MSTRStrategy Inc

Finance Services

Revenue: $477M; 3.0% YoY
Operating margin: -1140.8%; 185% YoY
EBITDA: −$5.4B; 195% YoY
Market cap: $44.8B
Employees: 1,539; $310K revenue each
Net debt / EBITDA: —; $4.2B net debt
AI in 10-K: 3.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$310K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$44.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$511M	$499M	$496M	$463M	$477M	3.0%
Operating income	−$785M	−$1.3B	−$115M	−$1.9B	−$5.4B	194%
Net income	−$535M	−$1.5B	$429M	−$1.2B	−$3.8B	230%
Operating cash flow	$94M	$3M	$13M	−$53M	−$67M	27%
Capex	$3M	$2M	$3M	$3M	$8M	176%
Stock-based comp	$44M	$64M	$70M	$77M	$53M	31%
Buybacks	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 10
Open-market sells, 12 mo: $36M · 149
Net: −$34M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	391	258
FY2024	—	—	745	201
FY2023	—	—	163	147
FY2022	—	—	36	89
FY2021	—	—	140	138