Strategy
MSTR on Nasdaq. Strategy sells data analysis software to businesses and bitcoin-linked securities to investors. Market value $105.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -12 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.48.
Profit per $100 you pay: $-66.62.
Quality score: 40 of 100. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$164.43 a share, 101% above its 1-year low
Over the past year the price has ranged from $81.81 to $365.21.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $511m | $499m | $496m | $463m | $477m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.11bn | 0.17bn | 0.19bn | 0.28bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsShrinking, 0.1% a year
- Buying back its own sharesNo, 2671% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $122 million last quarter, up 7% on a year ago.
- A loss of $8.2 billion, after a profit of $10 billion a year ago.
- 15% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $116m |
| December 2024 | $121m |
| March 2025 | $111m |
| June 2025 | $114m |
| September 2025 | $129m |
| December 2025 | $123m |
| March 2026 | $124m |
| June 2026 | $122m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$340m |
| December 2024 | -$671m |
| March 2025 | -$4.2bn |
| June 2025 | $10.0bn |
| September 2025 | $2.8bn |
| December 2025 | -$12.4bn |
| March 2026 | -$12.5bn |
| June 2026 | -$8.2bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 851 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Horizon KineticsMurray Stahl | $11m | 0.1% | Cut |
| Miller Value PartnersBill Miller IV | $4m | 1.0% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $317,208 | <0.1% | New |
Largest holders overall
- Capital International Investors$3.0bnAdded
- BlackRock$1.7bnAdded
- Vanguard Portfolio Management$1.3bnAdded
- Vanguard Capital Management$1.3bnAdded
- Invesco$812mAdded
- Morgan Stanley$811m
- State Street$654mAdded
- Goldman Sachs Group$505mAdded
- UBS Group AG$430mCut
- Geode Capital Management$399m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Capital International InvestorsPassive investor10.1%+2.3 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor5.8%+0.8 ptsSince 31 March 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Capital Ventures InternationalPassive investorat least 4.8%−0.3 pts(filed with 5 related holders)Since 30 September 2025
- JANE STREET GROUP, LLCPassive investorat least 4.0%−3.3 pts(filed with 4 related holders)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital International Investors Passive investor | 10.1%+2.3 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.8%+0.8 pts | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Capital Ventures International Passive investor | at least 4.8%−0.3 pts (filed with 5 related holders) | 30 September 2025 | |
JANE STREET GROUP, LLC Passive investor | at least 4.0%−3.3 pts (filed with 4 related holders) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $5m of shares on the open market. 6 sold $47m, $26m of it under preset trading plans.
- Patten Jarrod MDirectorSold
- Date
- 22 September 2026
- Shares
- 475
- Price
- $171.00
- Value
- $81,225
- Patten Jarrod MDirectorSold
- Date
- 21 September 2026
- Shares
- 1,425
- Price
- $167.33
- Value
- $238,442
- Chow Thomas C.EVP & General CounselSold
- Date
- 4 September 2026
- Shares
- 106
- Price
- $138.75
- Value
- $14,708
- Patten Jarrod MDirectorSold
- Date
- 27 August 2026
- Shares
- 1,850
- Price
- $130.00
- Value
- $240,500
- Patten Jarrod MDirectorSold
- Date
- 25 August 2026
- Shares
- 2,775
- Price
- $125.33
- Value
- $347,800
- Patten Jarrod MDirectorSold
- Date
- 24 August 2026
- Shares
- 925
- Price
- $122.34
- Value
- $113,165
- Patten Jarrod MDirectorSold
- Date
- 7 August 2026
- Shares
- 3,800
- Price
- $102.41
- Value
- $389,146
- Patten Jarrod MDirectorSold
- Date
- 27 July 2026
- Shares
- 1,950
- Price
- $98.48
- Value
- $192,036
- Patten Jarrod MDirectorSold
- Date
- 24 July 2026
- Shares
- 1,950
- Price
- $92.45
- Value
- $180,287
- Patten Jarrod MDirectorSold
- Date
- 22 July 2026
- Shares
- 1,250
- Price
- $100.00
- Value
- $125,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 September 2026 | Patten Jarrod M Director | Sold | 475 | $171.00 | $81,225 |
| 21 September 2026 | Patten Jarrod M Director | Sold | 1,425 | $167.33 | $238,442 |
| 4 September 2026 | Chow Thomas C. EVP & General Counsel | Sold | 106 | $138.75 | $14,708 |
| 27 August 2026 | Patten Jarrod M Director | Sold | 1,850 | $130.00 | $240,500 |
| 25 August 2026 | Patten Jarrod M Director | Sold | 2,775 | $125.33 | $347,800 |
| 24 August 2026 | Patten Jarrod M Director | Sold | 925 | $122.34 | $113,165 |
| 7 August 2026 | Patten Jarrod M Director | Sold | 3,800 | $102.41 | $389,146 |
| 27 July 2026 | Patten Jarrod M Director | Sold | 1,950 | $98.48 | $192,036 |
| 24 July 2026 | Patten Jarrod M Director | Sold | 1,950 | $92.45 | $180,287 |
| 22 July 2026 | Patten Jarrod M Director | Sold | 1,250 | $100.00 | $125,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 45 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 0.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.