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Stock

MicroStrategy Incorporated

0A7O.L
20
Software - Application · Technology
Price
166.30 GBp
+7.29 (+4.59%)
Market Cap
£55.01B
Exchange
London Stock Exchange
Winston Score
20
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
8/30
Growth
Mixed
5/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Data not available
0/10
Ownership
Weak
1/15
Dividends
Not counted
n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+2427.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.0M (2021) → 277.7M (2025)

§Winston Score History

The full picture

MicroStrategy is a U.S. software company that sells business intelligence tools, which help other companies organize and analyze their data to make better decisions. Its software customers are mostly large businesses across many industries. However, the company is far better known today for holding a massive amount of Bitcoin on its balance sheet — more than almost any other publicly traded company in the world.

The company earns revenue through software licenses and subscriptions, but that business is relatively small compared to the attention its Bitcoin strategy receives. MicroStrategy is listed on U.S. markets and trades in London as a depositary receipt, giving international investors access to its shares. Its operating margin looks unusually high partly due to accounting effects tied to its Bitcoin holdings. The main risk is straightforward: because so much of the company's value is tied to Bitcoin's price, a sharp drop in cryptocurrency markets could significantly damage the company's financial position.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-167.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$94M/ year

↓ Declining (-21% vs prior year)

19.7% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$2.5B cash & investments at current burn rate

Growth context

MicroStrategy Incorporated is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
66.6%
Premium pricing power — 66.6% gross margin
Profit after running costs
Operating Margin
-12.7%
Losing money on operations — -12.7%
Return on the money invested
ROCE
-0.1%
Weak — -0.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+7.8%
Steady sales growth (+7.8% YoY)
Profit growth
EPS YoY
-735.0%
Earnings shrinking (-735.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-2907.8%
Burning cash (-2907.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.15
Conservative — low debt load (0.15)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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