MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) 10-Year Financial Performance & Capital Metrics

STRF •

TechnologyApplication SoftwareData platforms, analytics and business intelligence

AboutSTRF is a perpetual preferred stock offering a fixed 10% annual dividend on a $100 stated amount, with dividends paid quarterly in cash. The stock is designed to provide income-focused investors with a high-yield investment linked to MicroStrategy's significant Bitcoin assets.Show more

Revenue $463M -6.6%
EBITDA -$1.84B -1725.7%
Net Income -$1.17B -371.9%
EPS (Diluted) -6.06 -329.5%
Gross Margin 72.06% -7.4%
EBITDA Margin -395.98% -1854.9%
Operating Margin -399.82% -1624.6%
Net Margin -251.73% -391.1%
ROE -11.44% -123.8%
ROIC -9.32% -245.2%
Debt/Equity 0.40 -61.8%
Interest Coverage -29.92 -1173.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 16.2% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.22%

5Y-0.96%

3Y-3.19%

TTM1.65%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM2046.69%

EPS CAGR

10Y-

5Y-

3Y-

TTM1123.81%

ROCE

10Y Avg-3.7%

5Y Avg-20.13%

3Y Avg-21.23%

Latest-12.38%

Peer Comparison

Data platforms, analytics and business intelligence

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CALXCalix, Inc.	3.43B	51.77	199.12	20.26%	1.79%	2.08%	3.37%	0.03
DOMODomo, Inc.	138.34M	3.59	-1.69	-0.61%	-21.71%
DGNXDiginex Limited	132.92M	0.63	-9.56	57.03%	-255.46%	-114.37%		0.05
AMPLAmplitude, Inc.	216.32M	7.30	-10.90	14.68%	-25.8%	-36.09%	13.04%	0.03
KCKingsoft Cloud Holdings Limited	49.71B	13.48	-11.42	10.47%	-10.76%	-13.72%		0.94
STRKMicroStrategy Incorporated		78.34	-12.93	-6.61%	16.67%	13.62%		0.40
STRFMicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock		98.56	-16.26	-6.61%	16.67%	13.62%		0.40
STRCMicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	3.39B	100.00	-16.50	-6.61%	16.67%	13.62%		0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	529.87M	513.59M	503.84M	497.64M	486.33M	480.74M	510.76M	499.26M	496.26M	463.46M
Revenue Growth %	-8.62%	-3.07%	-1.9%	-1.23%	-2.27%	-1.15%	6.25%	-2.25%	-0.6%	-6.61%
Cost of Goods Sold+	101.11M	93.15M	96.65M	99.5M	99.97M	91.06M	91.91M	102.99M	109.94M	129.47M
COGS % of Revenue	19.08%	18.14%	19.18%	19.99%	20.56%	18.94%	17.99%	20.63%	22.15%	27.94%
Gross Profit+	428.76M	420.44M	407.19M	398.14M	386.35M	389.68M	418.85M	396.27M	386.32M	333.99M
Gross Margin %	80.92%	81.86%	80.82%	80.01%	79.44%	81.06%	82.01%	79.37%	77.85%	72.06%
Gross Profit Growth %	-3.57%	-1.94%	-3.15%	-2.22%	-2.96%	0.86%	7.49%	-5.39%	-2.51%	-13.55%
Operating Expenses+	294.74M	310.93M	333.97M	394.16M	387.36M	403.31M	1.2B	1.67B	501.36M	2.19B
OpEx % of Revenue	55.62%	60.54%	66.28%	79.21%	79.65%	83.89%	235.6%	334.9%	101.03%	471.88%
Selling, General & Admin	229.25M	237.74M	255.21M	291.66M	277.93M	229.05M	255.64M	258.3M	264.98M	278.62M
SG&A % of Revenue	43.27%	46.29%	50.65%	58.61%	57.15%	47.64%	50.05%	51.74%	53.4%	60.12%
Research & Development	65.21M	73.14M	78.77M	102.5M	109.42M	103.56M	117.12M	127.43M	120.53M	118.49M
R&D % of Revenue	12.31%	14.24%	15.63%	20.6%	22.5%	21.54%	22.93%	25.52%	24.29%	25.57%
Other Operating Expenses	279K	45K	0	0	0	70.7M	830.62M	1.29B	115.85M	1.79B
Operating Income+	134.02M	109.51M	73.22M	3.98M	-1M	-13.63M	-784.53M	-1.28B	-115.05M	-1.85B
Operating Margin %	25.29%	21.32%	14.53%	0.8%	-0.21%	-2.83%	-153.6%	-255.52%	-23.18%	-399.82%
Operating Income Growth %	2525.82%	-18.29%	-33.14%	-94.56%	-125.17%	-1259.78%	-5658%	-62.61%	90.98%	-1510.63%
EBITDA+	155.24M	129.46M	88.75M	7.68M	7.59M	-293K	-773.17M	-1.26B	-100.52M	-1.84B
EBITDA Margin %	29.3%	25.21%	17.62%	1.54%	1.56%	-0.06%	-151.38%	-253.35%	-20.26%	-395.98%
EBITDA Growth %	410.66%	-16.61%	-31.44%	-91.34%	-1.17%	-103.86%	-263780.2%	-63.6%	92.05%	-1725.68%
D&A (Non-Cash Add-back)	21.21M	19.94M	15.53M	3.7M	8.59M	13.33M	11.36M	10.87M	14.53M	17.81M
EBIT	134.3M	109.56M	73.22M	3.98M	-1M	-13.63M	-782.24M	-1.27B	-75.56M	-1.87B
Net Interest Income+	284K	2.2M	5.21M	11.86M	10.91M	710K	-29.15M	-53.14M	-48.96M	-61.94M
Interest Income	284K	2.2M	5.21M	11.86M	10.91M	2.52M	0	0	0	0
Interest Expense	0	0	0	0	0	1.81M	29.15M	53.14M	48.96M	61.94M
Other Income/Expense	3.84M	5.42M	-1.75M	16.5M	39.27M	-6.33M	-26.86M	-46.72M	-9.48M	-81.37M
Pretax Income+	137.86M	114.93M	71.47M	20.48M	38.26M	-19.95M	-811.39M	-1.32B	-124.53M	-1.93B
Pretax Margin %	26.02%	22.38%	14.19%	4.12%	7.87%	-4.15%	-158.86%	-264.88%	-25.09%	-417.37%
Income Tax+	31.93M	22.69M	53.28M	-2.02M	3.91M	-12.43M	-275.91M	147.33M	-553.65M	-767.68M
Effective Tax Rate %	76.84%	80.25%	25.46%	109.86%	89.79%	37.71%	66%	111.14%	-344.61%	60.31%
Net Income+	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Net Margin %	19.99%	17.96%	3.61%	4.52%	7.06%	-1.57%	-104.84%	-294.39%	86.47%	-251.73%
Net Income Growth %	2003.89%	-12.93%	-80.27%	23.67%	52.68%	-121.9%	-7016.96%	-174.48%	129.2%	-371.87%
Net Income (Continuing)	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.92	0.80	0.16	0.20	0.33	-0.08	-5.34	-12.98	2.64	-6.06
EPS Growth %	1990.91%	-13.04%	-80%	25%	65%	-123.55%	-6772.59%	-143.07%	120.34%	-329.55%
EPS (Basic)	0.93	0.81	0.16	0.20	0.34	-0.08	-5.34	-12.98	3.14	-6.06
Diluted Shares Outstanding	115.39M	115.16M	115.47M	114.12M	103.28M	96.84M	100.2M	113.21M	165.66M	192.55M
Basic Shares Outstanding	113.55M	114.25M	114.44M	113.75M	102.56M	96.84M	100.2M	113.21M	136.71M	192.55M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	565.31M	684.99M	860.65M	778.4M	753.45M	272.62M	267.96M	264.57M	267.89M	252.32M
Cash & Short-Term Investments	485.66M	589.38M	675.17M	576.11M	565.65M	59.67M	63.36M	43.84M	46.82M	38.12M
Cash Only	292.34M	401.98M	420.24M	109.92M	456.73M	59.67M	63.36M	43.84M	46.82M	38.12M
Short-Term Investments	193.32M	187.41M	254.93M	466.19M	108.92M	0	0	0	0	0
Accounts Receivable	68.15M	83.32M	165.36M	171.36M	163.52M	197.46M	189.28M	189.28M	183.81M	181.2M
Days Sales Outstanding	46.95	59.21	119.8	125.69	122.72	149.92	135.26	138.38	135.2	142.71
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	618K	737K	2.14M	862K	1.09M	1.08M	1.08M	31.45M	37.26M	33M
Total Non-Current Assets+	91.58M	83.33M	72.57M	77.37M	163.13M	1.19B	3.29B	2.15B	4.49B	25.59B
Property, Plant & Equipment	65.66M	57.44M	53.36M	51.92M	135.69M	116.57M	103.35M	93.61M	86.28M	80.89M
Fixed Asset Turnover	8.07x	8.94x	9.44x	9.58x	3.58x	4.12x	4.94x	5.33x	5.75x	5.73x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	15.86M	8.5M	2.5M	0	0	1.05B	2.85B	1.84B	3.63B	23.91B
Long-Term Investments	0	0	0	0	0	1.05B	0	0	0	6.8M
Other Non-Current Assets	2.07M	5.7M	3.32M	8.13M	8.02M	-1.04B	15.82M	23.92M	24.3M	68.99M
Total Assets+	656.89M	768.32M	933.22M	855.77M	916.57M	1.47B	3.56B	2.41B	4.76B	25.84B
Asset Turnover	0.81x	0.67x	0.54x	0.58x	0.53x	0.33x	0.14x	0.21x	0.10x	0.02x
Asset Growth %	17.55%	16.96%	21.46%	-8.3%	7.11%	59.9%	142.71%	-32.24%	97.59%	442.65%
Total Current Liabilities+	172.66M	185.49M	184.86M	258.27M	269.82M	285.62M	311.99M	317.4M	323.27M	355.38M
Accounts Payable	28.54M	33.13M	30.71M	33.68M	33.92M	44.85M	46.08M	42.98M	32.63M	33.4M
Days Payables Outstanding	103.03	129.81	115.98	123.57	123.84	179.78	183.01	152.31	108.32	94.16
Short-Term Debt	0	0	0	0	0	0	0	454K	10.95M	10.9M
Deferred Revenue (Current)	100.69M	105.53M	112.65M	176.54M	187.11M	191.25M	209.86M	217.43M	228.16M	237.97M
Other Current Liabilities	3.36M	3.5M	0	0	0	0	1.49M	2.83M	1.49M	5.55M
Current Ratio	3.27x	3.69x	4.66x	3.01x	2.79x	0.95x	0.86x	0.83x	0.83x	0.71x
Quick Ratio	3.27x	3.69x	4.66x	3.01x	2.79x	0.95x	0.86x	0.83x	0.83x	0.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	28.95M	30.66M	60.33M	67.77M	138.19M	626.95M	2.27B	2.48B	2.27B	7.26B
Long-Term Debt	0	0	0	0	0	486.37M	2.16B	2.38B	2.18B	7.19B
Capital Lease Obligations	0	0	0	0	103.42M	84.33M	76.61M	67.34M	61.09M	56.4M
Deferred Tax Liabilities	17K	294K	4K	37K	26K	8.21M	109K	198K	357K	407K
Other Non-Current Liabilities	19.94M	16.45M	50.15M	61.26M	30.4M	33.38M	26.22M	17.12M	22.21M	5.38M
Total Liabilities	201.61M	216.14M	245.19M	326.04M	408.01M	912.57M	2.58B	2.79B	2.6B	7.61B
Total Debt+	0	0	0	0	103.42M	570.69M	2.23B	2.45B	2.25B	7.26B
Net Debt	-292.34M	-401.98M	-420.24M	-109.92M	-353.3M	511.02M	2.17B	2.4B	2.21B	7.22B
Debt / Equity	-	-	-	-	0.20x	1.03x	2.28x	-	1.04x	0.40x
Debt / EBITDA	-	-	-	-	13.62x	-	-	-	-	-
Net Debt / EBITDA	-1.88x	-3.11x	-4.73x	-14.31x	-46.54x	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-7.51x	-26.91x	-24.01x	-2.35x	-29.92x
Total Equity+	455.28M	552.18M	590.54M	529.73M	508.56M	553.04M	978.96M	-383.12M	2.16B	18.23B
Equity Growth %	40.31%	21.28%	6.95%	-10.3%	-4%	8.75%	77.01%	-139.14%	665.09%	742.04%
Book Value per Share	3.95	4.79	5.11	4.64	4.92	5.71	9.77	-3.38	13.07	94.68
Total Shareholders' Equity	455.28M	552.18M	590.54M	529.73M	508.56M	553.04M	978.96M	-383.12M	2.16B	18.23B
Common Stock	18K	18K	18K	18K	18K	18K	20K	20K	26K	246K
Retained Earnings	403.2M	494.11M	511.75M	549.13M	583.49M	575.97M	41.44M	-1.43B	-999.23M	-2.17B
Treasury Stock	-475.18M	-475.18M	-475.18M	-586.16M	-658.88M	-782.1M	-782.1M	-782.1M	-782.1M	0
Accumulated OCI	-7.41M	-10.74M	-5.97M	-10.22M	-9.65M	-3.88M	-7.54M	-13.8M	-11.44M	-15.38M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	149.7M	110.59M	78.32M	10.63M	60.87M	53.62M	93.83M	3.21M	12.71M	-53.03M
Operating CF Margin %	28.25%	21.53%	15.54%	2.14%	12.52%	11.15%	18.37%	0.64%	2.56%	-11.44%
Operating CF Growth %	925.34%	-26.13%	-29.18%	-86.43%	472.76%	-11.91%	75%	-96.58%	295.89%	-517.18%
Net Income	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Depreciation & Amortization	21.21M	19.94M	15.53M	3.7M	8.59M	13.33M	11.36M	10.87M	14.53M	17.81M
Stock-Based Compensation	17.3M	11.82M	14.27M	14.64M	10.21M	11.15M	44.13M	63.62M	69.57M	77.12M
Deferred Taxes	8.77M	-4.84M	-3.6M	-8.27M	-5.45M	-20.83M	-284.78M	131.13M	-569.46M	-775.85M
Other Non-Cash Items	1.01M	-1.02M	2.27M	2.06M	8.27M	80.27M	847.52M	1.3B	90M	1.84B
Working Capital Changes	-4.53M	-7.55M	31.66M	-24M	4.89M	-22.78M	11.09M	-36.61M	-21.05M	-42.71M
Change in Receivables	5M	-16.88M	15.35M	-8.36M	-3.67M	-774K	2.62M	-5.29M	10.31M	5.69M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	1.9M	6.98M	-9.09M	3.38M	-7.32M	9.17M	3.75M	-3.52M	-634K	1.14M
Cash from Investing+	-7.66M	4.34M	-69.73M	-209.06M	353.69M	-1.02B	-2.63B	-278.59M	-1.91B	-22.09B
Capital Expenditures	-3.48M	-2.34M	-3.98M	-6.85M	-10.18M	-3.65M	-2.71M	-2.49M	-2.94M	-13.48M
CapEx % of Revenue	0.66%	0.46%	0.79%	1.38%	2.09%	0.76%	0.53%	0.5%	0.59%	2.91%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.6M	0	0	0	0	-1.13B	-2.63B	-276.1M	-1.9B	-22.07B
Cash from Financing+	9.18M	-1M	1.66M	-108.52M	-66.15M	563.23M	2.54B	265.19M	1.89B	22.13B
Debt Issued (Net)	-1.45M	-172K	-21K	-9K	0	650M	1.55B	215.55M	-160.55M	5.7B
Equity Issued (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	-110.98M	-72.72M	-123.22M	0	0	0	0
Other Financing	1.1M	-2.5M	0	2.47M	6.57M	36.46M	-8.31M	3.05M	21.22M	72.22M
Net Change in Cash	145.38M	109.75M	18.47M	-310.4M	347.03M	-397.06M	3.67M	-13.57M	-2.19M	-8.78M
Free Cash Flow+	136.62M	108.25M	74.34M	3.78M	50.69M	-1.08B	-2.54B	-287.2M	-1.89B	-22.14B
FCF Margin %	25.78%	21.08%	14.75%	0.76%	10.42%	-223.62%	-496.4%	-57.52%	-381.36%	-4776.99%
FCF Growth %	2304.92%	-20.76%	-31.33%	-94.91%	1240.52%	-2221.01%	-135.84%	88.67%	-558.97%	-1069.83%
FCF per Share	1.18	0.94	0.64	0.03	0.49	-11.10	-25.30	-2.54	-11.42	-114.98
FCF Conversion (FCF/Net Income)	1.41x	1.20x	4.30x	0.47x	1.77x	-7.13x	-0.18x	-0.00x	0.03x	0.05x
Interest Paid	-34K	-2K	0	0	11K	178K	20.42M	43.45M	41.23M	44.57M
Taxes Paid	-13.35M	24.33M	29.28M	13.21M	5.91M	6.8M	7.01M	21.97M	30.32M	1.06M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	27.17%	18.31%	3.18%	4.02%	6.62%	-1.42%	-69.91%	-493.35%	48.17%	-11.44%
Return on Invested Capital (ROIC)	59.04%	52.46%	34.27%	1.01%	-0.26%	-1.68%	-27.94%	-37.04%	-2.7%	-9.32%
Gross Margin	80.92%	81.86%	80.82%	80.01%	79.44%	81.06%	82.01%	79.37%	77.85%	72.06%
Net Margin	19.99%	17.96%	3.61%	4.52%	7.06%	-1.57%	-104.84%	-294.39%	86.47%	-251.73%
Debt / Equity	-	-	-	-	0.20x	1.03x	2.28x	-	1.04x	0.40x
Interest Coverage	-	-	-	-	-	-7.51x	-26.91x	-24.01x	-2.35x	-29.92x
FCF Conversion	1.41x	1.20x	4.30x	0.47x	1.77x	-7.13x	-0.18x	-0.00x	0.03x	0.05x
Revenue Growth	-8.62%	-3.07%	-1.9%	-1.23%	-2.27%	-1.15%	6.25%	-2.25%	-0.6%	-6.61%

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MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) 10-Year Financial Performance & Capital Metrics

STRF •

TechnologyApplication SoftwareData platforms, analytics and business intelligence

Revenue $463M -6.6%
EBITDA -$1.84B -1725.7%
Net Income -$1.17B -371.9%
EPS (Diluted) -6.06 -329.5%
Gross Margin 72.06% -7.4%
EBITDA Margin -395.98% -1854.9%
Operating Margin -399.82% -1624.6%
Net Margin -251.73% -391.1%
ROE -11.44% -123.8%
ROIC -9.32% -245.2%
Debt/Equity 0.40 -61.8%
Interest Coverage -29.92 -1173.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 16.2% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.22%

5Y-0.96%

3Y-3.19%

TTM1.65%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM2046.69%

EPS CAGR

10Y-

5Y-

3Y-

TTM1123.81%

ROCE

10Y Avg-3.7%

5Y Avg-20.13%

3Y Avg-21.23%

Latest-12.38%

Peer Comparison

Data platforms, analytics and business intelligence

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CALXCalix, Inc.	3.43B	51.77	199.12	20.26%	1.79%	2.08%	3.37%	0.03
DOMODomo, Inc.	138.34M	3.59	-1.69	-0.61%	-21.71%
DGNXDiginex Limited	132.92M	0.63	-9.56	57.03%	-255.46%	-114.37%		0.05
AMPLAmplitude, Inc.	216.32M	7.30	-10.90	14.68%	-25.8%	-36.09%	13.04%	0.03
KCKingsoft Cloud Holdings Limited	49.71B	13.48	-11.42	10.47%	-10.76%	-13.72%		0.94
STRKMicroStrategy Incorporated		78.34	-12.93	-6.61%	16.67%	13.62%		0.40
STRFMicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock		98.56	-16.26	-6.61%	16.67%	13.62%		0.40
STRCMicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	3.39B	100.00	-16.50	-6.61%	16.67%	13.62%		0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	529.87M	513.59M	503.84M	497.64M	486.33M	480.74M	510.76M	499.26M	496.26M	463.46M
Revenue Growth %	-8.62%	-3.07%	-1.9%	-1.23%	-2.27%	-1.15%	6.25%	-2.25%	-0.6%	-6.61%
Cost of Goods Sold+	101.11M	93.15M	96.65M	99.5M	99.97M	91.06M	91.91M	102.99M	109.94M	129.47M
COGS % of Revenue	19.08%	18.14%	19.18%	19.99%	20.56%	18.94%	17.99%	20.63%	22.15%	27.94%
Gross Profit+	428.76M	420.44M	407.19M	398.14M	386.35M	389.68M	418.85M	396.27M	386.32M	333.99M
Gross Margin %	80.92%	81.86%	80.82%	80.01%	79.44%	81.06%	82.01%	79.37%	77.85%	72.06%
Gross Profit Growth %	-3.57%	-1.94%	-3.15%	-2.22%	-2.96%	0.86%	7.49%	-5.39%	-2.51%	-13.55%
Operating Expenses+	294.74M	310.93M	333.97M	394.16M	387.36M	403.31M	1.2B	1.67B	501.36M	2.19B
OpEx % of Revenue	55.62%	60.54%	66.28%	79.21%	79.65%	83.89%	235.6%	334.9%	101.03%	471.88%
Selling, General & Admin	229.25M	237.74M	255.21M	291.66M	277.93M	229.05M	255.64M	258.3M	264.98M	278.62M
SG&A % of Revenue	43.27%	46.29%	50.65%	58.61%	57.15%	47.64%	50.05%	51.74%	53.4%	60.12%
Research & Development	65.21M	73.14M	78.77M	102.5M	109.42M	103.56M	117.12M	127.43M	120.53M	118.49M
R&D % of Revenue	12.31%	14.24%	15.63%	20.6%	22.5%	21.54%	22.93%	25.52%	24.29%	25.57%
Other Operating Expenses	279K	45K	0	0	0	70.7M	830.62M	1.29B	115.85M	1.79B
Operating Income+	134.02M	109.51M	73.22M	3.98M	-1M	-13.63M	-784.53M	-1.28B	-115.05M	-1.85B
Operating Margin %	25.29%	21.32%	14.53%	0.8%	-0.21%	-2.83%	-153.6%	-255.52%	-23.18%	-399.82%
Operating Income Growth %	2525.82%	-18.29%	-33.14%	-94.56%	-125.17%	-1259.78%	-5658%	-62.61%	90.98%	-1510.63%
EBITDA+	155.24M	129.46M	88.75M	7.68M	7.59M	-293K	-773.17M	-1.26B	-100.52M	-1.84B
EBITDA Margin %	29.3%	25.21%	17.62%	1.54%	1.56%	-0.06%	-151.38%	-253.35%	-20.26%	-395.98%
EBITDA Growth %	410.66%	-16.61%	-31.44%	-91.34%	-1.17%	-103.86%	-263780.2%	-63.6%	92.05%	-1725.68%
D&A (Non-Cash Add-back)	21.21M	19.94M	15.53M	3.7M	8.59M	13.33M	11.36M	10.87M	14.53M	17.81M
EBIT	134.3M	109.56M	73.22M	3.98M	-1M	-13.63M	-782.24M	-1.27B	-75.56M	-1.87B
Net Interest Income+	284K	2.2M	5.21M	11.86M	10.91M	710K	-29.15M	-53.14M	-48.96M	-61.94M
Interest Income	284K	2.2M	5.21M	11.86M	10.91M	2.52M	0	0	0	0
Interest Expense	0	0	0	0	0	1.81M	29.15M	53.14M	48.96M	61.94M
Other Income/Expense	3.84M	5.42M	-1.75M	16.5M	39.27M	-6.33M	-26.86M	-46.72M	-9.48M	-81.37M
Pretax Income+	137.86M	114.93M	71.47M	20.48M	38.26M	-19.95M	-811.39M	-1.32B	-124.53M	-1.93B
Pretax Margin %	26.02%	22.38%	14.19%	4.12%	7.87%	-4.15%	-158.86%	-264.88%	-25.09%	-417.37%
Income Tax+	31.93M	22.69M	53.28M	-2.02M	3.91M	-12.43M	-275.91M	147.33M	-553.65M	-767.68M
Effective Tax Rate %	76.84%	80.25%	25.46%	109.86%	89.79%	37.71%	66%	111.14%	-344.61%	60.31%
Net Income+	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Net Margin %	19.99%	17.96%	3.61%	4.52%	7.06%	-1.57%	-104.84%	-294.39%	86.47%	-251.73%
Net Income Growth %	2003.89%	-12.93%	-80.27%	23.67%	52.68%	-121.9%	-7016.96%	-174.48%	129.2%	-371.87%
Net Income (Continuing)	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.92	0.80	0.16	0.20	0.33	-0.08	-5.34	-12.98	2.64	-6.06
EPS Growth %	1990.91%	-13.04%	-80%	25%	65%	-123.55%	-6772.59%	-143.07%	120.34%	-329.55%
EPS (Basic)	0.93	0.81	0.16	0.20	0.34	-0.08	-5.34	-12.98	3.14	-6.06
Diluted Shares Outstanding	115.39M	115.16M	115.47M	114.12M	103.28M	96.84M	100.2M	113.21M	165.66M	192.55M
Basic Shares Outstanding	113.55M	114.25M	114.44M	113.75M	102.56M	96.84M	100.2M	113.21M	136.71M	192.55M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	565.31M	684.99M	860.65M	778.4M	753.45M	272.62M	267.96M	264.57M	267.89M	252.32M
Cash & Short-Term Investments	485.66M	589.38M	675.17M	576.11M	565.65M	59.67M	63.36M	43.84M	46.82M	38.12M
Cash Only	292.34M	401.98M	420.24M	109.92M	456.73M	59.67M	63.36M	43.84M	46.82M	38.12M
Short-Term Investments	193.32M	187.41M	254.93M	466.19M	108.92M	0	0	0	0	0
Accounts Receivable	68.15M	83.32M	165.36M	171.36M	163.52M	197.46M	189.28M	189.28M	183.81M	181.2M
Days Sales Outstanding	46.95	59.21	119.8	125.69	122.72	149.92	135.26	138.38	135.2	142.71
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	618K	737K	2.14M	862K	1.09M	1.08M	1.08M	31.45M	37.26M	33M
Total Non-Current Assets+	91.58M	83.33M	72.57M	77.37M	163.13M	1.19B	3.29B	2.15B	4.49B	25.59B
Property, Plant & Equipment	65.66M	57.44M	53.36M	51.92M	135.69M	116.57M	103.35M	93.61M	86.28M	80.89M
Fixed Asset Turnover	8.07x	8.94x	9.44x	9.58x	3.58x	4.12x	4.94x	5.33x	5.75x	5.73x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	15.86M	8.5M	2.5M	0	0	1.05B	2.85B	1.84B	3.63B	23.91B
Long-Term Investments	0	0	0	0	0	1.05B	0	0	0	6.8M
Other Non-Current Assets	2.07M	5.7M	3.32M	8.13M	8.02M	-1.04B	15.82M	23.92M	24.3M	68.99M
Total Assets+	656.89M	768.32M	933.22M	855.77M	916.57M	1.47B	3.56B	2.41B	4.76B	25.84B
Asset Turnover	0.81x	0.67x	0.54x	0.58x	0.53x	0.33x	0.14x	0.21x	0.10x	0.02x
Asset Growth %	17.55%	16.96%	21.46%	-8.3%	7.11%	59.9%	142.71%	-32.24%	97.59%	442.65%
Total Current Liabilities+	172.66M	185.49M	184.86M	258.27M	269.82M	285.62M	311.99M	317.4M	323.27M	355.38M
Accounts Payable	28.54M	33.13M	30.71M	33.68M	33.92M	44.85M	46.08M	42.98M	32.63M	33.4M
Days Payables Outstanding	103.03	129.81	115.98	123.57	123.84	179.78	183.01	152.31	108.32	94.16
Short-Term Debt	0	0	0	0	0	0	0	454K	10.95M	10.9M
Deferred Revenue (Current)	100.69M	105.53M	112.65M	176.54M	187.11M	191.25M	209.86M	217.43M	228.16M	237.97M
Other Current Liabilities	3.36M	3.5M	0	0	0	0	1.49M	2.83M	1.49M	5.55M
Current Ratio	3.27x	3.69x	4.66x	3.01x	2.79x	0.95x	0.86x	0.83x	0.83x	0.71x
Quick Ratio	3.27x	3.69x	4.66x	3.01x	2.79x	0.95x	0.86x	0.83x	0.83x	0.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	28.95M	30.66M	60.33M	67.77M	138.19M	626.95M	2.27B	2.48B	2.27B	7.26B
Long-Term Debt	0	0	0	0	0	486.37M	2.16B	2.38B	2.18B	7.19B
Capital Lease Obligations	0	0	0	0	103.42M	84.33M	76.61M	67.34M	61.09M	56.4M
Deferred Tax Liabilities	17K	294K	4K	37K	26K	8.21M	109K	198K	357K	407K
Other Non-Current Liabilities	19.94M	16.45M	50.15M	61.26M	30.4M	33.38M	26.22M	17.12M	22.21M	5.38M
Total Liabilities	201.61M	216.14M	245.19M	326.04M	408.01M	912.57M	2.58B	2.79B	2.6B	7.61B
Total Debt+	0	0	0	0	103.42M	570.69M	2.23B	2.45B	2.25B	7.26B
Net Debt	-292.34M	-401.98M	-420.24M	-109.92M	-353.3M	511.02M	2.17B	2.4B	2.21B	7.22B
Debt / Equity	-	-	-	-	0.20x	1.03x	2.28x	-	1.04x	0.40x
Debt / EBITDA	-	-	-	-	13.62x	-	-	-	-	-
Net Debt / EBITDA	-1.88x	-3.11x	-4.73x	-14.31x	-46.54x	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-7.51x	-26.91x	-24.01x	-2.35x	-29.92x
Total Equity+	455.28M	552.18M	590.54M	529.73M	508.56M	553.04M	978.96M	-383.12M	2.16B	18.23B
Equity Growth %	40.31%	21.28%	6.95%	-10.3%	-4%	8.75%	77.01%	-139.14%	665.09%	742.04%
Book Value per Share	3.95	4.79	5.11	4.64	4.92	5.71	9.77	-3.38	13.07	94.68
Total Shareholders' Equity	455.28M	552.18M	590.54M	529.73M	508.56M	553.04M	978.96M	-383.12M	2.16B	18.23B
Common Stock	18K	18K	18K	18K	18K	18K	20K	20K	26K	246K
Retained Earnings	403.2M	494.11M	511.75M	549.13M	583.49M	575.97M	41.44M	-1.43B	-999.23M	-2.17B
Treasury Stock	-475.18M	-475.18M	-475.18M	-586.16M	-658.88M	-782.1M	-782.1M	-782.1M	-782.1M	0
Accumulated OCI	-7.41M	-10.74M	-5.97M	-10.22M	-9.65M	-3.88M	-7.54M	-13.8M	-11.44M	-15.38M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	149.7M	110.59M	78.32M	10.63M	60.87M	53.62M	93.83M	3.21M	12.71M	-53.03M
Operating CF Margin %	28.25%	21.53%	15.54%	2.14%	12.52%	11.15%	18.37%	0.64%	2.56%	-11.44%
Operating CF Growth %	925.34%	-26.13%	-29.18%	-86.43%	472.76%	-11.91%	75%	-96.58%	295.89%	-517.18%
Net Income	105.93M	92.24M	18.2M	22.5M	34.35M	-7.52M	-535.48M	-1.47B	429.12M	-1.17B
Depreciation & Amortization	21.21M	19.94M	15.53M	3.7M	8.59M	13.33M	11.36M	10.87M	14.53M	17.81M
Stock-Based Compensation	17.3M	11.82M	14.27M	14.64M	10.21M	11.15M	44.13M	63.62M	69.57M	77.12M
Deferred Taxes	8.77M	-4.84M	-3.6M	-8.27M	-5.45M	-20.83M	-284.78M	131.13M	-569.46M	-775.85M
Other Non-Cash Items	1.01M	-1.02M	2.27M	2.06M	8.27M	80.27M	847.52M	1.3B	90M	1.84B
Working Capital Changes	-4.53M	-7.55M	31.66M	-24M	4.89M	-22.78M	11.09M	-36.61M	-21.05M	-42.71M
Change in Receivables	5M	-16.88M	15.35M	-8.36M	-3.67M	-774K	2.62M	-5.29M	10.31M	5.69M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	1.9M	6.98M	-9.09M	3.38M	-7.32M	9.17M	3.75M	-3.52M	-634K	1.14M
Cash from Investing+	-7.66M	4.34M	-69.73M	-209.06M	353.69M	-1.02B	-2.63B	-278.59M	-1.91B	-22.09B
Capital Expenditures	-3.48M	-2.34M	-3.98M	-6.85M	-10.18M	-3.65M	-2.71M	-2.49M	-2.94M	-13.48M
CapEx % of Revenue	0.66%	0.46%	0.79%	1.38%	2.09%	0.76%	0.53%	0.5%	0.59%	2.91%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.6M	0	0	0	0	-1.13B	-2.63B	-276.1M	-1.9B	-22.07B
Cash from Financing+	9.18M	-1M	1.66M	-108.52M	-66.15M	563.23M	2.54B	265.19M	1.89B	22.13B
Debt Issued (Net)	-1.45M	-172K	-21K	-9K	0	650M	1.55B	215.55M	-160.55M	5.7B
Equity Issued (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	-110.98M	-72.72M	-123.22M	0	0	0	0
Other Financing	1.1M	-2.5M	0	2.47M	6.57M	36.46M	-8.31M	3.05M	21.22M	72.22M
Net Change in Cash	145.38M	109.75M	18.47M	-310.4M	347.03M	-397.06M	3.67M	-13.57M	-2.19M	-8.78M
Free Cash Flow+	136.62M	108.25M	74.34M	3.78M	50.69M	-1.08B	-2.54B	-287.2M	-1.89B	-22.14B
FCF Margin %	25.78%	21.08%	14.75%	0.76%	10.42%	-223.62%	-496.4%	-57.52%	-381.36%	-4776.99%
FCF Growth %	2304.92%	-20.76%	-31.33%	-94.91%	1240.52%	-2221.01%	-135.84%	88.67%	-558.97%	-1069.83%
FCF per Share	1.18	0.94	0.64	0.03	0.49	-11.10	-25.30	-2.54	-11.42	-114.98
FCF Conversion (FCF/Net Income)	1.41x	1.20x	4.30x	0.47x	1.77x	-7.13x	-0.18x	-0.00x	0.03x	0.05x
Interest Paid	-34K	-2K	0	0	11K	178K	20.42M	43.45M	41.23M	44.57M
Taxes Paid	-13.35M	24.33M	29.28M	13.21M	5.91M	6.8M	7.01M	21.97M	30.32M	1.06M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	27.17%	18.31%	3.18%	4.02%	6.62%	-1.42%	-69.91%	-493.35%	48.17%	-11.44%
Return on Invested Capital (ROIC)	59.04%	52.46%	34.27%	1.01%	-0.26%	-1.68%	-27.94%	-37.04%	-2.7%	-9.32%
Gross Margin	80.92%	81.86%	80.82%	80.01%	79.44%	81.06%	82.01%	79.37%	77.85%	72.06%
Net Margin	19.99%	17.96%	3.61%	4.52%	7.06%	-1.57%	-104.84%	-294.39%	86.47%	-251.73%
Debt / Equity	-	-	-	-	0.20x	1.03x	2.28x	-	1.04x	0.40x
Interest Coverage	-	-	-	-	-	-7.51x	-26.91x	-24.01x	-2.35x	-29.92x
FCF Conversion	1.41x	1.20x	4.30x	0.47x	1.77x	-7.13x	-0.18x	-0.00x	0.03x	0.05x
Revenue Growth	-8.62%	-3.07%	-1.9%	-1.23%	-2.27%	-1.15%	6.25%	-2.25%	-0.6%	-6.61%

MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) 10-Year Financial Performance & Capital Metrics

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MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock (STRF) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare STRF vs Peers

vs SNOW

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