Strategy (MSTR)
Market Price (9/3/2026): $124.35 | Market Cap: $43.8 BilSector: Information Technology | Industry: Application Software
Strategy (MSTR)
Market Price (9/3/2026): $124.35Market Cap: $43.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. | Weak multi-year price returns2Y Excs Rtn is -44% | 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 -8.1% Expensive valuation multiplesP/SPrice/Sales ratio is 87x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4364% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -74% Key risksMSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more. |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. |
| Weak multi-year price returns2Y Excs Rtn is -44% |
| 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 -8.1% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 87x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4364% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -74% |
| Key risksMSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Strategy (MSTR) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. MicroStrategy (MSTR) reported a significant earnings miss for fiscal Q2 2026, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$24.45, substantially missing analysts' consensus estimates that ranged from -$2.19 to $52.04 per share. This marked an earnings miss of 896.42% compared to some analyst expectations. Quarterly revenue also underperformed, rising 6.9% year-over-year to $122.37 million, falling short of analysts' expectations of $122.90 million. The stock declined 4.56% following the earnings report on July 30, 2026.
2. A downturn in Bitcoin's price during June and July 2026 negatively impacted MicroStrategy's valuation, exacerbated by broader macroeconomic concerns. As a company with substantial Bitcoin holdings, MSTR's stock performance is highly correlated with the cryptocurrency. Bitcoin experienced a significant decline from early 2026 highs, reaching a 21-month low near $58,000 by the end of June. Throughout most of June and July, Bitcoin's price remained below $65,000, trading sideways between $62,000 and $66,000 from late May through mid-August. This period of stagnation and decline for Bitcoin was attributed in part to worries about higher inflation and fears of an "AI bubble" affecting big tech stocks, further pressuring MSTR's stock.
Show more
Strategy (MSTR) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. MicroStrategy (MSTR) reported a significant earnings miss for fiscal Q2 2026, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$24.45, substantially missing analysts' consensus estimates that ranged from -$2.19 to $52.04 per share. This marked an earnings miss of 896.42% compared to some analyst expectations. Quarterly revenue also underperformed, rising 6.9% year-over-year to $122.37 million, falling short of analysts' expectations of $122.90 million. The stock declined 4.56% following the earnings report on July 30, 2026.
2. A downturn in Bitcoin's price during June and July 2026 negatively impacted MicroStrategy's valuation, exacerbated by broader macroeconomic concerns. As a company with substantial Bitcoin holdings, MSTR's stock performance is highly correlated with the cryptocurrency. Bitcoin experienced a significant decline from early 2026 highs, reaching a 21-month low near $58,000 by the end of June. Throughout most of June and July, Bitcoin's price remained below $65,000, trading sideways between $62,000 and $66,000 from late May through mid-August. This period of stagnation and decline for Bitcoin was attributed in part to worries about higher inflation and fears of an "AI bubble" affecting big tech stocks, further pressuring MSTR's stock.
3. MicroStrategy's strategic shift in capital allocation and substantial insider selling contributed to negative sentiment. In August 2026, MicroStrategy announced a change in its corporate strategy, moving away from its previous aggressive Bitcoin accumulation. The company disclosed the sale of approximately $2.1 billion in common stock over a five-week period, including $333.7 million in the week prior to August 17, 2026. Proceeds were used to repurchase about $347 million in STRC preferred shares and bolster cash reserves, with no new Bitcoin purchases reported since mid-June. Furthermore, the company sold Bitcoin worth $213.3 million. This strategic pivot, including shedding coins and expanding dollar reserves through July and August, was a response to declining Bitcoin prices and concerns over dividend coverage for its preferred shares. Simultaneously, MicroStrategy experienced significant insider selling, with a net total of $22.9 million over the past three months, and approximately $36.3 million in total sales exceeding purchases over the past 90 days as of late August 2026.
Show less
Stock Movement Drivers
Fundamental Drivers
The -22.6% change in MSTR stock from 5/31/2026 to 9/2/2026 was primarily driven by a -19.5% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 159.09 | 123.19 | -22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 490 | 498 | 1.6% |
| P/S Multiple | 108.3 | 87.1 | -19.5% |
| Shares Outstanding (Mil) | 334 | 353 | -5.3% |
| Cumulative Contribution | -22.6% |
Market Drivers
5/31/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| MSTR | -22.6% | |
| Market (SPY) | 1.1% | 44.2% |
| Sector (XLK) | -3.9% | 36.6% |
Fundamental Drivers
The -4.9% change in MSTR stock from 2/28/2026 to 9/2/2026 was primarily driven by a -16.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 129.50 | 123.19 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 477 | 498 | 4.4% |
| P/S Multiple | 79.8 | 87.1 | 9.2% |
| Shares Outstanding (Mil) | 294 | 353 | -16.5% |
| Cumulative Contribution | -4.9% |
Market Drivers
2/28/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| MSTR | -4.9% | |
| Market (SPY) | 11.8% | 50.2% |
| Sector (XLK) | 32.5% | 43.5% |
Fundamental Drivers
The -63.2% change in MSTR stock from 8/31/2025 to 9/2/2026 was primarily driven by a -56.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 334.41 | 123.19 | -63.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 462 | 498 | 7.8% |
| P/S Multiple | 199.1 | 87.1 | -56.2% |
| Shares Outstanding (Mil) | 275 | 353 | -21.9% |
| Cumulative Contribution | -63.2% |
Market Drivers
8/31/2025 to 9/2/2026| Return | Correlation | |
|---|---|---|
| MSTR | -63.2% | |
| Market (SPY) | 19.6% | 48.5% |
| Sector (XLK) | 40.5% | 44.8% |
Fundamental Drivers
The 244.6% change in MSTR stock from 8/31/2023 to 9/2/2026 was primarily driven by a 820.4% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.75 | 123.19 | 244.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 500 | 498 | -0.4% |
| P/S Multiple | 9.5 | 87.1 | 820.4% |
| Shares Outstanding (Mil) | 132 | 353 | -62.4% |
| Cumulative Contribution | 244.6% |
Market Drivers
8/31/2023 to 9/2/2026| Return | Correlation | |
|---|---|---|
| MSTR | 244.6% | |
| Market (SPY) | 75.9% | 42.1% |
| Sector (XLK) | 113.0% | 39.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MSTR Return | 40% | -74% | 346% | 359% | -48% | -18% | 221% |
| Peers Return | 37% | -22% | 54% | 35% | 24% | -8% | 154% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| MSTR Win Rate | 50% | 33% | 75% | 58% | 33% | 33% | |
| Peers Win Rate | 67% | 33% | 62% | 65% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MSTR Max Drawdown | -65% | -76% | -36% | -46% | -67% | -58% | |
| Peers Max Drawdown | -14% | -35% | -16% | -20% | -31% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/2/2026 (YTD)
How Low Can It Go
| Event | MSTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.0% | -6.7% |
| % Gain to Breakeven | 29.8% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.7% | -24.5% |
| % Gain to Breakeven | 266.9% | 32.4% |
| Time to Breakeven | 539 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.4% | -33.7% |
| % Gain to Breakeven | 62.3% | 50.9% |
| Time to Breakeven | 168 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.7% | -19.2% |
| % Gain to Breakeven | 14.5% | 23.8% |
| Time to Breakeven | 21 days | 105 days |
In The Past
Strategy's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | MSTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.0% | -6.7% |
| % Gain to Breakeven | 29.8% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.7% | -24.5% |
| % Gain to Breakeven | 266.9% | 32.4% |
| Time to Breakeven | 539 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.4% | -33.7% |
| % Gain to Breakeven | 62.3% | 50.9% |
| Time to Breakeven | 168 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.7% | -12.2% |
| % Gain to Breakeven | 55.6% | 13.9% |
| Time to Breakeven | 1759 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.3% | -17.9% |
| % Gain to Breakeven | 64.7% | 21.8% |
| Time to Breakeven | 1172 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.1% | -15.4% |
| % Gain to Breakeven | 28.4% | 18.2% |
| Time to Breakeven | 153 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.7% | -53.4% |
| % Gain to Breakeven | 200.6% | 114.4% |
| Time to Breakeven | 410 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -33.2% | -8.6% |
| % Gain to Breakeven | 49.7% | 9.5% |
| Time to Breakeven | 83 days | 47 days |
In The Past
Strategy's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Strategy (MSTR)
MicroStrategy, Inc. (MSTR) is a technology company specializing in enterprise analytics software and services for organizations worldwide. Its primary business revolves around helping large businesses leverage their data more effectively, providing a platform that transforms complex data into actionable insights for users across various devices and roles.
The company's core offering is the MicroStrategy platform, which delivers a modern analytics experience through hyperintelligence products, advanced data visualization, robust reporting capabilities, and mobile features. This platform also allows analysts and data scientists to securely access governed data within their preferred tools, supported by extensive APIs, flexible deployment options, and enterprise-grade security. Complementing its software, MicroStrategy provides essential support services, expert consulting for implementation, and educational programs to ensure customers achieve optimal value from their data initiatives.
MicroStrategy serves a diverse and extensive clientele, operating across a wide range of industries globally. Its customer base includes companies in sectors such as retail, finance, banking, manufacturing, healthcare, education, and telecommunications, alongside various public sector entities. The company reaches these enterprise customers through its dedicated sales force and a network of channel partners, catering to the universal demand for sophisticated data analytics and business intelligence solutions.
```AI Analysis | Feedback
Imagine Tableau or Microsoft Power BI, but an entire enterprise-grade platform built for the complex data analysis and insight needs of very large organizations.
It's like a specialized Oracle or SAP, but 100% focused on turning a large organization's vast data into actionable business intelligence and custom analytic applications.
AI Analysis | Feedback
- MicroStrategy Enterprise Platform: A comprehensive enterprise analytics platform delivering insights across devices through hyperintelligence, visualization, reporting, mobility, and custom applications.
- MicroStrategy Support: Services providing troubleshooting, technical product support, and assistance to achieve system availability and uptime goals.
- MicroStrategy Consulting: Services offering architecture and implementation expertise to help customers quickly realize results and maximize data-derived ROI.
- MicroStrategy Education: Learning options, both free and paid, designed to help users understand and utilize the MicroStrategy platform effectively.
AI Analysis | Feedback
Major Customers of MicroStrategy (MSTR)
MicroStrategy Incorporated (MSTR) sells its enterprise analytics software and services primarily to other companies (B2B model) and public sector organizations, rather than to individuals.
As per its public disclosures and the provided background, MicroStrategy serves a diverse customer base across various industries. The company does not publicly disclose specific names of its "major customers" or individual client companies. This indicates that its revenue is not heavily concentrated on a few named clients, and it maintains a broad portfolio of customers.
Instead, MicroStrategy describes the categories of organizations it serves. These include companies from a wide range of industries, such as:
- Retail
- Consulting
- Technology
- Manufacturing
- Finance
- Banking
- Insurance
- Healthcare
- Education
- Telecommunications
- Public sector (government agencies)
AI Analysis | Feedback
- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
AI Analysis | Feedback
Michael J. Saylor Executive Chairman
Michael J. Saylor co-founded MicroStrategy in 1989 and served as its CEO until August 2022, when he transitioned to Executive Chairman. He graduated from MIT with dual degrees in aeronautics and astronautics and science, technology and society. Saylor is credited as the inventor of relational analytics and led MicroStrategy into web analytics, distributed analytics, mobile analytics, cloud computing, mobile identity, and IoT. He also founded Alarm.com (NASDAQ: ALRM) and Angel.com, which was sold to Genesys Telecommunications Laboratories for $110 million in 2013. He currently chairs MicroStrategy's Investments Committee, overseeing the company's Bitcoin acquisition strategy.
Phong Le President & Chief Executive Officer
Phong Le was appointed President & Chief Executive Officer of MicroStrategy in August 2022. Prior to this role, he held various senior executive positions within MicroStrategy since joining in August 2015, including President, President & Chief Financial Officer, and Senior Executive Vice President, Chief Operating Officer & Chief Financial Officer. Before MicroStrategy, Le served as the Chief Financial Officer of XO Communications, a privately-held telecommunications company, from August 2014 to August 2015. He also held senior positions at NII Holdings, a Nasdaq-listed telecommunications company, from 2010 to 2014, including Vice President of Financial Planning and Analysis and Vice President of Strategy and Business Operations. Earlier in his career, he worked in the consulting practice at Deloitte from 1998 to 2010. He holds a B.S. in Biomedical Engineering from Johns Hopkins University and an MBA from MIT Sloan.
Andrew Kang Senior Executive Vice President & Chief Financial Officer
Andrew Kang joined MicroStrategy as Chief Financial Officer in 2022. Before MicroStrategy, he served as Chief Financial Officer at GreenSky from 2020 to 2022. His professional background includes roles at Santander US as Corporate Treasurer from 2018 to 2020, and as Executive Vice President at Santander Consumer USA Inc. from 2015 to 2020. He also held positions at Exeter Finance Corp, HSBC, and Capital One. Additionally, Andrew Kang is a prominent figure in the cryptocurrency industry, recognized as the co-founder and partner of Mechanism Capital, a crypto venture capital firm established in 2020, and has been active in DeFi since 2018.
Ponna Arumugam Senior Executive Vice President & Chief Information Officer
Ponna Arumugam oversees MicroStrategy's information technology strategy and customer operations. Her expertise spans IT management, technology innovation, and customer service optimization. Prior to her role at MicroStrategy, she served as Chief Technology Officer at HCL Technologies and Chief Information Officer at CEB.
Wei-Ming Shao Senior Executive Vice President, General Counsel & Secretary
Wei-Ming Shao serves as Senior Executive Vice President, General Counsel & Secretary for MicroStrategy Inc.
AI Analysis | Feedback
Key Risks to MicroStrategy (MSTR)
-
Bitcoin Price Volatility and Financial Leverage
MicroStrategy's financial health and stock performance are predominantly tied to the volatile price of Bitcoin, which the company holds in substantial amounts as its primary treasury reserve asset. The company has amassed its Bitcoin through significant issuances of both debt and equity. A sharp or prolonged decline in Bitcoin's price could materially impact the company's financial results, liquidity, and its ability to service its substantial debt obligations (exceeding $8.2 billion as of March 2026). Such a scenario might force MicroStrategy to liquidate its Bitcoin holdings under unfavorable conditions, potentially accelerating a market sell-off and making future capital raises more expensive or even impossible. -
Shareholder Dilution and Debt Burden
To continue its strategy of acquiring Bitcoin, MicroStrategy frequently issues new common stock and convertible bonds. While this enables the company to raise capital, it results in the dilution of existing shareholders' ownership. The substantial debt burden accumulated through these financing activities requires continuous access to capital markets, and the cost and availability of such financing are highly sensitive to the market value of Bitcoin. -
Risk of Exclusion from Major Stock Indices
MicroStrategy faces the risk of being removed from major stock indices, such as the MSCI or Nasdaq 100, if its proportion of digital assets becomes excessively high relative to its core enterprise analytics software business. If such an exclusion occurs, passive investment funds tracking these indices would be mandated to sell their holdings of MSTR shares, which could exert significant downward pressure on the stock price and amplify its volatility. This event would also likely complicate future efforts to raise capital.
AI Analysis | Feedback
The increasing adoption of comprehensive, integrated business intelligence and data analytics services offered directly by major hyperscale cloud providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud Platform). These platforms provide end-to-end data solutions, from ingestion and warehousing to processing, analytics, and visualization, often deeply integrated with other cloud infrastructure and services. This trend encourages enterprises to consolidate their entire data and analytics stack within a single cloud ecosystem, potentially reducing the need for standalone, specialized enterprise analytics platforms like MicroStrategy.
AI Analysis | Feedback
The addressable markets for MicroStrategy's main products and services, which primarily encompass enterprise analytics software and services, are substantial and continue to grow globally and in the U.S.
Global Market Sizes:
- The Global Data and Analytics Software Market was valued at USD 141 billion in 2023. This market is projected to reach USD 345.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.6% from 2024 to 2030.
- The Global Business Intelligence (BI) Market is projected to reach $72.1 billion globally in the next 12 months. Other estimates place the global business intelligence market size at USD 34.82 billion in 2025, with a projection to grow to USD 72.21 billion by 2034 at a CAGR of 8.40%. Another report indicates a valuation of USD 40.13 billion in 2025, expected to reach USD 81.45 billion by 2033 at a CAGR of 9.3% from 2026 to 2033.
- The Global Data Analytics Market was estimated at USD 69.54 billion in 2024 and is projected to reach USD 302.01 billion by 2030, growing at a CAGR of 28.7% from 2025 to 2030.
- The Global Enterprise Business Analytics Software Market generated USD 159.9 billion in 2024 and is predicted to grow to approximately USD 364.9 billion by 2034, recording a CAGR of 10.90%. Separately, the Enterprise Analytics Software Market is projected to grow from US$226.404 billion in 2025 to US$416.205 billion by the end of 2030, at a CAGR of 12.95%.
U.S. Market Sizes:
- Within the Business Intelligence (BI) market, the U.S. is expected to account for $27.3 billion in spending in the next 12 months. It also represents $13.79 billion of the BI market in 2024, nearly half of the global total. The U.S. business intelligence market is predicted to reach an estimated value of USD 12,821.9 million by 2032.
- The U.S. Data and Analytics Software Market is expected to grow at a CAGR of 11.9% from 2024 to 2030.
- The U.S. Enterprise Business Analytics Software Market revenue reached USD 58.9 billion in 2024.
AI Analysis | Feedback
MicroStrategy Incorporated (MSTR) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Growth in Subscription Services for Enterprise Analytics Software: MicroStrategy's traditional enterprise analytics software business is focusing on increasing its recurring revenue streams. The company reported a significant 61.6% year-over-year increase in subscription services revenues in the first quarter of 2025, indicating a strong trend in this area. This emphasis on subscription-based offerings is aimed at providing stable and long-term growth prospects for its software segment.
- Innovation and Expansion of AI-powered Enterprise Analytics Software: The company is actively enhancing its software platform by integrating advanced AI-driven analytics capabilities. This strategy, part of its "Intelligence Everywhere" vision, aims to strengthen its position in the enterprise software market. By offering more sophisticated and valuable solutions, MicroStrategy anticipates driving increased adoption, leading to higher revenue from product licenses and subscription services.
- Expansion and Monetization of its Digital Credit Ecosystem and Bitcoin-backed Financial Products: MicroStrategy is developing and scaling its "Digital Credit" platform, which includes instruments like the Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). These offerings are designed to provide investors with varying degrees of economic exposure to Bitcoin and to extract more value from digital currencies. While these instruments also serve as capital-raising mechanisms for Bitcoin acquisitions, their expansion is anticipated to generate new revenue streams through associated fees, services, or other financial product offerings.
AI Analysis | Feedback
Share Repurchases
- MicroStrategy has not made any share repurchases over the last 3-5 years. The share buybacks for MSTR stock were $0.00.
Share Issuance
- MicroStrategy has actively issued new shares through at-the-market (ATM) equity offerings to raise capital primarily for Bitcoin acquisitions.
- In 2025 alone, the company raised $25.3 billion in capital, making it the largest equity issuer among U.S. public companies for a second consecutive year, using these funds to increase its Bitcoin holdings.
- The company has also issued various convertible notes and perpetual preferred stocks, such as STRK, STRF, STRD, and STRC, to fund Bitcoin purchases. As of January 25, 2026, approximately $8.17 billion was available for future common stock issuance under its ATM program.
Inbound Investments
- The company's primary inbound investments are the substantial capital raises through equity and debt offerings, specifically to fund its Bitcoin acquisition strategy.
- In February 2025, MicroStrategy raised $584 million through an offering of STRK (preferred equity) to acquire more Bitcoin.
- In November 2024, MicroStrategy completed a $3 billion offering of 0% convertible senior notes, with plans to use the proceeds to buy more Bitcoin.
Outbound Investments
- MicroStrategy's most significant outbound investment is its strategic and continuous accumulation of Bitcoin.
- As of March 9, 2026, MicroStrategy held over 738,731 BTC, acquired for approximately $56 billion.
- The company's stated capital allocation strategy is to opportunistically issue debt and equity to purchase Bitcoin and hold it for the long term.
Capital Expenditures
- MicroStrategy's capital expenditures decreased in 2021 to $2.706 million and in 2022 to $2.486 million.
- Capital expenditures increased in 2023 to $2.938 million, in 2024 to $13.478 million, and peaked in 2025 at $45.212 million.
- For the latest twelve months, MicroStrategy's capital expenditures amounted to $45.212 million.
Peer Outperformance in Application Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 54.3% | 160.9% | 276.5% | TTMI 733% · FLEX 652% · JBL 390% |
| Semiconductor Materials & Equipment | 27 | 128.1% | 57.4% | 84.6% | AEHR 856% · AXTI 481% · KLAC 429% |
| Technology Distributors | 9 | 27.7% | 55.5% | 77.2% | CLMB 324% · AVT 158% · SNX 111% |
| Communications Equipment | 36 | 25.0% | 74.7% | 65.2% | AAOI 1236% · LITE 878% · ANET 720% |
| Electronic Components | 26 | 46.5% | 58.3% | 55.7% | CLS 2871% · BELFA 1279% · COHR 337% |
| Semiconductors | 55 | 30.8% | 17.4% | 17.4% | POET 1690% · MU 1228% · NVDA 886% |
| Technology Hardware, Storage & Peripherals | 21 | 33.1% | 73.8% | 14.5% | DELL 1007% · STX 939% · WDC 882% |
| Internet Services & Infrastructure | 6 | 12.5% | 42.1% | 13.2% | DOCN 43% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -5.9% | 2.8% | -10.6% | PI 201% · OSIS 111% · ACFN 103% |
| IT Consulting & Other Services | 28 | -24.2% | -9.2% | -29.7% | CHRN 500163% · APLD 1081% · TSSI 611% |
| Application Software ← | 124 | -19.2% | -15.8% | -46.5% | VIDA 255900% · INLX 4861% · PLTR 536% |
| Systems Software | 68 | -13.0% | 9.1% | -55.0% | QNC 438% · PAYS 409% · PANW 321% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 244.31 |
| Mkt Cap | 318.6 |
| Rev LTM | 68,228 |
| Op Inc LTM | 17,574 |
| FCF LTM | 14,149 |
| FCF 3Y Avg | 12,666 |
| CFO LTM | 23,864 |
| CFO 3Y Avg | 18,899 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.3% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 14.3% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 21.2% |
| Op Inc Chg 3Y Avg | 19.2% |
| Op Mgn LTM | 27.3% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 38.7% |
| CFO/Rev 3Y Avg | 35.3% |
| FCF/Rev LTM | 15.5% |
| FCF/Rev 3Y Avg | 17.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 318.6 |
| P/S | 7.7 |
| P/Op Inc | 20.5 |
| P/EBIT | 17.0 |
| P/E | 21.1 |
| P/CFO | 14.0 |
| Total Yield | 5.4% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.9% |
| 3M Rtn | -4.3% |
| 6M Rtn | 3.8% |
| 12M Rtn | -1.2% |
| 3Y Rtn | 63.2% |
| 1M Excs Rtn | 1.4% |
| 3M Excs Rtn | -5.8% |
| 6M Excs Rtn | -7.8% |
| 12M Excs Rtn | -20.7% |
| 3Y Excs Rtn | -7.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Software | 477 | 463 | 496 | 499 | |
| Corporate & Other | 0 | 0 | 0 | ||
| Other services | 85 | ||||
| Product licenses | 102 | ||||
| Product support | 281 | ||||
| Subscription services | 43 | ||||
| Total | 477 | 463 | 496 | 499 | 511 |
| $ Mil | 2000 | 1999 |
|---|---|---|
| MicroStrategy | 138 | -25 |
| Strategy.com | -2 | |
| Total | 136 | -25 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Software | 91 | 175 | 9 | 5 |
| Corporate & Other | -3,939 | -1,342 | 420 | -1,475 |
| Total | -3,848 | -1,167 | 429 | -1,470 |
| $ Mil | 2025 | 2024 | 2023 | 2000 | 1999 |
|---|---|---|---|---|---|
| Corporate & Other | 61,104 | 25,100 | 4,292 | ||
| Software | 537 | 743 | 470 | ||
| MicroStrategy | 198 | 195 | |||
| Strategy.com | 61 | 8 | |||
| Total | 61,641 | 25,844 | 4,763 | 259 | 203 |
Price Behavior
| Market Price | $123.19 | |
| Market Cap ($ Bil) | 43.4 | |
| First Trading Date | 06/11/1998 | |
| Distance from 52W High | -65.8% | |
| 50 Days | 200 Days | |
| DMA Price | $106.67 | $140.79 |
| DMA Trend | down | down |
| Distance from DMA | 15.5% | -12.5% |
| 3M | 1YR | |
| Volatility | 84.1% | 77.5% |
| Downside Capture | 328.11 | 408.14 |
| Upside Capture | 297.32 | 205.38 |
| Correlation (SPY) | 45.9% | 48.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.84 | 2.14 | 2.74 | 2.76 | 2.91 | 2.44 |
| Up Beta | -0.25 | 0.32 | 3.13 | 2.08 | 2.98 | 2.45 |
| Down Beta | -8.72 | 1.81 | 2.15 | 1.79 | 2.59 | 1.99 |
| Up Capture | 705% | 490% | 264% | 502% | 363% | 9470% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 29 | 58 | 111 | 365 |
| Down Capture | 71% | 155% | 270% | 244% | 190% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 19 | 34 | 68 | 139 | 384 |
[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 | -64.1% | 77.5% | -0.99 | - |
| Sector ETF (XLK) | 42.1% | 26.2% | 1.30 | 44.8% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 48.5% |
| Gold (GLD) | 23.8% | 29.1% | 0.73 | 24.9% |
| Commodities (DBC) | 41.7% | 20.4% | 1.60 | -1.2% |
| Real Estate (VNQ) | 9.7% | 13.6% | 0.43 | 16.6% |
| Bitcoin (BTCUSD) | -30.7% | 43.5% | -0.72 | 79.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSTR | |
|---|---|---|---|---|
| MSTR | 11.5% | 90.3% | 0.53 | - |
| Sector ETF (XLK) | 19.3% | 25.9% | 0.67 | 49.0% |
| Equity (SPY) | 12.7% | 17.2% | 0.57 | 50.9% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 14.1% |
| Commodities (DBC) | 10.8% | 19.5% | 0.43 | 10.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.01 | 33.3% |
| Bitcoin (BTCUSD) | 9.5% | 52.6% | 0.37 | 73.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MSTR | |
|---|---|---|---|---|
| MSTR | 22.2% | 74.7% | 0.60 | - |
| Sector ETF (XLK) | 24.1% | 25.0% | 0.87 | 41.1% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 40.9% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 9.7% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 11.7% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 27.0% |
| Bitcoin (BTCUSD) | 63.0% | 66.1% | 1.03 | 47.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -4.6% | -0.9% | 30.3% |
| 5/5/2026 | -0.0% | -1.3% | -30.8% |
| 2/5/2026 | 26.1% | 15.0% | 29.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 7 |
| # Negative | 9 | 7 | 7 |
| Median Positive | 5.9% | 14.1% | 30.3% |
| Median Negative | -4.2% | -2.9% | -16.8% |
| Max Positive | 26.1% | 37.8% | 161.0% |
| Max Negative | -17.6% | -14.8% | -30.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -4.6% | -0.9% | 30.3% |
| 5/5/2026 | -0.0% | -1.3% | -30.8% |
| 2/5/2026 | 26.1% | 15.0% | 29.9% |
| 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% |
| 2/2/2023 | -2.5% | -14.8% | -18.7% |
| 2/1/2022 | -6.5% | 14.1% | 14.9% |
| 1/28/2021 | 6.7% | 32.4% | 35.3% |
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 7 |
| # Negative | 9 | 7 | 7 |
| Median Positive | 5.9% | 14.1% | 30.3% |
| Median Negative | -4.2% | -2.9% | -16.8% |
| Max Positive | 26.1% | 37.8% | 161.0% |
| Max Negative | -17.6% | -14.8% | -30.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 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 |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 STRC Target Price | Reported | 99 | 99.5 | 100 | ||||
| 2026 STRC Dividend Rate | Reported | 0.12 | ||||||
| 2026 BTC Monetization Program USD Reserve Funding | Reported | 1.25 Bil | ||||||
| 2026 Digital Credit Securities Repurchase Program Availability | Reported | 975.00 Mil | ||||||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 BTC Yield Target | Reported | 0.3 | 0 | Affirmed | Guidance: 0.3 for 2025 | |||
| 2025 BTC $ Gain Target | Reported | 20.00 Bil | 0 | Affirmed | Guidance: 20.00 Bil for 2025 | |||
| 2025 Operating Income | Reported | 34.00 Bil | 0 | Affirmed | Guidance: 34.00 Bil for 2025 | |||
| 2025 Net Income | Reported | 24.00 Bil | 0 | Affirmed | Guidance: 24.00 Bil for 2025 | |||
| 2025 Diluted EPS | Reported | 80 | 0 | Affirmed | Guidance: 80 for 2025 | |||
Insider Activity
Updated 8/31/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Patten, Jarrod M | Direct | Sell | 8312026 | 130.00 | 1,850 | 240,500 | 3,692,780 | Form | |
| 2 | Patten, Jarrod M | Direct | Sell | 8262026 | 125.33 | 2,775 | 347,800 | 3,560,219 | Form | |
| 3 | Patten, Jarrod M | Direct | Sell | 8262026 | 122.34 | 925 | 113,164 | 3,475,190 | Form | |
| 4 | Patten, Jarrod M | Direct | Sell | 8102026 | 102.41 | 3,800 | 389,146 | 2,908,966 | Form | |
| 5 | Patten, Jarrod M | Direct | Sell | 7282026 | 98.48 | 1,950 | 192,036 | 2,797,423 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Patten, Jarrod M | Direct | Sell | 8312026 | 130.00 | 1,850 | 240,500 | 3,692,780 | Form | |
| 2 | Patten, Jarrod M | Direct | Sell | 8262026 | 125.33 | 2,775 | 347,800 | 3,560,219 | Form | |
| 3 | Patten, Jarrod M | Direct | Sell | 8262026 | 122.34 | 925 | 113,164 | 3,475,190 | Form | |
| 4 | Patten, Jarrod M | Direct | Sell | 8102026 | 102.41 | 3,800 | 389,146 | 2,908,966 | Form | |
| 5 | Patten, Jarrod M | Direct | Sell | 7282026 | 98.48 | 1,950 | 192,036 | 2,797,423 | Form | |
| 6 | Patten, Jarrod M | Direct | Sell | 7282026 | 92.45 | 1,950 | 180,287 | 2,626,277 | Form | |
| 7 | Patten, Jarrod M | Direct | Sell | 7232026 | 100.00 | 1,250 | 125,000 | 2,840,600 | Form | |
| 8 | Patten, Jarrod M | Direct | Sell | 6242026 | 106.08 | 1,500 | 159,120 | 3,013,308 | Form | |
| 9 | Le, Phong | President & CEO | Phong Le Revocable Trust | Buy | 6222026 | 90.80 | 11,000 | 998,756 | 998,756 | Form |
| 10 | Patten, Jarrod M | Direct | Sell | 6182026 | 121.31 | 1,500 | 181,965 | 3,445,932 | Form | |
| 11 | Chow, Thomas C | EVP & General Counsel | Direct | Buy | 6172026 | 92.71 | 100 | 9,271 | 9,271 | Form |
| 12 | Chow, Thomas C | EVP & General Counsel | Direct | Buy | 6172026 | 66.10 | 11 | 727 | 727 | Form |
| 13 | Patten, Jarrod M | Direct | Sell | 6172026 | 133.97 | 1,500 | 200,951 | 3,805,467 | Form | |
| 14 | Le, Phong | President & CEO | Direct | Sell | 6092026 | 123.84 | 5,522 | 683,838 | 15,643,693 | Form |
| 15 | Kang, Andrew | EVP & CFO | Direct | Sell | 6092026 | 123.84 | 1,949 | 241,363 | 8,798,029 | Form |
| 16 | Montgomery, Jeanine | VP & CAO | Direct | Sell | 6092026 | 123.84 | 354 | 43,839 | 1,388,122 | Form |
| 17 | Kang, Andrew | EVP & CFO | Direct | Sell | 6052026 | 118.73 | 33,062 | 3,925,353 | 8,160,465 | Form |
| 18 | Le, Phong | President & CEO | Direct | Sell | 6052026 | 118.73 | 93,738 | 11,129,247 | 14,238,355 | Form |
| 19 | Patten, Jarrod M | Direct | Sell | 6012026 | 154.94 | 15,050 | 2,331,813 | 4,338,256 | Form | |
| 20 | Patten, Jarrod M | Direct | Sell | 6012026 | 147.74 | 7,250 | 1,071,080 | 4,136,584 | Form | |
| 21 | Patten, Jarrod M | Direct | Sell | 5282026 | 165.30 | 1,250 | 206,625 | 4,628,400 | Form | |
| 22 | Le, Phong | President & CEO | Minor Child 1 | Buy | 5262026 | 99.41 | 50 | 4,970 | 12,029 | Form |
| 23 | Le, Phong | President & CEO | Minor Child 3 | Buy | 5262026 | 99.37 | 5 | 497 | 3,279 | Form |
| 24 | Kang, Andrew | EVP & CFO | Direct | Sell | 5202026 | 165.78 | 5,597 | 927,865 | 5,582,608 | Form |
| 25 | Patten, Jarrod M | Direct | Sell | 5182026 | 190.85 | 1,500 | 286,280 | 5,343,893 | Form | |
| 26 | Patten, Jarrod M | Direct | Sell | 5122026 | 191.59 | 2,750 | 526,886 | 5,364,660 | Form | |
| 27 | Patten, Jarrod M | Direct | Sell | 5122026 | 186.69 | 1,000 | 186,685 | 5,227,180 | Form | |
| 28 | Patten, Jarrod M | Direct | Sell | 5062026 | 183.25 | 2,000 | 366,500 | 5,131,000 | Form | |
| 29 | Patten, Jarrod M | Direct | Sell | 5042026 | 173.84 | 2,250 | 391,145 | 4,867,582 | Form | |
| 30 | Patten, Jarrod M | Direct | Sell | 5042026 | 163.17 | 1,750 | 285,555 | 4,568,880 | Form | |
| 31 | Patten, Jarrod M | Direct | Sell | 4242026 | 178.16 | 2,000 | 356,312 | 4,988,375 | Form | |
| 32 | Patten, Jarrod M | Direct | Sell | 4222026 | 172.00 | 500 | 86,000 | 4,816,000 | Form | |
| 33 | Patten, Jarrod M | Direct | Sell | 4222026 | 166.95 | 1,500 | 250,420 | 4,674,507 | Form | |
| 34 | Patten, Jarrod M | Direct | Sell | 4152026 | 130.65 | 3,400 | 444,193 | 3,658,060 | Form | |
| 35 | Patten, Jarrod M | Direct | Sell | 4132026 | 130.58 | 1,900 | 248,105 | 3,656,284 | Form | |
| 36 | Patten, Jarrod M | Direct | Sell | 4092026 | 131.77 | 1,400 | 184,478 | 3,689,560 | Form | |
| 37 | Patten, Jarrod M | Direct | Sell | 4092026 | 123.11 | 700 | 86,176 | 3,447,052 | Form | |
| 38 | Patten, Jarrod M | Direct | Sell | 4022026 | 122.01 | 700 | 85,405 | 3,416,196 | Form | |
| 39 | Patten, Jarrod M | Direct | Sell | 4022026 | 124.64 | 700 | 87,248 | 3,489,920 | Form | |
| 40 | Patten, Jarrod M | Direct | Sell | 3302026 | 137.37 | 700 | 96,159 | 3,846,360 | Form | |
| 41 | Montgomery, Jeanine | VP & CAO | Direct | Sell | 3252026 | 138.33 | 470 | 65,016 | 1,441,840 | Form |
| 42 | Kang, Andrew | EVP & CFO | Direct | Sell | 3252026 | 138.33 | 2,373 | 328,266 | 3,703,467 | Form |
| 43 | Le, Phong | President & CEO | Direct | Sell | 3252026 | 138.33 | 3,299 | 456,362 | 3,171,020 | Form |
| 44 | Le, Phong | President & CEO | Direct | Buy | 3232026 | 99.62 | 2,509 | 249,947 | 797,857 | Form |
| 45 | Montgomery, Jeanine | VP & CAO | Direct | Sell | 3132026 | 137.25 | 260 | 35,686 | 1,280,992 | Form |
| 46 | Kang, Andrew | EVP & CFO | Direct | Sell | 3132026 | 137.25 | 916 | 125,725 | 3,268,704 | Form |
| 47 | Le, Phong | President & CEO | Direct | Sell | 3132026 | 137.25 | 2,034 | 279,175 | 2,594,375 | Form |
| 48 | Dietze, Jane A | Direct | Buy | 1212026 | 99.48 | 1,000 | 99,485 | 358,146 | Form | |
| 49 | Le, Phong | President & CEO | Minor Child 3 | Buy | 1092026 | 99.99 | 12 | 1,200 | 2,800 | Form |
| 50 | Dietze, Jane A | Direct | Buy | 11252025 | 95.28 | 1,100 | 104,808 | 247,728 | Form | |
| 51 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11202025 | 202.02 | 2,600 | 525,252 | 6,611,307 | Form |
| 52 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11202025 | 200.00 | 2,600 | 520,000 | 6,545,200 | Form |
| 53 | Montgomery, Jeanine | VP & CAO | Direct | Sell | 11192025 | 208.55 | 43 | 8,968 | 1,821,250 | Form |
| 54 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11182025 | 200.00 | 2,600 | 520,000 | 6,545,200 | Form |
| 55 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11182025 | 200.48 | 2,600 | 521,248 | 6,560,908 | Form |
| 56 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11142025 | 223.67 | 2,600 | 581,534 | 7,319,726 | Form |
| 57 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11142025 | 226.36 | 5,334 | 1,207,395 | 7,407,803 | Form |
| 58 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11122025 | 235.18 | 5,334 | 1,254,456 | 2,992,916 | Form |
| 59 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 11122025 | 249.12 | 5,334 | 1,328,817 | 3,170,328 | Form |
| 60 | Patten, Jarrod M | Direct | Buy | 10202025 | 96.88 | 12,000 | 1,162,500 | 2,841,828 | Form | |
| 61 | Patten, Jarrod M | Direct | Buy | 10202025 | 97.95 | 11,780 | 1,153,804 | 1,697,894 | Form | |
| 62 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 10092025 | 357.37 | 30,000 | 10,721,028 | 4,547,860 | Form |
| 63 | Shao, Wei-Ming | EVP & General Counsel | Direct | Sell | 9222025 | 355.79 | 10,000 | 3,557,890 | 4,527,771 | Form |
| 64 | Shao, Wei-Ming | EVP & General Counsel | Direct | Buy | 9162025 | 96.92 | 12,500 | 1,211,450 | 1,453,740 | Form |
Investor Activity (13F)
Updated Sep 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cable Car Capital, LP | $49.9 Mil | 17.2% | 128 | New | 13F |
| Long Corridor Asset Management Ltd | $41.6 Mil | 10.1% | 38 | ADD +200.0% | 13F |
| ParaFi Capital LP | $30.4 Mil | 9.6% | 18 | TRIM -92.4% | 13F |
| CTC LLC | $63.1 Mil | 5.0% | 25 | ADD +117.9% | 13F |
| Elliott Investment Management L.P. | $11.5 Mil | 0.1% | 19 | TRIM -37.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| CTC LLC | $63.1 Mil | 5.0% | 25 | ADD +117.9% | 13F |
| Cable Car Capital, LP | $49.9 Mil | 17.2% | 128 | New | 13F |
| Long Corridor Asset Management Ltd | $41.6 Mil | 10.1% | 38 | ADD +200.0% | 13F |
| ParaFi Capital LP | $30.4 Mil | 9.6% | 18 | TRIM -92.4% | 13F |
| Elliott Investment Management L.P. | $11.5 Mil | 0.1% | 19 | TRIM -37.5% | 13F |
Strategy — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.