Strategy
MSTR Nasdaq· Application Software
Last close · Oct 27, 2026
$141.40
KIRA · Stoqly’s AI analyst, in plain words
- Strategy had $477M of revenue in fiscal 2025, up 3.0% on the year before. Over five years, revenue changed −0.2% a year on average.
- Its operating margin was −1,140.8%, down 741.0 pts: of every 100 in sales, about −1,141 is left after running the business.
- Strategy lost $3.8B in fiscal 2025.
- Free cash flow was −$75.5M in fiscal 2025, −15.8% of revenue.
- Strategy returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 44.2%.
- Strategy owes $5.9B more than it holds in cash.
Market cap
$49.8B
P/E
—
Revenue
$477M
Net income
−$3.8B
Free cash flow
−$75.5M
Operating margin
−1,140.8%
Strategy in 30 seconds · fiscal 2025
Are sales growing?
+3.0%
Only a little. Sales grew 3.0% last year.
Does it make a profit?
−806.4%
No. It lost money last year.
Does profit turn into cash?
−15.8%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
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.
Biggest risks, in its own words
- A fall in the value of its bitcoin, which makes up the vast bulk of its assets, could hurt its ability to meet its financial obligations.
- Bitcoin prices are highly volatile, and the rules for bitcoin and digital assets are new and unsettled.
- Its results can swing a lot from period to period, and it may not stay profitable.
- Heavier regulation and tax exposure that its bitcoin strategy brings.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Legal name
- STRATEGY INC
- CIK
- 0001050446
Strategy · MSTR
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $511M | $499M | $496M | $464M | $477M |
| Revenue growth | 6.3% | −2.3% | −0.6% | −6.6% | 3.0% |
| Gross margin | 82.0% | 79.4% | 77.9% | 72.1% | 68.7% |
| Operating margin | −153.6% | −255.5% | −23.2% | −399.8% | −1,140.8% |
| Net income | −$536M | −$1.5B | $429M | −$1.2B | −$3.8B |
| Net margin | −104.8% | −294.4% | 86.5% | −251.7% | −806.4% |
| Diluted EPS | −$5.34 | −$12.98 | $2.64 | −$6.06 | −$15.23 |
| Cash | |||||
| Cash from operations | $93.8M | $3.2M | $12.7M | −$53.0M | −$67.2M |
| Capital expenditure | $2.7M | $2.5M | $2.9M | $3.0M | $8.2M |
| Free cash flow | $91.1M | $0.7M | $9.8M | −$56.0M | −$75.5M |
| FCF margin | 17.8% | 0.2% | 2.0% | −12.1% | −15.8% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 3.5% | 13.0% | 46.3% | 16.2% | 44.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $979M | −$383M | $2.2B | $18.2B | $44.1B |
| Current ratio | 0.9x | 0.8x | 0.8x | 0.7x | 5.6x |
| Interest coverage | −38.4x | −29.4x | −2.8x | −41.6x | −117.0x |
| Returns and quality | |||||
| Return on capital | −31.4% | −40.1% | −2.9% | −9.9% | −11.4% |
| Return on equity | −75.2% | −493.4% | 48.2% | −11.4% | −12.3% |
| Piotroski F-score | 3 | 3 | 5 | 2 | 4 |
| Altman Z'' | −1.1 | −5.8 | −0.1 | 1.7 | 4.3 |
Insiders bought, 12 months
$2.2M
4 insiders
Insiders sold, 12 months
$36.0M
6 insiders
Of sales under plans
69%
$24.7M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Strategy · MSTR
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Strategy MSTR | $49.8B | 3.0% | −1,140.8% | −15.8% | −11.4% | — | 4 |
| Asana ASAN | $2.7B | 9.3% | −25.0% | 11.0% | — | — | — |
| AppFolio APPF | $7.2B | 19.7% | 16.1% | 25.1% | 50.3% | 42.5x | 4 |
| GitLab GTLB | $9.6B | 25.8% | −7.4% | 23.2% | — | — | 4 |
| Manhattan Associates MANH | $13.8B | 3.8% | 25.9% | 34.6% | — | 67.2x | 6 |
KIRA
At $141.40 a share, the company is worth $49.8B.
Strategy grew sales faster than 0 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001050446). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.