Strategy (MSTR)

Market Price (8/13/2026): $94.89 | Market Cap: $33.5 BilSector: Information Technology | Industry: Application Software

Strategy (MSTR)

Market Price (8/13/2026): $94.89
Market Cap: $33.5 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody.

Weak multi-year price returns
2Y Excs Rtn is -73%

Not profitable at operating income level
Op 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 multiples
P/SPrice/Sales ratio is 67x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Not cash flow generative
CFO/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -95%

Key risks
MSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more.

0	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody.
1	Weak multi-year price returns 2Y Excs Rtn is -73%
2	Not profitable at operating income level Op 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%
3	Expensive valuation multiples P/SPrice/Sales ratio is 67x
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
6	Not cash flow generative CFO/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%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -95%
8	Key risks MSTR key risks include [1] an extreme dependency on Bitcoin's price volatility, Show more.

MSTR in ETFs

Weight = MSTR's share of each fund

VTI0.04%

ITOT0.04%

QQQ0.14%

QQQM0.14%

IWB0.04%

VTV0.11%

VO0.28%

IGV1.1%

+15 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	8/13/26	2025	2024	2023	2022
Share Price			$94.89	$151.95	$289.62	$63.16	$14.16
Mkt Cap ($ Bil)			33.5	44.7	64.3	12.4	1.6
+ Debt ($ Bil)			6.8	8.2	7.2	2.2	2.4
- Cash ($ Bil)			2.4	2.3	0.0	0.0	0.0
TEV ($ Bil)			37.8	52.9	71.5	14.6	4.0
Valuation Ratios
P/S	65.9	67.2	67.1	93.7	138.8	25.1	3.2
P/EBIT	—	—	-1.5	99.6	-34.4	-164.6	-1.3
P/E	58.4	—	-1.1	-11.6	-55.1	29.0	-1.1
P/FCF	—	—	-1.5	-2.0	-2.9	-6.6	-5.6
Sector Ratios (* = sector average)
P/S *			3.6	3.3	3.5	3.1	2.6
P/EBIT *			4.2	4.1	2.3	-0.2	-0.2
P/E *			0.1	-0.0	-0.1	-0.2	-0.5
P/FCF *			10.7	12.0	14.2	13.4	8.0

FYE: 12/31	Forward FYE		Now
	2027	2026	8/13/26
Share Price			$94.89
Mkt Cap ($ Bil)			33.5
+ Debt ($ Bil)			6.8
- Cash ($ Bil)			2.4
TEV ($ Bil)			37.8
Valuation Ratios
P/S	65.9	67.2	67.1
P/EBIT	—	—	-1.5
P/E	58.4	—	-1.1
P/FCF	—	—	-1.5
Sector Ratios (* = sector average)
P/S *			3.6
P/EBIT *			4.2
P/E *			0.1
P/FCF *			10.7

FYE: 12/31	MSTR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$498.3 Mil	—
FY 2026 Sales	$497.9 Mil	—
FY 2027 Sales	$507.6 Mil	—
FY 2026 Sales Growth	-0.1%	—
FY 2027 Sales Growth	1.9%	13.5%
EARNINGS
LTM Net Income (GAAP) [3]	$-30.4 Bil	—
FY 2026 Net Income (Non-GAAP)	$-2.2 Bil	—
FY 2027 Net Income (Non-GAAP)	$573.0 Mil	—
FY 2027 Net Income Growth	—	19.4%
FY 2026 EPS (Non-GAAP)	$-7.56	—
FY 2027 EPS (Non-GAAP)	$1.95	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	67.2	1.8
FY 2027 P/S	65.9	—
FY 2026 P/E	—	8.0
FY 2027 P/E	58.4	—

[1] MSTR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	MSTR	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.5
Rev Chg Q	6.9%	9.4%
Rev Chg LTM	7.8%	8.3%
Rev Chg 3Y Avg	0.0%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-30.4
Op Mgn LTM	-8.1%	18.4%
CFO/Rev LTM	-4.0%	21.8%
Net Inc Mgn	-6,103.0%	13.1%
VALUATION	VERY HIGH
P/S	67.1	3.3
P/CFO	-1,665.2	15.6
P/FCF	-1.5	20.1
P/E	-1.1	23.6
STABILITY	GOOD
Debt/Equity	0.20	0.19
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Total Bitcoin Holdings	640,808 bitcoins	10262025	Link
Average Cost per Bitcoin	$74,032	10262025	Link
Year-to-Date Bitcoin Gain (BTC)	116,555	10262025	Link
Year-to-Date Bitcoin Gain (USD)	$12.9 billion	10242025	Link
Year-to-Date Bitcoin Yield	26%	10302025	Link
Bitcoin per Share	$41,370	10312025	Link
Subscription Services Revenue Growth Rate	65.4%	9302025	Link

Price Chart

Recent
7/30/2026	Earnings Release	Rev: $122 Mil (A) vs. $122 Mil (E) EPS: -24.45 (A) vs. $-2.19 (E)
Upcoming
10/29/2026	Earnings Release	Rev: $127 Mil (E) EPS: $12.34 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 8/1/2026

Strategy (MSTR) stock has lost about 45% since 4/30/2026 because of the following key factors:

1. Significant decline in Bitcoin's price led to an $8.32 billion unrealized loss on digital assets. The primary driver of MicroStrategy's stock decline was the substantial drop in the price of Bitcoin (BTC) during its fiscal Q2 2026, which ended in June 2026. Bitcoin fell from approximately $76,304 at the end of April 2026 to around $58,700 by June 30, 2026. This resulted in an $8.32 billion non-cash unrealized fair-value loss on the company's Bitcoin holdings under fair-value accounting, directly impacting its financial statements. This represents a stark reversal from a $14.05 billion gain in the same quarter last year.

2. MicroStrategy reported a deeply disappointing Q2 2026 earnings per share (EPS) miss and a substantial net loss. For fiscal Q2 2026, the company reported an EPS of -$24.45, missing the consensus estimate of $3.07 by 895.30%. This severe earnings miss, coupled with an $8.6 billion GAAP net loss, was predominantly a consequence of the $8.32 billion unrealized loss on its Bitcoin holdings, which overshadowed the modest revenue growth from its software business.

3. The company's Q2 2026 revenue fell short of analyst expectations. MicroStrategy's reported revenue for fiscal Q2 2026 was $122.37 million, slightly below the consensus estimate of $124.5 million, marking a miss of 1.70%. Although the company's subscription services revenue grew 54% year-over-year, the slight overall revenue miss contributed to the negative sentiment surrounding the earnings report.

4. Over $24.5 million in insider sales occurred in the three months leading up to the earnings report. Insider trading activity showed significant selling, with no insider purchases and $24.5 million in insider sales reported in the three months prior to the Q2 2026 earnings report, exceeding the $5 million threshold. This net negative insider activity, totaling approximately $7.19 million over the past 90 days, may have signaled a lack of confidence among informed company personnel.

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Stock Movement Drivers

Fundamental Drivers

The -42.7% change in MSTR stock from 4/30/2026 to 8/12/2026 was primarily driven by a -34.2% change in the company's P/S Multiple.

(LTM values as of)	4302026	8122026	Change
Stock Price ($)	165.45	94.83	-42.7%
Change Contribution By:
Total Revenues ($ Mil)	477	498	4.4%
P/S Multiple	102.0	67.1	-34.2%
Shares Outstanding (Mil)	294	353	-16.5%
Cumulative Contribution			-42.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/12/2026

	Return	Correlation
MSTR	-42.7%
Market (SPY)	7.5%	48.6%
Sector (XLK)	18.4%	39.9%

Fundamental Drivers

The -36.7% change in MSTR stock from 1/31/2026 to 8/12/2026 was primarily driven by a -25.2% change in the company's P/S Multiple.

(LTM values as of)	1312026	8122026	Change
Stock Price ($)	149.71	94.83	-36.7%
Change Contribution By:
Total Revenues ($ Mil)	475	498	4.9%
P/S Multiple	89.6	67.1	-25.2%
Shares Outstanding (Mil)	284	353	-19.3%
Cumulative Contribution			-36.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/12/2026

	Return	Correlation
MSTR	-36.7%
Market (SPY)	11.9%	56.8%
Sector (XLK)	31.4%	48.9%

Fundamental Drivers

The -76.4% change in MSTR stock from 7/31/2025 to 8/12/2026 was primarily driven by a -70.1% change in the company's P/S Multiple.

(LTM values as of)	7312025	8122026	Change
Stock Price ($)	401.86	94.83	-76.4%
Change Contribution By:
Total Revenues ($ Mil)	459	498	8.5%
P/S Multiple	224.4	67.1	-70.1%
Shares Outstanding (Mil)	256	353	-27.2%
Cumulative Contribution			-76.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/12/2026

	Return	Correlation
MSTR	-76.4%
Market (SPY)	23.3%	51.5%
Sector (XLK)	44.3%	46.3%

Fundamental Drivers

The 116.6% change in MSTR stock from 7/31/2023 to 8/12/2026 was primarily driven by a 549.8% change in the company's P/S Multiple.

(LTM values as of)	7312023	8122026	Change
Stock Price ($)	43.79	94.83	116.6%
Change Contribution By:
Total Revenues ($ Mil)	502	498	-0.7%
P/S Multiple	10.3	67.1	549.8%
Shares Outstanding (Mil)	118	353	-66.4%
Cumulative Contribution			116.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/12/2026

	Return	Correlation
MSTR	116.6%
Market (SPY)	74.7%	42.9%
Sector (XLK)	115.8%	40.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MSTR Return	40%	-74%	346%	359%	-48%	-37%	147%
Peers Return	37%	-22%	54%	35%	24%	-11%	146%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
MSTR Win Rate	50%	33%	75%	58%	33%	38%
Peers Win Rate	67%	33%	62%	65%	52%	42%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
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 8/12/2026 (YTD)

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

Compare to MSFT, CRM, ORCL, GOOGL, IBM

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

Compare to MSFT, CRM, ORCL, GOOGL, IBM

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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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.

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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.

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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.

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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)

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Amazon.com, Inc. (AMZN)
Microsoft Corporation (MSFT)

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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.

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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.

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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.

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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.

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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.

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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.

Interactive Breakdown

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Better Bets vs. Strategy (MSTR)

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Best Bets in Information Technology

What You Pay

P/EBIT (Value for MSTR: -1.5x)

VRSN (21.8x)

VeriSign

NVDA (28.7x)

NVIDIA

IDCC (23.4x)

InterDigital

QLYS (27.1x)

Qualys

YOU (18.5x)

Clear Secure

ADEA (15.3x)

Adeia

GEN (8.3x)

Gen Digital

ADBE (11.1x)

Adobe

FICO (18.9x)

Fair Isaac

INTU (15.2x)

Intuit

P/E (Value for MSTR: -1.1x)

VRSN (30.2x)

VeriSign

NVDA (34.1x)

NVIDIA

IDCC (30.0x)

InterDigital

QLYS (31.7x)

Qualys

YOU (31.5x)

Clear Secure

ADEA (25.3x)

Adeia

GEN (16.3x)

Gen Digital

ADBE (14.4x)

Adobe

FICO (29.0x)

Fair Isaac

INTU (20.2x)

Intuit

What You Get

Rev Chg 3Y Avg (Value for MSTR: 0.0%)

VRSN (5.3%)

VeriSign

NVDA (121.7%)

NVIDIA

IDCC (15.6%)

InterDigital

QLYS (10.3%)

Qualys

YOU (24.0%)

Clear Secure

ADEA (7.0%)

Adeia

GEN (12.8%)

Gen Digital

ADBE (11.0%)

Adobe

FICO (17.7%)

Fair Isaac

INTU (14.2%)

Intuit

Rev Chg LTM (Value for MSTR: 7.8%)

VRSN (6.9%)

VeriSign

NVDA (70.7%)

NVIDIA

IDCC (-11.7%)

InterDigital

QLYS (10.4%)

Qualys

YOU (19.8%)

Clear Secure

ADEA (24.3%)

Adeia

GEN (20.2%)

Gen Digital

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

INTU (15.1%)

Intuit

Rev Chg Q (Value for MSTR: 6.9%)

VRSN (6.0%)

VeriSign

NVDA (85.2%)

NVIDIA

IDCC (-13.4%)

InterDigital

QLYS (11.0%)

Qualys

YOU (26.6%)

Clear Secure

ADEA (12.1%)

Adeia

GEN (6.3%)

Gen Digital

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

INTU (10.4%)

Intuit

FCF/Rev 3Y Avg (Value for MSTR: -4185.4%)

VRSN (58.5%)

VeriSign

NVDA (48.3%)

NVIDIA

IDCC (42.5%)

InterDigital

QLYS (42.1%)

Qualys

YOU (41.9%)

Clear Secure

ADEA (41.1%)

Adeia

GEN (39.0%)

Gen Digital

ADBE (37.9%)

Adobe

FICO (37.4%)

Fair Isaac

INTU (34.1%)

Intuit

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Peer Outperformance in Application Software

MSTR has outperformed 86% of its 123 Application Software peers over 5Y. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Application Software constituents that MSTR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

11%

of 154 industry peers · -76.0% return

94%

of 141 industry peers · 146.8% return

86%

of 123 industry peers · 30.3% return

No Application Software peer with a comparable growth profile has beaten MSTR by more than 20pp over 5Y.

Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is MSTR's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	9	66.4%	248.2%	442.9%	TTMI 881% · FLEX 831% · FN 531%
Semiconductor Materials & Equipment	27	166.0%	98.9%	147.0%	AEHR 2179% · AXTI 718% · KLAC 566%
Technology Distributors	9	24.6%	64.3%	80.2%	CLMB 344% · AVT 170% · SNX 118%
Communications Equipment	35	40.1%	117.4%	70.0%	AAOI 1861% · LITE 1086% · FEIM 892%
Electronic Components	26	60.7%	73.7%	68.3%	CLS 3788% · BELFA 1493% · LPTH 576%
Semiconductors	54	56.2%	46.1%	42.0%	POET 2078% · MU 1218% · NVDA 1014%
Technology Hardware, Storage & Peripherals	22	38.9%	67.0%	19.3%	STX 1028% · DELL 958% · SMCI 936%
Internet Services & Infrastructure	6	15.8%	34.7%	17.2%	DOCN 149% · VRSN 37% · GDDY 29%
Electronic Equipment & Instruments	27	9.7%	15.6%	-0.8%	PI 259% · OSIS 130% · SOTK 127%
IT Consulting & Other Services	30	-23.4%	-19.0%	-25.8%	CHRN 547005% · APLD 2048% · TSSI 1001%
Application Software ←	124	-18.3%	-19.8%	-42.5%	VIDA 234900% · PLTR 587% · RDVT 164%
Systems Software	72	-15.7%	0.5%	-47.6%	QNC 939% · PANW 521% · ZETA 391%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Strategy Earnings Notes	05/02/2026
2	With Strategy Stock Sliding, Have You Assessed The Risk?	10/17/2025
3	Should You Buy Strategy Stock?	10/17/2025
4	Does Strategy Stock Lead the Pack?	10/17/2025
5	Is 21.1% Fall In Strategy (MSTR) Stock A Buying Opportunity?	10/17/2025
6	Day 6 of Loss Streak for Strategy Stock with -16% Return (vs. 16% YTD) [8/19/2025]	08/20/2025
7	MSTR Dip Buy Analysis	07/10/2025
8	Strategy (MSTR) Stock: 29% of days in last 3 months had 1% or greater fluctuation	03/08/2025
9	ARTICLES
10	Is MSTR Stock’s 40% Bitcoin Discount A Generational Buy Or An Optical Illusion?	06/26/2026
11	How Low Can MSTR Stock Go?	06/04/2026
12	How MSTR Stock Rises To $370	05/06/2026
13	How Will Strategy Stock React To Its Upcoming Earnings?	05/02/2026
14	MicroStrategy Stock: The Bitcoin Bet Trading Below Its Own Assets	01/30/2026

	Title
0	DASHBOARDS
1	Strategy Earnings Notes
2	With Strategy Stock Sliding, Have You Assessed The Risk?
3	Should You Buy Strategy Stock?
4	Does Strategy Stock Lead the Pack?
5	Is 21.1% Fall In Strategy (MSTR) Stock A Buying Opportunity?
6	Day 6 of Loss Streak for Strategy Stock with -16% Return (vs. 16% YTD) [8/19/2025]
7	MSTR Dip Buy Analysis
8	Strategy (MSTR) Stock: 29% of days in last 3 months had 1% or greater fluctuation
9	ARTICLES
10	Is MSTR Stock’s 40% Bitcoin Discount A Generational Buy Or An Optical Illusion?
11	How Low Can MSTR Stock Go?
12	How MSTR Stock Rises To $370
13	How Will Strategy Stock React To Its Upcoming Earnings?
14	MicroStrategy Stock: The Bitcoin Bet Trading Below Its Own Assets

Trade Ideas

Select ideas related to MSTR.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
QNT	Quantinuum	1.9	28.0%	18.8%
SION	Sionna Therapeutics	0.3	22.5%	-84.8%
SHAZ	SharonAI	1.0	21.0%	-26.0%
CRWV	CoreWeave	56.8	19.3%	50.4%
BRUN	Boost Run	1.1	19.1%	5.7%
SMCI	Super Micro Computer	22.6	19.0%	28.5%
MRX	Marex	5.1	18.7%	86.8%
ATRO	Astronics	3.1	17.3%	62.0%
HRB	H&R Block	6.9	16.1%	27.4%
TECX	Tectonic Therapeutic	0.7	15.6%	76.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UAMY	United States Antimony	0.7	-24.5%	-1.0%
HPK	HighPeak Energy	0.9	-12.7%	52.1%
EYE	National Vision	1.6	-11.6%	-24.4%
PLTK	Playtika	0.9	-11.4%	-40.1%
LQDA	Liquidia	6.9	-10.5%	128.4%
TE	T1 Energy	1.4	-10.4%	-26.6%
KDK	Kodiak AI	0.7	-10.1%	-62.2%
ALMR	Alamar Biosciences	2.1	-9.4%	50.5%
SVV	Savers Value Village	1.7	-9.2%	14.7%
LB	LandBridge	2.1	-9.0%	56.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ABCL	AbCellera Biologics	3.1	74.9%	202.8%
IOVA	Iovance Biotherapeutics	2.8	55.3%	146.9%
HZO	MarineMax	1.2	44.7%	115.1%
NIQ	NIQ Global Intelligence	5.0	44.2%	1.9%
STDN	Standard Nuclear	1.9	39.5%	-6.7%
TEAM	Atlassian	40.5	37.0%	-4.3%
CAI	Caris Life Sciences	6.3	35.3%	-17.5%
SPCX	Space Exploration Technologies	1,550.2	35.0%	-9.2%
QNST	QuinStreet	1.2	34.4%	44.7%
INSM	Insmed	28.5	33.6%	-24.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TENX	Tenax Therapeutics	0.1	-86.8%	-85.9%
SION	Sionna Therapeutics	0.3	-86.8%	-84.8%
TDUP	ThredUp	0.4	-51.0%	-51.8%
CDNL	Cardinal Infrastructure	0.5	-43.1%	48.8%
UTI	Universal Technical Institute	1.4	-39.5%	-1.9%
ARKO	ARKO	0.5	-39.4%	-0.8%
PLTK	Playtika	0.9	-39.2%	-40.1%
GOGO	Gogo	0.4	-36.5%	-39.3%
NABL	N-able	0.6	-35.1%	-56.7%
BLLN	BillionToOne	4.5	-35.0%	19.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EFOR	Everforth	1.4	91.2%	72.5%
UTZ	Utz Brands	1.2	88.9%	38.5%
AEHR	Aehr Test Systems	4.0	79.5%	540.1%
FBRX	Forte Biosciences	1.4	77.7%	181.6%
TEAM	Atlassian	40.5	74.3%	-4.3%
IOVA	Iovance Biotherapeutics	2.8	71.5%	146.9%
PLSE	Pulse Biosciences	2.9	70.1%	215.5%
LIFE	Ethos Technologies	1.6	69.3%	3973.5%
NEWP	New Pacific Metals	1.2	64.4%	88.3%
CDNA	CareDx	2.4	63.5%	151.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TENX	Tenax Therapeutics	0.1	-88.9%	-85.9%
SION	Sionna Therapeutics	0.3	-85.3%	-84.8%
MPLT	MapLight Therapeutics	0.5	-70.0%	-35.2%
EMAT	Evolution Metals & Technologies	1.4	-58.2%	-89.2%
TDUP	ThredUp	0.4	-51.4%	-51.8%
CDNL	Cardinal Infrastructure	0.5	-48.4%	48.8%
UTI	Universal Technical Institute	1.4	-45.0%	-1.9%
LINC	Lincoln Educational Services	0.9	-44.3%	23.4%
AHCO	AdaptHealth	0.8	-43.4%	-42.1%
SEDG	SolarEdge Technologies	1.9	-42.3%	11.0%

Peer Comparisons

Peers to compare with:

Financials

	MSTR	MSFT	CRM	ORCL	GOOGL	IBM	Median
Name	Strategy	Microsoft	Salesfor.	Oracle	Alphabet	Internat.
Mkt Price	94.83	492.43	193.32	153.28	343.54	235.98	214.65
Mkt Cap	33.4	3,656.8	167.8	440.7	4,174.4	222.1	331.4
Rev LTM	498	331,839	42,829	67,358	445,867	69,097	68,228
Op Inc LTM	-41	155,237	9,366	22,442	147,628	12,705	17,574
FCF LTM	-21,750	66,987	14,661	-23,686	53,273	13,144	13,902
FCF 3Y Avg	-19,923	70,890	12,881	-4,091	60,263	12,295	12,588
CFO LTM	-20	182,935	15,221	31,977	185,675	14,888	23,599
CFO 3Y Avg	-39	145,882	13,511	23,824	141,481	13,974	18,899

Growth & Margins

	MSTR	MSFT	CRM	ORCL	GOOGL	IBM	Median
Name	Strategy	Microsoft	Salesfor.	Oracle	Alphabet	Internat.
Rev Chg LTM	7.8%	17.8%	11.0%	17.4%	20.1%	7.9%	14.2%
Rev Chg 3Y Avg	0.0%	16.1%	10.0%	10.6%	15.5%	4.5%	10.3%
Rev Chg Q	6.9%	17.7%	13.3%	20.6%	24.2%	1.1%	15.5%
QoQ Delta Rev Chg LTM	1.6%	4.3%	3.1%	5.1%	5.5%	0.3%	3.7%
Op Inc Chg LTM	34.5%	20.8%	18.2%	24.3%	21.6%	16.3%	21.2%
Op Inc Chg 3Y Avg	-199.5%	20.6%	53.7%	17.8%	25.6%	13.3%	19.2%
Op Mgn LTM	-8.1%	46.8%	21.9%	33.3%	33.1%	18.4%	27.5%
Op Mgn 3Y Avg	-9.1%	45.7%	20.3%	31.7%	31.9%	17.0%	26.0%
QoQ Delta Op Mgn LTM	0.1%	-0.0%	0.4%	1.0%	0.4%	-0.4%	0.3%
CFO/Rev LTM	-4.0%	55.1%	35.5%	47.5%	41.6%	21.5%	38.6%
CFO/Rev 3Y Avg	-8.3%	50.6%	34.5%	39.7%	36.5%	21.4%	35.5%
FCF/Rev LTM	-4,364.3%	20.2%	34.2%	-35.2%	11.9%	19.0%	15.5%
FCF/Rev 3Y Avg	-4,185.4%	25.3%	32.9%	-4.5%	16.1%	18.9%	17.5%

Valuation

	MSTR	MSFT	CRM	ORCL	GOOGL	IBM	Median
Name	Strategy	Microsoft	Salesfor.	Oracle	Alphabet	Internat.
Mkt Cap	33.4	3,656.8	167.8	440.7	4,174.4	222.1	331.4
P/S	67.1	11.0	3.9	6.5	9.4	3.2	8.0
P/Op Inc	-825.4	23.6	17.9	19.6	28.3	17.5	18.8
P/EBIT	-1.5	21.6	16.8	18.2	13.8	18.0	17.4
P/E	-1.1	27.3	20.9	25.8	17.1	20.7	20.8
P/CFO	-1,664.1	20.0	11.0	13.8	22.5	14.9	14.3
Total Yield	-91.0%	4.4%	5.7%	5.2%	6.1%	7.7%	5.4%
Dividend Yield	0.0%	0.7%	0.9%	1.3%	0.2%	2.8%	0.8%
FCF Yield 3Y Avg	-39.1%	2.2%	6.7%	-0.9%	2.4%	5.6%	2.3%
D/E	0.2	0.0	0.2	0.4	0.0	0.3	0.2
Net D/E	0.1	-0.0	0.2	0.3	-0.0	0.3	0.2

Returns

	MSTR	MSFT	CRM	ORCL	GOOGL	IBM	Median
Name	Strategy	Microsoft	Salesfor.	Oracle	Alphabet	Internat.
1M Rtn	3.0%	25.9%	12.9%	16.5%	-2.5%	-18.1%	7.9%
3M Rtn	-46.7%	21.8%	16.9%	-18.9%	-14.6%	10.7%	-1.9%
6M Rtn	-24.8%	22.3%	5.0%	-1.8%	10.6%	-12.2%	1.6%
12M Rtn	-76.0%	-6.2%	-15.8%	-38.9%	69.4%	3.1%	-11.0%
3Y Rtn	146.8%	57.0%	-5.8%	40.4%	167.5%	80.9%	68.9%
1M Excs Rtn	-5.5%	25.2%	12.7%	17.1%	-7.2%	6.8%	9.7%
3M Excs Rtn	-53.3%	16.3%	8.4%	-22.4%	-16.0%	3.7%	-6.1%
6M Excs Rtn	-40.3%	8.1%	-11.2%	-15.1%	-3.6%	-29.6%	-13.1%
12M Excs Rtn	-97.9%	-26.4%	-37.8%	-60.2%	49.8%	-19.1%	-32.1%
3Y Excs Rtn	84.2%	-18.8%	-80.5%	-34.7%	92.0%	7.6%	-5.6%

Comparison Analyses

	Title
0	MicroStrategy vs. Fair Isaac: With Return Forecast Of -3.4%, Fair Isaac Is A Better Bet
1	MicroStrategy vs. Franklin Electric: With Return Forecast Of 7%, Franklin Electric Is A Better Bet
2	MicroStrategy vs. ConMed: With Return Forecast Of 13%, ConMed Is A Better Bet
3	MicroStrategy vs. Cogent Communications Group: With Return Forecast Of 1.5%, Cogent Communications Group Is A Better Bet
4	MicroStrategy vs. Zynga: With Return Forecast Of 81%, Zynga Is A Better Bet
5	MicroStrategy vs. Lattice Semiconductor: With Return Forecast Of -16%, Lattice Semiconductor Is A Better Bet
6	MicroStrategy vs. Universal Display: With Return Forecast Of 70%, Universal Display Is A Better Bet
7	MicroStrategy vs. Planet Fitness: With Return Forecast Of 55%, Planet Fitness Is A Better Bet
8	MicroStrategy vs. Alkermes: Similar Market Cap, But Alkermes Is A Better Bet
9	MicroStrategy vs. Envestnet: Similar Market Cap, But Envestnet Is A Better Bet

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/3/2026	2/19/2026	2/18/2025	2/15/2024	2/16/2023	2/16/2022	2/12/2021
Key Financials
Total Revenue	498	477	463	496	499	511	481
Gross Profit	337	328	334	386	396	419	390
EBITDA	-21,746	-5,435	-1,855	-61	-1,258	-771	70
Operating Income	-41	-41	-63	1	11	46	57
Net Income	-30,414	-3,848	-1,167	429	-1,470	-535	-8
EPS	-96.33	-15.23	-6.06	3.14	-12.98	-5.34	-0.08
Growth Rates
Total Revenue Growth	7.8%	3.0%	-6.6%	-0.6%	-2.3%	6.2%	-1.1%
EBITDA Growth	-273.1%	-193.1%	-2938.4%	95.1%	-63.2%	-1194.9%	827.4%
Operating Income Growth	34.5%	35.2%	-7950.2%	-92.4%	-77.1%	-19.2%	5795.9%
Net Income Growth	-734.6%	-229.8%	-371.9%	129.2%	-174.5%	-7017.0%	-121.9%
Margins
Gross Margin	67.6%	68.7%	72.1%	77.8%	79.4%	82.0%	81.1%
EBITDA Margin	-4363.6%	-1139.0%	-400.2%	-12.3%	-252.1%	-150.9%	14.6%
Operating Income Margin	-8.1%	-8.6%	-13.6%	0.2%	2.1%	9.0%	11.9%
Net Income Margin	-6103.0%	-806.3%	-251.7%	86.5%	-294.4%	-104.8%	-1.6%
Cash & Debt
Total Cash	2,448	2,301	38	47	44	63	60
Total Debt	6,771	8,236	7,248	2,244	2,446	2,232	571
Net Debt / (Cash)	4,323	5,935	7,210	2,197	2,403	2,168	511
Cash Flows & CapEx
Net Cash from Operations	-20	-67	-53	13	3	94	54
Total CapEx	-21,729	-22,512	-22,086	-1,905	-290	-2,629	-1,129
Free Cash from Operations	-21,750	-22,580	-22,139	-1,893	-287	-2,535	-1,075
Returns to Shareholders
Dividends	0	381	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	123

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/3/2026	5/6/2026	2/19/2026	11/3/2025	8/5/2025	5/5/2025	2/18/2025	10/31/2024	8/6/2024	5/1/2024	2/15/2024	11/1/2023
Key Financials Quarterly
Total Revenue	122	124	123	129	114	111	121	116	111	115	124	129
Ebitda	-8,190	-6	-17,444	3,894	14,033	-9	-1,005	-455	-196	-199	-44	-20
Operating Income	-16	-15	-10	-0	-16	-15	-10	-20	-20	-12	-4	8
Net Income	-8,220	-12,543	-12,437	2,785	10,021	-4,217	-671	-340	-103	-53	89	-143
EPS	-24.45	-38.25	-42.93	9.30	36.23	-16.49	-3.03	-1.72	-0.57	-0.31	0.58	-1.01
Key Financials TTM
Total Revenue TTM	498	490	477	475	462	459	463	467	481	490	496	504
Ebitda TTM	-21,746	477	475	16,913	12,564	-1,664	-1,855	-893	-459	-286	-61	-213
Operating Income TTM	-41	-40	-41	-41	-62	-66	-63	-56	-27	-10	1	8
Net Income TTM	-30,414	-12,173	-3,848	7,918	4,792	-5,331	-1,167	-407	-210	-85	429	90
Growth Rates Quarterly
Total Revenue Growth	6.9%	11.9%	1.9%	10.9%	2.7%	-3.6%	-3.0%	-10.3%	-7.4%	-5.5%	-6.1%	3.3%
EBITDA Growth	-158.4%	30.3%	-1635.5%	956.7%	7262.2%	95.6%	-2205.7%	-2163.3%	-725.7%	-854.6%	77.7%	-253.3%
Operating Income Growth	-0.4%	3.0%	3.8%	100.0%	23.1%	-27.7%	-192.2%	-346.6%	-686.9%	-764.5%	-190.6%	22.5%
Net Income Growth	-182.0%	-197.4%	-1754.0%	918.7%	9870.8%	-7839.6%	-852.7%	-137.2%	-561.1%	-111.5%	135.7%	-429.7%
Margins Quarterly
EBITDA Margin	-6693.0%	-5.0%	-14183.4%	3026.1%	12257.1%	-8.0%	-832.8%	-391.6%	-175.8%	-172.6%	-35.0%	-15.5%
Operating Income Margin	-12.7%	-12.0%	-8.1%	-0.0%	-13.6%	-13.9%	-8.6%	-17.7%	-18.1%	-10.5%	-2.8%	6.4%
Net Income Margin	-6717.1%	-10090.6%	-10112.1%	2164.1%	8752.7%	-3797.2%	-555.8%	-293.1%	-92.0%	-46.1%	71.6%	-110.8%
Cash & Debt
Total Cash	2,448	2,207	2,301	54	50	60	38	46	67	81	47	45
Total Debt	6,771	8,257	8,236	8,222	8,214	8,194	7,248	4,270	3,905	3,618	2,244	2,240
Net Debt / (Cash)	4,323	6,050	5,935	8,168	8,164	8,134	7,210	4,224	3,838	3,536	2,197	2,195
Cash Flows Quarterly
FCF from Operations	-4	14	-22	-8	-35	-2	-17	-41	-23	29	1	-7
Cash Flows TTM
FCF from Operations TTM	-20	-51	-67	-63	-96	-84	-53	-35	-1	4	13	-7
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.1%	-0.1%	-0.1%	-0.0%	-0.1%	-0.1%	-0.1%	-0.7%	-0.5%	-0.2%	-0.3%	1.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.3%	-0.2%	-0.0%	0.0%	0.2%

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

Operating Income by Segment

$ Mil	2000	1999
MicroStrategy	138	-25
Strategy.com	-2
Total	136	-25

Net Income by Segment

$ 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

Assets by Segment

$ 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

Price Behavior

Market Price	$94.83
Market Cap ($ Bil)	31.7
First Trading Date	06/11/1998
Distance from 52W High	-76.0%
	50 Days	200 Days
DMA Price	$108.94	$151.31
DMA Trend	down	down
Distance from DMA	-12.9%	-37.3%
	3M	1YR
Volatility	75.8%	74.5%
Downside Capture	448.12	424.46
Upside Capture	96.16	168.68
Correlation (SPY)	49.0%	50.2%

MSTR Betas & Captures as of 7/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.12	2.80	2.77	3.37	2.99	2.47
Up Beta	0.75	4.73	3.49	3.68	3.41	2.53
Down Beta	5.34	2.22	1.74	2.22	2.89	2.02
Up Capture	212%	68%	131%	463%	234%	7225%
Bmk +ve Days	11	22	35	67	138	427
Stock +ve Days	10	16	25	53	106	360
Down Capture	96%	318%	337%	251%	189%	112%
Bmk -ve Days	11	21	28	59	114	326
Stock -ve Days	11	26	37	72	145	391

[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	-76.4%	74.4%	-1.62	-
Sector ETF (XLK)	43.8%	25.9%	1.36	45.6%
Equity (SPY)	22.6%	12.8%	1.32	50.6%
Gold (GLD)	31.4%	28.4%	0.95	22.2%
Commodities (DBC)	37.9%	20.1%	1.48	-2.4%
Real Estate (VNQ)	14.3%	13.8%	0.73	16.5%
Bitcoin (BTCUSD)	-46.5%	42.9%	-1.33	79.5%

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	7.5%	89.8%	0.49	-
Sector ETF (XLK)	20.5%	25.8%	0.71	49.1%
Equity (SPY)	13.4%	17.2%	0.60	51.1%
Gold (GLD)	19.0%	18.6%	0.83	12.6%
Commodities (DBC)	9.8%	19.6%	0.39	10.1%
Real Estate (VNQ)	2.2%	18.9%	0.01	33.5%
Bitcoin (BTCUSD)	9.9%	52.8%	0.37	73.5%

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	19.2%	74.3%	0.57	-
Sector ETF (XLK)	24.7%	24.9%	0.90	41.1%
Equity (SPY)	15.4%	17.9%	0.73	41.0%
Gold (GLD)	12.0%	16.2%	0.61	8.8%
Commodities (DBC)	8.0%	18.0%	0.36	11.6%
Real Estate (VNQ)	4.7%	20.7%	0.19	27.1%
Bitcoin (BTCUSD)	60.9%	66.1%	1.01	47.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	7312026
Short Interest: Shares Quantity	32.5 Mil
Short Interest: % Change Since 7152026	-19.4%
Average Daily Volume	15.1 Mil
Days-to-Cover Short Interest	2.2 days
Basic Shares Quantity	352.5 Mil
Short % of Basic Shares	9.2%

Returns Analyses

	Title
0	With Strategy Stock Sliding, Have You Assessed The Risk?
1	Strategy Stock Return Comparison
2	MicroStrategy (MSTR) Stock Has 55% Chance Of Rise In The Next One Month
3	[10/12/2021] MicroStrategy (MSTR) Stock Price Forecast: AI Forecasts MSTR Stock Price To Be Around $786 In A Month (Up 11%)

Earnings Returns History

Updated 8/10/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	-4.6%	-0.9%
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	6
# Negative	9	7	7
Median Positive	5.9%	14.1%	32.6%
Median Negative	-4.2%	-2.9%	-16.8%
Max Positive	26.1%	37.8%	161.0%
Max Negative	-17.6%	-14.8%	-30.8%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	-4.6%	-0.9%
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	6
# Negative	9	7	7
Median Positive	5.9%	14.1%	32.6%
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

Collapse to Preview

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 7/31/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 STRC Target Price	99	99.5	100
2026 STRC Dividend Rate		0.12
2026 Digital Credit Securities Repurchase Program Availability		975.00 Mil
2026 BTC Monetization Program USD Reserve Funding		1.25 Bil

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Operating Income		34.00 Bil		0		Affirmed	Guidance: 34.00 Bil for 2025
2025 Net Income		24.00 Bil		0		Affirmed	Guidance: 24.00 Bil for 2025
2025 Diluted EPS		80		0		Affirmed	Guidance: 80 for 2025
2025 BTC Yield Target		0.3			0	Affirmed	Guidance: 0.3 for 2025
2025 BTC $ Gain Target		20.00 Bil		0		Affirmed	Guidance: 20.00 Bil for 2025

Insider Activity

Updated 8/10/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Patten, Jarrod M	Direct	Sell	8102026	102.41	3,800	389,146	2,908,966	Form
2	Patten, Jarrod M	Direct	Sell	7282026	98.48	1,950	192,036	2,797,423	Form
3	Patten, Jarrod M	Direct	Sell	7282026	92.45	1,950	180,287	2,626,277	Form
4	Patten, Jarrod M	Direct	Sell	7232026	100.00	1,250	125,000	2,840,600	Form
5	Patten, Jarrod M	Direct	Sell	6242026	106.08	1,500	159,120	3,013,308	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Patten, Jarrod M		Direct	Sell	8102026	102.41	3,800	389,146	2,908,966	Form
2	Patten, Jarrod M		Direct	Sell	7282026	98.48	1,950	192,036	2,797,423	Form
3	Patten, Jarrod M		Direct	Sell	7282026	92.45	1,950	180,287	2,626,277	Form
4	Patten, Jarrod M		Direct	Sell	7232026	100.00	1,250	125,000	2,840,600	Form
5	Patten, Jarrod M		Direct	Sell	6242026	106.08	1,500	159,120	3,013,308	Form
6	Le, Phong	President & CEO	Phong Le Revocable Trust	Buy	6222026	90.80	11,000	998,756	998,756	Form
7	Patten, Jarrod M		Direct	Sell	6182026	121.31	1,500	181,965	3,445,932	Form
8	Chow, Thomas C	EVP & General Counsel	Direct	Buy	6172026	92.71	100	9,271	9,271	Form
9	Chow, Thomas C	EVP & General Counsel	Direct	Buy	6172026	66.10	11	727	727	Form
10	Patten, Jarrod M		Direct	Sell	6172026	133.97	1,500	200,951	3,805,467	Form
11	Le, Phong	President & CEO	Direct	Sell	6092026	123.84	5,522	683,838	15,643,693	Form
12	Kang, Andrew	EVP & CFO	Direct	Sell	6092026	123.84	1,949	241,363	8,798,029	Form
13	Montgomery, Jeanine	VP & CAO	Direct	Sell	6092026	123.84	354	43,839	1,388,122	Form
14	Kang, Andrew	EVP & CFO	Direct	Sell	6052026	118.73	33,062	3,925,353	8,160,465	Form
15	Le, Phong	President & CEO	Direct	Sell	6052026	118.73	93,738	11,129,247	14,238,355	Form
16	Patten, Jarrod M		Direct	Sell	6012026	154.94	15,050	2,331,813	4,338,256	Form
17	Patten, Jarrod M		Direct	Sell	6012026	147.74	7,250	1,071,080	4,136,584	Form
18	Patten, Jarrod M		Direct	Sell	5282026	165.30	1,250	206,625	4,628,400	Form
19	Le, Phong	President & CEO	Minor Child 1	Buy	5262026	99.41	50	4,970	12,029	Form
20	Le, Phong	President & CEO	Minor Child 3	Buy	5262026	99.37	5	497	3,279	Form
21	Kang, Andrew	EVP & CFO	Direct	Sell	5202026	165.78	5,597	927,865	5,582,608	Form
22	Patten, Jarrod M		Direct	Sell	5182026	190.85	1,500	286,280	5,343,893	Form
23	Patten, Jarrod M		Direct	Sell	5122026	191.59	2,750	526,886	5,364,660	Form
24	Patten, Jarrod M		Direct	Sell	5122026	186.69	1,000	186,685	5,227,180	Form
25	Patten, Jarrod M		Direct	Sell	5062026	183.25	2,000	366,500	5,131,000	Form
26	Patten, Jarrod M		Direct	Sell	5042026	173.84	2,250	391,145	4,867,582	Form
27	Patten, Jarrod M		Direct	Sell	5042026	163.17	1,750	285,555	4,568,880	Form
28	Patten, Jarrod M		Direct	Sell	4242026	178.16	2,000	356,312	4,988,375	Form
29	Patten, Jarrod M		Direct	Sell	4222026	172.00	500	86,000	4,816,000	Form
30	Patten, Jarrod M		Direct	Sell	4222026	166.95	1,500	250,420	4,674,507	Form
31	Patten, Jarrod M		Direct	Sell	4152026	130.65	3,400	444,193	3,658,060	Form
32	Patten, Jarrod M		Direct	Sell	4132026	130.58	1,900	248,105	3,656,284	Form
33	Patten, Jarrod M		Direct	Sell	4092026	131.77	1,400	184,478	3,689,560	Form
34	Patten, Jarrod M		Direct	Sell	4092026	123.11	700	86,176	3,447,052	Form
35	Patten, Jarrod M		Direct	Sell	4022026	122.01	700	85,405	3,416,196	Form
36	Patten, Jarrod M		Direct	Sell	4022026	124.64	700	87,248	3,489,920	Form
37	Patten, Jarrod M		Direct	Sell	3302026	137.37	700	96,159	3,846,360	Form
38	Montgomery, Jeanine	VP & CAO	Direct	Sell	3252026	138.33	470	65,016	1,441,840	Form
39	Kang, Andrew	EVP & CFO	Direct	Sell	3252026	138.33	2,373	328,266	3,703,467	Form
40	Le, Phong	President & CEO	Direct	Sell	3252026	138.33	3,299	456,362	3,171,020	Form
41	Le, Phong	President & CEO	Direct	Buy	3232026	99.62	2,509	249,947	797,857	Form
42	Montgomery, Jeanine	VP & CAO	Direct	Sell	3132026	137.25	260	35,686	1,280,992	Form
43	Kang, Andrew	EVP & CFO	Direct	Sell	3132026	137.25	916	125,725	3,268,704	Form
44	Le, Phong	President & CEO	Direct	Sell	3132026	137.25	2,034	279,175	2,594,375	Form
45	Dietze, Jane A		Direct	Buy	1212026	99.48	1,000	99,485	358,146	Form
46	Le, Phong	President & CEO	Minor Child 3	Buy	1092026	99.99	12	1,200	2,800	Form
47	Dietze, Jane A		Direct	Buy	11252025	95.28	1,100	104,808	247,728	Form
48	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11202025	202.02	2,600	525,252	6,611,307	Form
49	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11202025	200.00	2,600	520,000	6,545,200	Form
50	Montgomery, Jeanine	VP & CAO	Direct	Sell	11192025	208.55	43	8,968	1,821,250	Form
51	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11182025	200.00	2,600	520,000	6,545,200	Form
52	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11182025	200.48	2,600	521,248	6,560,908	Form
53	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11142025	223.67	2,600	581,534	7,319,726	Form
54	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11142025	226.36	5,334	1,207,395	7,407,803	Form
55	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11122025	235.18	5,334	1,254,456	2,992,916	Form
56	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	11122025	249.12	5,334	1,328,817	3,170,328	Form
57	Patten, Jarrod M		Direct	Buy	10202025	96.88	12,000	1,162,500	2,841,828	Form
58	Patten, Jarrod M		Direct	Buy	10202025	97.95	11,780	1,153,804	1,697,894	Form
59	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	10092025	357.37	30,000	10,721,028	4,547,860	Form
60	Shao, Wei-Ming	EVP & General Counsel	Direct	Sell	9222025	355.79	10,000	3,557,890	4,527,771	Form
61	Shao, Wei-Ming	EVP & General Counsel	Direct	Buy	9162025	96.92	12,500	1,211,450	1,453,740	Form
62	Le, Phong	President & CEO	Minor Child 1	Buy	8282025	95.02	71	6,746	6,746	Form
63	Le, Phong	President & CEO	Minor Child 2	Buy	8282025	95.05	32	3,042	3,042	Form
64	Le, Phong	President & CEO	Minor Child 3	Buy	8282025	95.05	16	1,521	1,521	Form
65	Winiarski, Gregg		Direct	Buy	8122025	97.65	10,000	976,520	976,520	Form
66	Kang, Andrew	EVP & CFO	Direct	Sell	8112025	395.00	18,750	7,406,250	9,661,700	Form
67	Kang, Andrew	EVP & CFO	Direct	Sell	8072025	386.32	6,250	2,414,500	9,449,387	Form

Investor Activity (13F)

Updated Aug 13, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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
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
CTC LLC	$63.1 Mil	5.0%	25	ADD +117.9%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
TB Alternative Assets Ltd.	$20.2 Mil	3.3%	50	Exited	Dec 31, 2025	13F
ParaFi Capital LP	$30.4 Mil	9.6%	18	TRIM -92.4%	Mar 31, 2026	13F
Elliott Investment Management L.P.	$11.5 Mil	0.1%	19	TRIM -37.5%	Mar 31, 2026	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

MSTR Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing MSTR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What MSTR Makes & Who Pays

TTM figures based on

MSTR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Strategy — Investor Video Playlist

Products & Services

Product Update! June 2026

Strategy · 2026-07-07

Leadership

Strategy Q&A with Retail Investors

Strategy · 2026-05-20

Products & Services

World 2026 Keynote Livestream

Strategy · 2026-03-02

Investor / Analyst

Strategy Q4 2025 Earnings Call

Strategy · 2026-02-06

Investor / Analyst

Stream STRE Perpetual Preferred Stock IPO | Euro-Denominated | Bitcoin | Michael Saylor & Phong Le

Strategy · 2025-11-03

Products & Services

Strategy Unscripted - Episode 1 - Introducing Mosaic

Strategy · 2025-06-25

Leadership

Microsoft Bitcoin Strategy - A Presentation by Michael Saylor

Strategy · 2024-12-01

Investor / Analyst

MicroStrategy Makes HISTORIC Bitcoin Announcement: Q3 2024 Earnings Call

Strategy · 2024-10-31

Leadership

World 2024 Keynote - Phong Le, President and CEO of MicroStrategy

Strategy · 2024-07-04

Products & Services

Introducing MicroStrategy AI

Strategy · 2023-10-20

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

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 8/12/2026

Strategy (MSTR)

Market Price (8/13/2026): $94.89 | Market Cap: $33.5 BilSector: Information Technology | Industry: Application Software

Strategy (MSTR)

Market Price (8/13/2026): $94.89Market Cap: $33.5 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

MSTR in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Strategy (MSTR)

Major Customers of MicroStrategy (MSTR)

Key Risks to MicroStrategy (MSTR)

Bitcoin Price Volatility and Financial Leverage

Shareholder Dilution and Debt Burden

Risk of Exclusion from Major Stock Indices

Global Market Sizes:

U.S. Market Sizes:

Interactive Breakdown

Better Bets vs. Strategy (MSTR)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for MSTR: 0.0% | 67.1x)

Higher Rev Chg LTM (Value for MSTR: 7.8%)

Higher Rev Chg 3Y Avg (Value for MSTR: 0.0%)

Higher Op Mgn LTM (Value for MSTR: -8.1%)

Higher CFO/Rev LTM (Value for MSTR: -4.0%)

Higher FCF/Rev LTM (Value for MSTR: -4364.3%)

Higher Total Yield (Value for MSTR: -91.0%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MSTR: 0.0% | 67.1x)

Higher Rev Chg LTM (Value for MSTR: 7.8%)

Higher Rev Chg 3Y Avg (Value for MSTR: 0.0%)

Higher Op Mgn LTM (Value for MSTR: -8.1%)

Higher CFO/Rev LTM (Value for MSTR: -4.0%)

Higher FCF/Rev LTM (Value for MSTR: -4364.3%)

Higher Total Yield (Value for MSTR: -91.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MSTR: 0.0% | 67.1x)

Higher Rev Chg LTM (Value for MSTR: 7.8%)

Higher Rev Chg 3Y Avg (Value for MSTR: 0.0%)

Higher Op Mgn LTM (Value for MSTR: -8.1%)

Higher CFO/Rev LTM (Value for MSTR: -4.0%)

Higher FCF/Rev LTM (Value for MSTR: -4364.3%)

Higher Total Yield (Value for MSTR: -91.0%)

Best Bets in Information Technology

P/EBIT (Value for MSTR: -1.5x)

P/E (Value for MSTR: -1.1x)

Rev Chg 3Y Avg (Value for MSTR: 0.0%)

Rev Chg LTM (Value for MSTR: 7.8%)

Rev Chg Q (Value for MSTR: 6.9%)

FCF/Rev 3Y Avg (Value for MSTR: -4185.4%)

Peer Outperformance in Application Software

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Market Price (8/13/2026): $94.89
Market Cap: $33.5 Bil
Sector: Information Technology
Industry: Application Software