MSTR - Strategy Inc

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	3.0% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-50%)	-6.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-210%)	-0.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-110%)	-2.3% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-138%)	6.2% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	-1.1% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-119%)	-2.3% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-138%)	-1.2% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-121%)	-1.9% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-132%)	-3.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-151%)	-8.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-244%)	0.7% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-89%)	1.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-70%)	0.6% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-89%)	23.7% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+294%)	20.3% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+239%)	—	—
EPS Growth YoY (%)	-151.3% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	-142.9% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	-6751.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	69.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	24.5% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	-80.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-13.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	1973.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-93.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	294.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	12.0% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	-56.6% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-38.7% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	-229.8% Weak Weak Year-over-year change in net income	N/M	N/M	-174.5% Weak ↑ Weak Improving Year-over-year change in net income	-7017.0% Weak ↓ Weak Declining Year-over-year change in net income	N/M	52.7% Excellent ↑ Excellent Improving Year-over-year change in net income	23.7% Good ↓ Good Declining Year-over-year change in net income	-80.3% Weak ↓ Weak Declining Year-over-year change in net income	-12.9% Weak ↓ Weak Declining Year-over-year change in net income	2003.9% Excellent ↑ Excellent Improving Year-over-year change in net income	-94.0% Weak ↓ Weak Declining Year-over-year change in net income	305.6% Excellent ↑ Excellent Improving Year-over-year change in net income	14.5% Fair ↑ Fair Improving Year-over-year change in net income	-59.0% Weak Weak Year-over-year change in net income	-41.5% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	6.6% Fair ↓ Fair Declining Year-over-year change in free cash flow	N/M	1016.4% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-99.3% Weak ↓ Weak Declining Year-over-year change in free cash flow	76.3% Excellent ↓ Excellent Declining Year-over-year change in free cash flow	4.4% Caution ↓ Caution Declining Year-over-year change in free cash flow	1386.8% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-94.9% Weak ↓ Weak Declining Year-over-year change in free cash flow	-31.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	-26.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	6514.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-88.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	-9.3% Weak ↑ Weak Improving Year-over-year change in free cash flow	-2.0% Weak ↑ Weak Improving Year-over-year change in free cash flow	-64.1% Weak Weak Year-over-year change in free cash flow	-20.3% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	-1.5% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-3.2% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	1.1% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	0.9% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	0.9% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-1.6% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-1.8% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-2.1% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-4.6% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-3.7% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-2.2% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	1.0% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	8.2% Fair Fair Compound annual revenue growth over 3 years	14.4% Good Good Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	-0.1% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-1.0% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-0.1% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-0.2% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-0.1% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-1.9% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-3.5% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-2.9% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-2.3% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-1.8% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	3.1% Caution Caution Compound annual revenue growth over 5 years	8.9% Good Good Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	—	—	—	—	—	-25.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-40.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	52.3% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	3.1% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	70.9% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	-35.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	24.2% Excellent Excellent Compound annual EPS growth over 3 years	-33.2% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	—	-399.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1699%)	-23.2% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-193%)	-255.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1122%)	-153.6% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-714%)	-2.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-111%)	-0.2% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-101%)	0.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-97%)	14.5% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-42%)	21.3% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	25.3% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	0.9% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-96%)	3.4% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-86%)	5.9% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-77%)	2.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-89%)	11.1% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-55%)	22.8% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-9%)	—
Effective Tax Rate (%) (%)	30.4% Weak ↓ Weak Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	39.7% Weak ↓ Weak Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	444.6% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-11.1% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.0% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	62.3% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	10.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-9.9% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	74.5% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.7% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	23.2% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	54.4% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-58.5% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	30.2% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	—	-251.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1244%)	86.5% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+293%)	-294.4% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1438%)	-104.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-577%)	-1.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-107%)	7.1% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-68%)	4.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-79%)	3.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-84%)	18.0% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-18%)	20.0% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-9%)	0.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-96%)	14.5% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-34%)	3.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	3.2% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-85%)	9.6% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-56%)	19.8% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-10%)	—
FCF Margin (%) (%)	-15.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-12.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	2.0% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	0.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	17.8% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	10.4% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	10.4% Fair ↓ Fair Declining Free cash flow as a percentage of revenue Optimal: > 10%	0.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	14.8% Fair ↓ Fair Declining Free cash flow as a percentage of revenue Optimal: > 10%	21.1% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	27.6% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	0.4% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	13.1% Fair Fair Free cash flow as a percentage of revenue Optimal: > 10%	20.7% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	0.02x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.05x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.02x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.00x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.17x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-6.64x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.48x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	0.17x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	4.09x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.17x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	1.38x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.44x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.23x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.99x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.12x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.36x Good Good Free cash flow relative to reported net income Optimal: > 1x	1.04x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested Capital (%)	-7.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-4.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	9.1% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	-71.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-16.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-0.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-0.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	0.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	3.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	15.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	22.6% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	0.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	9.9% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	11.5% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	7.0% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	26.8% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	31.8% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-8.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-2.4% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-52.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-22.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-0.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-0.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.5% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	7.8% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	—	20.4% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	0.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	6.9% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	3.3% Weak Weak Operating profit relative to total assets Optimal: > 10%	13.3% Good Good Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	-8.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-173%)	-6.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-153%)	19.8% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+65%)	—	-54.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-556%)	-1.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-111%)	6.8% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-44%)	4.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-65%)	3.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-75%)	16.3% Good ↓ Good Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+36%)	23.3% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+94%)	1.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-87%)	26.9% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+124%)	10.3% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-15%)	10.6% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-12%)	29.4% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+145%)	34.9% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+191%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Debt to Equity (x)	0.19x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-85%)	0.39x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-67%)	1.01x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-16%)	-6.21x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-617%)	2.20x Weak Weak Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+83%)	0.88x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-27%)	—	—	—	—	—	—	—	—	—	—	—	—
Interest Coverage (x)	-117.02x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-41.57x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-2.79x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-29.36x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-38.43x Weak Weak Operating income divided by interest expense Optimal: > 5x	-76.54x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	54756.00x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—
Net Debt (USD)	$5.89B	$7.15B	$2.14B	$2.33B	$2.09B	$426.69M	$-456.73M	$-109.92M	$-420.24M	—	$-292.34M	$-146.92M	$-220.17M	$-223.04M	$-199.63M	$-174.10M	$-224.77M	$-122.92M
Debt / EBITDA (x)	-1.51x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-3.92x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-21.71x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.88x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.79x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1659.95x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$1.72	$2.41	$3.63	$4.41	$5.10	$4.96	$4.74	$4.37	$4.40	$4.50	$4.67	$5.13	$5.10	$5.15	$5.24	$4.00	$3.17	—
Basic EPS, GAAP (USD)	$-15.23	$-6.06	$3.14	$-12.98	$-5.34	$-0.08	$0.34	$0.20	$0.16	$0.81	$0.93	$0.04	$0.74	$0.19	$0.17	$0.39	$0.63	—
Free Cash Flow per Share (USD)	$-0.27	$-0.29	$0.07	$0.01	$0.91	$0.52	$0.49	$0.03	$0.65	$0.95	$1.29	$0.02	$0.17	$0.18	$0.19	$0.52	$0.66	—
Book Value per Share (USD)	$158.91	$94.68	$15.84	$-3.38	$9.77	$5.71	$4.96	$4.66	$5.29	$4.96	$4.01	$2.87	$2.75	$1.82	$1.58	$1.31	$1.80	—
Tangible Book Value per Share (USD)	$158.91	$94.68	$15.84	$-3.38	$9.77	$5.71	$4.96	$4.66	$5.29	$4.96	$4.01	$2.87	$2.75	$1.82	$1.58	$1.31	$1.80	—
Basic Weighted Avg Shares (shares)	277.66M	192.55M	136.71M	113.21M	100.20M	96.84M	102.56M	113.75M	114.44M	114.25M	113.55M	113.01M	113.00M	109.95M	107.19M	113.78M	119.06M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD)	$2.11B	$-103.06M	$-55.38M	$-52.84M	$-44.02M	$-13.00M	$483.63M	$520.13M	$589.71M	—	$392.66M	$265.06M	$246.43M	$142.89M	$124.81M	$110.29M	—	—
LT Debt (USD)	$8.19B	$7.19B	$2.18B	$2.38B	$2.16B	$486.37M	—	—	—	—	—	—	—	—	—	—	—	—
Total Equity (USD)	$44.12B	$18.23B	$2.16B	$-383.12M	$978.96M	$553.04M	$508.56M	$529.73M	$605.73M	$566.32M	$455.28M	$324.47M	$310.33M	$200.31M	$168.98M	$149.17M	$214.23M	$138.04M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$477.23M	$463.46M	$496.26M	$499.26M	$510.76M	$480.74M	$486.33M	$497.64M	$503.84M	$513.59M	$529.87M	$579.83M	$575.89M	$565.72M	$562.15M	$454.58M	$377.79M	—
Depreciation Expense (USD)	$25.52M	$17.81M	$14.53M	$10.87M	$11.36M	$13.33M	$8.59M	$3.70M	$15.53M	$19.94M	$21.21M	$25.30M	$26.40M	$22.45M	$10.60M	$6.20M	$5.00M	—
Net Income, GAAP (USD)	$-3.85B	$-1.17B	$429.12M	$-1.47B	$-535.48M	$-7.52M	$34.35M	$22.50M	$18.20M	$92.24M	$105.93M	$5.04M	$83.33M	$20.55M	$17.94M	$43.79M	$74.84M	—
Operating Cash Flow (USD)	$-67.24M	$-53.03M	$12.71M	$3.21M	$93.83M	$53.62M	$60.87M	$10.63M	$78.32M	$110.59M	$149.70M	$14.60M	$29.93M	$49.88M	$60.81M	$75.83M	$96.44M	—

Strategy Inc

Analytical Summary

18-Year Financial Trajectory

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