00 $0.2M Form 4
Aug 25, 2026 Jarrod M PattenDirector Sold 2,775 $125.33 $0.3M Form 4
Aug 24, 2026 Jarrod M PattenDirector Sold 925 $122.34 $0.1M Form 4
Aug 7, 2026 Jarrod M PattenDirector Sold 3,800 $102.41 $0.4M Form 4
Jul 27, 2026 Jarrod M PattenDirector Sold 1,950 $98.48 $0.2M Form 4
Jul 24, 2026 Jarrod M PattenDirector Sold 1,950 $92.46 $0.2M Form 4
Jul 22, 2026 Jarrod M PattenDirector Sold 1,250 $100.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✕ ✕
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 5 / 92 / 94 / 9
Accruals ratio 11.6%−7.3%−8.6%
Altman Z'' −0.051.734.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Strategy MSTR $51.5B 3.0% −1,140.8% −15.8% −11.4% — 4
Asana ASAN $2.8B 9.3% −25.0% 11.0% — — — Compare →
AppFolio APPF $7.5B 19.7% 16.1% 25.1% 50.3% 44.4x 4 Compare →
GitLab GTLB $9.5B 25.8% −7.4% 23.2% — — 4 Compare →
Manhattan Associates MANH $14.1B 3.8% 25.9% 34.6% — 68.5x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $514M $504M $498M $486M $481M $511M $499M $496M $464M $477M
Gross profit $420M $407M $398M $386M $390M $419M $396M $386M $334M $328M
Research and development $73.1M $78.8M $103M $109M $104M $117M $127M $121M $119M $93.9M
Operating income $110M $73.2M $4.0M −$1.0M −$13.6M −$785M −$1.3B −$115M −$1.9B −$5.4B
Interest expense $0.0M $0.0M $0.0M $0.0M $0.2M $20.4M $43.4M $41.2M $44.6M $46.5M
Pretax income $115M $71.5M $20.5M $38.3M −$20.0M −$811M −$1.3B −$125M −$1.9B −$5.5B
Income tax $22.7M $53.3M −$2.0M $3.9M −$12.4M −$276M $147M −$554M −$768M −$1.7B
Net income $92.2M $18.2M $22.5M $34.4M −$7.5M −$536M −$1.5B $429M −$1.2B −$3.8B
Diluted EPS $0.80 $0.16 $0.20 $0.33 −$0.08 −$5.34 −$12.98 $2.64 −$6.06 −$15.23
Diluted shares 0.12B 0.12B 0.11B 0.10B 0.10B 0.10B 0.11B 0.17B 0.19B 0.28B
Cash flow
Cash from operations $111M $78.3M $10.6M $60.9M $53.6M $93.8M $3.2M $12.7M −$53.0M −$67.2M
Capital expenditure $2.3M $4.0M $6.8M $10.2M $3.7M $2.7M $2.5M $2.9M $3.0M $8.2M
Free cash flow $108M $74.3M $3.8M $50.7M $50.0M $91.1M $0.7M $9.8M −$56.0M −$75.5M
Depreciation and amortization $19.9M $15.5M $3.7M $8.6M $13.3M $11.4M $10.9M $14.5M $17.8M $25.5M
Stock-based compensation $11.8M $14.3M $14.6M $10.2M $11.2M $44.1M $63.6M $69.6M $77.1M $53.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $111M $72.7M $123M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $111M $72.7M $123M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $589M $675M $576M $566M $59.7M $63.4M $43.8M $46.8M $38.1M $2.3B
Total debt $0.0M $0.0M $0.0M $0.0M $486M $2.2B $2.4B $2.2B $7.2B $8.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $685M $861M $778M $753M $273M $268M $265M $268M $252M $2.6B
Current liabilities $186M $271M $258M $270M $286M $312M $317M $323M $355M $457M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $57.4M $53.4M $51.9M $50.2M $43.0M $36.6M $32.3M $28.9M $26.3M $28.9M
Total assets $768M $933M $856M $917M $1.5B $3.6B $2.4B $4.8B $25.8B $61.6B
Total liabilities $216M $328M $326M $408M $913M $2.6B $2.8B $2.6B $7.6B $10.6B
Shareholders' equity $566M $606M $530M $509M $446M $979M −$383M $2.2B $18.2B $44.1B
Margins
Gross margin 81.9% 80.8% 80.0% 79.4% 81.1% 82.0% 79.4% 77.9% 72.1% 68.7%
Operating margin 21.3% 14.5% 0.8% −0.2% −2.8% −153.6% −255.5% −23.2% −399.8% −1,140.8%
EBITDA margin 25.2% 17.6% 1.5% 1.6% −0.1% −151.4% −253.4% −20.3% −396.0% −1,135.5%
Net margin 18.0% 3.6% 4.5% 7.1% −1.6% −104.8% −294.4% 86.5% −251.7% −806.4%
FCF margin 21.1% 14.8% 0.8% 10.4% 10.4% 17.8% 0.2% 2.0% −12.1% −15.8%
Returns
Return on capital — — — — −2.6% −31.4% −40.1% −2.9% −9.9% −11.4%
Return on capital employed 20.5% 11.8% 0.6% −0.2% −1.5% −35.5% −47.8% −3.5% −12.4% −12.6%
Return on equity 18.1% 3.1% 4.0% 6.6% −1.6% −75.2% −493.4% 48.2% −11.4% −12.3%
Return on assets 12.9% 2.1% 2.5% 3.9% −0.6% −21.3% −49.3% 12.0% −7.6% −8.8%
Growth
Revenue growth −3.1% −1.9% −1.2% −2.3% −1.2% 6.3% −2.3% −0.6% −6.6% 3.0%
Net income growth −12.9% −80.3% 23.7% 52.7% −121.9% — — — −371.9% —
EPS growth −12.8% −80.3% 24.7% 69.0% −123.4% — — — −329.6% —
FCF growth −26.0% −31.3% −94.9% 1,240.5% −1.4% 82.4% −99.2% 1,248.1% −673.1% —
Share count change −0.2% 0.3% −1.2% −9.5% −6.2% 3.5% 13.0% 46.3% 16.2% 44.2%
Financial health
Net debt / EBITDA −4.6x −7.6x −75.0x −74.5x — — — — — —
Debt / equity 0.0x 0.0x 0.0x 0.0x 1.1x 2.2x — 1.0x 0.4x 0.2x
Interest coverage 54,756.0x — — −91.1x −76.5x −38.4x −29.4x −2.8x −41.6x −117.0x
Current ratio 3.7x 3.2x 3.0x 2.8x 1.0x 0.9x 0.8x 0.8x 0.7x 5.6x
Quick ratio 3.7x 3.2x 3.0x 2.8x 1.0x 0.9x 0.8x 0.8x 0.7x 5.6x
Capital allocation
Capex / revenue 0.5% 0.8% 1.4% 2.1% 0.8% 0.5% 0.5% 0.6% 0.6% 1.7%
Stock comp / revenue 2.3% 2.8% 2.9% 2.1% 2.3% 8.6% 12.7% 14.0% 16.6% 11.2%
Payouts / FCF 0.0% 0.0% 2,935.1% 143.5% 246.6% 0.0% 0.0% 0.0% — —
Quality scores
Piotroski F-score 6.0 3.0 4.0 6.0 4.0 3.0 3.0 5.0 2.0 4.0
Altman Z'' 10.1 8.5 7.8 6.8 1.7 −1.1 −5.8 −0.1 1.7 4.3
Accruals ratio −2.6% −7.1% 1.3% −3.0% −5.1% −25.1% −49.4% 11.6% −7.3% −8.6%

Source: SEC EDGAR XBRL filings (CIK 0001050446). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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