StrategyMSTR

StrategyMSTR

Revenue: is the business selling more than it used to?

$477M+3% YoYFY 2025

→Revenue reached $477M in 2025, compounding -1% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $498M, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Net income: how much of that revenue becomes profit?

$-3.8BFY 2025

→The company lost $3.8B in 2025, more than the $1.2B it lost the year before. The losses are widening - check the Health chapter for how long the cash lasts.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

How fast is it growing, year by year?

+3.0%revenue growth, FY 2025

→Revenue grew +3% in 2025 against a five-year average of -0%. 2013's +306% earnings rebound off a collapsed base and 2015's +2004% earnings rebound off a collapsed base and 2024's swing into loss (-372%) sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Revenue per share: is your slice growing as fast as the company?

$1.72revenue per share, FY 2025

→Revenue per share reached $1.72 in 2025, compounding -27% a year against -1% for MSTR as a whole. Dilution absorbed about 25.5 points of that growth. Free cash flow per share stands at $-0.27.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Free cash flow: what is left in real cash after everything?

$-75MFY 2025

→The business consumed $75M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Where does each dollar of revenue actually go?

→Of $477M in 2025 sales, nothing survives to the bottom line - the journey ends $3.8B underwater.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

How much of every sales dollar ends up as free cash?

→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is research and development, at 20% of revenue (stock compensation 11%, capital spending 2%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 885 points to -1141% since 2022. The bottom line is still negative: costs below the operating line eat what is left.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

What does it earn on the money it uses?

→ROE of -98% and ROCE of -9% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

What has the market paid for MSTR over time?

113.8xP/S today

→At 113.8x sales, the market is paying +2705% more than MSTR's own 11-year median of 4.1x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

What cash return does the business throw off per dollar of market value?

-0.0%FCF yield today

→Every dollar of market value currently buys -0.0% of annual free cash flow, less than its 11-year median of 1.4% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Could it handle its debt if things went wrong?

→Debt of $6.7B sits against $1.7B of cash, or 0.2x shareholders' equity.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Is the company's own capital growing?

→The company's own capital grew from $2.2B in 2023 to $30.9B (+1327%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

How much goes back, and how much leaks out as stock comp?

→MSTR returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

How fast is your ownership being diluted - or concentrated?

→The share count grew 44.2% in 2025, averaging 35.6% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Does MSTR earn more on its capital than that capital costs?

→MSTR's return on capital is negative at -8.9% in 2025. The capital in the business is not yet earning anything back.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

MSTR has issued or retired shares - did shareholders end up better off?

→MSTR issued +151% more shares from 2011 to 2025 and revenue per share still fell -65%. On this measure the new shares have not paid for themselves.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

StrategyMSTR

Are the people running it buying or selling?

→Insiders bought $1M and sold $29M on the open market, a net sale of $28M. A further 17 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30