Strategy IncMSTR
NasdaqGS•Technology•Software - Application
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.
Strategy Inc (MSTR) reported trailing twelve months revenue of $490.47M as of March 2026, a 6.8% increase year-over-year. Quarterly revenue reached $124.30M, reflecting continued top-line momentum.
Strategy Inc reported a TTM net loss of $12.17B, with quarterly EBITDA of $-14.46B. The operating margin contracted from -5331.4% to -11641.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-11641.5%) and net margin (-10090.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -3797.2% a year ago, reflecting increased costs or interest expense.
MSTR trades at a P/S of 82.7x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company generated $13.04M in free cash flow over the trailing twelve months, a 354.3% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $54.27B in total assets with $8.17B in long-term debt against $36.65B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -2159.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 7 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 55.8% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation