Strategy Inc key statistics and ratios

In fiscal 2025, Strategy Inc had return on equity of -10.2%, an operating margin of -1140.8%, debt equal to 18.6% of equity and a current ratio of 5.62. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Strategy Inc: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	82.4%	76.7%	75.7%	75.1%	75.9%	76.7%	80.9%	81.9%	80.8%	80.0%	79.4%	81.1%	82.0%	79.4%	77.8%	72.1%	68.7%	67.8%
Operating margin	22.8%	11.1%	3.9%	5.9%	3.4%	0.9%	25.3%	21.3%	14.5%	0.8%	−0.2%	−2.8%	−153.6%	−255.5%	−23.2%	−399.8%	<−999%	<−999%
Net margin	19.8%	9.6%	3.3%	3.6%	14.5%	0.9%	20.0%	18.0%	3.6%	4.5%	7.1%	−1.6%	−104.8%	−294.4%	86.5%	−251.7%	−806.3%	<−999%
Free-cash-flow margin	20.7%	13.1%	4.5%	3.6%	3.3%	0.4%	27.6%	21.1%	14.8%	0.8%	10.4%	10.4%	17.8%	0.1%	2.0%	−12.1%	−15.8%	−2.2%
Return on equity	34.9%	24.1%	11.3%	11.1%	32.6%	1.6%	27.2%	18.1%	3.1%	4.0%	6.6%	−1.6%	−75.1%	—	48.2%	−7.0%	−10.2%	−27.5%
Return on assets	—	11.5%	4.3%	4.4%	15.7%	0.9%	17.4%	12.9%	2.1%	2.5%	3.9%	−0.6%	−21.3%	−49.3%	12.0%	−7.6%	−8.8%	−19.7%
Asset turnover	—	1.19	1.29	1.21	1.08	1.01	0.87	0.72	0.59	0.56	0.55	0.40	0.20	0.17	0.14	0.03	0.01	0.01
Current ratio	—	1.59	1.57	1.65	2.06	2.34	3.27	3.69	3.18	3.01	2.79	0.95	0.86	0.83	0.83	0.71	5.62	4.04
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	109.0%	220.1%	—	100.8%	23.2%	18.6%	12.1%
Effective tax rate	29.5%	20.3%	13.5%	30.2%	—	54.4%	23.2%	19.7%	74.5%	−9.9%	10.2%	—	—	—	—	—	—	—
R&D as % of revenue	11.1%	11.1%	12.6%	15.6%	17.0%	17.8%	12.3%	14.2%	15.6%	20.6%	22.5%	21.5%	22.9%	25.5%	24.3%	25.6%	19.7%	19.1%
Capital spending as % of revenue	4.8%	3.6%	6.8%	5.2%	1.9%	2.1%	0.7%	0.5%	0.8%	1.4%	2.1%	0.8%	0.5%	0.5%	0.6%	0.6%	1.7%	0.8%
Free cash flow ÷ net income	104.5%	136.0%	134.5%	98.6%	22.7%	43.7%	138.0%	117.4%	408.6%	16.8%	147.5%	—	—	—	2.3%	—	—	—
Dividends ÷ net income	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	183.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	>999%	143.5%	246.6%	0.0%	0.0%	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Strategy Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	71.7%	69.4%	68.8%	70.5%	66.1%	67.1%	66.6%	71.5%
Operating margin	−842.1%	<−999%	>999%	>999%	<−999%	<−999%	<−999%	>999%
Net margin	−555.8%	<−999%	>999%	>999%	<−999%	<−999%	<−999%	>999%
Free-cash-flow margin	−14.6%	−4.6%	−32.3%	−8.6%	−18.1%	10.5%	−4.8%	3.2%
Current ratio	0.71	0.66	0.68	0.66	5.62	6.05	5.39	4.04
Debt to equity	23.2%	25.3%	17.2%	15.6%	18.6%	22.4%	21.7%	12.1%
R&D as % of revenue	21.3%	22.0%	21.0%	17.6%	18.5%	19.8%	18.9%	19.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

43 /100

Weak moat

How hard Strategy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 22.3% of total assets over 7 years.
Pricing power 17 / 20

Gross margin has been a median 79.6%, moving by 4.8 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Operating margin has been a median -27.7%; its worst year was -3905.9%.
Cash conversion 9 / 20

Free cash flow was positive in 6 of 10 years, at a median 5.1% of revenue.
Discipline 2 / 20

The diluted share count rose 220.0% over five years; stock-based pay has been a median 8.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (58 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Strategy Inc's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Strategy Inc.