# Strategy Inc (STRF)

> Source: Nexqual · https://nexqual.com/STRF · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Strategy Inc (STRF), nexqual.com/STRF" · informational, not investment advice.

**Price:** USD 101.2 (-1.53% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 102.77 · day 101.2–103.6 · 52w 82.5–111.99 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $498M, net income -$30.4B (-6103.0% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $28.0M; 24 not under a Rule 10b5-1 plan ($11.1M); 24 by opportunistic insiders (23 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.0M; 0 by opportunistic insiders, 2 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +1.4% vs S&P 500 +13.4%; 5Y +27.4% vs S&P 500 +76.9%.

## 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) | -$53.44 | -$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)


## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 30 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08…2026-10-09 | Patten Jarrod M | Director | 2,750 | $422K | 8.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-22 | Patten Jarrod M | Director | 475 | $81K | 1.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21 | Patten Jarrod M | Director | 1,425 | $238K | 4.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-04 | Chow Thomas C. | EVP & General Counsel | 106 | $15K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Patten Jarrod M | Director | 1,850 | $241K | 6.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24…2026-08-25 | Patten Jarrod M | Director | 3,700 | $461K | 11.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Patten Jarrod M | Director | 3,800 | $389K | 11.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24…2026-07-27 | Patten Jarrod M | Director | 3,900 | $372K | 12.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-22 | Patten Jarrod M | Director | 1,250 | $125K | 4.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-23 | Patten Jarrod M | Director | 1,500 | $159K | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-17 | Patten Jarrod M | Director | 1,500 | $182K | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Patten Jarrod M | Director | 1,500 | $201K | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Le Phong | President & CEO | 5,522 | $684K | 4.2% | Yes | Routine (sold in Jun each year 2023–2025) |
| 2026-06-09 | Kang Andrew | EVP & CFO | 1,949 | $241K | 2.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-09 | Montgomery Jeanine | VP & CAO | 354 | $44K | 3.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Le Phong | President & CEO | 93,738 | $11.1M | 43.8% | Yes | Routine (sold in Jun each year 2023–2025) |
| 2026-06-05 | Kang Andrew | EVP & CFO | 33,062 | $3.9M | 32.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-28…2026-05-29 | Patten Jarrod M | Director | 22,300 | $3.4M | 44.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Patten Jarrod M | Director | 1,250 | $207K | 4.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19…2026-05-20 | Patten Jarrod M | Director | 5,250 | $875K | 15.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-22 | Le Phong | President & CEO | 11,000 | $999K | 90.8 | Routine (sold in Jun each year 2023–2025) |
| 2026-06-16 | Chow Thomas C. | EVP & General Counsel | 111 | $10K | 90.07 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Le Phong | President & CEO | 55 | $5K | 99.41 | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2025-03-24) |
|---|---|---|
| Total return | +1.4% | +27.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +1.4% | +16.5% |
| Volatility (annualized) | 23.9% | 24.9% |
| Max drawdown | -18.1% (Oct 2025→Jun 2026) | -24.1% (Jul 2025→Jun 2026) |

## Peers (Software - Application)
SAP (SAP  SE) USD 238.14 -1.02% · SHOP (Shopify Inc.) USD 168.68 -0.08% · CRM (Salesforce, Inc.) USD 248.57 -0.69% · NOW (ServiceNow, Inc.) USD 158.96 +1.25% · UBER (Uber Technologies, Inc.) USD 66.7 -3.43% · ADP (Automatic Data Processing, Inc.) USD 304.16 -1.23%

## More
Full page: https://nexqual.com/STRF · 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 STRF'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 STRF in their own reports (relationship from STRF'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…" |
| customer | BNB PLUS CORP. (BNBX) | 10-K 2025-12-22 | "For our BNB Strategy, we utilize various third-party vendors as well as the services of the Strategic Advisors." |

## 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) | — | — | — | $129.4M | — |
| Next quarter (ends 2026-12-31) | — | — | — | $126.8M | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $501.7M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $512.8M | — |

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

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 12.8% | ±4.9% |
| 2027-04-16 | 175 | 15.9% | ±9.4% |