Strategy (MSTR) Financials

$299.98 +27.64 (+10.15%)

Closing price 04/11/2025 04:00 PM Eastern

Extended Trading

$298.01 -1.97 (-0.66%)

As of 04/11/2025 08:00 PM Eastern

Annual Income Statements for Strategy

This table shows Strategy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	106	92	18	23	34	-7.52	-535	-1,470	429	-1,167
Consolidated Net Income / (Loss)	106	92	18	23	34	-7.52	-535	-1,470	429	-1,167
Net Income / (Loss) Continuing Operations	106	92	18	23	34	-7.52	-535	-1,470	429	-1,167
Total Pre-Tax Income	138	115	71	20	38	-20	-811	-1,322	-125	-1,934
Total Operating Income	134	110	73	3.98	-1.00	-14	-785	-1,276	-115	-1,853
Total Gross Profit	429	420	407	398	386	390	419	396	386	334
Total Revenue	530	514	504	498	486	481	511	499	496	463
Operating Revenue	530	514	504	498	486	481	511	499	496	463
Total Cost of Revenue	101	93	97	99	100	91	92	103	110	129
Operating Cost of Revenue	101	93	97	99	100	91	92	103	110	129
Total Operating Expenses	295	311	334	394	387	333	1,203	1,672	501	2,187
Selling, General & Admin Expense	81	79	80	86	87	80	96	111	115	141
Marketing Expense	149	158	175	206	191	149	160	147	150	138
Research & Development Expense	65	73	79	102	109	104	117	127	121	118
Impairment Charge	-	-	-	0.00	0.00	-	831	1,286	116	1,790
Total Other Income / (Expense), net	3.84	5.42	-1.75	17	39	-77	-27	-47	-9.48	-81
Interest Expense	-	-	-	-	-	-	0.00	0.00	-45	23
Interest & Investment Income	0.28	2.20	5.21	12	11	0.71	-29	-53	-49	-62
Other Income / (Expense), net	3.56	3.22	-6.95	4.65	28	-78	2.29	6.41	-5.20	3.51
Income Tax Expense	32	23	53	-2.02	3.91	-12	-276	147	-554	-768
Basic Earnings per Share	$9.33	$8.07	$1.59	$1.98	$3.35	($0.78)	($53.44)	($12.98)	$3.14	($6.06)
Weighted Average Basic Shares Outstanding	11.36M	11.43M	11.44M	11.38M	10.26M	9.68M	10.02M	113.21M	136.71M	192.55M
Diluted Earnings per Share	$9.18	$8.01	$1.58	$1.97	$3.33	($0.78)	($53.44)	($12.98)	$2.64	($6.06)
Weighted Average Diluted Shares Outstanding	11.54M	11.52M	11.55M	11.41M	10.33M	9.68M	10.02M	113.21M	165.66M	192.55M
Weighted Average Basic & Diluted Shares Outstanding	11.40M	11.40M	11.40M	11.40M	10.11M	9.59M	11.29M	11.55M	16.97M	257.35M

This table shows Strategy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-27	-250	461	22	-143	89	-53	-103	-340	-671
Consolidated Net Income / (Loss)	-27	-250	461	22	-143	89	-53	-103	-340	-671
Net Income / (Loss) Continuing Operations	-27	-250	461	22	-143	89	-53	-103	-340	-671
Total Pre-Tax Income	-3.12	-214	8.01	-38	-34	-61	-214	-215	-479	-1,027
Total Operating Income	6.06	-194	-20	-27	-25	-43	-204	-200	-433	-1,016
Total Gross Profit	100	106	94	93	103	96	85	81	82	87
Total Revenue	125	133	122	120	129	124	115	111	116	121
Operating Revenue	125	133	122	120	129	124	115	111	116	121
Total Cost of Revenue	25	27	28	27	27	28	30	31	34	34
Operating Cost of Revenue	25	27	28	27	27	28	30	31	34	34
Total Operating Expenses	94	300	114	120	128	139	289	281	514	1,103
Selling, General & Admin Expense	27	29	28	29	29	29	35	36	34	36
Marketing Expense	35	41	36	38	36	40	33	34	35	35
Research & Development Expense	30	32	31	29	30	30	29	30	33	26
Impairment Charge	0.73	198	19	24	34	39	192	180	412	1,006
Total Other Income / (Expense), net	-9.18	-21	28	-11	-8.59	-18	-10	-15	-46	-10
Interest & Investment Income	-14	-15	-15	-11	-11	-12	-12	-15	-18	-16
Other Income / (Expense), net	4.90	-5.83	-1.44	-0.25	2.42	-5.93	1.70	0.69	-5.03	6.15
Income Tax Expense	24	35	-453	-60	110	-150	-161	-112	-139	-356
Basic Earnings per Share	($2.39)	($2.21)	$38.97	$1.68	($1.01)	$0.65	($3.09)	($5.74)	($1.72)	($3.48)
Weighted Average Basic Shares Outstanding	11.31M	113.21M	11.83M	13.25M	142.21M	136.71M	17.19M	17.86M	197.27M	192.55M
Diluted Earnings per Share	($2.39)	($2.21)	$31.79	$1.52	($1.01)	$0.65	($3.09)	($5.74)	($1.72)	($3.48)
Weighted Average Diluted Shares Outstanding	11.31M	113.21M	14.58M	16.10M	142.21M	165.66M	17.19M	17.86M	197.27M	192.55M
Basic & Diluted Earnings per Share	-	($2.21)	-	-	-	$0.65	-	-	-	($3.48)
Weighted Average Basic & Diluted Shares Outstanding	11.32M	11.55M	12.96M	14.09M	14.52M	16.97M	17.74M	19.43M	202.64M	257.35M

This table details how cash moves in and out of Strategy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	145	110	18	-310	347	-397	3.68	-14	-2.20	-8.78
Net Cash From Operating Activities	150	111	78	11	61	54	94	3.21	13	-53
Net Cash From Continuing Operating Activities	150	111	78	11	61	-17	94	3.21	13	-53
Net Income / (Loss) Continuing Operations	106	92	18	23	34	-7.52	-535	-1,470	429	-1,167
Consolidated Net Income / (Loss)	106	92	18	23	34	-7.52	-535	-1,470	429	-1,167
Depreciation Expense	21	20	16	3.70	8.59	13	11	11	15	18
Amortization Expense	-	-	-	0.00	0.00	1.54	7.20	8.69	8.81	15
Non-Cash Adjustments To Reconcile Net Income	17	11	17	17	18	19	884	1,359	151	1,899
Changes in Operating Assets and Liabilities, net	5.88	-12	28	-32	-0.56	-44	-274	95	-591	-819
Net Cash From Investing Activities	-7.66	4.34	-70	-209	354	-1,019	-2,629	-279	-1,905	-22,086
Net Cash From Continuing Investing Activities	-7.66	4.34	-70	-209	354	-1,019	-2,629	-279	-1,905	-22,076
Purchase of Property, Plant & Equipment	-3.48	-2.34	-3.98	-6.85	-10	-3.65	-2.71	-2.49	-2.94	-2.98
Acquisitions	-	-	-	0.00	0.00	-1,125	-2,627	-288	-1,902	-22,073
Divestitures	-	-	-	-	-	0.00	0.00	12	0.00	0.00
Net Cash From Financing Activities	9.18	-1.00	1.66	-109	-66	563	2,542	265	1,890	22,133
Net Cash From Continuing Financing Activities	9.18	-1.00	1.66	-109	-66	563	2,542	265	1,890	22,133
Repayment of Debt	-1.45	-0.17	-0.02	-0.01	0.00	482	-38	215	-161	-597
Repurchase of Common Equity	-	0.00	0.00	-111	-73	-123	-9.54	-0.36	-9.14	-33
Issuance of Debt	-	-	-	-	0.00	0.00	1,550	0.00	0.00	6,214
Issuance of Common Equity	-	-	-	-	0.00	0.00	1,003	51	2,033	16,367
Other Financing Activities, net	11	-0.83	1.68	2.47	6.57	205	36	-0.69	26	182
Effect of Exchange Rate Changes	-5.84	-4.18	8.22	-3.44	-1.37	4.78	-2.61	-3.38	0.44	-2.15
Cash Interest Paid	0.03	0.00	-	-	0.01	0.18	20	43	41	45
Cash Income Taxes Paid	13	24	29	13	5.91	6.80	7.01	22	30	1.06

This table details how cash moves in and out of Strategy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-8.57	-16	46	-28	-21	1.80	35	-15	-21	-8.31
Net Cash From Operating Activities	-1.45	-18	37	-18	-7.40	1.18	29	-23	-41	-17
Net Cash From Continuing Operating Activities	-1.45	-18	37	-18	-7.40	1.18	29	-23	-41	-17
Net Income / (Loss) Continuing Operations	-27	-250	461	22	-143	89	-53	-103	-340	-671
Consolidated Net Income / (Loss)	-27	-250	461	22	-143	89	-53	-103	-340	-671
Depreciation Expense	2.15	3.96	3.43	3.23	2.74	5.12	3.05	3.65	5.98	5.13
Amortization Expense	2.19	2.20	2.21	2.19	2.20	2.21	2.56	3.84	3.83	5.11
Non-Cash Adjustments To Reconcile Net Income	20	216	-6.08	42	53	62	212	203	457	1,028
Changes in Operating Assets and Liabilities, net	1.04	8.85	-423	-88	78	-157	-135	-131	-167	-385
Net Cash From Investing Activities	-6.31	-45	-180	-348	-163	-1,215	-1,641	-795	-1,575	-18,075
Net Cash From Continuing Investing Activities	-6.31	-45	-180	-348	-163	-1,215	-1,641	-795	-1,575	-18,065
Purchase of Property, Plant & Equipment	-0.33	-0.64	-0.50	-0.64	-1.45	-0.35	-1.55	-0.72	-0.43	-0.28
Acquisitions	-5.98	-56	-179	-347	-162	-1,214	-1,639	-794	-1,575	-18,065
Net Cash From Financing Activities	1.56	45	188	338	150	1,214	1,648	803	1,594	18,087
Net Cash From Continuing Financing Activities	1.56	45	188	338	150	1,214	1,648	803	1,594	18,087
Repayment of Debt	-0.16	-0.18	-160	-0.26	-0.13	-0.13	-28	-14	-527	-28
Repurchase of Common Equity	-	-0.36	-2.05	-1.58	-0.66	-4.86	-0.61	-	-3.57	-29
Issuance of Debt	-	-	0.00	-	-	-	1,404	800	1,010	3,000
Issuance of Common Equity	1.67	47	343	335	149	1,205	140	-	1,111	15,117
Other Financing Activities, net	0.06	-0.92	6.25	5.13	1.45	14	134	18	4.19	27
Effect of Exchange Rate Changes	-2.37	2.22	0.35	-0.59	-0.76	1.44	-1.08	-0.48	1.63	-2.23

This table presents Strategy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	657	768	933	856	917	1,466	3,557	2,410	4,763	25,844
Total Current Assets	565	685	861	778	753	273	268	265	268	252
Cash & Equivalents	292	402	420	110	457	60	63	44	47	38
Restricted Cash	0.62	0.74	0.94	0.86	1.09	1.08	1.08	7.03	1.86	1.78
Accounts Receivable	68	83	165	171	164	197	189	189	184	181
Prepaid Expenses	11	12	19	30	23	14	14	24	35	31
Plant, Property, & Equipment, net	66	57	53	52	50	43	37	32	29	26
Total Noncurrent Assets	26	26	19	25	113	1,150	3,253	2,113	4,466	25,565
Intangible Assets	16	8.50	2.50	-	0.00	1,054	2,850	1,840	3,626	23,909
Noncurrent Deferred & Refundable Income Taxes	7.99	12	9.30	17	19	6.50	320	188	758	1,525
Other Noncurrent Operating Assets	2.07	5.70	7.41	8.13	94	89	83	85	82	130
Total Liabilities & Shareholders' Equity	657	768	933	856	917	1,466	3,557	2,410	4,763	25,844
Total Liabilities	202	216	327	326	408	913	2,578	2,793	2,598	7,614
Total Current Liabilities	173	185	271	258	270	286	312	317	323	355
Short-Term Debt	-	-	-	-	-	-	0.00	0.45	0.48	0.52
Accounts Payable	32	37	31	34	34	45	46	43	43	53
Current Deferred Revenue	101	106	199	177	187	191	210	217	228	238
Current Employee Benefit Liabilities	40	43	41	48	49	49	55	54	50	58
Other Current Nonoperating Liabilities	-	-	-	-	-	0.27	1.49	2.83	1.49	5.55
Total Noncurrent Liabilities	29	31	57	68	138	627	2,266	2,476	2,274	7,258
Long-Term Debt	-	-	-	-	0.00	486	2,155	2,379	2,182	7,191
Noncurrent Deferred Revenue	9.00	14	6.40	6.47	4.34	15	8.09	13	8.52	4.97
Noncurrent Deferred & Payable Income Tax Liabilities	0.02	0.29	0.00	0.04	0.03	8.21	0.11	0.20	0.36	0.41
Other Noncurrent Operating Liabilities	20	16	50	61	134	118	103	84	83	62
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	455	552	606	530	509	553	979	-383	2,165	18,230
Total Preferred & Common Equity	455	552	606	530	509	553	979	-383	2,165	18,230
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	455	552	606	530	509	553	979	-383	2,165	18,230
Common Stock	535	544	560	577	594	763	1,727	1,841	3,958	20,412
Retained Earnings	403	494	527	549	583	576	41	-1,428	-999	-2,167
Treasury Stock	-475	-475	-475	-586	-659	-782	-782	-782	-782	0.00
Accumulated Other Comprehensive Income / (Loss)	-7.41	-11	-5.66	-10	-9.65	-3.89	-7.54	-14	-11	-15

This table presents Strategy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	2,545	2,410	3,026	3,363	3,374	4,763	6,352	7,053	8,344	25,844
Total Current Assets	202	265	260	210	200	268	242	208	186	252
Cash & Equivalents	60	44	94	66	45	47	81	67	46	38
Restricted Cash	6.58	7.03	2.15	2.09	1.87	1.86	2.40	1.88	1.86	1.78
Accounts Receivable	110	189	139	122	129	184	115	112	107	181
Prepaid Expenses	25	24	24	20	24	35	43	27	31	31
Plant, Property, & Equipment, net	33	32	31	31	30	29	29	28	28	26
Total Noncurrent Assets	2,310	2,113	2,735	3,123	3,144	4,466	6,081	6,816	8,130	25,565
Intangible Assets	1,993	1,840	2,000	2,323	2,451	3,626	5,074	5,688	6,851	23,909
Noncurrent Deferred & Refundable Income Taxes	233	188	652	719	614	758	920	1,032	1,173	1,525
Other Noncurrent Operating Assets	84	85	83	81	79	82	87	97	106	130
Total Liabilities & Shareholders' Equity	2,545	2,410	3,026	3,363	3,374	4,763	6,352	7,053	8,344	25,844
Total Liabilities	2,746	2,793	2,583	2,544	2,534	2,598	3,951	4,218	4,570	7,614
Total Current Liabilities	261	317	312	273	268	323	310	446	288	355
Short-Term Debt	-	0.45	0.46	0.47	0.48	0.48	0.49	145	0.51	0.52
Accounts Payable	37	43	51	34	34	43	42	44	46	53
Current Deferred Revenue	166	217	212	196	179	228	216	205	184	238
Current Employee Benefit Liabilities	46	54	39	41	43	50	41	47	52	58
Other Current Nonoperating Liabilities	11	2.83	10	1.49	10	1.49	11	5.07	5.80	5.55
Total Noncurrent Liabilities	2,485	2,476	2,271	2,271	2,266	2,274	3,642	3,772	4,282	7,258
Long-Term Debt	2,377	2,379	2,176	2,178	2,180	2,182	3,559	3,703	4,212	7,191
Noncurrent Deferred Revenue	8.75	13	12	11	7.64	8.52	6.49	5.96	6.34	4.97
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.20	0.20	0.20	0.20	0.36	0.36	0.36	0.36	0.41
Other Noncurrent Operating Liabilities	99	84	83	82	78	83	76	63	63	62
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-200	-383	443	819	840	2,165	2,400	2,835	3,774	18,230
Total Preferred & Common Equity	-200	-383	443	819	840	2,165	2,400	2,835	3,774	18,230
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-200	-383	443	819	840	2,165	2,400	2,835	3,774	18,230
Common Stock	1,779	1,841	2,206	2,559	2,726	3,958	4,248	4,785	6,060	20,412
Retained Earnings	-1,179	-1,428	-967	-945	-1,088	-999	-1,052	-1,155	-1,495	-2,167
Treasury Stock	-782	-782	-782	-782	-782	-782	-782	-782	-782	0.00
Accumulated Other Comprehensive Income / (Loss)	-18	-14	-13	-13	-15	-11	-13	-14	-9.58	-15

This table displays calculated financial ratios and metrics derived from Strategy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.62%	-3.07%	-1.90%	-1.23%	-2.27%	-1.15%	6.25%	-2.25%	-0.60%	-6.61%
EBITDA Growth	338.85%	-16.45%	-38.34%	-84.93%	191.60%	-312.77%	-898.46%	-63.65%	92.25%	-1,774.13%
EBIT Growth	1,163.48%	-18.06%	-41.21%	-86.98%	217.07%	-434.00%	-756.21%	-62.27%	90.53%	-1,438.01%
NOPAT Growth	4,328.33%	-14.65%	-78.79%	-76.54%	-120.57%	-960.12%	-5,658.00%	-62.61%	90.98%	-1,510.63%
Net Income Growth	2,003.89%	-12.93%	-80.27%	23.67%	52.68%	-121.90%	-7,016.96%	-174.48%	129.20%	-371.87%
EPS Growth	1,986.36%	-12.75%	-80.27%	24.68%	69.04%	-123.42%	-6,751.28%	-174.48%	129.20%	-329.55%
Operating Cash Flow Growth	925.34%	-26.13%	-29.18%	-86.43%	472.76%	-11.91%	75.00%	-96.58%	295.89%	-517.18%
Free Cash Flow Firm Growth	575.04%	-15.57%	-46.14%	-136.74%	153.47%	-10,529.51%	-152.37%	108.72%	-1,156.50%	-819.99%
Invested Capital Growth	-43.14%	-22.40%	-85.50%	32.88%	-23.15%	1,782.69%	213.73%	-36.58%	120.78%	490.35%
Revenue Q/Q Growth	-1.00%	-0.39%	-1.01%	-0.89%	0.33%	-0.46%	0.63%	-0.39%	-1.60%	-0.81%
EBITDA Q/Q Growth	6.92%	-2.07%	-26.18%	-63.06%	46.22%	-6,473.83%	-9.26%	-5.17%	61.06%	-111.77%
EBIT Q/Q Growth	8.89%	-3.94%	-27.92%	-67.28%	44.65%	-709.94%	-8.91%	-5.20%	55.64%	-108.29%
NOPAT Q/Q Growth	19.97%	-9.47%	-75.15%	209.83%	91.56%	-210.58%	-21.32%	-4.61%	56.75%	-110.72%
Net Income Q/Q Growth	18.33%	-6.73%	-76.11%	457.22%	34.78%	-479.62%	-20.92%	-12.19%	375.08%	-186.84%
EPS Q/Q Growth	17.84%	-6.53%	-76.06%	471.70%	35.92%	-750.00%	-20.66%	-12.19%	375.08%	-194.17%
Operating Cash Flow Q/Q Growth	22.98%	-8.07%	18.97%	-79.68%	53.31%	45.54%	-19.05%	-86.98%	290.58%	-53.61%
Free Cash Flow Firm Q/Q Growth	44.76%	-12.03%	2.20%	-171.79%	186.21%	-160.26%	1.20%	155.03%	-131.83%	-301.52%
Invested Capital Q/Q Growth	36.55%	36.30%	-103.84%	26.93%	8.63%	191.86%	20.14%	-8.17%	44.10%	219.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.92%	81.86%	80.82%	80.01%	79.44%	81.06%	82.01%	79.37%	77.85%	72.06%
EBITDA Margin	29.97%	25.83%	16.24%	2.48%	7.39%	-15.91%	-149.52%	-250.32%	-19.53%	-391.91%
Operating Margin	25.29%	21.32%	14.53%	0.80%	-0.21%	-2.83%	-153.60%	-255.52%	-23.18%	-399.82%
EBIT Margin	25.96%	21.95%	13.15%	1.73%	5.62%	-19.00%	-153.15%	-254.24%	-24.23%	-399.06%
Profit (Net Income) Margin	19.99%	17.96%	3.61%	4.52%	7.06%	-1.57%	-104.84%	-294.39%	86.47%	-251.73%
Tax Burden Percent	76.84%	80.25%	25.46%	109.86%	89.79%	37.71%	66.00%	111.14%	-344.61%	60.31%
Interest Burden Percent	100.21%	101.95%	107.85%	237.42%	139.88%	21.84%	103.73%	104.19%	103.55%	104.59%
Effective Tax Rate	23.16%	19.75%	74.54%	-9.86%	10.21%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-2.07%	-27.12%	-35.59%	-2.58%	-8.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-4.93%	-26.03%	-61.67%	20.24%	-5.93%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%	-42.79%	-457.77%	50.74%	-2.70%
Return on Equity (ROE)	27.17%	18.31%	3.14%	3.96%	6.62%	-1.42%	-69.91%	-493.35%	48.17%	-11.44%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-106.92%	-130.44%	9.18%	-77.88%	-150.80%
Operating Return on Assets (OROA)	22.63%	15.82%	7.79%	0.96%	3.09%	-7.67%	-31.15%	-42.54%	-3.35%	-12.09%
Return on Assets (ROA)	17.43%	12.94%	2.14%	2.52%	3.88%	-0.63%	-21.32%	-49.26%	11.97%	-7.62%
Return on Common Equity (ROCE)	27.17%	18.31%	3.14%	3.96%	6.62%	-1.42%	-69.91%	-493.35%	48.17%	-11.44%
Return on Equity Simple (ROE_SIMPLE)	23.27%	16.70%	3.00%	4.25%	6.76%	-1.36%	-54.70%	383.64%	19.82%	-6.40%
Net Operating Profit after Tax (NOPAT)	103	88	19	4.37	-0.90	-9.54	-549	-893	-81	-1,297
NOPAT Margin	19.43%	17.11%	3.70%	0.88%	-0.19%	-1.98%	-107.52%	-178.87%	-16.23%	-279.87%
Net Nonoperating Expense Percent (NNEP)	0.71%	0.81%	-0.07%	2.89%	6.17%	2.86%	-1.09%	26.08%	-22.82%	-2.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-44.74%	-1.85%	-5.10%
Cost of Revenue to Revenue	19.08%	18.14%	19.18%	19.99%	20.56%	18.94%	17.99%	20.63%	22.15%	27.94%
SG&A Expenses to Revenue	15.24%	15.47%	15.91%	17.31%	17.83%	16.67%	18.70%	22.32%	23.24%	30.32%
R&D to Revenue	12.31%	14.24%	15.63%	20.60%	22.50%	21.54%	22.93%	25.52%	24.29%	25.57%
Operating Expenses to Revenue	55.62%	60.54%	66.28%	79.21%	79.65%	69.19%	235.60%	334.90%	101.03%	471.88%
Earnings before Interest and Taxes (EBIT)	138	113	66	8.63	27	-91	-782	-1,269	-120	-1,849
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	159	133	82	12	36	-76	-764	-1,250	-97	-1,816
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.48	4.09	2.48	2.77	2.88	6.51	5.76	0.00	4.24	3.22
Price to Tangible Book Value (P/TBV)	4.64	4.15	2.49	2.77	2.88	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.85	4.39	2.98	2.94	3.01	7.49	11.04	3.21	18.48	126.64
Price to Earnings (P/E)	19.24	24.46	82.60	65.11	42.63	0.00	0.00	0.00	21.37	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.20%	4.09%	1.21%	1.54%	2.35%	0.00%	0.00%	0.00%	4.68%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	4.11	2.52	2.02	2.63	2.59
Enterprise Value to Revenue (EV/Rev)	2.93	3.24	1.64	1.78	1.85	8.38	15.13	7.87	22.78	142.07
Enterprise Value to EBITDA (EV/EBITDA)	9.77	12.56	10.11	72.03	24.97	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	11.28	14.78	12.48	102.93	32.82	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	15.06	18.96	44.36	203.04	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.36	15.07	10.56	83.56	14.75	75.09	82.38	1,224.04	889.23	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	13.81	17.57	16.19	0.00	89.45	0.00	0.00	17.07	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.88	2.20	-6.21	1.01	0.39
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.88	2.20	-6.21	1.01	0.39
Financial Leverage	-1.07	-1.07	-1.09	-1.10	-1.10	-0.13	1.64	7.42	2.51	0.46
Leverage Ratio	1.56	1.41	1.47	1.58	1.71	2.24	3.28	10.02	4.03	1.50
Compound Leverage Factor	1.56	1.44	1.58	3.74	2.39	0.49	3.40	10.43	4.17	1.57
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	46.79%	68.76%	119.20%	50.20%	28.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	46.79%	68.76%	119.17%	50.19%	28.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	53.21%	31.24%	-19.20%	49.80%	71.71%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-6.36	-2.82	-1.90	-22.52	-3.96
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-5.56	-2.74	-1.86	-22.02	-3.94
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-6.36	-2.82	-1.90	-22.52	-3.96
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-51.00	-3.92	-2.66	-27.10	-5.54
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-44.62	-3.81	-2.61	-26.50	-5.51
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-51.00	-3.92	-2.66	-27.10	-5.54
Altman Z-Score	9.14	9.10	5.08	4.94	4.31	3.03	0.73	-2.04	1.83	4.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.27	3.69	3.18	3.01	2.79	0.95	0.86	0.83	0.83	0.71
Quick Ratio	3.21	3.63	3.10	2.89	2.70	0.90	0.81	0.73	0.71	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	112	95	51	-19	10	-1,047	-2,641	230	-2,433	-22,384
Operating Cash Flow to CapEx	4,296.76%	4,732.09%	1,966.90%	155.23%	597.79%	1,468.61%	3,467.59%	129.16%	432.68%	-1,780.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-976.06
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.31
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.72	0.59	0.56	0.55	0.40	0.20	0.17	0.14	0.03
Accounts Receivable Turnover	7.22	6.78	4.05	2.96	2.90	2.66	2.64	2.64	2.66	2.54
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.38	8.34	9.10	9.45	9.53	10.32	12.84	14.49	16.20	16.77
Accounts Payable Turnover	3.00	2.72	2.87	3.09	2.96	2.31	2.02	2.31	2.55	2.70
Days Sales Outstanding (DSO)	50.56	53.82	90.08	123.49	125.67	137.04	138.19	138.38	137.21	143.74
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	121.47	134.15	127.15	118.11	123.41	157.87	180.56	157.82	142.86	135.42
Cash Conversion Cycle (CCC)	-70.92	-80.32	-37.08	5.37	2.26	-20.83	-42.37	-19.44	-5.66	8.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-31	-38	-70	-47	-58	979	3,071	1,948	4,300	25,387
Invested Capital Turnover	-20.13	-14.90	-9.30	-8.46	-9.23	1.04	0.25	0.20	0.16	0.03
Increase / (Decrease) in Invested Capital	-9.34	-6.95	-32	23	-11	1,037	2,092	-1,123	2,353	21,087
Enterprise Value (EV)	1,551	1,666	827	888	898	4,026	7,730	3,930	11,304	65,842
Market Capitalization	2,038	2,257	1,503	1,465	1,464	3,601	5,640	1,602	9,170	58,690
Book Value per Share	$40.06	$48.30	$52.92	$46.19	$49.53	$59.68	$94.52	($33.85)	$149.12	$89.96
Tangible Book Value per Share	$38.67	$47.56	$52.70	$46.19	$49.53	($54.09)	($180.66)	($196.43)	($100.67)	($28.03)
Total Capital	455	552	606	530	509	1,039	3,134	1,996	4,348	25,422
Total Debt	0.00	0.00	0.00	0.00	0.00	486	2,155	2,379	2,183	7,192
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	486	2,155	2,379	2,182	7,191
Net Debt	-486	-590	-676	-577	-567	426	2,091	2,328	2,134	7,152
Capital Expenditures (CapEx)	3.48	2.34	3.98	6.85	10	3.65	2.71	2.49	2.94	2.98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-94	-91	-86	-57	-83	-74	-108	-103	-104	-142
Debt-free Net Working Capital (DFNWC)	393	500	590	520	484	-13	-44	-52	-55	-103
Net Working Capital (NWC)	393	500	590	520	484	-13	-44	-53	-55	-103
Net Nonoperating Expense (NNE)	-2.95	-4.35	0.44	-18	-35	-2.01	-14	577	-510	-130
Net Nonoperating Obligations (NNO)	-486	-590	-676	-577	-567	426	2,092	2,331	2,135	7,157
Total Depreciation and Amortization (D&A)	21	20	16	3.70	8.59	15	19	20	23	33
Debt-free, Cash-free Net Working Capital to Revenue	-17.67%	-17.64%	-17.15%	-11.42%	-17.09%	-15.34%	-21.23%	-20.68%	-20.87%	-30.73%
Debt-free Net Working Capital to Revenue	74.10%	97.26%	117.04%	104.52%	99.45%	-2.70%	-8.62%	-10.49%	-11.06%	-22.13%
Net Working Capital to Revenue	74.10%	97.26%	117.04%	104.52%	99.45%	-2.70%	-8.62%	-10.58%	-11.16%	-22.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.93	$0.80	$0.15	$0.20	$0.34	($0.08)	($5.34)	($12.98)	$3.14	($6.06)
Adjusted Weighted Average Basic Shares Outstanding	113.55M	114.25M	114.44M	113.75M	102.56M	96.84M	100.20M	113.21M	136.71M	192.55M
Adjusted Diluted Earnings per Share	$0.92	$0.79	$0.15	$0.20	$0.33	($0.08)	($5.34)	($12.98)	$2.64	($6.06)
Adjusted Weighted Average Diluted Shares Outstanding	115.39M	115.16M	115.47M	114.12M	103.28M	96.84M	100.20M	113.21M	165.66M	192.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.02M	114.35M	114.47M	102.77M	101.05M	95.87M	112.85M	115.49M	169.68M	257.35M
Normalized Net Operating Profit after Tax (NOPAT)	103	88	51	2.79	-0.90	-9.54	32	7.38	0.56	-44
Normalized NOPAT Margin	19.48%	17.12%	10.17%	0.56%	-0.19%	-1.98%	6.32%	1.48%	0.11%	-9.53%
Pre Tax Income Margin	26.02%	22.38%	14.19%	4.12%	7.87%	-4.15%	-158.86%	-264.88%	-25.09%	-417.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-80.65
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-56.56
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-80.78
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-56.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	493.21%	211.67%	-1,637.75%	-1.78%	-0.02%	2.13%	-2.84%

This table displays calculated financial ratios and metrics derived from Strategy's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.06%	-1.46%	2.21%	-1.37%	3.27%	-6.09%	-5.47%	-7.44%	-10.34%	-3.04%
EBITDA Growth	135.05%	-46.53%	90.11%	97.63%	-216.91%	78.60%	-1,119.19%	-791.85%	-2,291.98%	-2,316.48%
EBIT Growth	122.64%	-45.86%	87.03%	97.05%	-308.38%	75.59%	-828.76%	-640.34%	-1,817.01%	-1,973.84%
NOPAT Growth	112.20%	-40.92%	-883.26%	97.09%	-516.75%	77.91%	87.81%	-649.87%	-1,613.40%	-2,275.65%
Net Income Growth	25.06%	-177.48%	452.73%	102.09%	-429.71%	135.70%	-111.52%	-561.08%	-137.15%	-852.65%
EPS Growth	33.80%	-177.48%	374.53%	101.62%	-429.71%	135.70%	-109.72%	-477.63%	-70.30%	-635.38%
Operating Cash Flow Growth	-110.45%	-660.46%	-14.39%	11.27%	-408.73%	106.51%	-23.56%	-26.29%	-453.82%	-1,563.18%
Free Cash Flow Firm Growth	119.48%	145.13%	56.80%	-42.41%	-300.50%	-341.21%	-516.70%	-358.44%	-497.29%	-814.95%
Invested Capital Growth	-17.02%	-36.58%	-19.22%	38.61%	40.70%	120.78%	132.35%	125.85%	166.17%	490.35%
Revenue Q/Q Growth	2.69%	5.74%	-8.03%	-1.24%	7.53%	-3.85%	-7.42%	-3.30%	4.15%	3.99%
EBITDA Q/Q Growth	101.68%	-1,364.12%	91.67%	-33.70%	16.96%	-131.39%	-374.58%	2.20%	-122.71%	-133.76%
EBIT Q/Q Growth	101.20%	-1,921.51%	89.10%	-23.94%	15.32%	-113.40%	-314.67%	1.20%	-119.27%	-130.86%
NOPAT Q/Q Growth	100.66%	-3,297.71%	-762.67%	98.40%	5.47%	-69.47%	-376.11%	1.68%	-116.00%	-134.97%
Net Income Q/Q Growth	97.45%	-822.00%	284.72%	-95.18%	-744.88%	162.13%	-159.60%	-93.08%	-231.69%	-97.20%
EPS Q/Q Growth	97.46%	-822.00%	244.17%	-95.22%	-744.88%	162.13%	-147.39%	-85.76%	70.03%	-102.33%
Operating Cash Flow Q/Q Growth	93.02%	-1,151.58%	305.50%	-149.39%	59.96%	116.01%	2,314.44%	-181.61%	-75.60%	57.71%
Free Cash Flow Firm Q/Q Growth	174.92%	124.79%	-157.39%	-47.34%	-5.49%	-170.43%	-46.72%	-9.53%	-37.44%	-314.25%
Invested Capital Q/Q Growth	0.31%	-8.17%	30.07%	15.69%	1.82%	44.10%	36.88%	12.45%	20.00%	219.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.75%	79.84%	77.08%	77.47%	79.41%	77.33%	73.96%	72.24%	70.41%	71.69%
EBITDA Margin	12.20%	-145.89%	-13.21%	-17.89%	-13.81%	-33.24%	-170.42%	-172.37%	-368.57%	-828.55%
Operating Margin	4.83%	-146.14%	-16.66%	-22.18%	-19.50%	-34.37%	-176.75%	-179.71%	-372.69%	-842.13%
EBIT Margin	8.74%	-150.54%	-17.84%	-22.39%	-17.63%	-39.13%	-175.28%	-179.09%	-377.02%	-837.03%
Profit (Net Income) Margin	-21.60%	-188.35%	378.29%	18.47%	-110.80%	71.60%	-46.09%	-92.03%	-293.07%	-555.78%
Tax Burden Percent	868.47%	116.46%	5,760.59%	-58.45%	423.96%	-146.97%	24.83%	47.69%	71.07%	65.33%
Interest Burden Percent	-28.46%	107.44%	-36.81%	141.16%	148.21%	124.49%	105.88%	107.75%	109.38%	101.63%
Effective Tax Rate	0.00%	0.00%	-5,660.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.73%	-20.35%	-169.87%	-3.08%	-2.70%	-3.82%	-14.39%	-12.66%	-22.31%	-18.41%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.69%	-25.51%	-95.12%	-1.22%	-8.33%	1.51%	-11.18%	-11.39%	-23.49%	-17.53%
Return on Net Nonoperating Assets (RNNOA)	-11.73%	-189.37%	-317.78%	-8.55%	-58.11%	3.79%	-21.93%	-18.37%	-32.15%	-7.99%
Return on Equity (ROE)	-11.01%	-209.73%	-487.65%	-11.62%	-60.81%	-0.04%	-36.32%	-31.03%	-54.46%	-26.39%
Cash Return on Invested Capital (CROIC)	-17.89%	9.18%	-6.54%	-38.88%	-41.11%	-77.88%	-84.61%	-84.16%	-102.03%	-150.80%
Operating Return on Assets (OROA)	1.58%	-25.19%	-2.69%	-3.78%	-3.00%	-5.42%	-18.30%	-16.53%	-30.07%	-25.35%
Return on Assets (ROA)	-3.91%	-31.52%	56.98%	3.12%	-18.88%	9.91%	-4.81%	-8.49%	-23.37%	-16.83%
Return on Common Equity (ROCE)	-11.01%	-209.73%	-487.65%	-11.62%	-60.81%	-0.04%	-36.32%	-31.03%	-54.46%	-26.39%
Return on Equity Simple (ROE_SIMPLE)	654.11%	0.00%	-198.07%	25.23%	10.75%	0.00%	-3.55%	-7.41%	-10.78%	0.00%
Net Operating Profit after Tax (NOPAT)	4.24	-136	-1,170	-19	-18	-30	-143	-140	-303	-711
NOPAT Margin	3.38%	-102.30%	-959.52%	-15.53%	-13.65%	-24.06%	-123.73%	-125.80%	-260.88%	-589.49%
Net Nonoperating Expense Percent (NNEP)	1.42%	5.16%	-74.75%	-1.86%	5.63%	-5.33%	-3.21%	-1.28%	1.18%	-0.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-6.79%	-	-	-	-0.69%	-	-	-	-2.80%
Cost of Revenue to Revenue	20.25%	20.16%	22.92%	22.53%	20.59%	22.67%	26.04%	27.76%	29.59%	28.31%
SG&A Expenses to Revenue	21.76%	21.83%	22.89%	23.95%	22.57%	23.58%	30.08%	32.42%	28.87%	30.02%
R&D to Revenue	24.33%	23.85%	25.72%	24.38%	22.91%	24.23%	25.32%	27.20%	28.69%	21.29%
Operating Expenses to Revenue	74.92%	225.98%	93.74%	99.66%	98.91%	111.70%	250.71%	251.95%	443.09%	913.82%
Earnings before Interest and Taxes (EBIT)	11	-200	-22	-27	-23	-49	-202	-200	-438	-1,010
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	-193	-16	-22	-18	-41	-196	-192	-428	-1,000
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	7.62	5.42	5.50	4.24	10.31	8.62	8.68	3.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.79	3.21	6.73	8.87	9.17	18.48	50.55	50.83	70.12	126.64
Price to Earnings (P/E)	0.00	0.00	0.00	21.47	51.19	21.37	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	4.66%	1.95%	4.68%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.22	2.02	2.15	2.23	2.26	2.63	4.79	4.26	4.65	2.59
Enterprise Value to Revenue (EV/Rev)	9.39	7.87	10.87	13.09	13.40	22.78	57.65	58.70	79.03	142.07
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	190.98	1,224.04	0.00	0.00	0.00	889.23	7,232.88	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	17.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-11.87	-6.21	4.91	2.66	2.59	1.01	1.48	1.36	1.12	0.39
Long-Term Debt to Equity	-11.87	-6.21	4.91	2.66	2.59	1.01	1.48	1.31	1.12	0.39
Financial Leverage	16.92	7.42	3.34	6.98	6.98	2.51	1.96	1.61	1.37	0.46
Leverage Ratio	21.19	10.02	5.10	9.38	9.25	4.03	3.30	2.85	2.54	1.50
Compound Leverage Factor	-6.03	10.76	-1.88	13.25	13.71	5.01	3.49	3.07	2.78	1.53
Debt to Total Capital	109.20%	119.20%	83.08%	72.67%	72.18%	50.20%	59.73%	57.58%	52.75%	28.29%
Short-Term Debt to Total Capital	0.00%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	2.17%	0.01%	0.00%
Long-Term Debt to Total Capital	109.20%	119.17%	83.06%	72.66%	72.17%	50.19%	59.72%	55.41%	52.74%	28.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-9.20%	-19.20%	16.92%	27.33%	27.82%	49.80%	40.27%	42.42%	47.25%	71.71%
Debt to EBITDA	-2.00	-1.90	-1.97	-10.10	-8.76	-22.52	-12.84	-8.60	-4.91	-3.96
Net Debt to EBITDA	-1.94	-1.86	-1.89	-9.78	-8.57	-22.02	-12.54	-8.44	-4.86	-3.94
Long-Term Debt to EBITDA	-2.00	-1.90	-1.97	-10.10	-8.76	-22.52	-12.84	-8.27	-4.91	-3.96
Debt to NOPAT	-2.78	-2.66	-2.76	-13.26	-11.71	-27.10	-17.04	-11.65	-6.84	-5.54
Net Debt to NOPAT	-2.71	-2.61	-2.64	-12.85	-11.46	-26.50	-16.64	-11.44	-6.77	-5.51
Long-Term Debt to NOPAT	-2.78	-2.66	-2.76	-13.26	-11.71	-27.10	-17.04	-11.21	-6.84	-5.54
Altman Z-Score	0.06	-0.58	0.46	0.75	0.75	1.88	3.49	3.18	3.92	4.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.83	0.83	0.77	0.75	0.83	0.78	0.47	0.65	0.71
Quick Ratio	0.65	0.73	0.75	0.69	0.65	0.71	0.63	0.40	0.53	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	439	988	-567	-835	-881	-2,382	-3,496	-3,829	-5,262	-21,798
Operating Cash Flow to CapEx	-437.95%	-2,865.83%	7,494.39%	-2,890.77%	-509.08%	341.21%	1,850.29%	-3,226.69%	-9,616.43%	-6,100.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-229.46	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.79	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.80	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.17	0.15	0.17	0.17	0.14	0.10	0.09	0.08	0.03
Accounts Receivable Turnover	4.29	2.64	3.77	4.16	4.23	2.66	3.85	4.11	3.96	2.54
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.09	14.49	14.98	15.37	15.95	16.20	16.20	16.34	16.19	16.77
Accounts Payable Turnover	2.44	2.31	2.22	3.08	3.05	2.55	2.42	2.98	3.09	2.70
Days Sales Outstanding (DSO)	85.08	138.38	96.76	87.76	86.33	137.21	94.80	88.90	92.11	143.74
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	149.79	157.82	164.71	118.56	119.74	142.86	150.65	122.65	118.23	135.42
Cash Conversion Cycle (CCC)	-64.71	-19.44	-67.95	-30.80	-33.41	-5.66	-55.85	-33.75	-26.12	8.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,121	1,948	2,533	2,931	2,984	4,300	5,887	6,620	7,944	25,387
Invested Capital Turnover	0.21	0.20	0.18	0.20	0.20	0.16	0.12	0.10	0.09	0.03
Increase / (Decrease) in Invested Capital	-435	-1,123	-603	816	863	2,353	3,353	3,689	4,959	21,087
Enterprise Value (EV)	4,709	3,930	5,456	6,548	6,758	11,304	28,223	28,213	36,927	65,842
Market Capitalization	2,399	1,602	3,376	4,437	4,624	9,170	24,747	24,433	32,762	58,690
Book Value per Share	($17.72)	($33.85)	$38.38	$63.21	$59.66	$149.12	$139.59	$159.82	$194.20	$89.96
Tangible Book Value per Share	($194.08)	($196.43)	($134.84)	($116.07)	($114.37)	($100.67)	($155.52)	($160.85)	($158.36)	($28.03)
Total Capital	2,177	1,996	2,620	2,998	3,021	4,348	5,959	6,683	7,986	25,422
Total Debt	2,377	2,379	2,176	2,178	2,181	2,183	3,559	3,849	4,212	7,192
Total Long-Term Debt	2,377	2,379	2,176	2,178	2,180	2,182	3,559	3,703	4,212	7,191
Net Debt	2,310	2,328	2,080	2,110	2,134	2,134	3,476	3,780	4,164	7,152
Capital Expenditures (CapEx)	0.33	0.64	0.50	0.64	1.45	0.35	1.55	0.72	0.43	0.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-125	-103	-149	-131	-115	-104	-151	-161	-150	-142
Debt-free Net Working Capital (DFNWC)	-58	-52	-52	-63	-68	-55	-68	-93	-102	-103
Net Working Capital (NWC)	-58	-53	-53	-63	-68	-55	-68	-238	-102	-103
Net Nonoperating Expense (NNE)	31	114	-1,631	-41	126	-119	-89	-38	37	-41
Net Nonoperating Obligations (NNO)	2,321	2,331	2,090	2,112	2,144	2,135	3,486	3,785	4,170	7,157
Total Depreciation and Amortization (D&A)	4.34	6.16	5.64	5.42	4.94	7.33	5.61	7.49	9.81	10
Debt-free, Cash-free Net Working Capital to Revenue	-24.98%	-20.68%	-29.63%	-26.16%	-22.71%	-20.87%	-30.93%	-33.60%	-32.05%	-30.73%
Debt-free Net Working Capital to Revenue	-11.62%	-10.49%	-10.41%	-12.56%	-13.42%	-11.06%	-13.83%	-19.28%	-21.74%	-22.13%
Net Working Capital to Revenue	-11.62%	-10.58%	-10.50%	-12.65%	-13.51%	-11.16%	-13.93%	-49.48%	-21.85%	-22.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.24)	($0.22)	$3.90	$0.17	($1.01)	$0.07	($0.31)	($0.57)	($1.72)	($3.48)
Adjusted Weighted Average Basic Shares Outstanding	113.08M	1.13B	118.34M	132.47M	142.21M	1.37B	171.94M	178.61M	197.27M	192.55M
Adjusted Diluted Earnings per Share	($0.24)	($0.22)	$3.18	$0.15	($1.01)	$0.07	($0.31)	($0.57)	($1.72)	($3.48)
Adjusted Weighted Average Diluted Shares Outstanding	113.08M	1.13B	145.75M	160.95M	142.21M	1.66B	171.94M	178.61M	197.27M	192.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.22)	$0.00	$0.00	$0.00	$0.07	$0.00	$0.00	$0.00	($3.48)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	113.18M	115.49M	129.59M	140.85M	145.18M	169.68M	177.37M	194.32M	202.64M	257.35M
Normalized Net Operating Profit after Tax (NOPAT)	4.75	2.74	-0.98	-1.80	5.82	-2.48	-8.45	-14	-14	-7.26
Normalized NOPAT Margin	3.79%	2.07%	-0.80%	-1.49%	4.49%	-1.99%	-7.33%	-12.68%	-12.36%	-6.01%
Pre Tax Income Margin	-2.49%	-161.73%	6.57%	-31.61%	-26.13%	-48.72%	-185.59%	-192.97%	-412.40%	-850.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-19.08	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-13.20	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-19.10	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-13.22	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.38%	-0.02%	-0.27%	1.93%	5.14%	2.13%	-9.05%	-2.92%	-2.22%	-2.84%

Frequently Asked Questions About Strategy's Financials

When does Strategy's fiscal year end?

According to the most recent income statement we have on file, Strategy's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Strategy's net income changed over the last 9 years?

Strategy's net income appears to be on an upward trend, with a most recent value of -$1.17 billion in 2024, falling from $105.93 million in 2015. The previous period was $429.12 million in 2023.

What is Strategy's operating income?

Strategy's total operating income in 2024 was -$1.85 billion, based on the following breakdown:

Total Gross Profit: $333.99 million
Total Operating Expenses: $2.19 billion

How has Strategy revenue changed over the last 9 years?

Over the last 9 years, Strategy's total revenue changed from $529.87 million in 2015 to $463.46 million in 2024, a change of -12.5%.

How much debt does Strategy have?

Strategy's total liabilities were at $7.61 billion at the end of 2024, a 193.1% increase from 2023, and a 3,676.4% increase since 2015.

How much cash does Strategy have?

In the past 9 years, Strategy's cash and equivalents has ranged from $38.12 million in 2024 to $456.73 million in 2019, and is currently $38.12 million as of their latest financial filing in 2024.

How has Strategy's book value per share changed over the last 9 years?

Over the last 9 years, Strategy's book value per share changed from 40.06 in 2015 to 89.96 in 2024, a change of 124.6%.

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This page (NASDAQ:MSTR) was last updated on 4/13/2025 by MarketBeat.com Staff

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Strategy (MSTR) Financials

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Strategy (MSTR) Financials

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