Strategy

STRD

Software - Application · Technology

Price

$72.50

+1.70 (+2.40%)

Market Cap

$23.98B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+177.1% over 4y

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

Diluted shares outstanding: 100.2M (2021) → 277.7M (2025)

Winston Score History

The full picture

Strategy Inc (formerly MicroStrategy) is a software company that also holds a very large amount of Bitcoin on its balance sheet. Its original business sells data analytics software — tools that help companies organize and understand their data. But today, the company is best known for its aggressive strategy of buying and holding Bitcoin, making it one of the largest corporate holders of the cryptocurrency in the world.

The company earns revenue from software licenses and subscriptions sold to businesses across North America and internationally. However, its financial results are heavily distorted by the value of its Bitcoin holdings, which explains the extreme operating margin figures. Strategy funds its Bitcoin purchases largely through debt and stock offerings, which creates significant financial risk if Bitcoin prices fall sharply. The key question for investors is whether its Bitcoin accumulation strategy creates lasting value or exposes the company to outsized losses during crypto downturns.

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

-167.5% 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

~1 months

$2.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Strategy has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

66.6%

Premium pricing power — 66.6% gross margin

Profit after running costs

Operating Margin

-6808.1%

Losing money on operations — -6808.1%

Return on the money invested

ROCE

-49.6%

Weak — -49.6% 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

-742.6%

Earnings shrinking (-742.6% YoY)

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

How steady the profit is

EPS Consistency

2/6 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

-6436.1%

Burning cash (-6436.1%)

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

Dividend

Dividend Yield

13.79%

Healthy income — 13.79% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

—

Data not available

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