MSTRNasdaqFinance ServicesFiscal year ends December 31Also trades as STRC, STRD, STRF, STRK
Strategy Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$136.02−0.81 (-0.59%)
Close on Oct 19, 2026
- Market cap
- $47.95B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
68.7%−12.4 pts over 5 years
Operating margin
-1140.8%−1138.0 pts over 5 years
Net margin
-806.3%−804.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.0% | -1.5% | -0.1% | -1.0% | |
| Gross profit | -1.8% | -6.1% | -3.4% | -2.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 18.1% | -1.6% | -10.2% | |
| Return on assets | 12.9% | -0.6% | -8.8% | |
| Current ratio | 3.69 | 0.95 | 5.62 | |
| Debt to equity | – | 1.09 | 0.19 | |
| Net debt to EBITDA | – | -1456.28× | -1.09× | |
| Capex to revenue | 0.5% | 0.8% | 1.7% | |
| Diluted shares | 115M | 97M | 278M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Strategy generated $230.03M from operations and spent $19.32M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$230.03M
Used
$19.32M
Capital expenditure$19.32M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-806.3%
×Asset turnover0.01×
×Equity multiplier1.16×
=Return on equity, FY2025-10.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -806.3% | 0.01× | 1.16× | -10.2% |
| FY2024 | -251.7% | 0.03× | 0.92× | -7.0% |
| FY2023 | 86.5% | 0.14× | 4.03× | 48.2% |
| FY2022 | -294.4% | 0.17× | 10.02× | -493.4% |
| FY2021 | -104.8% | 0.20× | 3.52× | -75.1% |
| FY2020 | -1.6% | 0.40× | 2.50× | -1.6% |
| FY2019 | 7.1% | 0.55× | 1.71× | 6.6% |
| FY2018 | 4.5% | 0.56× | 1.58× | 4.0% |
| FY2017 | 3.6% | 0.59× | 1.45× | 3.1% |
| FY2016 | 18.0% | 0.72× | 1.40× | 18.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$3.85B
- Cash generatingOperating cash flow above zero-$67.24M
- Return on assets improvedROA up on the prior year-24.5% → -14.9%
- Earnings backed by cashOperating cash flow above net income-$67.24M vs -$3.85B
- Less leverageLong-term debt to assets fell27.8% → 13.2%
- Better liquidityCurrent ratio rose0.71 → 5.62
- No dilutionShare count did not rise193M → 278M
- Gross margin improvedGross margin up on the prior year72.06% → 68.69%
- More efficientAsset turnover rose0.10 → 0.02