Strategy Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Strategy Inc has an operating margin of -399.8%, meaning the company retains $-400 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -23.2% the prior year.
Strategy Inc's revenue declined 6.6% year-over-year, from $496.3M to $463.5M. This contraction results in a growth score of 10/100.
Strategy Inc carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Strategy Inc's current ratio of 0.71 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 8/100, which could limit financial flexibility.
While Strategy Inc generated -$53.0M in operating cash flow, capex of $3.0M consumed most of it, leaving -$56.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Strategy Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Strategy Inc generates $0.05 in operating cash flow (-$53.0M OCF vs -$1.2B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Strategy Inc (MSTR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Strategy Inc generated $463.5M in revenue in fiscal year 2024. This represents a decrease of 6.6% from the prior year.
Strategy Inc's EBITDA was -$1.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1725.7% from the prior year.
Strategy Inc generated -$56.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 673.1% from the prior year.
Strategy Inc reported -$1.2B in net income in fiscal year 2024. This represents a decrease of 371.9% from the prior year.
Strategy Inc earned $-6.06 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 329.5% from the prior year.
Strategy Inc held $38.1M in cash against $7.2B in long-term debt as of fiscal year 2024.
Strategy Inc's gross margin was 72.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 5.8 percentage points from the prior year.
Strategy Inc's operating margin was -399.8% in fiscal year 2024, reflecting core business profitability. This is down 376.6 percentage points from the prior year.
Strategy Inc's net profit margin was -251.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 338.2 percentage points from the prior year.
Strategy Inc invested $118.5M in research and development in fiscal year 2024. This represents a decrease of 1.7% from the prior year.
Strategy Inc invested $3.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 1.4% from the prior year.
MSTR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q1'24 | Q3'24 | Q2'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $128.7M+12.4% | $114.5M+3.1% | $111.1M-8.0% | $120.7M+4.0% | $116.1M+4.2% | $111.4M-10.5% | $124.5M+3.4% | $120.4M |
| Cost of Revenue | $38.0M+6.3% | $35.8M+5.2% | $34.0M-0.6% | $34.2M-0.5% | $34.3M+11.0% | $30.9M+9.6% | $28.2M+4.1% | $27.1M |
| Gross Profit | $90.7M+15.2% | $78.7M+2.1% | $77.1M-10.9% | $86.5M+5.9% | $81.7M+1.5% | $80.5M-16.4% | $96.3M+3.2% | $93.3M |
| R&D Expenses | $22.6M-6.1% | $24.1M-1.4% | $24.4M-4.9% | $25.7M-22.9% | $33.3M+9.9% | $30.3M+0.5% | $30.2M+2.7% | $29.4M |
| SG&A Expenses | $38.2M+4.6% | $36.5M-10.0% | $40.5M+11.9% | $36.2M+8.2% | $33.5M-7.3% | $36.1M+23.1% | $29.4M+1.8% | $28.8M |
| Operating Income | $3.9B-72.3% | $14.0B+337.0% | -$5.9B-482.6% | -$1.0B-135.0% | -$432.6M-116.0% | -$200.3M-368.1% | -$42.8M-60.2% | -$26.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $1.1B-72.7% | $4.0B+331.0% | -$1.7B-384.7% | -$355.9M-157.0% | -$138.5M-23.1% | -$112.5M+24.9% | -$149.8M-148.4% | -$60.3M |
| Net Income | $2.8B-72.2% | $10.0B+337.6% | -$4.2B-528.7% | -$670.8M-97.2% | -$340.2M-231.7% | -$102.6M-215.1% | $89.1M+300.7% | $22.2M |
| EPS (Diluted) | $8.42-74.2% | $32.60+297.7% | $-16.49-376.6% | $-3.46-101.2% | $-1.72-201.8% | $-0.57+98.1% | $-29.66-2051.3% | $1.52 |
MSTR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q1'24 | Q3'24 | Q2'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $73.6B+13.7% | $64.8B+47.5% | $43.9B+69.9% | $25.8B+209.7% | $8.3B+18.3% | $7.1B+48.1% | $4.8B+41.6% | $3.4B |
| Current Assets | $214.0M+0.2% | $213.5M+4.8% | $203.6M-19.3% | $252.3M+35.6% | $186.0M-10.7% | $208.3M-22.3% | $267.9M+27.8% | $209.6M |
| Cash & Equivalents | $54.3M+8.4% | $50.1M-16.9% | $60.3M+58.2% | $38.1M-17.8% | $46.3M-30.8% | $66.9M+42.9% | $46.8M-29.0% | $66.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $113.4M-3.8% | $117.9M+12.7% | $104.6M-42.3% | $181.2M+69.1% | $107.2M-4.5% | $112.2M-38.9% | $183.8M+50.8% | $121.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $15.5B+7.6% | $14.4B+38.6% | $10.4B+36.5% | $7.6B+66.6% | $4.6B+8.3% | $4.2B+62.4% | $2.6B+2.1% | $2.5B |
| Current Liabilities | $324.1M+3.0% | $314.6M+1.9% | $308.7M-13.1% | $355.4M+23.3% | $288.1M-35.4% | $446.1M+38.0% | $323.3M+18.4% | $272.9M |
| Long-Term Debt | $8.2B+0.1% | $8.2B+0.3% | $8.1B+13.2% | $7.2B+70.7% | $4.2B+13.7% | $3.7B+69.7% | $2.2B+0.2% | $2.2B |
| Total Equity | $52.3B+10.2% | $47.5B+47.3% | $32.2B+76.7% | $18.2B+383.1% | $3.8B+33.1% | $2.8B+30.9% | $2.2B+164.3% | $819.1M |
| Retained Earnings | $18.9B+16.1% | $16.3B+157.0% | $6.4B+393.1% | -$2.2B-44.9% | -$1.5B-29.5% | -$1.2B-15.6% | -$999.2M-5.7% | -$944.9M |
MSTR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q1'24 | Q3'24 | Q2'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.3M+76.2% | -$34.9M-1361.4% | -$2.4M+86.2% | -$17.3M+57.7% | -$41.0M-75.6% | -$23.3M-2070.4% | $1.2M+106.4% | -$18.5M |
| Capital Expenditures | $2.8M+33.6% | $2.1M-23.5% | $2.7M+863.7% | $284K-33.3% | $426K-41.1% | $723K+108.4% | $347K-45.7% | $639K |
| Free Cash Flow | -$11.1M+70.0% | -$37.0M-621.9% | -$5.1M+70.9% | -$17.6M+57.5% | -$41.4M-72.1% | -$24.1M-2973.6% | $837K+104.4% | -$19.1M |
| Investing Cash Flow | -$5.0B+26.9% | -$6.8B+11.5% | -$7.7B+57.6% | -$18.1B-1047.3% | -$1.6B-98.3% | -$794.6M+34.6% | -$1.2B-249.4% | -$347.6M |
| Financing Cash Flow | $5.0B-27.0% | $6.8B-11.5% | $7.7B-57.5% | $18.1B+1034.5% | $1.6B+98.4% | $803.4M-33.8% | $1.2B+258.8% | $338.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MSTR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q1'24 | Q3'24 | Q2'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.5%+1.7pp | 68.8%-0.6pp | 69.4%-2.3pp | 71.7%+1.3pp | 70.4%-1.8pp | 72.2%-5.1pp | 77.3%-0.1pp | 77.5% |
| Operating Margin | 3023.4%-9232.9pp | 12256.3%+17587.7pp | -5331.4%-4489.3pp | -842.1%-469.4pp | -372.7%-193.0pp | -179.7%-145.3pp | -34.4%-12.2pp | -22.2% |
| Net Margin | 2164.1%-6588.6pp | 8752.8%+12549.9pp | -3797.2%-3241.4pp | -555.8%-262.7pp | -293.1%-201.0pp | -92.0%-163.6pp | 71.6%+53.1pp | 18.5% |
| Return on Equity | 5.3%-15.8pp | 21.1% | N/A | N/A | N/A | N/A | 4.1%+1.4pp | 2.7% |
| Return on Assets | 3.8%-11.7pp | 15.5%+25.1pp | -9.6%-7.0pp | -2.6%+1.5pp | -4.1%-2.6pp | -1.5%-3.3pp | 1.9%+1.2pp | 0.7% |
| Current Ratio | 0.66-0.0 | 0.68+0.0 | 0.66-0.1 | 0.71+0.1 | 0.65+0.2 | 0.47-0.4 | 0.83+0.1 | 0.77 |
| Debt-to-Equity | 0.16-0.0 | 0.17-0.1 | 0.25-0.1 | 0.39-0.7 | 1.12-0.2 | 1.31+0.3 | 1.01-1.7 | 2.66 |
| FCF Margin | -8.6%+23.7pp | -32.3%-27.7pp | -4.6%+10.0pp | -14.6%+21.1pp | -35.7%-14.1pp | -21.6%-22.3pp | 0.7%+16.5pp | -15.9% |
Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Strategy Inc's annual revenue?
Strategy Inc (MSTR) reported $463.5M in total revenue for fiscal year 2024. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Strategy Inc's revenue growing?
Strategy Inc (MSTR) revenue declined by 6.6% year-over-year, from $496.3M to $463.5M in fiscal year 2024.
Is Strategy Inc profitable?
No, Strategy Inc (MSTR) reported a net income of -$1.2B in fiscal year 2024, with a net profit margin of -251.7%.
What is Strategy Inc's earnings per share (EPS)?
Strategy Inc (MSTR) reported diluted earnings per share of $-6.06 for fiscal year 2024. This represents a -329.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Strategy Inc's EBITDA?
Strategy Inc (MSTR) had EBITDA of -$1.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Strategy Inc have?
As of fiscal year 2024, Strategy Inc (MSTR) had $38.1M in cash and equivalents against $7.2B in long-term debt.
What is Strategy Inc's gross margin?
Strategy Inc (MSTR) had a gross margin of 72.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Strategy Inc's operating margin?
Strategy Inc (MSTR) had an operating margin of -399.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Strategy Inc's net profit margin?
Strategy Inc (MSTR) had a net profit margin of -251.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Strategy Inc's free cash flow?
Strategy Inc (MSTR) generated -$56.0M in free cash flow during fiscal year 2024. This represents a -673.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Strategy Inc's operating cash flow?
Strategy Inc (MSTR) generated -$53.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Strategy Inc's total assets?
Strategy Inc (MSTR) had $25.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Strategy Inc's capital expenditures?
Strategy Inc (MSTR) invested $3.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Strategy Inc spend on research and development?
Strategy Inc (MSTR) invested $118.5M in research and development during fiscal year 2024.
What is Strategy Inc's current ratio?
Strategy Inc (MSTR) had a current ratio of 0.71 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Strategy Inc's debt-to-equity ratio?
Strategy Inc (MSTR) had a debt-to-equity ratio of 0.39 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Strategy Inc's return on assets (ROA)?
Strategy Inc (MSTR) had a return on assets of -4.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Strategy Inc's cash runway?
Based on fiscal year 2024 data, Strategy Inc (MSTR) had $38.1M in cash against an annual operating cash burn of $53.0M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Strategy Inc's Piotroski F-Score?
Strategy Inc (MSTR) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Strategy Inc's earnings high quality?
Strategy Inc (MSTR) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Strategy Inc?
Strategy Inc (MSTR) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.