Strategy (MSTR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Strategy

NasdaqGS•Technology•Software - Application

$153.92+21.67(0.16%)Market closed

Market Cap

$54.26B

P/S

108.9x

P/B

1.8x

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

How this company scores

WeakMetricSide Score: 38/100

Strongest: Balance Sheet & Red Flags (14/25); weakest: Cash & Earnings Quality (3/25).

Profitability11/25

Growth10/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality3/25

Strengths

Long cash runwayLow leverageConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.7x5y range 2.0x – 23.2x

Currently above its 5-quarter median.

P/S · 108.9x5y range 0.3x – 240.7x

Currently above its 20-quarter median.

P/B · 1.8x5y range 0.4x – 8.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 618.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $54.26B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $498.35M
Q. Revenue: $122.37M
TTM EBITDA: $-36.33B
TTM Op. Income: $-36.36B
Q. Op. Income: $-8.33B
TTM Net Income: $-30.41B
Q. Net Income: $-8.22B
EPS: $-24.45
Shares Out.: $352.53M

$498.35M in TTM revenue grew 7.8% YoY, reaching $122.37M last quarter. TTM EBITDA of $-36.33B and TTM operating income of $-36.36B show growth is flowing through to the bottom line. However, net income is negative at $30.41B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 66.6%
EBITDA Margin: -6798.0%
Op. Margin: -6808.1%
Net Margin: -6717.1%

Op. margin of -6808.1% is down 19064.4% YoY — costs are rising relative to revenue. Net margin at -6717.1% and gross margin of 66.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 108.9x
P/B Ratio: 1.8x

P/S of 108.9x and P/B of 1.8x. P/S is high, meaning growth expectations are priced in. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $52.56B
Cash: $1.71B
Long-Term Debt: $6.67B
Book Value: $30.89B
D/E Ratio: 0.2
Debt/EBITDA: N/A

With $52.56B in assets and $6.67B in long-term debt, D/E is 0.2and book value is $30.89B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 26% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-4.14M
TTM Free Cash Flow: $-26.19M
FCF Margin: -5.3%
FCF / Net Income: 0.0

TTM FCF of $-26.19M on $-4.14M in operating cash flow. The FCF / Net Income ratio of 0.0x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.