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Strategy (MSTR) vs. S&P 500 (SPY)
Strategy Business Overview & Revenue Model
Strategy Financial Statement Overview
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 503.86M | 463.46M | 496.26M | 499.26M | 510.76M | 480.74M | Gross Profit |
| 406.66M | 333.99M | 386.32M | 396.27M | 418.85M | 389.68M | EBIT |
| -12.07M | -1.85B | -115.05M | 6.08M | 876.72M | 127.77M | EBITDA |
| -1.25B | -1.85B | -44.30M | -1.26B | -770.88M | 6.50M | Net Income Common Stockholders |
| -1.32B | -1.17B | 429.12M | -1.47B | -535.48M | -7.52M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 38.12M | 38.12M | 46.82M | 43.84M | 63.36M | 59.67M | Total Assets |
| 25.84B | 25.84B | 4.76B | 2.41B | 3.56B | 1.47B | Total Debt |
| 109.90M | 109.90M | 2.25B | 2.45B | 2.23B | 570.69M | Net Debt |
| 71.78M | 71.78M | 2.21B | 2.40B | 2.17B | 511.02M | Total Liabilities |
| 7.61B | 7.61B | 2.60B | 2.79B | 2.58B | 912.57M | Stockholders Equity |
| 18.23B | 18.23B | 2.16B | -383.12M | 978.96M | 553.04M |
| Cash Flow | Free Cash Flow | ||||
| -1.20B | -53.03M | -1.89B | -287.20M | -2.54B | -1.08B | Operating Cash Flow |
| 40.02M | -53.03M | 12.71M | 3.21M | 93.83M | 53.62M | Investing Cash Flow |
| -1.24B | -22.09B | -1.91B | -278.59M | -2.63B | -1.02B | Financing Cash Flow |
| 1.22B | 22.13B | 1.89B | 265.19M | 2.54B | 563.23M |
Strategy Technical Analysis
Strategy Risk Analysis
Strategy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $193.43B | 36.22 | 36.31% | ― | 11.02% | 4.96% | |
77 Outperform | $333.31B | 98.94 | 7.12% | 0.62% | 9.55% | -2.28% | |
73 Outperform | $274.89B | 44.96 | 10.26% | 0.56% | 8.72% | 51.47% | |
68 Neutral | $422.17B | 36.94 | 132.00% | 1.06% | 6.40% | 12.83% | |
67 Neutral | $230.60B | 38.70 | 24.14% | 2.69% | 1.45% | -20.56% | |
59 Neutral | $22.39B | 11.53 | -18.05% | 2.31% | 5.00% | -25.89% | |
52 Neutral | $78.52B | ― | -11.44% | ― | -6.61% | -254.90% |
Strategy Earnings Call Summary
Strategy Corporate Events
MicroStrategy Incorporated, operating as Strategy, announced on March 3, 2025, that it did not sell any shares of class A common stock or purchase any bitcoin between February 24, 2025, and March 2, 2025. As of March 2, 2025, the company held approximately 499,096 bitcoins, acquired at a total cost of about $33.1 billion. Additionally, the board declared a quarterly cash dividend of approximately $1.24 per share on its 8.00% series A perpetual strike preferred stock, payable on March 31, 2025, to stockholders of record as of March 15, 2025.
Between January 1, 2025, and February 23, 2025, Strategy company reported a BTC Yield of 6.9%, a BTC Gain of 30,702, and a BTC $ Gain of $2.941 billion. The company completed a private offering of 0% convertible senior notes due 2030, raising approximately $1.99 billion, which was used to acquire 20,356 bitcoins. As of February 23, 2025, the company held 499,096 bitcoins. These metrics indicate the company’s strategy of acquiring bitcoin to enhance shareholder value, although they do not account for liabilities or predict stock trading prices.
MicroStrategy, a company known for its significant holdings in bitcoin, announced that it did not engage in any bitcoin purchases or sales of class A common stock between February 10 and February 17, 2025. As of February 17, 2025, MicroStrategy and its subsidiaries held approximately 478,740 bitcoins at an average purchase price of $65,033 per bitcoin. Additionally, the company plans to redeem its 0.0% Convertible Senior Notes due 2027 on February 24, 2025, with conversion requests already received for a significant portion of the notes, leading to the issuance of over 6 million shares.
MicroStrategy Incorporated, operating as Strategy, announced significant activities between January 1, 2025, and February 9, 2025, including a 4.1% increase in BTC Yield, a BTC Gain of 18,527, and a BTC $ Gain of $1.785 billion. As of February 9, 2025, the company held 478,740 bitcoins acquired at an aggregate cost of $31.1 billion. During the same period, the company sold 516,413 shares under a sales agreement, generating $179 million, and completed a public offering of preferred stock netting approximately $563.4 million. These financial maneuvers were used to acquire 7,633 bitcoins for roughly $742.4 million, enhancing their strategic bitcoin holdings. Additionally, the company announced the redemption of its 2027 Convertible Notes, with significant conversion requests received, impacting the company’s share structure.
MicroStrategy reported a BTC Yield of 2.90% from January 1, 2025, to January 26, 2025, a key performance indicator reflecting the change in bitcoin holdings relative to assumed diluted shares. The company also announced the redemption of its 2027 Convertible Senior Notes, impacting the conversion and share assumptions. Additionally, MicroStrategy sold 2,765,157 shares for $1.1 billion, which funded the purchase of 10,107 bitcoins during the same period, increasing its total holdings to 471,107 bitcoins.
On January 21, 2025, MicroStrategy Incorporated held a special meeting where its stockholders approved an amendment to the 2023 Equity Incentive Plan, allowing automatic equity awards to be granted to new directors upon their appointment to the board. Additionally, on January 22, 2025, the company filed an amendment to its certificate of incorporation, significantly increasing the number of authorized shares of Class A common stock and preferred stock. These changes reflect the company’s strategic efforts to enhance its equity framework and expand its capital stock, positioning it for potential future growth and increased shareholder value.
Between January 13 and January 20, 2025, MicroStrategy sold 3,012,072 class A common shares for approximately $1.1 billion and acquired 11,000 bitcoins at a cost of about $1.1 billion. This transaction increased MicroStrategy’s total bitcoin holdings to 461,000 bitcoins, emphasizing its strategy of leveraging equity sales to enhance bitcoin acquisitions, thereby influencing its BTC Yield, a key performance indicator used to assess the accretive nature of its bitcoin strategy.
MicroStrategy Incorporated announced its BTC Yield, a key performance indicator, was 0.32% from January 1, 2025, to January 12, 2025. The company uses this KPI to evaluate its strategy of acquiring bitcoin, funded by issuing additional shares of its common stock. During this period, MicroStrategy sold 710,425 shares, raising approximately $243 million, which was used to purchase 2,530 bitcoins, bringing its total holdings to 450,000 bitcoins.
MicroStrategy reported a BTC Yield of 74.3% for 2024, reflecting its strategic focus on acquiring Bitcoin, viewed as beneficial for shareholders. The company completed a 10-for-1 stock split of its class A and B common stock and announced significant sales of shares, raising $101 million used to purchase 1,070 bitcoins. As of January 2025, MicroStrategy holds approximately 447,470 bitcoins, acquired at an average cost of $62,503 per bitcoin, with a market value of $98,253.13 per bitcoin on Coinbase. The company’s substantial indebtedness, primarily from convertible notes, suggests a focus on financing Bitcoin acquisitions, though it introduces financial risks and strategic challenges.
MicroStrategy reported a BTC Yield of 74.1% for the year 2024, which is a key performance indicator reflecting the company’s strategy of using equity capital to acquire bitcoin. During December 2024, MicroStrategy sold shares worth $209 million and acquired 2,138 bitcoins, holding a total of 446,400 bitcoins as of the end of the period, underscoring its commitment to bitcoin as a core part of its strategy.
Microstrategy reported a BTC Yield of 47.4% for the fourth quarter of 2024 and 73.7% for the year, a key performance indicator reflecting the period-to-period change in the ratio of bitcoin holdings to assumed diluted shares outstanding. The company raised approximately $561 million from the sale of 1,317,841 class A common stock shares, using the proceeds to acquire 5,262 bitcoins, thereby increasing its total bitcoin holdings to 444,262 bitcoins. This strategic move aligns with Microstrategy’s approach to leverage equity capital to enhance shareholder value through bitcoin acquisition.
MicroStrategy Incorporated has expanded its Board of Directors from six to nine members, adding Brian Brooks, Jane Dietze, and Gregg Winiarksi as new directors. The board’s amendment to the 2023 Equity Incentive Plan allows these new directors to receive equity awards valued at $2 million upon their election, subject to stockholder approval, which highlights the company’s strategic efforts to enhance governance and potentially influence its market positioning.
MicroStrategy announced a BTC Yield of 46.4% for the period from October 1 to December 15, 2024, and 72.4% year-to-date, indicating its strategy of acquiring bitcoin is believed to be accretive to shareholders. The company acquired approximately 15,350 bitcoins for $1.5 billion using proceeds from recent share sales, bringing its total bitcoin holdings to 439,000. This strategy reflects MicroStrategy’s focus on leveraging equity capital to enhance its bitcoin portfolio, with potential implications for its market positioning and shareholder value.
The Company’s BTC Yield, a key performance indicator reflecting the change in ratio between bitcoin holdings and assumed diluted shares, stood at 43.2% for the quarter and 68.7% year-to-date in 2024. This metric helps evaluate the strategy of acquiring bitcoin through equity and convertible instruments. Recent stock sales raised $2.13 billion, enabling the purchase of 21,550 bitcoins. As of December 8, 2024, the Company held 423,650 bitcoins, emphasizing its commitment to a bitcoin-focused strategy.