Strategy Inc (MSTR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-124.2%

-$32.38

vs $133.79 price

Levered DCF

-$28.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.59

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-10.94×	-47.79×	20.11×	-1.09×	-10.2×	-500×	41.94×	63.9×
P/B	0.88×	3.06×	3.99×	-4.18×	5.57×	6.8×	2.88×	2.74×
P/S	93.61×	120.33×	17.4×	3.21×	10.68×	7.83×	3.01×	2.92×
EV / EBITDA	-9.32×	-33.96×	-177.63×	-3.18×	-9.89×	60.7×	146.1×	174.93×
Gross margin	68.7%	72.1%	77.8%	79.4%	82.0%	81.1%	79.4%	80.0%
Operating margin	-8.6%	-399.8%	-23.2%	-255.5%	-153.6%	-2.8%	-0.2%	0.8%
Net margin	-806.3%	-251.7%	86.5%	-294.4%	-104.8%	-1.6%	7.1%	4.5%
Current ratio	5.62×	0.71×	0.83×	0.83×	0.86×	0.95×	2.79×	3.01×
Debt / equity	0.16×	0.4×	1.04×	-6.39×	2.28×	1.03×	0.2×	0×
Interest coverage	-0.63×	-29.92×	-2.35×	-24.01×	-26.91×	-7.51×	0×	0×
Dividend yield	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-9.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.5%	-6.4%	19.8%	383.6%	-54.7%	-1.4%	6.8%	4.2%
Return on invested capital	-0.0%	-4.4%	8.9%	-60.9%	-16.0%	-0.4%	-0.1%	0.7%
Return on assets	-6.2%	-4.5%	9.0%	-61.0%	-15.1%	-0.5%	3.7%	2.6%
Free cash flow yield	-50.5%	-39.7%	-21.9%	-17.9%	-46.5%	-28.6%	3.5%	0.3%
Earnings yield	-8.6%	-2.1%	5.0%	-91.7%	-9.8%	-0.2%	2.3%	1.5%
Enterprise value	$50.7B	$63B	$10.8B	$4B	$7.6B	$4.3B	$1.1B	$1.3B
Net debt / EBITDA	-1.1×	-3.89×	-36.16×	-1.91×	-2.81×	7.26×	-46.54×	-14.31×
Cash conversion cycle (days)	34	49	27	-14	-48	-30	-1	2