MSTR · Microstrategy Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $477.23M | $463.46M | $496.26M | $499.26M | $510.76M | $480.74M |
| Cost of Revenue | $149.42M | $129.47M | $109.94M | $102.99M | $91.91M | $91.06M |
| Gross Profit | $327.82M | $333.99M | $386.32M | $396.27M | $418.85M | $389.68M |
| R&D | $93.86M | $118.49M | $120.53M | $127.43M | $117.12M | $103.56M |
| SG&A | $151.91M | $140.54M | $115.31M | $111.42M | $95.50M | $80.14M |
| Total Operating Expenses | $5.77B | $2.19B | $501.36M | $1.67B | $1.20B | $403.31M |
| D&A | $25.52M | $17.81M | $14.53M | $10.87M | $11.36M | $13.33M |
| Operating Income | ($5.44B) | ($1.85B) | ($115.05M) | ($1.28B) | ($784.53M) | ($13.63M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($1.68B) | ($767.68M) | ($553.65M) | $147.33M | ($275.91M) | ($12.43M) |
| Net Income | ($3.85B) | ($1.17B) | $429.12M | ($1.47B) | ($535.48M) | ($7.52M) |
| EPS - Basic | ($15.23) | ($6.06) | $3.14 | ($12.98) | ($5.34) | ($0.08) |
| EPS - Diluted | ($15.23) | ($6.06) | $2.64 | ($12.98) | ($5.34) | ($0.08) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.30B | $38.12M | $46.82M | $43.84M | $63.36M | $59.67M |
| Accounts Receivable | $205.75M | $181.20M | $183.81M | $189.28M | $189.28M | $197.46M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $2.56B | $252.32M | $267.89M | $264.57M | $267.96M | $272.62M |
| Total Assets | $61.64B | $25.84B | $4.76B | $2.41B | $3.56B | $1.47B |
| Current Liabilities | $456.49M | $355.38M | $323.27M | $317.40M | $311.99M | $285.62M |
| Long-term Debt | $8.16B | $7.19B | $2.18B | $2.38B | $2.16B | - |
| Total Liabilities | $10.60B | $7.61B | $2.60B | $2.79B | $2.58B | $912.57M |
| Stockholders' Equity | $44.12B | $18.23B | $2.16B | ($383.12M) | $978.96M | $553.04M |
| Retained Earnings | $6.32B | ($2.17B) | ($999.23M) | ($1.43B) | $41.44M | $575.97M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($67.24M) | ($53.03M) | $12.71M | $3.21M | $93.83M | $53.62M |
| Investing Cash Flow | ($22.51B) | ($22.09B) | ($1.91B) | ($278.59M) | ($2.63B) | ($1.02B) |
| Financing Cash Flow | $24.84B | $22.13B | $1.89B | $265.19M | $2.54B | $563.23M |
| CapEx | $8.21M | $2.98M | $2.94M | $2.49M | $2.71M | $3.65M |
| Free Cash Flow | ($75.45M) | ($56.01M) | $9.77M | $725.0K | $91.13M | $49.97M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | 81.1% |
| Operating margin | -1140.8% | -399.8% | -23.2% | -255.5% | -153.6% | -2.8% |
| EBITDA margin | -1135.5% | -396.0% | -20.3% | -253.3% | -151.4% | -0.1% |
| Net margin | -806.3% | -251.7% | 86.5% | -294.4% | -104.8% | -1.6% |
| Free cash flow margin | -15.8% | -12.1% | 2.0% | 0.1% | 17.8% | 10.4% |
| FCF / Net income | 0.02 | 0.05 | 0.02 | -0.00 | -0.17 | -6.64 |
| R&D / Revenue | 19.7% | 25.6% | 24.3% | 25.5% | 22.9% | 21.5% |
| SG&A / Revenue | 31.8% | 30.3% | 23.2% | 22.3% | 18.7% | 16.7% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -6.2% | -4.5% | 9.0% | -61.0% | -15.1% | -0.5% |
| Return on equity | -8.7% | -6.4% | 19.8% | 383.6% | -54.7% | -1.4% |
| Return on invested capital | -8.2% | -5.8% | -2.1% | -50.5% | -19.8% | - |
| Liquidity | ||||||
| Current ratio | 5.62 | 0.71 | 0.83 | 0.83 | 0.86 | 0.95 |
| Quick ratio | 5.62 | 0.71 | 0.83 | 0.83 | 0.86 | 0.95 |
| Cash ratio | 5.04 | 0.11 | 0.14 | 0.14 | 0.20 | 0.21 |
| Leverage | ||||||
| Debt / Equity | 0.18 | 0.39 | 1.01 | -6.21 | 2.20 | - |
| Debt / Assets | 0.13 | 0.28 | 0.46 | 0.99 | 0.61 | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.40 | 1.42 | 2.20 | -6.29 | 3.63 | 2.65 |
| Liabilities / Assets | 0.17 | 0.29 | 0.55 | 1.16 | 0.72 | 0.62 |
| Efficiency | ||||||
| Asset turnover | 0.01 | 0.02 | 0.10 | 0.21 | 0.14 | 0.33 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 157d | 143d | 135d | 138d | 135d | 150d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | 23.9x | - | - | - |
| P / B | 1.0x | 3.1x | 0.5x | - | 0.6x | 0.7x |
| P / S | 88.4x | 120.3x | 2.1x | 0.3x | 1.1x | 0.8x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 3.0% | -6.6% | -0.6% | -2.3% | 6.2% | -1.1% |
| Revenue CAGR (3y) | -1.5% | -3.2% | 1.1% | 0.9% | -0.2% | -1.6% |
| Revenue CAGR (5y) | -0.1% | -1.0% | -0.7% | -0.2% | -0.1% | -1.9% |
| Gross profit growth (YoY) | -1.8% | -13.5% | -2.5% | -5.4% | 7.5% | 0.9% |
| Operating income growth (YoY) | -193.8% | -1510.6% | 91.0% | -62.6% | -5658.0% | -1259.8% |
| Net income growth (YoY) | -229.8% | - | - | -174.5% | -7017.0% | - |
| EPS growth (YoY) | -151.3% | - | - | -142.9% | -6751.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | 6.0% | - | - | - |
| FCF growth (YoY) | -34.7% | - | 1248.1% | -99.2% | 82.4% | -1.4% |
| FCF CAGR (5y) | - | - | -37.7% | -60.4% | -3.4% | -19.3% |
| Book value growth (YoY) | 142.0% | 742.0% | - | - | 77.0% | 8.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$477.23M totalSoftware Business$477.23M · 100.0%
Product / service
$692.56M totalProduct Licenses And Subscription Services$215.33M · 31.1%
Product Support$204.22M · 29.5%
Subscription And Circulation$175.66M · 25.4%
Service Other$57.68M · 8.3%
License$39.67M · 5.7%
Geographic
$477.23M totalUS$272.22M · 57.0%
EMEA$162.66M · 34.1%
Other Regions$42.35M · 8.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.59
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Finance Services
Comparing MICROSTRATEGY Inc against the 5 most active filers in the same SIC group.