# Strategy Inc (MSTR)

> Source: Nexqual · https://nexqual.com/MSTR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Strategy Inc (MSTR), nexqual.com/MSTR" · informational, not investment advice.

**Price:** USD 145.8 (-5.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 153.48 · day 143.42–149.4 · 52w 81.81–299.8 · market cap $61.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $498M, net income -$30.4B (-6103.0% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold MSTR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.94 on a 1–5 scale) (16 analysts), mean target USD 239.27 (range 165–435).
- Total return with dividends: 1Y -48.8% vs S&P 500 +14.9%; 5Y +102.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 17.98, revenue estimate $129M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $511M | $499M | $496M | $463M | $477M | $498M |
| Gross profit | $419M | $396M | $386M | $334M | $328M | — |
| Operating income | -$785M | -$1.28B | -$115M | -$1.85B | -$5.44B | -$36.4B |
| Net income | -$535M | -$1.47B | $429M | -$1.17B | -$3.85B | -$30.4B |
| EPS (diluted) | -$5.34 | -$12.98 | $2.64 | -$6.06 | -$15.23 | — |
| Free cash flow | $91.1M | $725K | $9.8M | -$56.0M | -$75.5M | -$26.2M |
| Gross margin | 82.0% | 79.4% | 77.8% | 72.1% | 68.7% | — |
| Operating margin | -153.6% | -255.5% | -23.2% | -399.8% | -1140.8% | -7295.4% |
| Net margin | -104.8% | -294.4% | 86.5% | -251.7% | -806.3% | -6103.0% |
| Revenue growth | +6.2% | -2.3% | -0.6% | -6.6% | +3.0% | — |
| Cash + short-term investments | $63.4M | $43.8M | — | — | $2.30B | — |
| Total debt | $2.16B | $2.38B | $2.18B | $7.19B | $8.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 123.9x · P/B 2.0x · FCF yield -0.04% · Earnings yield -49.26%
P/E at fiscal year-ends: Dec 2023 24.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MSTR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 1.03% | $4.4M | Reduced -3.6% |

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 16 analysts; mean target USD 239.27 (low 165, high 435).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target raised | Overweight | $186 → $208 |
| 2026-10-09 | Barclays | Target raised | Overweight | $160 → $175 |
| 2026-10-02 | Citigroup | Target raised | Buy | $136 → $240 |
| 2026-09-22 | B. Riley Securities | Target raised | Buy | $175 → $195 |
| 2026-09-15 | Barclays | Target raised | Overweight | $125 → $160 |
| 2026-09-08 | Canaccord Genuity | Target raised | Buy | $175 → $179 |
| 2026-09-03 | B. Riley Securities | Target raised | Buy | $155 → $175 |
| 2026-09-02 | Alliance Global Partners | Initiated | Buy | $217 |
| 2026-08-26 | Bernstein | Target lowered | Outperform | $450 → $350 |
| 2026-08-25 | Canaccord Genuity | Target raised | Buy | $130 → $175 |
| 2026-08-03 | B. Riley Securities | Target lowered | Buy | $215 → $155 |
| 2026-08-03 | Cantor Fitzgerald | Target lowered | Overweight | $212 → $186 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -48.8% | +102.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -49.0% | +15.2% |
| Volatility (annualized) | 81.2% | 89.1% |
| Max drawdown | -72.2% (Oct 2025→Jun 2026) | -82.6% (Nov 2021→Dec 2022) |

## Peers (Software - Application)
TEAM (Atlassian Corporation) USD 223.16 -1.04% · ADSK (Autodesk, Inc.) USD 254.95 +4.13% · WDAY (Workday, Inc.) USD 209.99 +3.46% · INTU (Intuit Inc.) USD 354.9 +5.75% · CDNS (Cadence Design Systems, Inc.) USD 309.65 -5.04% · DDOG (Datadog, Inc.) USD 257.75 -5.62%

## More
Full page: https://nexqual.com/MSTR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MSTR's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1050446/000105044626000020/mstr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Microsoft (MSFT) | "Our cloud-native, containerized architecture has been optimized for all three hyperscalers – AWS, Azure, and GCP – giving our customers freedom of choice and making it easy to embed analytics into custom or third-party c…" |
| Customer | Amazon (AMZN) | "Our cloud-native, containerized architecture has been optimized for all three hyperscalers – AWS, Azure, and GCP – giving our customers freedom of choice and making it easy to embed analytics into custom or third-party c…" |
| Customer | Alphabet (Google) (GOOGL) | "In addition, we serve our customers and manage certain critical internal processes using a third-party data center hosting facility located in the United States and other third-party services, including AWS, Azure, Googl…" |
| Customer | Coinbase Custody Trust Company | "For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange (our principal market for bitcoi…" |
| Partner | Federal Deposit Insurance | "Further, the bitcoin that we hold with our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions…" |
| Partner | Securities Investor Protection | "Further, the bitcoin that we hold with our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions…" |
| Competitor | IBM (IBM) | "For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP." |
| Competitor | Oracle (ORCL) | "For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP." |
| Competitor | Salesforce (CRM) | "For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP." |
| Competitor | SAP (SAP) | "For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP." |

Other companies that name MSTR in their own reports (relationship from MSTR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Strive, Inc. (ASST) | 10-K 2026-03-19 | "Upon receiving an incident report, Corporate Strategy and our MSP perform an initial assessment to determine severity level, whether escalation to executive leadership is needed, and whether cyber ins…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Software | $122.4M | 100.0% | +6.9% |
| Total revenue | $122.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total product licenses and subscription services | $66.5M | 54.4% | +38.6% |
| — Subscription services (part of Total product licenses and subscription services) | $62.9M | 51.4% | +54.0% |
| — Product licenses (part of Total product licenses and subscription services) | $3.7M | 3.0% | -48.9% |
| Product support | $40.2M | 32.9% | -22.7% |
| Other services | $15.6M | 12.7% | +8.3% |
| Total revenue | $122.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $68.4M | 55.9% | +4.7% |
| EMEA | $42.5M | 34.7% | +7.7% |
| Other Regions | $11.5M | 9.4% | +18.0% |
| Total revenue | $122.4M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $17.98 | $14.65 | +22.7% | $129.4M | 9 |
| Next quarter (ends 2026-12-31) | $12.67 | $20.43 | -38.0% | $126.8M | 8 |
| Current fiscal year (ends 2026-12-31) | $-19.12 | $16.87 | -213.4% | $501.7M | 11 |
| Next fiscal year (ends 2027-12-31) | $13.04 | $8.77 | +48.7% | $512.8M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±9.3%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 78.3% | ±9.3% |
| 2026-11-06 | 14 | 75.0% | ±12.1% |
| 2026-11-13 | 21 | 73.1% | ±14.3% |
| 2026-11-20 | 28 | 72.2% | ±16.2% |
| 2026-11-27 | 35 | 69.7% | ±17.4% |
| 2026-12-04 | 42 | 68.3% | ±18.7% |
| 2026-12-18 | 56 | 69.9% | ±22.0% |
| 2027-01-15 | 84 | 69.5% | ±26.5% |