Latest Ratios: P/E Ratio -6.8x · EV/EBITDA N/A · ROE -11.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.7B | $29.7B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $40.7B | $35.7B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -6.83 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 72.77 | 62.25 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.60 | 0.58 | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
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 | — | 74.78 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% | 3.1% | 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% | 32.7% | 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | -0.69 | -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 | 31.46 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% | 1.3% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.2% | 1.3% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $294M | $193M | $166M | $113M | $100M | $97M | $103M | $114M | $115M | $115M |
Includes 30+ ratios · 29 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying STRF stock.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock's current P/E ratio is -6.8x. This places it at the 50th percentile of its historical range.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock's return on equity (ROE) is -11.6%. The historical average is -19.4%.
Based on historical data, MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock is trading at a P/E of -6.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock's current dividend yield is 1.25%.
MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock has 68.7% gross margin and -1140.8% operating margin.
Key Metrics
Top Statement Risk
Asset-Linked Liquidity Mismatch
Metrics are mathematically derived from official filings.
Premium Valuation Masks Operational Reality
According to current market data, STRF trades at a price-to-sales ratio of 59.03, which significantly exceeds traditional software industry benchmarks and suggests that investors are pricing the entity as a levered asset vehicle rather than a conventional business intelligence software provider with predictable earnings growth.
The extreme P/S multiple indicates that the market assigns little value to the underlying software operations, focusing instead on the potential for capital appreciation of the treasury assets. Investors should monitor whether this premium to net asset value remains sustainable, as any contraction in the valuation multiple could lead to significant equity dilution if the company continues its aggressive capital-raising strategy.
Capital Returns Decoupled From Operations
Based on reported figures, the company's ROIC has fluctuated wildly from -21.2% in 2025Q4 to 21.0% in 2025Q2, illustrating that returns on invested capital are driven almost entirely by the mark-to-market volatility of the treasury portfolio rather than the efficiency of the core software business.
This volatility renders traditional ROIC analysis largely ineffective for assessing management's operational performance. The lack of consistent compounding suggests that the entity is not generating organic returns, but rather acting as a conduit for market-beta exposure, which warrants caution regarding long-term value creation for preferred shareholders.
Working Capital Efficiency Remains Marginal
As reported in financial statements, the company's DSO has fluctuated between 83 and 120 days over the last ten quarters, suggesting that the software segment's ability to convert billings into cash is inconsistent and potentially hindered by the complexity of its legacy maintenance-to-cloud transition.
The lack of a clear trend in the cash conversion cycle indicates that the software business lacks the operational leverage typically seen in high-growth SaaS models. This inefficiency places additional pressure on the treasury segment to provide the liquidity necessary to meet the fixed 10% preferred dividend obligations.
Liquidity Buffer Subject To Volatility
Based on the provided balance sheet data, the current ratio has experienced extreme swings from 0.47 in 2024Q2 to 6.05 in 2026Q1, highlighting a precarious liquidity position that appears highly sensitive to the timing of capital raises rather than consistent operational cash flow generation.
While the current liquidity position appears improved, the reliance on external financing to maintain these buffers creates a structural vulnerability. Investors should monitor the company's ability to sustain these ratios during periods of market stress, as any inability to access capital markets could force the liquidation of treasury assets to meet senior obligations.
Misapplied P/E Ratio Obscures Reality
The price-to-earnings ratio is the most commonly misapplied metric for this business model, as reported in recent filings, because it fails to account for the massive, non-cash impairment charges that distort GAAP net income and mask the underlying cash-generating capacity of the software operations.
Analysts should instead focus on adjusted EBITDA or cash flow from operations, excluding treasury-related impairments, to gauge the true health of the business. Relying on P/E ratios in this context is misleading, as it treats a volatile treasury-linked entity as a stable earnings-based business, which obscures the fundamental risks associated with the preferred dividend structure.