MSTR Nasdaq Application Software Financials FY2016–FY2025
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.
Hi! I read Strategy’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
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.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Strategy did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday · in 4 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 30, 2026 | Q2 '26 | After the market closes | 8-K ↗ |
| May 5, 2026 | Q1 '26 | After the market closes | 8-K ↗ |
| Feb 5, 2026 | Q4 '25 | After the market closes | 8-K ↗ |
| Oct 6, 2025 | Q3 '25 | Before the market opens | 8-K ↗ |
| Jul 7, 2025 | Q2 '25 | Before the market opens | 8-K ↗ |
| Apr 7, 2025 | Q1 '25 | Before the market opens | 8-K ↗ |
| Jan 6, 2025 | Q4 '24 | Before the market opens | 8-K ↗ |
| Oct 30, 2024 | Q3 '24 | After the market closes | 8-K ↗ |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA · 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.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA · Strategy lost $3.8B in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA · Free cash flow was −$75.5M in fiscal 2025, −15.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA · Strategy returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 44.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA · In the last 12 months, insiders sold $2.3M of shares on the open market and bought none.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.3M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA · Strategy owes $5.9B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Strategy can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | — | 1.0x | 0.4x | 0.2x |
| Interest coverage | −38.4x | −29.4x | −2.8x | −41.6x | −117.0x |
| Current ratio | 0.9x | 0.8x | 0.8x | 0.7x | 5.6x |
| Quick ratio | 0.9x | 0.8x | 0.8x | 0.7x | 5.6x |
| 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 |
KIRA · Its return on capital was −11.4%: every 100 invested in the business earned about −11 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA · Strategy passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 / 9 | 2 / 9 | 4 / 9 |
| Accruals ratio | 11.6% | −7.3% | −8.6% |
| Altman Z'' | −0.05 | 1.73 | 4.34 |
What does the share cost, and how does it compare?
KIRA · At $146.01 a share, the company is worth $51.5B.
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
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.
KIRA · Strategy grew sales faster than 0 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-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% | — | 68.4x | 6 | Compare → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
