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Strategy Inc

MSTR Clue Score32
United States Fiscal year ends December CIK 0001050446
$154.34 +1.89% Close, 9 Oct 2026
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Price $154.34 −78.91% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.51Operating income0.11Net income0.09EPS, diluted8.01Fiscal year 2017Revenue0.50 −1.9%Operating income0.07Net income0.02 −80.3%EPS, diluted1.58Fiscal year 2018Revenue0.50 −1.2%Operating income0.00Net income0.02 +23.7%EPS, diluted1.97Fiscal year 2019Revenue0.49 −2.3%Operating income−0.00Net income0.03 +52.7%EPS, diluted3.33Fiscal year 2020Revenue0.48 −1.1%Operating income−0.01Net income−0.01 −121.9%EPS, diluted−0.78Fiscal year 2021Revenue0.51 +6.2%Operating income−0.78Net income−0.54EPS, diluted−53.44Fiscal year 2022Revenue0.50 −2.3%Operating income−1.28Net income−1.47EPS, diluted−12.98Fiscal year 2023Revenue0.50 −0.6%Operating income−0.12Net income0.43EPS, diluted2.64Fiscal year 2024Revenue0.46 −6.6%Operating income−1.85Net income−1.17 −371.9%EPS, diluted−6.06Fiscal year 2025Revenue0.48 +3.0%Operating income−5.44Net income−3.85EPS, diluted−15.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.51 0.50 0.50 0.49 0.48 0.51 0.50 0.50 0.46 0.48
Growth −1.9% −1.2% −2.3% −1.1% +6.2% −2.3% −0.6% −6.6% +3.0%
Operating income 0.11 0.07 0.00 −0.00 −0.01 −0.78 −1.28 −0.12 −1.85 −5.44
Net income 0.09 0.02 0.02 0.03 −0.01 −0.54 −1.47 0.43 −1.17 −3.85
Growth −80.3% +23.7% +52.7% −121.9% −371.9%
EPS, diluted 8.01 1.58 1.97 3.33 −0.78 −53.44 −12.98 2.64 −6.06 −15.23

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin81.9%Operating margin21.3%Net margin18.0%Free cash flow margin21.1%Fiscal year 2017Gross margin80.8%Operating margin14.5%Net margin3.6%Free cash flow margin14.8%Fiscal year 2018Gross margin80.0%Operating margin0.8%Net margin4.5%Free cash flow margin0.8%Fiscal year 2019Gross margin79.4%Operating margin−0.2%Net margin7.1%Free cash flow margin10.4%Fiscal year 2020Gross margin81.1%Operating margin−2.8%Net margin−1.6%Free cash flow margin10.4%Fiscal year 2021Gross margin82.0%Operating margin−153.6%Net margin−104.8%Free cash flow margin17.8%Fiscal year 2022Gross margin79.4%Operating margin−255.5%Net margin−294.4%Free cash flow margin0.1%Fiscal year 2023Gross margin77.8%Operating margin−23.2%Net margin86.5%Free cash flow margin2.0%Fiscal year 2024Gross margin72.1%Operating margin−399.8%Net margin−251.7%Free cash flow margin−12.1%Fiscal year 2025Gross margin68.7%Operating margin−1,140.8%Net margin−806.3%Free cash flow margin−15.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 81.9% 80.8% 80.0% 79.4% 81.1% 82.0% 79.4% 77.8% 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%
Net margin 18.0% 3.6% 4.5% 7.1% −1.6% −104.8% −294.4% 86.5% −251.7% −806.3%
Free cash flow margin 21.1% 14.8% 0.8% 10.4% 10.4% 17.8% 0.1% 2.0% −12.1% −15.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.11Capital expenditure−0.00Free cash flow0.11Buybacks0.00Fiscal year 2017Operating cash flow0.08Capital expenditure−0.00Free cash flow0.07 −31.3%Buybacks0.00Fiscal year 2018Operating cash flow0.01Capital expenditure−0.01Free cash flow0.00 −94.9%Buybacks−0.11Fiscal year 2019Operating cash flow0.06Capital expenditure−0.01Free cash flow0.05 +1,240.5%Buybacks−0.07Fiscal year 2020Operating cash flow0.05Capital expenditure−0.00Free cash flow0.05 −1.4%Buybacks−0.12Fiscal year 2021Operating cash flow0.09Capital expenditure−0.00Free cash flow0.09 +82.4%Buybacks0.00Fiscal year 2022Operating cash flow0.00Capital expenditure−0.00Free cash flow0.00 −99.2%Buybacks0.00Fiscal year 2023Operating cash flow0.01Capital expenditure−0.00Free cash flow0.01 +1,248.1%Fiscal year 2024Operating cash flow−0.05Capital expenditure−0.00Free cash flow−0.06 −673.1%Fiscal year 2025Operating cash flow−0.07Capital expenditure−0.01Free cash flow−0.08
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.11 0.08 0.01 0.06 0.05 0.09 0.00 0.01 −0.05 −0.07
Capital expenditure −0.00 −0.00 −0.01 −0.01 −0.00 −0.00 −0.00 −0.00 −0.00 −0.01
Free cash flow 0.11 0.07 0.00 0.05 0.05 0.09 0.00 0.01 −0.06 −0.08
Growth −31.3% −94.9% +1,240.5% −1.4% +82.4% −99.2% +1,248.1% −673.1%
Buybacks 0.00 0.00 −0.11 −0.07 −0.12 0.00 0.00 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.40Shareholders’ equity0.57Fiscal year 2017Cash0.42Shareholders’ equity0.61Fiscal year 2018Cash0.11Shareholders’ equity0.53Fiscal year 2019Cash0.46Shareholders’ equity0.51Fiscal year 2020Cash0.06Total debt0.49Net cash (debt)−0.43Shareholders’ equity0.45Debt to equity1.09Fiscal year 2021Cash0.06Total debt2.16Net cash (debt)−2.09Shareholders’ equity0.98Debt to equity2.20Fiscal year 2022Cash0.04Total debt2.38Net cash (debt)−2.34Shareholders’ equity−0.38Fiscal year 2023Cash0.05Total debt2.18Net cash (debt)−2.14Shareholders’ equity2.16Debt to equity1.01Fiscal year 2024Cash0.04Total debt7.19Net cash (debt)−7.15Shareholders’ equity18.23Debt to equity0.39Fiscal year 2025Cash2.30Total debt8.19Net cash (debt)−5.89Shareholders’ equity44.12Debt to equity0.19
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.40 0.42 0.11 0.46 0.06 0.06 0.04 0.05 0.04 2.30
Total debt n/a n/a n/a n/a 0.49 2.16 2.38 2.18 7.19 8.19
Net cash (debt) n/a n/a n/a n/a −0.43 −2.09 −2.34 −2.14 −7.15 −5.89
Shareholders’ equity 0.57 0.61 0.53 0.51 0.45 0.98 −0.38 2.16 18.23 44.12
Debt to equity n/a n/a n/a n/a 1.09 2.20 n/a 1.01 0.39 0.19

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
81.9% 80.8% 80.0% 79.4% 81.1% 82.0% 79.4% 77.8% 72.1% 68.7%
21.3% 14.5% 0.8% −0.2% −2.8% −153.6% −255.5% −23.2% −399.8% −1,140.8%
22.4% 14.2% 4.1% 7.9% −4.2% −158.9% −264.9% −25.1% −417.4% −1,157.9%
18.0% 3.6% 4.5% 7.1% −1.6% −104.8% −294.4% 86.5% −251.7% −806.3%
21.1% 14.8% 0.8% 10.4% 10.4% 17.8% 0.1% 2.0% −12.1% −15.8%
Spending
14.2% 15.6% 20.6% 22.5% 21.5% 22.9% 25.5% 24.3% 25.6% 19.7%
15.5% 15.9% 17.3% 17.8% 16.7% 18.7% 22.3% 23.2% 30.3% 31.8%
0.5% 0.8% 1.4% 2.1% 0.8% 0.5% 0.5% 0.6% 0.6% 1.7%
19.7% 74.5% −9.9% 10.2% n/a n/a n/a n/a n/a n/a
Returns
16.3% 3.0% 4.2% 6.8% −1.7% −54.7% n/a 19.8% −6.4% −8.7%
12.0% 1.9% 2.6% 3.7% −0.5% −15.1% −61.0% 9.0% −4.5% −6.2%
Balance and payout
n/a n/a n/a n/a 1.09 2.20 n/a 1.01 0.39 0.19
28.1% 35.1% 38.1% 44.5% 62.3% 72.5% 115.9% 54.5% 29.5% 17.2%
0.0% 0.0% 2,935.1% 143.5% 246.6% 0.0% 0.0% n/a n/a n/a