Strategy Inc (STRD) 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

-152.2%

-$36.37

vs $69.65 price

Levered DCF

-$31.53

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.01

Distress 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
P/E	-4.96×	-14.11×	27.23×	-6.59×	-16.01×
P/B	0.41×	0.9×	5.4×	-25.26×	8.75×
P/S	43.98×	35.52×	23.55×	19.39×	16.77×
EV / EBITDA	-4.97×	-12.76×	-227.49×	-9.6×	-13.93×
Gross margin	68.7%	72.1%	77.8%	79.4%	82.0%
Operating margin	-1140.8%	-399.8%	-23.2%	-255.5%	-153.6%
Net margin	-806.3%	-251.7%	86.5%	-294.4%	-104.8%
Current ratio	5.62×	0.71×	0.83×	0.83×	0.86×
Debt / equity	0.16×	0.4×	1.04×	-6.39×	2.28×
Interest coverage	-83.8×	-29.92×	-2.35×	-24.01×	-26.91×
Dividend yield	1.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-9.9%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-7.5%	-6.4%	19.8%	383.6%	-54.7%
Return on invested capital	-6.2%	-4.4%	8.9%	-60.9%	-16.0%
Return on assets	-6.2%	-4.5%	9.0%	-61.0%	-15.1%
Free cash flow yield	-107.6%	-134.5%	-16.2%	-3.0%	-29.6%
Earnings yield	-18.3%	-7.1%	3.7%	-15.2%	-6.3%
Enterprise value	$26.9B	$23.7B	$13.9B	$12.1B	$10.7B
Net debt / EBITDA	-1.1×	-3.89×	-35.99×	-1.91×	-2.81×
Cash conversion cycle (days)	34	-7	-8	-14	-48