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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001050446
$145.80
-5.00% · delayed ~15 min
Last price from Oct 22, 2026
$40.48B market value
From Strategy Inc's FY2025 10-K, filed Feb 19, 2026 · read the filing
Strategy lends money and provides credit. It took in $477.2M last year, which makes it a smaller company. It spends more than it earns — losing about 806 cents on every dollar of sales.
The financial picture is mixed, with growth and debt needing attention and profitability weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by 8 insiders, not under a pre-arranged plan.
$2.2M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Strategy Inc's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
-$1.85B → -$5.44B
Profit
-$1.17B → -$3.85B
Operating margin
-399.8% → -1140.8%
Profit margin
-251.7% → -806.3%
Measured against FY2024, from the 10-K filed Feb 19, 2026
Deteriorated: $3.59B wider
-$1.85B to -$5.44BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: $2.68B wider
-$1.17B to -$3.85BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
MSTR fell 5.00% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is 6.1 points below its sector and 4.0 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 26 analysts covering this company, as of . Their views, not this site's.
Of 26 analysts publishing on this company, 6 say strong buy, 17 say buy and 3 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $3.85B last year, losing about 806 cents on every dollar of sales.
Barely. Sales were roughly flat, up 3.0%.
For every $1 it owes, it owns $5.82 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $3.85B and generated -$67.2M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 19, 2026Filing for FY2025 | FY202410-K · Feb 18, 2025Filing for FY2024 | FY202310-K · Feb 18, 2025Filing for FY2023 | FY202210-K · Feb 18, 2025Filing for FY2022 | FY202110-K · Feb 16, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $477.2M | $463.5M | $496.3M | $499.3M | $510.8M | +3.0% |
| Cost of revenue | $149.4M | $129.5M | $109.9M | $103.0M | $91.9M | +15.4% |
| Gross profit | $327.8M | $334.0M | $386.3M | $396.3M | $418.9M | −1.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | −3.4 pts |
| Selling, general and administrative | $151.9M | $140.5M | $115.3M | $111.4M | $95.5M | +8.1% |
| Operating income | -$5.44B | -$1.85B | -$115.0M | -$1.28B | -$784.5M | −193.8% |
| Operating marginOperating income ÷ revenueWhat is this? | -1140.8% | -399.8% | -23.2% | -255.5% | -153.6% | −741.0 pts |
| Income before tax | -$5.53B | -$1.93B | -$124.5M | -$1.32B | -$811.4M | −185.7% |
| Net income | -$3.85B | -$1.17B | $429.1M | -$1.47B | -$535.5M | −229.8% |
| Net marginNet income ÷ revenueWhat is this? | -806.3% | -251.7% | 86.5% | -294.4% | -104.8% | −554.6 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-13.86 | $-6.06 | $3.14 | $-12.98 | $-53.44 | −128.7% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| MSTRStrategy Inc · this page | 4.7/10 | 3/9 | 3.0% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 1,400 shares at $18.24 ($25.5K)
Holds 29,806 shares after this filing.
Sold on the open market — 950 shares at $150.54 ($143.0K)
Holds 28,856 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Made a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingWrite down why you are following Strategy Inc, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from MSTR's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 19, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 3/9 | 10-K, filed Feb 19, 2026 |
| FY2024 | 3.3 | 2/9 | 10-K, filed Feb 18, 2025 |
| FY2023 | 6.0 | 4/9 | 10-K, filed Feb 15, 2024 |
| FY2022 | 2.0 | 3/9 | 10-K, filed Feb 16, 2023 |
| FY2021 | 4.7 | 3/9 | 10-K, filed Feb 16, 2022 |
| FY2020 | 3.3 | 4/8 | 10-K, filed Feb 12, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
3 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −741.0 pts
-399.8% to -1140.8%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −554.6 pts
-251.7% to -806.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $7.80 wider
-$6.06 to -$13.86Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +5937.9%
$38.1M to $2.30BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +44.2%
192.5M to 277.7MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Changed: +175.8%
$3.0M to $8.2MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: −3.4 pts
72.1% to 68.7%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: $19.4M wider
-$56.0M to -$75.5MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: +13.5%
$7.19B to $8.16BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 3, 2026 — read it.
Deteriorated: turned negative
$14.03B to -$8.33BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$10.02B to -$8.22BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −19064.4 pts
12256.3% to -6808.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −15469.9 pts
8752.7% to -6717.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$36.41 to -$23.32Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +3317.2%
$50.1M to $1.71BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +28.1%
275.2M to 352.5MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: -18.3%
$8.16B to $6.67BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +6.9%
$114.5M to $122.4MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: −2.1 pts
68.8% to 66.6%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 3, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: $6.14B narrower
-$14.47B to -$8.33BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +4833.4 pts
-11641.5% to -6808.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +3373.5 pts
-10090.6% to -6717.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $4.32B narrower
-$12.54B to -$8.22BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: $14.25 narrower
-$37.56 to -$23.32Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -18.3%
$8.17B to $6.67BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -22.4%
$2.21B to $1.71BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +5.6%
333.9M to 352.5MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 10.6% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
| -806.3% |
| — |
| 0.24x |
| DDOGDatadog, Inc. | 6.0/10 | 5/8 | 27.7% | 3.1% | 830.87x | 0.78x |
|---|
| CDNSCADENCE DESIGN SYSTEMS INC | 8.7/10 | 6/7 | 14.1% | 20.9% | 75.90x | 0.85x |
|---|
| INTUINTUIT INC. | 8.7/10 | 7/8 | 13.9% | 21.3% | 20.86x | 0.94x |
|---|
| SNPSSYNOPSYS INC | 7.0/10 | 3/9 | 15.1% | 18.9% | 58.98x | 0.70x |
|---|
| WDAYWorkday, Inc. | 7.3/10 | 7/8 | 13.1% | 7.3% | 80.33x | 1.32x |
|---|
| ROPROPER TECHNOLOGIES INC | 8.0/10 | 6/9 | 12.3% | 19.4% | 30.27x | 0.74x |
|---|
| Median of peers | 7.7/10 | — | 14.0% | 19.2% | 67.44x | 0.82x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 450 shares at $152.00 ($68.4K)
Holds 28,406 shares after this filing.
Exercised stock options — 1,350 shares at $18.24 ($24.6K)
Holds 29,756 shares after this filing.
Sold on the open market — 450 shares at $154.47 ($69.5K)
Holds 29,306 shares after this filing.
Sold on the open market — 450 shares at $156.00 ($70.2K)
Holds 28,856 shares after this filing.
Sold on the open market — 450 shares at $158.00 ($71.1K)
Holds 28,406 shares after this filing.
Exercised stock options — 475 shares at $18.24 ($8.7K)
Holds 28,881 shares after this filing.
Sold on the open market — 475 shares at $171.00 ($81.2K)
Holds 28,406 shares after this filing.
Exercised stock options — 1,425 shares at $18.24 ($26.0K)
Holds 29,831 shares after this filing.
Sold on the open market — 475 shares at $165.98 ($78.8K)
Holds 29,356 shares after this filing.
Sold on the open market — 475 shares at $167.00 ($79.3K)
Holds 28,881 shares after this filing.
Sold on the open market — 475 shares at $169.00 ($80.3K)
Holds 28,406 shares after this filing.
Sold on the open market — 106 shares at $138.75 ($14.7K)
Holds 0 shares after this filing.
Exercised stock options — 1,850 shares at $18.24 ($33.7K)
Holds 30,256 shares after this filing.
Sold on the open market — 925 shares at $129.00 ($119.3K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $131.00 ($121.2K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $122.34 ($113.2K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $124.00 ($114.7K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $125.00 ($115.6K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $127.00 ($117.5K)
Holds 28,406 shares after this filing.
Exercised stock options — 1,950 shares at $18.24 ($35.6K)
Holds 30,356 shares after this filing.
Sold on the open market — 1,950 shares at $101.50 ($197.9K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $102.69 ($95.0K)
Holds 28,406 shares after this filing.
Exercised stock options — 925 shares at $18.24 ($16.9K)
Holds 29,331 shares after this filing.
Sold on the open market — 925 shares at $104.03 ($96.2K)
Holds 28,406 shares after this filing.
Exercised stock options — 1,950 shares at $18.24 ($35.6K)
Holds 30,356 shares after this filing.
Sold on the open market — 1,950 shares at $92.45 ($180.3K)
Holds 28,406 shares after this filing.
Exercised stock options — 1,950 shares at $18.24 ($35.6K)
Holds 30,356 shares after this filing.
Sold on the open market — 1,950 shares at $98.48 ($192.0K)
Holds 28,406 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 1,350 shares ($210.8K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 1,400 shares ($211.4K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 475 shares ($81.2K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 1,425 shares ($238.4K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 106 shares ($14.7K) on or after .
Shares originally obtained via ESPP Purchase.
Filed notice to sell 1,850 shares ($240.5K) on or after .
Shares originally obtained via Stock Option Exercise.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Made a Regulation FD disclosure · Reported another event
Made a Regulation FD disclosure · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingReported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingQuarterly report for Q2 FY2026
Revenue +6.9% · Operating margin −19064.4 pts · Operating income turned negative — against Q2 FY2025
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingAttached financial statements or exhibits
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingPrimary sources and further research