Strategy MSTR
Bitcoin holdings & software. Strategy Inc, listed on NASDAQ.
Based on the FY2025 annual report (Jan 2025 – Dec 2025)
Strategy's market cap is
about $55.35 billion.
#199 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $477.233M.
- Share price (close)
- $129.30
- P/E ratio
- —
- Market cap
- $55.35B
- Revenue
- $477.233M
- Operating income
- −$5.444385B
- Net income
- −$3.848152B
- Free cash flow
- −$75.453M
- Total assets
- $61.641082B
- Dividends paid
- —
- Dividend per share
- —
- Dividend yield
- —
- Shares outstanding
- 277,660,000 shares
Where the revenue went
Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.
- Cost of revenue31.3%
- R&D19.7%
- SG&A and other1189.8%
- Loss806.3%
Non-operating gains such as investment income (334.5% of revenue) offset part of the loss, so the net loss is smaller than the operating loss.
Profitability and stability
Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.
- Revenue growthHow much revenue grew from the previous fiscal year
- +3.0%
- #228 of 299
- Revenue was roughly flat. The median across 299 companies is +7.9%.
- Operating marginShare of revenue kept as profit from the core business
- −1140.8%
- #231 of 231
- The core business lost money. The median across 231 companies is 19.2%.
- Net marginShare of revenue left as profit after interest and taxes
- −806.4%
- #298 of 298
- The company lost the equivalent of 806.4% of revenue. The median across 298 companies is 14.0%.
- FCF marginShare of revenue left as cash after capital spending
- −15.8%
- #251 of 261
- The company spent more on investment than it generated in cash. The median across 261 companies is 15.8%.
- ROEHow much profit the company earned on shareholders' equity in a year
- −12.3%
- #267 of 276
- ROE is negative because of a net loss. The median across 276 companies is 16.8%.
- Debt-to-equityLiabilities relative to equity. Lower means less debt
- 24.0%
- #6 of 244
- Liabilities are smaller than equity. The median across 244 companies is 159.6%.
Revenue and profit over time
Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.
Where the cash went
Unlike profit, cash flow is money that actually came in and went out.
- Cash from operations−$67.241M
- Capital spending−$8.212M
- Cash shortfall (FCF)−$75.453M
Whose money funds the assets
The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).
- Total assets$61.641082B
- Total liabilities$10.59811B
- Total equity$44.123458B
- Cash and equivalents$2.30147B
Compared with similar companies
Based on each company's latest annual report, so fiscal year ends may differ.
Compare in detail| Company | Annual revenue | Net income | Revenue growth | Operating margin | Net margin |
|---|---|---|---|---|---|
| StrategyMSTR | $477.233M | −$3.848152B | +3.0% | −1140.8% | −806.4% |
| AutodeskADSK | $7.206B | $1.124B | +17.5% | 21.9% | 15.6% |
| WorkdayWDAY | $9.552B | $693M | +13.1% | 7.5% | 7.3% |
| Roper TechnologiesROP | $7.9025B | $1.5363B | +12.3% | 28.3% | 19.4% |
| DatadogDDOG | $3.427158B | $107.741M | +27.7% | −1.3% | 3.1% |
What the company does
Strategy began as a business analytics software company, but its core today is a large bitcoin holding, so its results swing heavily with the bitcoin price.
The fiscal year ends around December each year.
Related companies: Autodesk, Workday, Roper Technologies, Datadog
Financial statements
Last 5 fiscal years. Currency: US dollars.
Show the table
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 510.762M | 499.264M | 496.261M | 463.456M | 477.233M |
| Cost of revenue | 91.909M | 102.989M | 109.944M | 129.468M | 149.417M |
| Gross profit | 418.853M | 396.275M | 386.317M | 333.988M | 327.816M |
| R&D expense | 117.117M | 127.428M | 120.53M | 118.486M | 93.86M |
| Operating income | −784.527M | −1.275742B | −115.047M | −1.852978B | −5.444385B |
| Pretax income | −811.389M | −1.322465B | −124.525M | −1.934346B | −5.525954B |
| Net income | −535.48M | −1.469797B | 429.121M | −1.166661B | −3.848152B |
| EPS (diluted) | $-53.44 | $-12.98 | $2.64 | $-6.06 | $-15.23 |
| Operating cash flow | 93.833M | 3.211M | 12.712M | −53.032M | −67.241M |
| Capital expenditures | 2.706M | 2.486M | 2.938M | 2.978M | 8.212M |
| Free cash flow (FCF) | 91.127M | 725,000 | 9.774M | −56.01M | −75.453M |
| Total assets | 3.557124B | 2.410272B | 4.762528B | 25.843685B | 61.641082B |
| Total liabilities | 2.578166B | 2.793392B | 2.597556B | 7.613701B | 10.59811B |
| Total equity | 978.958M | −383.12M | 2.164972B | 18.229984B | 44.123458B |
| Cash and equivalents | 63.356M | 43.835M | 46.817M | 38.117M | 2.30147B |
| Original filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: SEC EDGAR filings for Strategy Inc · CIK 0001050446 · US-GAAP