Strategy Inc

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product support was 43% and Subscription services was 37% of revenue; Subscription services rose from 16% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 57% and EMEA was 34% of revenue; EMEA rose from 31% in the fiscal year to Dec 2023.

Quarters: Strategy Inc's SEC filings, named by the month they end. Fiscal years: Strategy Inc's annual reports to the SEC.

How it makes money

The company loses $806.3 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Sep 2026's 16,671% and the quarters near zero both read. Circled: Mar 2025 (net −3,797.2%, operating −5,331.4%), Jun 2025 (net 8,752.7%, operating 12,256.3%), Sep 2025 (net 2,164.1%, operating 3,023.4%), Dec 2025 (net −10,112.1%, operating −14,185.0%), Mar 2026 (net −10,090.6%, operating −11,641.5%), Sep 2026 (net 15,573.2%, operating 16,670.9%). Net margin is usually about 89 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Strategy Inc's annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Strategy buys from Anchorage, Coinbase, Fidelity and 3 more.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft

Circle Internet Group CRCLto Coinbase

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft

Show 9

Suppliers

Alphabet GOOGL

Amazon AMZN

Coinbase COIN

Microsoft MSFT

Anchorage

Fidelity

 

MSTRStrategy

Partners

Amazon AMZNResell, support, or extend Strategy platformMicrosoft MSFTResell, support, or extend Strategy platform

SSTACKITResell, support, or extend Strategy platform

Alphabet GOOGLResell, support, or extend Strategy platform

Changes since the previous annual report (10-K filed Feb 18, 2025)

AnchorageNamed for the first time, as a supplier

FidelityNamed for the first time, as a supplier

Only the companies Strategy names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 97.8x. Revenue is down 3% from a year ago.

No peer data to compare against.

Yahoo Finance's Software - Application list is another business, and this site has too few other companies in its StockFit industry group, Digital Asset Treasury Companies, near it in market value, so Strategy is not compared with peers.

Strategy Inc is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $233, 104% above the current price; 94% of 16 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 15 analysts (94%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $497.70 to $246.09 (−51%), while MSTR went from $208.54 to $114.41 (−45%). In the past three months targets were raised 8 times and cut twice. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +4.5% (Dec 2025, missed); +1.6% (Mar 2026, missed); −0.1% (Jun 2026, missed); −10.1% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.05 a share, and revenue of $128M, up 4% on a year earlier. For the fiscal year ending Dec 2026, they expect revenue of $500M, up 5% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $3.7M exceeds operating cash flow of −$7.4M, leaving free cash flow of −$11M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 5.6, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held MSTR at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 7 cut and 1 held the same. The largest of them is Norges Bank, 3.98M shares worth $346M at Jun 30, 2026, 12.8% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MSTR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $2.2M and sold $14.9M of MSTR on the open market in the 12 months to Nov 12, 2026. 18% of the sales were made under 10b5-1 plans, set up in advance. The largest was Jarrod M Patten (Director), who sold $12.2M in 83 sales.

From the Form 4s filed with the SEC about Strategy Inc (70 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 122 other transactions (option exercises, shares sold to pay tax and gifts).