A company still losing money with steady sales, with elevated risk. Institutions are adding.
Going well
Little debt
Watch out for
Share count growing 34.9% a year (dilution)
Losing money, losses are large next to sales
Money moves
Insiders sold $422K in the last 30 days
Institutions added 9.8% to their holdings in the quarter ending June 2026 (450 bought, 445 sold)
Held by Ray Dalio (Bridgewater)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$139.87-4.2% that day
Company value
$49.3B
Share price times all shares
Price vs sales
98.9x
No profit over the last year, so this compares value with sales instead
Cash vs value
3%
Cash as a share of company value
Debt vs value
17%
Debt as a share of company value
From MSTR's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$122.4M+6.9% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $498.3M, up 7.8% from the 12 months before. Over 5 years, sales shrank about 0.1% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of MSTR. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$732M
Profit in 5 years$73M
Price these guesses point to$1.93-99% vs $139.87 todayAbout -58% a year, before dividends
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-10.2%
PassDebt under half of equityNot relying on borrowed money.0.19x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.Losses many times its sales
MissProfitable every yearSteady profits, not one good year.5 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$75.5M
MissShare count not growingNot diluting owners. Falling means buybacks.+145.3% in 3 years
Revenue
$477.2M
+3.0% vs prior year
5-year growth
-0.1%/yr
revenue, per year
Total debt
$8.2B
0.19x equity
Free cash flow
-$75.5M
-15.8% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 30
Revenue
$122.4M
+6.9% YoY
EPS
-$24.45
vs $32.60
Op. margin
-6808.1%
-19064.4 pts
Gross margin
66.6%
-2.2 pts
Free cash flow
-$5.9M
Share count
+14.9%
vs a year ago
Insider rating
Last 90 days
34Selling
1 insider sold $422K (not pre-planned)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
28/ 100
This week
2
Normal week
5.0
vs normal
0.4x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+9.8%
Institutions added 9.8% to their holdings. 450 bought, 445 sold. 7 quarters of net buying in a row.
Shares held by institutions210.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+3.1%
Cash runwayAt last year's cash burn
305 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.2x · $6.7B debt
Shares outstandingLatest reported
353M
Why elevated risk
Losing money, losses are large next to sales
2 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportDue any dayEstimated from the same quarter last year
Results filedJul 30
Results filedMay 5
Results filedFeb 5
Results filedOct 30, 2025
Results filedOct 6, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days