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Strategy
(NASDAQ:MSTR)
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Rating:51Neutral
Price Target:
$101.00
â–¼(-39.35% Downside)
Action:Reiterated
Date:06/30/26
Overall score is held down primarily by weak and highly volatile fundamentals—large reported losses and negative operating cash flow—despite a stronger recent balance sheet. The earnings call and subsequent corporate actions provide a meaningful offset through clearer strategy execution and liquidity/reserve governance, but valuation support is limited due to negative earnings and missing dividend yield data, and technicals cannot be confirmed with the indicators provided.
Positive Factors
Scale of Bitcoin Treasury
Owning one of the largest corporate bitcoin treasuries is a durable strategic asset: it provides substantial collateral for credit products, creates optionality to engineer yield and accrete BTC/share over time, and underpins the company’s differentiated business model as a bitcoin treasury operator.
Negative Factors
Negative Operating Cash Flow & Cash Volatility
Core operating cash generation is inconsistent and often negative, meaning the software business does not reliably fund operations. This forces dependence on balance-sheet maneuvers and capital markets for liquidity, raising execution risk and reducing durable cash-flow predictability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale of Bitcoin Treasury
Owning one of the largest corporate bitcoin treasuries is a durable strategic asset: it provides substantial collateral for credit products, creates optionality to engineer yield and accrete BTC/share over time, and underpins the company’s differentiated business model as a bitcoin treasury operator.
Read all positive factors
Strategy Key Performance Indicators (KPIs)
Any
Bitcoins Held
Shows the amount of Bitcoin the company holds, reflecting its strategic investment in cryptocurrency and potential exposure to crypto market volatility.
Shows the amount of Bitcoin the company holds, reflecting its strategic investment in cryptocurrency and potential exposure to crypto market volatility.
Data provided by:
The Fly
The FlyStrategy (MSTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.44B
Dividend Yield0.08%
Average Volume (3M)18.44M
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth6.79%
EPS Growth-63.43%
CountryUS
Employees1,539
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-35.65
Shares Outstanding330,807,620
10 Day Avg. Volume22,673,542
30 Day Avg. Volume18,437,907
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)0.88
Price to Sales (P/S)93.61
P/FCF Ratio-1.98
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue82.93
Enterprise Value/Gross Profit121.76
Enterprise Value/Ebitda-2.91
Forecast
1Y Price Target
$291.92Price Target Upside75.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)18.4
Revenue Forecast (FY)$497.78M
Strategy Business Overview & Revenue Model
Company Description
Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a rang...
How the Company Makes Money
Strategy generates revenue primarily from its enterprise analytics software business. Key revenue streams historically include: (1) Software licensing/subscription revenue from its analytics/BI platform and related products (recognized based on co...
Strategy Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum: large and growing Bitcoin holdings (818k BTC), aggressive capital raises (~$11.7B YTD), rapid adoption and liquidity of the STRC product (~$8.5B outstanding, $375M/day trading), and clear strategic optionality (scenarios to accrete BTC per share, retire convertibles, and fund dividends). Key risks remain mark-to-market volatility (Q1 unrealized loss ~$14.5B and reported net loss $12.8B), compression of USD reserve coverage, and execution/communication risk around selling Bitcoin. Management presented multiple quantitative scenarios and stress tests and reiterated a long-term buy-and-hold thesis with active capital-markets tools. On balance, the positives — growth in BTC per share, rapid STRC adoption and liquidity, and diversified funding optionality — outweigh the near-term mark-to-market losses and volatility-related risks.Positive Updates
Largest Corporate Bitcoin Holder and Strong Balance Sheet
Held 818,334 Bitcoin (~3.9% of all Bitcoin), market capitalization of $62 billion, digital asset market value ~ $64B (as of May 1 price), average purchase price ~$70,000 per BTC, long-term debt unchanged at $8.2B, equity increased to $9B, and cash & cash equivalents (USD reserve) ~$2.2–2.25B — positioning the company as a well-capitalized corporate Bitcoin treasury.
Negative Updates
Large Noncash Loss Driven by Bitcoin Fair Value
Reported operating loss of $14.5B and net loss of $12.8B for Q1, primarily driven by an unrealized fair value decline in Bitcoin. Q1 ending digital asset value of $51.6B down from $58.9B at year-end (≈12.4% quarter decline), reflecting price-driven, noncash losses.
Read all updates
Q1-2026 Updates
Positive
Negative
Largest Corporate Bitcoin Holder and Strong Balance Sheet
Held 818,334 Bitcoin (~3.9% of all Bitcoin), market capitalization of $62 billion, digital asset market value ~ $64B (as of May 1 price), average purchase price ~$70,000 per BTC, long-term debt unchanged at $8.2B, equity increased to $9B, and cash & cash equivalents (USD reserve) ~$2.2–2.25B — positioning the company as a well-capitalized corporate Bitcoin treasury.
Read all positive updates
Company Guidance
Management guided a continued focus on disciplined capital markets and Bitcoin-per-share accretion, reporting Q1 metrics that underpin that plan: 818,334 BTC held (~3.9% of supply; market value ≈$64B; acquisition cost ≈$62B; avg purchase ≈$70k), operating loss $14.5B and net loss $12.8B (driven by a $14.5B unrealized fair‑value loss as BTC closed Q1 ≈$67.8k), BTC/ share up from 181,030 to 213,371 sats (+~18% YoY) with YTD BTC yield 9.4% (vs. 22.8% for 2025) and YTD BTC gains of 63,110 BTC (~$5B); the company raised ~$11.7B YTD (≈$8.5B STRC outstanding), bought 89,599 BTC in Q1 (~$7.3B at ~$80.9k) and 56,235 BTC Q2‑to‑date (~$4.1B at ~$73.4k), shows MNAV ≈1.27 (breakeven to sell common ≈1.22x), $13.5B preferred equity (34% amplification), net leverage ≈9% ($6B net debt; $8.2B convertibles), USD cash ≈$2.25B, implied BTC reserve coverage of 43 years at current size and a breakeven BTC ARR of ~2.3% to fund dividends forever—and signaled tactical use of STRC, equity issuance and selective BTC sales to reduce converts, grow the USD reserve, and accelerate BTC-per-share accretion (target: double BTC/share in seven years, ~10% annualized BTC yield).Strategy Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 490.47M | 477.23M | 463.46M | 496.26M | 499.26M | 510.76M |
| Gross Profit | 334.07M | 327.82M | 333.99M | 386.32M | 396.27M | 418.85M |
| EBITDA | -13.97B | -5.44B | -1.85B | -61.04M | -1.26B | -770.88M |
| Net Income | -12.36B | -4.03B | -1.17B | 429.12M | -1.47B | -535.48M |
Balance Sheet | ||||||
| Total Assets | 54.27B | 61.64B | 25.84B | 4.76B | 2.41B | 3.56B |
| Cash, Cash Equivalents and Short-Term Investments | 2.21B | 2.30B | 38.12M | 46.82M | 43.84M | 63.36M |
| Total Debt | 8.26B | 8.28B | 7.26B | 2.25B | 2.45B | 2.23B |
| Total Liabilities | 8.63B | 10.60B | 7.61B | 2.60B | 2.79B | 2.58B |
| Stockholders Equity | 45.64B | 51.04B | 18.23B | 2.16B | -383.12M | 978.96M |
Cash Flow | ||||||
| Free Cash Flow | 4.52B | -22.58B | -22.14B | -1.89B | -287.20M | -2.54B |
| Operating Cash Flow | -50.86M | -67.24M | -53.03M | 12.71M | 3.21M | 93.83M |
| Investing Cash Flow | -22.09B | -22.51B | -22.09B | -1.91B | -278.59M | -2.63B |
| Financing Cash Flow | 24.30B | 24.84B | 22.13B | 1.89B | 265.19M | 2.54B |
Strategy Technical Analysis
Negative
166.52
Price Trends
145.01
Negative
140.24
Negative
181.26
Negative
Market Momentum
-14.96
Positive
40.63
Neutral
30.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSTR, the sentiment is Negative. The current price of 166.52 is above the 20-day moving average (MA) of 109.27, above the 50-day MA of 145.01, and below the 200-day MA of 181.26, indicating a bearish trend. The MACD of -14.96 indicates Positive momentum. The RSI at 40.63 is Neutral, neither overbought nor oversold. The STOCH value of 30.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSTR.
Strategy Risk Analysis
Strategy disclosed 73 risk factors in its most recent earnings report. Strategy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Strategy Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $92.68B | 676.61 | 3.78% | ― | 29.54% | -21.11% | |
69 Neutral | $43.78B | 30.07 | 49.42% | ― | 18.88% | 46.42% | |
63 Neutral | $33.44B | 42.05 | 10.41% | ― | 13.70% | 76.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $80.51B | ― | -57.21% | ― | 31.07% | 16.46% | |
55 Neutral | $21.28B | -100.90 | -16.70% | ― | 24.74% | 49.81% | |
51 Neutral | $39.44B | ― | -24.09% | 0.08% | 6.79% | -63.43% |
* Technology Sector Average
MSTR
Strategy
100.77
-303.22
-75.06%
ADSK
Autodesk
207.48
-109.18
-34.48%
WDAY
Workday
135.40
-106.36
-43.99%
TEAM
Atlassian
83.84
-129.69
-60.74%
DDOG
Datadog
260.36
107.95
70.83%
SNOW
Snowflake
260.15
38.66
17.45%
Strategy Corporate Events
Business Operations and StrategyStock BuybackDividendsPrivate Placements and Financing
Strategy Launches Digital Credit Capital and BTC Framework
Positive
Jun 29, 2026
On June 29, 2026, Strategy Inc. unveiled a new Digital Credit Capital Framework aimed at strengthening its preferred Digital Credit Securities, including STRC, and bolstering liquidity while maintaining long-term bitcoin exposure. The framework in...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Raises Capital to Expand Bitcoin Holdings
Positive
Jun 22, 2026
Strategy Inc. reported that between June 15 and June 21, 2026, it sold 2,714,839 shares of its MSTR Stock under its at-the-market program, generating net proceeds of $335.5 million while leaving substantial remaining issuance capacity across its p...
Business Operations and StrategyDividendsRegulatory Filings and ComplianceShareholder Meetings
Strategy Adopts Semi-Monthly Dividend Schedule for STRC Preferred
Positive
Jun 15, 2026
On June 15, 2026, Strategy filed an amended and restated certificate of designations for its STRC preferred stock in Delaware, following stockholder approval at its June 8, 2026 annual meeting, to move from one to two scheduled dividend payment da...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Raises Capital to Expand Bitcoin Holdings, Boost Liquidity
Positive
Jun 15, 2026
On June 15, 2026, Strategy reported that between June 8 and June 14, 2026, it sold 1,732,553 shares of its MSTR Class A common stock through its at-the-market program, generating net proceeds of $209 million while leaving more than $25.7 billion o...
Business Operations and StrategyExecutive/Board ChangesDividendsRegulatory Filings and ComplianceShareholder Meetings
Strategy Shareholders Approve Directors, Auditors and Preferred Changes
Positive
Jun 10, 2026
At its June 8, 2026 annual meeting, Strategy Inc. stockholders elected eight directors to serve for the next year and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending Dec. 31, 2026. Investors also a...
Business Operations and StrategyDividendsShareholder Meetings
Strategy Shareholders Approve Changes to Preferred Dividends
Neutral
Jun 8, 2026
On June 8, 2026, Strategy Inc. held its 2026 Annual Meeting of Stockholders, with voting based on shares outstanding as of the April 17, 2026 record date. Stockholders of both the Company’s common stock and its Variable Rate Series A Perpetu...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Strategy expands bitcoin holdings using new equity funding
Positive
Jun 8, 2026
Between June 1 and June 7, 2026, Strategy Inc. reported that it raised $181 million in net proceeds through sales of 1,409,600 shares of its Class A common stock under an at-the-market offering, while leaving significant remaining capacity for fut...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Strategy Highlights Bitcoin Holdings and Preferred Dividend Actions
Positive
Jun 1, 2026
On June 1, 2026, Strategy Inc. reported that, under its at-the-market offering program, it sold 801,994 shares of its MSTR Class A common stock between May 26 and May 31, 2026, generating net proceeds of $128.3 million while leaving more than $26 ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Strategy Highlights Debt Reduction and Bitcoin Reserve Strategy
Positive
May 26, 2026
On May 26, 2026, Strategy Inc reported the completion of a series of capital-markets and bitcoin transactions carried out between May 11 and May 25, 2026, centered on repurchasing $1.5 billion of 0% Convertible Senior Notes due 2029 for approximat...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Raises Equity to Expand Massive Bitcoin Holdings
Neutral
May 18, 2026
On May 18, 2026, Strategy Inc. reported an update on sales under its at-the-market offering program for the period from May 11 to May 17, 2026, highlighting that it sold 19,519,801 shares of its STRC preferred stock with a total face value of $1.9...
Business Operations and StrategyPrivate Placements and Financing
Strategy Repurchases $1.5 Billion of 2029 Convertible Notes
Neutral
May 15, 2026
On May 14, 2026, Strategy Inc. entered into privately negotiated transactions to repurchase approximately $1.50 billion in principal of its 0% Convertible Senior Notes due 2029 for an estimated $1.38 billion in cash, with the final price tied to t...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Expands Bitcoin Treasury Using ATM Equity Proceeds
Positive
May 11, 2026
On May 11, 2026, Strategy Inc. reported that between May 4 and May 10 it sold 1,412 shares of its STRC preferred stock for net proceeds of about $0.1 million and 231,324 shares of its MSTR Class A common stock for net proceeds of $42.9 million und...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Strategy Reports Q1 2026 Results and Bitcoin Treasury Expansion
Neutral
May 5, 2026
Strategy Inc., listed on Nasdaq and LuxSE, positions itself as the world’s first and largest Bitcoin Treasury Company, focusing on holding and managing substantial bitcoin reserves while engineering financial products tied to digital assets....
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Updates ATM Equity Sales and Bitcoin Holdings
Neutral
May 4, 2026
On May 4, 2026, Strategy Inc. reported an update on its at-the-market offering program for the period from April 27 to May 3, 2026, disclosing that it sold 492,210 shares of its MSTR Class A common stock, generating approximately $82 million in ne...
Business Operations and StrategyDividendsRegulatory Filings and Compliance
Strategy Maintains High Dividend Rate and Payout Guidance
Positive
May 1, 2026
On April 30, 2026, Strategy Inc. announced it would maintain an annual dividend rate of 11.50% on its Variable Rate Series A Perpetual Stretch Preferred Stock, effective for monthly periods beginning on or after May 1, 2026. The board also declare...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Boosts Bitcoin Holdings Using ATM Stock Sales
Neutral
Apr 27, 2026
On April 27, 2026, Strategy Inc. reported that between April 20 and April 26 it sold 1,451,601 shares of its MSTR Class A common stock under its at-the-market program, generating net proceeds of $255 million, while leaving substantial remaining is...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Strategy Raises Capital to Expand Bitcoin Holdings
Positive
Apr 20, 2026
On April 20, 2026, Strategy Inc. reported activity in its at-the-market offering program for the period from April 13 to April 19, 2026, highlighting that it sold 21,795,389 shares of its 10.00% Series A Perpetual Strife Preferred Stock for approx...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Strategy Raises $1B to Expand Bitcoin Holdings
Positive
Apr 13, 2026
On April 13, 2026, Strategy Inc. reported that, between April 6 and April 12, 2026, it sold 10,028,363 shares of its STRC preferred stock through its at-the-market program, generating approximately $1.00 billion in net proceeds while leaving tens ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Strategy Expands ATM Offering and Boosts Bitcoin Holdings
Negative
Apr 6, 2026
On April 6, 2026, Strategy Inc. reported recent activity under its at-the-market offering program, raising net proceeds of about $227.3 million from sales of STRC stock and $72 million from MSTR stock between March 30 and March 31, followed by a f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.