MSTR Technology

Strategy Inc

$135.63+3.72%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 54.1B USD
Enterprise value: 52.5B USD
Full-time employees: 1,539

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 3.57 vs a peer median of 0.87)bigger price swings (beta 3.57 vs peers 0.87)

Ranks #1,434 of 1,612 technology companies (bottom 12%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Strategy made a loss per share in its latest year after a profit the year before.
Operating margin at a 6-year low. -1141% in 2025, the weakest of the last 6 years.
Strategy's operating margin fell to -1141% in 2025, its lowest in the 6 years of filings we have.
Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.
Strategy paid employees $53M in stock in 2025, 11% of its $477M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Strategy reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

26/ 100

Oct 5 27 → Nov 4 26 (-1)

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-63.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-69.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-0.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield64.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

23/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-0.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.62Sector median: 0.0483 · MAD: 0.0793

Revenue growth7.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.07Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7295.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-57.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-80.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin67.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-98.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta3.57

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio5.39×

SEC filings · latest balance sheetReported value33% base weight · Z-score 5.20Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.22×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.14Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Strategy

Is Strategy getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 26/100 since Oct 28, 2026.
How is Strategy valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -63.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -63.6% vs peers 2.2% (weaker than 100% of peers).
Is Strategy growing?: More slowly than most of its peers. Growth scores 23/100 against 1,711 technology peers. 3-year revenue growth -0.1% vs a peer median of 4.8% (weaker than 68% of peers).3-year revenue growth -0.1% vs peers 4.8% (weaker than 68% of peers).
How profitable is Strategy?: Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -7295.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -7295.4% vs peers 6.3% (weaker than 100% of peers).
How risky is Strategy?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 5.39× vs a peer median of 1.83× (stronger than 91% of peers).Current ratio 5.39× vs peers 1.83× (stronger than 91% of peers). Beta 3.57 vs a peer median of 0.87 (weaker than 100% of peers).Beta 3.57 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Strategy is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	490.5M USD	498.3M USD	+1.6%
Net income (12 months)	−12.2B USD	−30.4B USD	+149.8%
Operating margin	-2853.1%	-7295.4%	−4442.3 pts
Free cash flow (12 months)	−57.3M USD	−26.2M USD	−54.3%
Debt	8.2B USD	6.7B USD	−18.1%
Cash	2.2B USD	1.7B USD	−22.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	82.0%	79.4%	77.8%	72.1%	68.7%	▼ 3.4 pts
Operating margin	-153.6%	-255.5%	-23.2%	-399.8%	-1140.8%	▼ 741 pts
Net margin	-104.8%	-294.4%	86.5%	-251.7%	-806.3%	▼ 555 pts
Return on assets (ROA)	-15.1%	-61.0%	9.0%	-4.5%	-6.2%	▼ 1.7 pts
Return on equity (ROE)	-54.7%	—	19.8%	-6.4%	-8.7%	▼ 2.3 pts
Free cash flow margin	17.8%	0.1%	2.0%	-12.1%	-15.8%	▼ 3.7 pts
Current ratio	0.86×	0.83×	0.83×	0.71×	5.62×	▲ 691%
Debt to equity	2.20×	—	1.01×	0.39×	0.19×	▼ 53%

MSTR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 3.57 vs a peer median of 0.87)bigger price swings (beta 3.57 vs peers 0.87)

Ranks #1,434 of 1,612 technology companies (bottom 12%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Strategy made a loss per share in its latest year after a profit the year before.

Operating margin at a 6-year low. -1141% in 2025, the weakest of the last 6 years.

Strategy's operating margin fell to -1141% in 2025, its lowest in the 6 years of filings we have.

Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.

Strategy paid employees $53M in stock in 2025, 11% of its $477M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Strategy reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Strategy

Is Strategy getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 26/100 since Oct 28, 2026.

How is Strategy valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -63.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -63.6% vs peers 2.2% (weaker than 100% of peers).

Is Strategy growing?

More slowly than most of its peers. Growth scores 23/100 against 1,711 technology peers. 3-year revenue growth -0.1% vs a peer median of 4.8% (weaker than 68% of peers).3-year revenue growth -0.1% vs peers 4.8% (weaker than 68% of peers).

How profitable is Strategy?

Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -7295.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -7295.4% vs peers 6.3% (weaker than 100% of peers).

How risky is Strategy?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 5.39× vs a peer median of 1.83× (stronger than 91% of peers).Current ratio 5.39× vs peers 1.83× (stronger than 91% of peers). Beta 3.57 vs a peer median of 0.87 (weaker than 100% of peers).Beta 3.57 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

490.5M USD

498.3M USD

+1.6%

Net income (12 months)

−12.2B USD

−30.4B USD

+149.8%

Operating margin

-2853.1%

-7295.4%

−4442.3 pts

Free cash flow (12 months)

−57.3M USD

−26.2M USD

−54.3%

Debt

8.2B USD

6.7B USD

−18.1%

Cash

2.2B USD

1.7B USD

−22.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

82.0%

79.4%

77.8%

72.1%

68.7%

▼ 3.4 pts

Operating margin

-153.6%

-255.5%

-23.2%

-399.8%

-1140.8%

▼ 741 pts

Net margin

-104.8%

-294.4%

86.5%

-251.7%

-806.3%

▼ 555 pts

Return on assets (ROA)

-15.1%

-61.0%

9.0%

-4.5%

-6.2%

▼ 1.7 pts

Return on equity (ROE)

-54.7%

—

19.8%

-6.4%

-8.7%

▼ 2.3 pts

Free cash flow margin

17.8%

0.1%

2.0%

-12.1%

-15.8%

▼ 3.7 pts

Current ratio

0.86×

0.83×

0.71×

5.62×

▲ 691%

Debt to equity

2.20×

—

1.01×

0.39×

0.19×

▼ 53%