Strategy Inc (MSTR) Financial Ratios
29 years of historical data (1997–2025) · Technology · Software - Application
EV/EBITDA
N/A
—
5yr avg: N/A
30Y Low4.5·High55.8
P/FCF
N/A
—
5yr avg: N/A
30Y Low10.1·High104.3
P/B Ratio
↓
0.65
↓-82% vs avg
5yr avg: 3.59
30Y Low0.9·High79.4
ROE
↑
-11.6%
↓+89% vs avg
5yr avg: -107.6%
30Y Low-493%·High118%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low2.1·High13.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MSTR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Strategy Inc currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $37.6B | $44.7B | $55.8B | $10.5B | $1.6B | $5.5B | $3.8B | $1.5B | $1.5B | $1.5B | $2.3B |
| Enterprise Value | $43.6B | $50.7B | $63.0B | $12.7B | $4.0B | $7.6B | $4.3B | $1.1B | $1.3B | $1.1B | $1.9B |
| P/E Ratio → | -7.39 | — | — | 23.92 | — | — | — | 43.21 | 63.90 | 82.06 | 24.67 |
| P/S Ratio | 78.74 | 93.61 | 120.33 | 21.08 | 3.21 | 10.68 | 7.83 | 3.03 | 2.93 | 3.01 | 4.43 |
| P/B Ratio | 0.65 | 0.88 | 3.06 | 4.83 | — | 5.57 | 6.80 | 2.90 | 2.75 | 2.57 | 4.12 |
| P/FCF | — | — | — | — | — | — | — | 29.06 | 385.73 | 20.39 | 21.00 |
| P/OCF | — | — | — | 823.09 | 499.24 | 58.14 | 70.17 | 24.20 | 137.24 | 19.36 | 20.56 |
P/E links to full P/E history page with 30-year chart
MSTR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 106.14 | 135.91 | 25.53 | 8.02 | 14.93 | 8.89 | 2.30 | 2.71 | 2.18 | 3.64 |
| EV / EBITDA | — | — | — | — | — | — | — | 147.45 | 175.54 | 12.35 | 14.45 |
| EV / EBIT | — | — | — | — | — | — | — | — | 338.74 | 14.97 | 17.08 |
| EV / FCF | — | — | — | — | — | — | — | 22.09 | 356.66 | 14.74 | 17.29 |
MSTR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Strategy Inc earns an operating margin of -1140.8%. Operating margins have compressed from -23.2% to -1140.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -11.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.7% | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | 81.1% | 79.4% | 80.0% | 80.8% | 81.9% |
| Operating Margin | -1140.8% | -1140.8% | -399.8% | -23.2% | -255.5% | -153.6% | -2.8% | -0.2% | 0.8% | 14.5% | 21.3% |
| Net Profit Margin | -844.8% | -844.8% | -251.7% | 86.5% | -294.4% | -104.8% | -1.6% | 7.1% | 4.5% | 3.6% | 18.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -11.6% | -11.6% | -11.4% | 48.2% | -493.4% | -69.9% | -1.4% | 6.6% | 4.0% | 3.2% | 18.3% |
| ROA | -9.2% | -9.2% | -7.6% | 12.0% | -49.3% | -21.3% | -0.6% | 3.9% | 2.5% | 2.1% | 12.9% |
| ROIC | -9.9% | -9.9% | -9.3% | -2.7% | -37.0% | -27.9% | -1.7% | -0.3% | 1.0% | 34.3% | 52.5% |
| ROCE | -12.6% | -12.6% | -12.4% | -3.5% | -47.8% | -35.5% | -1.5% | -0.2% | 0.6% | 11.0% | 20.5% |
MSTR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $6.0B ($8.3B total debt minus $2.3B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.40 | 1.04 | — | 2.28 | 1.03 | 0.20 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 13.62 | — | — | — |
| Net Debt / Equity | — | 0.12 | 0.40 | 1.02 | — | 2.22 | 0.92 | -0.69 | -0.21 | -0.71 | -0.73 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -46.54 | -14.31 | -4.73 | -3.11 |
| Debt / FCF | — | — | — | — | — | — | — | -6.97 | -29.07 | -5.65 | -3.71 |
| Interest Coverage | -84.06 | -84.06 | -30.23 | -1.54 | -23.89 | -26.84 | -7.51 | — | — | — | — |
MSTR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Strategy Inc's current ratio of 5.62x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.83x to 5.62x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.62 | 5.62 | 0.71 | 0.83 | 0.83 | 0.86 | 0.95 | 2.79 | 3.01 | 4.66 | 3.69 |
| Quick Ratio | 5.62 | 5.62 | 0.71 | 0.83 | 0.83 | 0.86 | 0.95 | 2.79 | 3.01 | 4.66 | 3.69 |
| Cash Ratio | 5.05 | 5.05 | 0.11 | 0.14 | 0.14 | 0.20 | 0.21 | 2.10 | 2.23 | 3.65 | 3.18 |
| Asset Turnover | — | 0.01 | 0.02 | 0.10 | 0.21 | 0.14 | 0.33 | 0.53 | 0.58 | 0.54 | 0.67 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 157.36 | 142.71 | 135.20 | 138.38 | 135.26 | 149.92 | 122.72 | 125.69 | 119.80 | 59.21 |
MSTR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Strategy Inc returns 1.2% to shareholders annually primarily through dividends.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 0.9% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 4.2% | — | — | — | 2.3% | 1.6% | 1.2% | 4.1% |
| FCF Yield | — | — | — | — | — | — | — | 3.4% | 0.3% | 4.9% | 4.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 4.9% | 7.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 4.9% | 7.6% | 0.0% | 0.0% |
| Shares Outstanding | — | $294M | $193M | $166M | $113M | $100M | $97M | $103M | $114M | $115M | $115M |
Peer Comparison
Compare MSTR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSTRYou | $38B | -7.4 | — | — | 68.7% | -1140.8% | -11.6% | -9.9% | — |
 COIN | $43B | 36.7 | 24.4 | 17.7 | 74.6% | 20.0% | 10.1% | 5.7% | 4.8 |
 MARA | $5B | -3.9 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $11B | -14.4 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 CLSK | $4B | 15.4 | 7.8 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 HUT | $14B | -58.1 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 CIFR | $12B | -13.6 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
 BTBT | $707M | -7.0 | — | — | 21.4% | -49.8% | -12.1% | -5.8% | — |
 CORZ | $9B | -33.1 | — | — | 11.9% | -70.4% | — | — | — |
 IREN | $21B | 153.7 | 109.8 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
 WULF | $12B | -17.5 | — | — | 50.9% | -101.1% | -343.7% | -4.2% | — |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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MSTR — Frequently Asked Questions
Quick answers to the most common questions about buying MSTR stock.
What is Strategy Inc's P/E ratio?
Strategy Inc's current P/E ratio is -7.4x. The historical average is 30.4x.
What is Strategy Inc's ROE?
Strategy Inc's return on equity (ROE) is -11.6%. The historical average is -19.4%.
Is MSTR stock overvalued?
Based on historical data, Strategy Inc is trading at a P/E of -7.4x. Compare with industry peers and growth rates for a complete picture.
What is Strategy Inc's dividend yield?
Strategy Inc's current dividend yield is 1.15%.
What are Strategy Inc's profit margins?
Strategy Inc has 68.7% gross margin and -1140.8% operating margin.