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Business-intelligence software company that has become primarily known as the largest corporate holder of bitcoin.
Business-intelligence software company that has become primarily known as the largest corporate holder of bitcoin.
Its software sells business-intelligence subscriptions and licences, but a bitcoin pile bought since 2020 and funded by selling shares, convertible bonds and preferred stock now sets results, which mix bitcoin price swings with financing choices. Co-founder Michael Saylor steers the strategy. It renamed itself from MicroStrategy to Strategy in 2025.
Moat: none (scale). Its bitcoin holdings dwarf its shrinking software business; value now tracks bitcoin plus leverage.
Headquarters: Tysons Corner, Virginia, US · Founded: 1989 · Employees: 1,539
Size Strategy (MSTR) is a United States Information Technology company (Financial Conglomerates) with a market value of $54.5B, the 236th largest of 3,117 United States companies the cockpit tracks. Shares closed at $128.93 on 6 Nov 2026.
Performance Over six months the shares fell 31.3%, against -11.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +25.8%); the operating margin is -8.7% (peer median 23.4%).
Valuation It trades at 0.98× book value against a peer median of 9.96× (cheapest of 21).
Price implies The share price implies a return on equity of about 19.5%; Strategy delivers -21.6%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $577M at 30 Sep 2026, up 25% on a year earlier — 1.2 years of trailing revenue. Backlog detail →
Credit Strategy has 10 bonds outstanding ($6.71B).
Short interest Short interest is 7.2% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $495M | $477M | $463M | $496M | $499M |
| Revenue growth | — | +3% | -7% | -1% | — |
| Gross profit | $336M | $303M | $322M | $378M | $392M |
| EBITDA | $1.32M | -$1.44M | -$24.5M | $32.1M | $34.0M |
| Net income | -$13.7B | -$3.85B | -$1.17B | $429M | -$1.47B |
| Free cash flow | -$21.1M | -$112M | -$66.5M | $9.77M | $725,000 |
| Capital expenditure | $17.4B | $22.5B | $22.1B | $1.91B | $290M |
| Total debt | $6.78B | $8.25B | $7.26B | $2.25B | $2.46B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Strategy MSTR | $54.5B | -31% | +4% | -22% | 0.98× | 19.5% |
| Coinbase COIN | $35.7B | -33% | -48% | -5% | 2.56× | 46.1% |
| MARA MARA | $2.45B | -51% | +1% | -107% | 1.46× | 27.6% |
| Microsoft MSFT | $3.94T | +28% | +18% | 34% | 8.38× | 62.3% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSTR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.9% | -11.3% | 10th lowest of 21 |
| 6-month return | -31.3% | -11.2% | 5th lowest of 21 |
| Return on equity | -21.6% | 21.6% | 2nd lowest of 21 |
| Price / book | 0.98× | 9.96× | cheapest of 21 |
| ROE the price implies | 19.5% | 98.2% | 2nd least demanding of 21 |
| ROE delivered | -21.6% | 21.6% | 2nd lowest of 21 |
| Net debt / EBITDA | 655.6× | 0.4× | most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Strategy MSTR | United States | $54.5B | -31% | +4% | -22% | 0.98× | 19.5% | -21.6% |
| Autodesk ADSK | United States | $54.7B | +7% | +19% | 54% | 16.17× | 136.0% | 53.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 24% | 15.56× | 165.4% | 24.4% |
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 11% | 2.24× | 23.7% | 11.0% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 25% | 4.38× | 36.2% | 24.9% |
| Lumentum LITE | United States | $48.9B | -40% | +103% | -246% | 10.67× | 110.4% | -245.8% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 29% | 5.18× | 60.2% | 29.2% |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 13% | 2.46× | 15.8% | 13.2% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 16% | 7.20× | 52.9% | 16.0% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 21% | 7.05× | 58.3% | 20.9% |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 6% | 16.91× | 161.1% | 6.4% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | -4% | 36.79× | 286.0% | -4.5% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 8% | 3.46× | 48.0% | 8.5% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 91% | 24.91× | 217.2% | 91.1% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | 1% | 3.40× | 35.9% | 0.9% |
| Motorola Solutions MSI | United States | $85.1B | +34% | +10% | 92% | 31.87× | 200.3% | 92.0% |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 22% | 11.30× | 99.5% | 22.4% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 4% | 2.77× | 24.5% | 3.7% |
| Teradyne TER | United States | $34.1B | -39% | +75% | 43% | 9.24× | 100.1% | 42.9% |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 153% | 38.86× | 277.8% | 153.1% |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 23% | 12.77× | 96.8% | 22.9% |
Strategy has 10 bonds outstanding with $6.71B face value.
Strategy reported $577M of remaining performance obligations at 30 Sep 2026, up 25% from a year earlier and up 5% from the previous quarter. That is 1.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.24.