Strategy Inc
MSTR
Strategy Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill/intangibles of 73.2B represent 99.4% of total assets - this is a Bitcoin holding company, not a software business[Goodwill and Other Intangible Assets]
- Tangible book value is NEGATIVE (-20.9B) while trading at 50.1B market cap - 100% premium-to-BTC thesis[Tangible Book Value]
- Core software revenue of 475M TTM with 0.2% 5Y CAGR - legacy business is stagnant, irrelevant to valuation[Total Revenue 5 Year Growth]
Watch Triggers
- Debt to Equity: Rises above 0.25 from current 0.16 — Signals leverage increasing faster than BTC appreciation - margin call risk rises
- Interest Expense: Exceeds 100M annually — Software EBITDA can't cover - forces equity issuance or BTC sales
- Cash and Equivalents: Falls below 30M — 54M cash with -63M operating cash flow TTM - liquidity crisis in 6-9 months
Bull Case
Unique leveraged BTC vehicle via convertible debt arbitrage - 8.2B debt at low rates funds BTC accumulation without equity dilution at current prices
ROE of 28% and ROIC of 21% TTM driven by BTC mark-to-market gains - if BTC appreciates, returns amplify on levered structure
Bear Case
Negative tangible book (-20.9B) means equity is 100% dependent on intangible BTC valuation - 30% BTC decline wipes equity cushion
Operating loss of -41M TTM on 475M revenue - software business burns cash, requiring perpetual capital raises to service 70M interest expense
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
MSTR premium to NAV will compress as Bitcoin ETFs commoditize leveraged BTC exposure
- ETF alternatives offer simpler, cheaper BTC exposure
- Convertible debt strategy adds complexity risk
- Premium requires perpetual capital markets access
Valuation Context
Caveats
Public Strategies Rankings
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MSTR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$44.04B | — | ||
$52.21B | — | ||
0.00 | — | ||
$474.94M | +1.6% | — | |
$-3.87 | — | ||
-8.70% | +3.4% | — | |
1,667% | +1754.1% | — | |
$-37.56B | — | ||
0.28 | +45.9% | — | |
Beta 5Y (Monthly) | unknown | — |
MSTR Dividend History
MSTR Stock Splits
MSTR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/03/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/05/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | 10-K | |
10/31/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/01/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/12/21 | 12/31/20 | 10-K | |
10/27/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/14/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/07/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/10/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/28/16 | 06/30/16 | 10-Q | |
04/27/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/29/14 | 03/31/14 | 10-Q | |
02/12/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/13/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/04/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
11/02/09 | 09/30/09 | 10-Q | |
08/03/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/30/09 | 10-Q | |
02/24/09 | 12/31/08 | 10-K | |
11/04/08 | 09/30/08 | 10-Q | |
08/05/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/19/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
02/23/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/10/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/14/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/30/02 | Unknown | -- |
03/19/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/15/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |