Stock

Strategy

MSTR

Software - Application · Technology

Price

$136.83

-14.46 (-9.56%)

Market Cap

$55.06B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 18, 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.

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Share count rising — dilution

+193.4% over 4y

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

Diluted shares outstanding: 100.2M (2021) → 294.0M (2025)

§Winston Score History

The full picture

Strategy Inc (formerly MicroStrategy) is a software company that sells business intelligence tools, which help companies analyze their data and make better decisions. Its software customers are mostly large businesses across many industries. However, the company is now far better known for a different reason: it has accumulated a massive amount of Bitcoin on its balance sheet, making it one of the largest corporate holders of Bitcoin in the world.

The company earns revenue from software licenses and subscriptions, but its financial results are heavily shaped by the value of its Bitcoin holdings, which it funds through stock and debt offerings. It operates primarily in the United States but sells software globally. The core risk is that Strategy's stock price and financial health are tightly tied to Bitcoin's price — if Bitcoin falls sharply, the company's balance sheet and ability to raise capital could be seriously damaged.

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on MSTR in the last 12 months.

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Growth Profile

For growth stock investors

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

-166.4% 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 Position

Cash flow positive

$2.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Strategy 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

-18621.2%

Losing money on operations — -18621.2%

Return on the money invested

ROCE

-117.2%

Weak — -117.2% 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

-740.1%

Earnings shrinking (-740.1% 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

-4894.5%

Burning cash (-4894.5%)

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

0.00

Conservative — low debt load (0.00)

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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