Strategy (MSTR)
Market Price (2/4/2026): $131.5 | Market Cap: $37.4 BilSector: Information Technology | Industry: Application Software
Strategy (MSTR)
Market Price (2/4/2026): $131.5Market Cap: $37.4 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -41 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% | Expensive valuation multiplesP/SPrice/Sales ratio is 80x | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7907% | ||
| Key risksMSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -41 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 80x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7907% |
| Key risksMSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more. |
Qualitative Assessment
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Strategy (MSTR) stock has lost about 50% since 10/31/2025 because of the following key factors:
1. Significant Bitcoin Price Correction
MicroStrategy's stock performance is highly correlated with the price of Bitcoin due to its substantial holdings of the cryptocurrency. Bitcoin experienced a significant price correction, particularly in the fourth quarter of 2025, after reaching a peak of over $126,000 in October 2025. By late January 2026, Bitcoin was trading around $82,000, representing a 25-30% decline in Q4 2025 alone. This substantial drop in the value of its primary treasury asset directly contributed to the decline in MicroStrategy's stock.
2. Amplified Impact Due to MicroStrategy's Leveraged Bitcoin Strategy
MicroStrategy's corporate strategy involves accumulating Bitcoin, frequently utilizing proceeds from debt and equity offerings. This leveraged approach means that the company's stock is exceptionally sensitive to Bitcoin's price fluctuations, exhibiting what has been termed "Bitcoin beta intensified through leverage." The downturn in Bitcoin's value during this period was therefore magnified in its impact on MSTR's stock price, leading to significant reported unrealized losses.
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1. Significant Bitcoin Price Correction
MicroStrategy's stock performance is highly correlated with the price of Bitcoin due to its substantial holdings of the cryptocurrency. Bitcoin experienced a significant price correction, particularly in the fourth quarter of 2025, after reaching a peak of over $126,000 in October 2025. By late January 2026, Bitcoin was trading around $82,000, representing a 25-30% decline in Q4 2025 alone. This substantial drop in the value of its primary treasury asset directly contributed to the decline in MicroStrategy's stock.
2. Amplified Impact Due to MicroStrategy's Leveraged Bitcoin Strategy
MicroStrategy's corporate strategy involves accumulating Bitcoin, frequently utilizing proceeds from debt and equity offerings. This leveraged approach means that the company's stock is exceptionally sensitive to Bitcoin's price fluctuations, exhibiting what has been termed "Bitcoin beta intensified through leverage." The downturn in Bitcoin's value during this period was therefore magnified in its impact on MSTR's stock price, leading to significant reported unrealized losses.
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Stock Movement Drivers
Fundamental Drivers
The -50.6% change in MSTR stock from 10/31/2025 to 2/3/2026 was primarily driven by a -69.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 269.51 | 133.26 | -50.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 462 | 475 | 2.7% |
| Net Income Margin (%) | 1036.6% | 1667.1% | 60.8% |
| P/E Multiple | 15.5 | 4.8 | -69.1% |
| Shares Outstanding (Mil) | 275 | 284 | -3.2% |
| Cumulative Contribution | -50.6% |
Market Drivers
10/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| MSTR | -50.6% | |
| Market (SPY) | 1.1% | 28.5% |
| Sector (XLK) | -5.5% | 31.1% |
Fundamental Drivers
The -66.8% change in MSTR stock from 7/31/2025 to 2/3/2026 was primarily driven by a -64.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 401.86 | 133.26 | -66.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 459 | 475 | 3.4% |
| P/S Multiple | 224.4 | 79.8 | -64.4% |
| Shares Outstanding (Mil) | 256 | 284 | -9.8% |
| Cumulative Contribution | -66.8% |
Market Drivers
7/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| MSTR | -66.8% | |
| Market (SPY) | 9.4% | 42.7% |
| Sector (XLK) | 8.3% | 41.1% |
Fundamental Drivers
The -60.2% change in MSTR stock from 1/31/2025 to 2/3/2026 was primarily driven by a -43.6% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 334.79 | 133.26 | -60.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 467 | 475 | 1.6% |
| P/S Multiple | 141.4 | 79.8 | -43.6% |
| Shares Outstanding (Mil) | 197 | 284 | -30.6% |
| Cumulative Contribution | -60.2% |
Market Drivers
1/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| MSTR | -60.2% | |
| Market (SPY) | 15.6% | 52.3% |
| Sector (XLK) | 23.7% | 54.4% |
Fundamental Drivers
The 429.4% change in MSTR stock from 1/31/2023 to 2/3/2026 was primarily driven by a 1305.0% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.17 | 133.26 | 429.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 501 | 475 | -5.2% |
| P/S Multiple | 5.7 | 79.8 | 1305.0% |
| Shares Outstanding (Mil) | 113 | 284 | -60.2% |
| Cumulative Contribution | 429.4% |
Market Drivers
1/31/2023 to 2/3/2026| Return | Correlation | |
|---|---|---|
| MSTR | 429.4% | |
| Market (SPY) | 75.9% | 40.2% |
| Sector (XLK) | 113.3% | 38.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MSTR Return | 40% | -74% | 346% | 359% | -48% | -8% | 259% |
| Peers Return | 37% | -22% | 54% | 35% | 24% | -7% | 156% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| MSTR Win Rate | 50% | 33% | 75% | 58% | 33% | 0% | |
| Peers Win Rate | 67% | 33% | 62% | 65% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| MSTR Max Drawdown | 0% | -75% | 0% | -29% | -48% | -8% | |
| Peers Max Drawdown | -5% | -33% | -4% | -6% | -20% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, CRM, ORCL, GOOGL, IBM. See MSTR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/3/2026 (YTD)
How Low Can It Go
| Event | MSTR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -89.3% | -25.4% |
| % Gain to Breakeven | 831.7% | 34.1% |
| Time to Breakeven | 431 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.7% | -33.9% |
| % Gain to Breakeven | 65.8% | 51.3% |
| Time to Breakeven | 181 days | 148 days |
| 2018 Correction | ||
| % Loss | -43.2% | -19.8% |
| % Gain to Breakeven | 75.9% | 24.7% |
| Time to Breakeven | 697 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -75.9% | -56.8% |
| % Gain to Breakeven | 315.3% | 131.3% |
| Time to Breakeven | 860 days | 1,480 days |
Compare to MSFT, CRM, ORCL, GOOGL, IBM
In The Past
Strategy's stock fell -89.3% during the 2022 Inflation Shock from a high on 2/9/2021. A -89.3% loss requires a 831.7% gain to breakeven.
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About Strategy (MSTR)
MicroStrategy Incorporated provides enterprise analytics software and services worldwide. It offers MicroStrategy, an enterprise platform, which provides a modern analytics experience by delivering insights across multiple devices to users via hyperintelligence products, visualization and reporting capabilities, mobility features, and custom applications developed on the platform; analysts and data scientists with seamless access to trusted, governed data directly within their tools; and APIs and gateways, multiple deployment options, enterprise semantic graph, scalability, and security. The company also provides MicroStrategy Support that helps customers to achieve their system availability and uptime goals, and to improve the overall experience through highly responsive troubleshooting and proactive technical product support. In addition, it offers MicroStrategy Consulting that provides customers with architecture and implementation services to help them quickly realize results, and helps to achieve returns on investment derived from understanding of data; and MicroStrategy Education that offers free and paid learning options. The company provides its services through enterprise sales force and channel partners. It serves companies from a range of industries, including retail, consulting, technology, manufacturing, finance, banking, insurance, healthcare, education, and telecommunications, as well as the public sector. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
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Here are 1-3 brief analogies for MicroStrategy (MSTR):
- It's like Berkshire Hathaway, but almost exclusively for Bitcoin.
- It's like a gold mining company, but for Bitcoin.
- It's like Fidelity or Vanguard, but primarily as a publicly traded vehicle for Bitcoin.
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- MicroStrategy ONE Platform: An enterprise analytics and business intelligence software platform designed for data discovery, reporting, and mobile intelligence.
- Professional Services: Consulting, training, and technical support services to assist customers with the implementation, optimization, and maintenance of their MicroStrategy software solutions.
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MicroStrategy (symbol: MSTR) sells its business intelligence and enterprise analytics software primarily to other companies (B2B).
Based on their public financial filings (e.g., 10-K reports), MicroStrategy does not disclose specific major customers by name that account for a significant portion of its revenue (e.g., 10% or more). This indicates that MicroStrategy serves a diversified customer base rather than relying on a few dominant clients.
Therefore, while specific major customer names are not publicly available, MicroStrategy serves a broad range of enterprise customers across various industries globally. These typically include, but are not limited to, companies within the following sectors:
- Financial Services: Banks, investment firms, and insurance companies that utilize MicroStrategy's analytics for risk management, customer insights, and regulatory compliance.
- Retail and E-commerce: Large retail chains and online businesses leveraging data for sales performance, inventory optimization, supply chain management, and enhanced customer experience.
- Healthcare and Life Sciences: Hospitals, pharmaceutical companies, and other healthcare providers employing data for operational efficiency, patient care improvements, and research.
- Telecommunications: Providers analyzing network performance, subscriber behavior, and service delivery to optimize operations and offerings.
- Government and Public Sector: Various government agencies using data for operational efficiency, resource allocation, and improved public service delivery.
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- Amazon Web Services (part of Amazon): AMZN
- Microsoft Azure (part of Microsoft): MSFT
- Coinbase Global, Inc.: COIN
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Michael Saylor, Executive Chairman
Michael Saylor co-founded MicroStrategy in 1989 and served as its CEO from 1989 to 2022. He is currently the Executive Chairman, a role he assumed in August 2022. Saylor founded Alarm.com, which was sold to venture fund ABS Capital Partners in 2009. He also founded Angel.com, which was sold to Genesys Telecommunications Laboratories for $110 million in 2013.
Phong Le, President & Chief Executive Officer
Phong Le joined MicroStrategy in August 2015. He served as President and CFO before being appointed President & CEO in August 2022. Prior to MicroStrategy, Mr. Le was the CFO of XO Communications, a private telecommunications company. He also held senior positions at NII Holdings, a publicly held telecommunications company, and spent 12 years in the consulting practice at Deloitte.
Andrew Kang, Senior Executive Vice President & Chief Financial Officer
Andrew Kang joined MicroStrategy as Senior Executive Vice President and CFO in May 2022. Before MicroStrategy, he served as Executive Vice President and CFO of GreenSky Inc., a publicly listed financial technology firm that was acquired by Goldman Sachs in April 2022. His prior experience includes roles as Corporate Treasurer at Santander Holdings USA, and leadership positions at Exeter Finance, HSBC Finance, Capital One Financial Corp., and Thomson Reuters.
Joty Paparello, Executive Vice President & Chief Human Resource Officer
Joty Paparello has served as MicroStrategy's Executive Vice President and Chief Human Resource Officer since October 2020. She has held various leadership positions within MicroStrategy since October 2002 and began her career in Human Resources at AOL.
Saurabh Abhyankar, Executive Vice President & Chief Product Officer
Saurabh Abhyankar is the Executive Vice President & Chief Product Officer at MicroStrategy, responsible for leading the company's product strategy and development. His professional background includes significant roles at MRI Software, SAP, and Business Objects.
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The key risks to MicroStrategy's (MSTR) business are primarily concentrated around its highly leveraged strategy of acquiring and holding Bitcoin.
- Bitcoin Price Volatility: MicroStrategy's market value and financial performance are almost entirely tied to the price of Bitcoin. Significant downward swings in Bitcoin's value directly and severely impact the company's net asset value and stock price, with some analysts suggesting a substantial decline could lead to solvency risks.
- Debt Burden and Liquidity Risk: MicroStrategy has accumulated a substantial amount of debt, primarily convertible notes, to finance its Bitcoin acquisitions. While currently managing its debt, the company's software business generates insufficient revenue to cover its interest and dividend payments, making it reliant on external financing or the appreciation of its Bitcoin holdings. Rising interest rates could increase debt costs, and a failure to meet stock price targets could necessitate repaying bondholders in cash, potentially forcing the liquidation of Bitcoin.
- Regulatory and Tax Risk: MicroStrategy faces potential risks from evolving regulatory landscapes surrounding digital assets. This includes the possibility of being excluded from major indices like MSCI if digital assets constitute over 50% of its total assets, which could trigger significant forced selling. Additionally, corporate alternative minimum tax (CAMT) could impose substantial tax liabilities on unrealized gains from its Bitcoin holdings.
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The emergence of spot Bitcoin Exchange-Traded Funds (ETFs) in major markets provides investors with a direct, regulated, and often more liquid and cost-effective method to gain exposure to Bitcoin. MicroStrategy's stock has increasingly been viewed as a proxy for Bitcoin exposure, particularly for institutional investors who previously lacked direct access to the cryptocurrency through traditional financial instruments. With the availability and rapid adoption of these ETFs, MSTR's unique appeal as a Bitcoin proxy may diminish, potentially reducing demand for its stock and impacting its valuation premium relative to its underlying Bitcoin holdings.
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MicroStrategy (MSTR) primarily operates in the Business Intelligence (BI) and Data Analytics markets.
The global addressable market for Business Intelligence (BI) software is projected to be approximately $72.1 billion in the next 12 months, as of March 2025. More broadly, the global Business Intelligence market is estimated to be USD 38.15 billion in 2025 and is expected to reach USD 56.28 billion by 2030.
For the wider global Data Analytics market, the size was estimated at USD 69.54 billion in 2024 and is projected to reach USD 302.01 billion by 2030. Another estimate places the global data analytics market size at USD 64.99 billion in 2024, growing to USD 402.70 billion by 2032.
Considering the combined scope of Big Data and Business Analytics, the global market was valued at USD 225.3 billion in 2023 and is projected to reach USD 665.7 billion by 2033.
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Here are 3-5 expected drivers of future revenue growth for Strategy (MSTR) over the next 2-3 years:- Growth in Subscription Services for AI-powered Enterprise Analytics Software: Strategy continues to focus on its core enterprise analytics software business, which includes AI-powered offerings like Strategy One and Strategy Mosaic. The company has shown steady growth in its subscription services revenue, with a 32.5% increase year-over-year in Q3 2024 for this segment, indicating continued expansion and adoption of its software solutions.
- Expansion and Monetization of its Capital Markets Platform through Bitcoin-backed Financial Products: Strategy actively leverages its capital markets platform to raise capital, including through preferred equity offerings and at-the-market programs, which are used primarily to acquire Bitcoin. The company is also preparing for the issuance of credit securities in international markets, aiming to solidify its position as a major global credit issuer. These activities, including the creation, issuance, and management of various Bitcoin-backed financial products, are expected to generate revenue through associated fees or other financial services income.
- Leveraging its "Bitcoin Treasury Company" Expertise to Provide Advisory or Related Services: Having established itself as the world's leading "Bitcoin Treasury Company" with substantial Bitcoin holdings, Strategy possesses unique expertise in corporate Bitcoin strategy, acquisition, and management. This specialized knowledge and prominent market position could enable the company to offer consulting or advisory services to other corporations interested in adopting similar Bitcoin treasury strategies or integrating digital assets into their financial operations, thereby creating new revenue streams.
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Share Repurchases
- MicroStrategy has not made any share repurchases over the last 3-5 years.
- The company's policy indicates it would consider repurchasing shares if its market-to-net asset value (mNAV) falls below 1.0x.
Share Issuance
- Since 2020, MicroStrategy has aggressively issued common stock, convertible notes, and preferred stock to fund its Bitcoin acquisition strategy, leading to approximately 260% shareholder dilution.
- In October 2024, the company announced its "21/21 Plan," aiming to raise $42 billion between 2025 and 2027 through equity offerings and fixed-income securities to acquire more Bitcoin.
- Significant recent issuances include approximately $5.2 billion from common stock sales in the second quarter of 2025 and a $2.5 billion preferred stock offering in July 2025.
Capital Expenditures
- MicroStrategy's capital expenditures averaged $5.052 million from fiscal years ending December 2020 to 2024.
- Capital expenditures peaked at $38.041 million for the latest twelve months ending June 2025.
- After decreasing from 2020 to 2022, capital expenditures increased in 2023 ($2.938 million) and 2024 ($13.478 million).
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 245.34 |
| Mkt Cap | 358.9 |
| Rev LTM | 63,210 |
| Op Inc LTM | 15,517 |
| FCF LTM | 12,374 |
| FCF 3Y Avg | 11,473 |
| CFO LTM | 17,899 |
| CFO 3Y Avg | 16,686 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.7% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Mgn LTM | 27.0% |
| Op Mgn 3Y Avg | 24.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 35.0% |
| CFO/Rev 3Y Avg | 33.6% |
| FCF/Rev LTM | 18.6% |
| FCF/Rev 3Y Avg | 19.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 358.9 |
| P/S | 8.6 |
| P/EBIT | 20.9 |
| P/E | 27.2 |
| P/CFO | 19.5 |
| Total Yield | 4.7% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.1% |
| 3M Rtn | -21.3% |
| 6M Rtn | -21.1% |
| 12M Rtn | -3.3% |
| 3Y Rtn | 109.4% |
| 1M Excs Rtn | -15.0% |
| 3M Excs Rtn | -23.6% |
| 6M Excs Rtn | -31.7% |
| 12M Excs Rtn | -18.7% |
| 3Y Excs Rtn | 42.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Software Business | 496 | ||||
| Other services | 85 | 85 | 76 | 77 | |
| Product licenses | 86 | 102 | 87 | 87 | |
| Product support | 267 | 281 | 284 | 292 | |
| Subscription services | 61 | 43 | 33 | 29 | |
| Total | 496 | 499 | 511 | 481 | 486 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate & Other | 420 | ||||
| Software Business | 9 | ||||
| Total | 429 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate & Other | 4,292 | ||||
| Software Business | 470 | ||||
| Total | 4,763 |
Price Behavior
Price Behavior
| Market Price | $133.26 | |
| Market Cap ($ Bil) | 37.9 | |
| First Trading Date | 06/11/1998 | |
| Distance from 52W High | -70.8% | |
| 50 Days | 200 Days | |
| DMA Price | $166.21 | $304.93 |
| DMA Trend | down | down |
| Distance from DMA | -19.8% | -56.3% |
| 3M | 1YR | |
| Volatility | 65.4% | 73.8% |
| Downside Capture | 256.56 | 285.78 |
| Upside Capture | -127.39 | 145.19 |
| Correlation (SPY) | 26.8% | 52.0% |
MSTR Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.29 | 1.53 | 1.68 | 2.26 | 2.00 | 2.32 |
| Up Beta | -0.97 | -1.12 | 0.30 | 1.99 | 2.31 | 2.34 |
| Down Beta | 4.21 | 4.10 | 4.09 | 3.35 | 1.37 | 2.09 |
| Up Capture | -55% | -27% | -84% | 21% | 210% | 6750% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 12 | 21 | 27 | 53 | 119 | 373 |
| Down Capture | -41% | 135% | 235% | 262% | 159% | 112% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 8 | 20 | 34 | 72 | 131 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSTR | |
|---|---|---|---|---|
| MSTR | -59.7% | 73.9% | -0.92 | - |
| Sector ETF (XLK) | 23.8% | 27.0% | 0.76 | 54.4% |
| Equity (SPY) | 15.6% | 19.2% | 0.63 | 52.3% |
| Gold (GLD) | 77.2% | 24.5% | 2.30 | 2.8% |
| Commodities (DBC) | 10.0% | 16.5% | 0.40 | 25.0% |
| Real Estate (VNQ) | 2.9% | 16.5% | -0.00 | 29.2% |
| Bitcoin (BTCUSD) | -23.4% | 40.3% | -0.56 | 72.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSTR | |
|---|---|---|---|---|
| MSTR | 20.2% | 93.8% | 0.63 | - |
| Sector ETF (XLK) | 17.6% | 24.7% | 0.64 | 47.3% |
| Equity (SPY) | 14.5% | 17.0% | 0.68 | 47.7% |
| Gold (GLD) | 21.5% | 16.8% | 1.04 | 7.6% |
| Commodities (DBC) | 12.0% | 18.9% | 0.51 | 12.2% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 31.9% |
| Bitcoin (BTCUSD) | 20.9% | 57.5% | 0.56 | 71.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSTR | |
|---|---|---|---|---|
| MSTR | 24.9% | 72.3% | 0.63 | - |
| Sector ETF (XLK) | 22.9% | 24.2% | 0.86 | 40.9% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 40.7% |
| Gold (GLD) | 15.6% | 15.5% | 0.84 | 3.6% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 13.0% |
| Real Estate (VNQ) | 5.6% | 20.8% | 0.24 | 27.7% |
| Bitcoin (BTCUSD) | 69.9% | 66.5% | 1.09 | 44.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 5.9% | -6.8% | -28.8% |
| 7/31/2025 | -8.8% | 0.0% | -16.8% |
| 5/1/2025 | 3.3% | 8.6% | -2.4% |
| 2/5/2025 | -3.3% | -2.9% | -14.7% |
| 10/30/2024 | -1.1% | 4.2% | 56.7% |
| 8/1/2024 | -4.2% | -10.0% | -12.4% |
| 4/29/2024 | -17.6% | -1.9% | 25.2% |
| 2/6/2024 | 2.0% | 37.8% | 161.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 5 |
| # Negative | 7 | 5 | 6 |
| Median Positive | 4.6% | 11.3% | 35.3% |
| Median Negative | -4.2% | -6.8% | -15.7% |
| Max Positive | 6.7% | 37.8% | 161.0% |
| Max Negative | -17.6% | -14.8% | -28.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dietze, Jane A | Direct | Buy | 11252025 | 95.28 | 1,100 | 104,808 | 247,728 | Form | |
| 2 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11202025 | 200.00 | 2,600 | 520,000 | 6,545,200 | Form |
| 3 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11202025 | 202.02 | 2,600 | 525,252 | 6,611,307 | Form |
| 4 | Montgomery, Jeanine | VP & CAO | Direct | Sell | 11192025 | 208.55 | 43 | 8,968 | 1,821,250 | Form |
| 5 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11182025 | 200.48 | 2,600 | 521,248 | 6,560,908 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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