MSTRStrategy

Crypto · Financial Services · Nasdaq

Strategy is the world's first and largest Bitcoin Treasury Company. 10-K, Item 1

Employees: 1,539
Headquarters: Tysons Corner, VA
CEO: Phong Le
Next results: around Feb 4, 2027

MSTR and 9 peers, year by year

The 9 Crypto companies closest to MSTR in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
MSTR Strategy	FY2025	$477.2M	+3.0%	68.7%	n/m	−806.3%	−15.8%	−8.7%	0.19
CORZ Core Scientific	FY2025	$319.0M	−37.5%	11.9%	−77.0%	−90.5%	−141.3%	n/m	n/m
RIOT Riot Platforms	FY2025	$647.4M	+71.9%	-	−96.1%	−102.4%	−119.6%	−23.2%	0.29
CLSK CleanSpark	FY2025	$766.3M	+102%	-	41.6%	47.6%	−79.0%	16.8%	0.30
HUT Hut 8	FY2025	$235.1M	+44.8%	-	−136.9%	−96.2%	-	−15.9%	-
FIGR Figure Technology Solutions	FY2025	$506.9M	+48.7%	-	23.2%	26.4%	-	10.9%	0.45
MARA MARA Holdings	FY2025	$907.1M	−39.2%	-	−135.0%	−144.6%	−133.4%	−37.8%	1.04
ABTC American Bitcoin	FY2025	$185.2M	+159%	-	−123.1%	−82.7%	-	−23.0%	-
GEMI Gemini Space Station	FY2025	$179.6M	+26.3%	-	−192.5%	−324.6%	−122.6%	−107.8%	-
WULF TeraWulf	FY2025	$168.5M	+20.3%	39.2%	−110.5%	−392.6%	−702.5%	n/m	n/m

Revenuepeer median $319.0M

Sales growthpeer median +44.8%

Gross margin

MSTR 68.7%
WULF 39.2%
CORZ 11.9%
RIOT -
CLSK -
HUT -
FIGR -
MARA -
ABTC -
GEMI -

Operating marginpeer median −110.5%

Net marginpeer median −96.2%

FCF marginpeer median −128.0%

Return on equitypeer median −23.0%

Debt / equitypeer median 0.37

MARA 1.04
FIGR 0.45
CLSK 0.30
RIOT 0.29
MSTR 0.19
CORZ n/m
HUT -
ABTC -
GEMI -
WULF n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	$513.6M	$503.8M	$497.6M	$486.3M	$480.7M	$510.8M	$499.3M	$496.3M	$463.5M	$477.2M
CORZ Dec	-	-	-	-	$60.3M	$544.5M	$640.3M	$502.4M	$510.7M	$319.0M
RIOT Dec	-	$270K	$7.8M	$6.8M	$12.1M	$213.2M	$259.2M	$280.7M	$376.7M	$647.4M
CLSK Sep	-	$448K	$579K	$39.3M	$10.0M	-	$131.5M	$168.4M	$379.0M	$766.3M
HUT Dec	-	-	-	-	-	-	$73.7M	$96.0M	$162.4M	$235.1M
FIGR Dec	-	-	-	-	-	-	-	$209.5M	$340.9M	$506.9M
MARA Dec	$36.6M	$520K	$1.6M	$1.2M	$4.4M	$159.2M	$117.8M	$387.5M	$656.4M	$907.1M
ABTC Dec	-	-	$10.5M	$10.8M	$12.6M	$17.6M	$10.5M	$65.0M	$71.5M	$185.2M
GEMI Dec	-	-	-	-	-	-	-	$98.1M	$142.2M	$179.6M
WULF Dec	-	$17.2M	$18.2M	$17.6M	$13.4M	-	$15.0M	$69.2M	$140.1M	$168.5M
Peer median	-	$484K	$7.8M	$10.8M	$12.3M	$186.2M	$117.8M	$168.4M	$340.9M	$319.0M

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	−3.3%	−1.9%	−1.2%	−2.3%	−1.1%	+6.2%	−2.3%	−0.6%	−6.6%	+3.0%
CORZ Dec	-	-	-	-	-	+803%	+17.6%	−21.5%	+1.6%	−37.5%
RIOT Dec	-	-	n/m	−12.8%	+76.7%	n/m	+21.5%	+8.3%	+34.2%	+71.9%
CLSK Sep	-	-	+29.2%	+393%	+121%	-	+235%	+28.0%	+125%	+102%
HUT Dec	-	-	-	-	-	-	-	-	+69.1%	+44.8%
FIGR Dec	-	-	-	-	-	-	-	-	+62.7%	+48.7%
MARA Dec	+93.0%	−98.6%	+201%	−24.1%	+268%	n/m	−59.2%	+484%	+67.3%	−39.2%
ABTC Dec	-	-	-	+4.2%	+16.2%	-	−22.6%	−34.6%	+10.1%	+159%
GEMI Dec	-	-	-	-	-	-	-	-	+44.9%	+26.3%
WULF Dec	-	-	+5.6%	−3.3%	−23.8%	-	-	+361%	+102%	+20.3%
Peer median	-	-	+29.2%	−3.3%	+76.7%	-	+17.6%	+18.2%	+62.7%	+44.8%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	81.9%	80.8%	80.0%	79.4%	81.1%	82.0%	79.4%	77.8%	72.1%	68.7%
CORZ Dec	-	-	-	-	15.6%	43.9%	1.3%	24.6%	23.7%	11.9%
RIOT Dec	-	-	-	-	-	-	-	-	-	-
CLSK Sep	-	33.9%	32.5%	-	21.1%	-	-	-	-	-
HUT Dec	-	-	-	-	-	-	-	-	-	-
FIGR Dec	-	-	-	-	-	-	-	-	-	-
MARA Dec	-	-	-	-	-	73.4%	−28.6%	-	-	-
ABTC Dec	-	-	58.4%	57.2%	50.6%	57.8%	53.0%	5.3%	-	-
GEMI Dec	-	-	-	-	-	-	-	-	-	-
WULF Dec	-	33.2%	34.3%	30.6%	29.1%	-	26.3%	53.5%	49.8%	39.2%
Peer median	-	-	34.3%	-	25.1%	57.8%	13.8%	24.6%	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	21.3%	14.5%	0.8%	−0.2%	−2.8%	−153.6%	−255.5%	−23.2%	−399.8%	n/m
CORZ Dec	-	-	-	-	−10.5%	24.2%	−329.5%	1.8%	−27.8%	−77.0%
RIOT Dec	-	n/m	−756.7%	−137.7%	−128.7%	−14.0%	−197.8%	−22.5%	40.8%	−96.1%
CLSK Sep	-	n/m	n/m	−30.3%	−151.0%	-	−28.8%	−77.8%	−39.3%	41.6%
HUT Dec	-	-	-	-	-	-	−26.9%	9.8%	283.6%	−136.9%
FIGR Dec	-	-	-	-	-	-	-	−23.6%	2.7%	23.2%
MARA Dec	−42.5%	n/m	−772.9%	−357.7%	−225.3%	−1.9%	−572.0%	57.0%	46.6%	−135.0%
ABTC Dec	-	-	−23.5%	−115.6%	−137.4%	−187.8%	−412.0%	9.6%	676.7%	−123.1%
GEMI Dec	-	-	-	-	-	-	-	−317.5%	−116.6%	−192.5%
WULF Dec	-	−2.7%	1.2%	−5.4%	−13.3%	-	−291.0%	−42.5%	−54.4%	−110.5%
Peer median	-	-	−390.1%	−115.6%	−133.0%	−7.9%	−291.0%	−22.5%	2.7%	−110.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	18.0%	3.6%	4.5%	7.1%	−1.6%	−104.8%	−294.4%	86.5%	−251.7%	−806.3%
CORZ Dec	-	-	-	-	−20.2%	8.7%	−335.2%	−49.1%	−281.6%	−90.5%
RIOT Dec	-	n/m	−739.4%	−293.1%	−116.8%	−7.2%	−196.6%	−17.6%	29.0%	−102.4%
CLSK Sep	-	n/m	n/m	−55.5%	−232.8%	-	−43.6%	−82.0%	−38.5%	47.6%
HUT Dec	-	-	-	-	-	-	−43.1%	22.7%	204.4%	−96.2%
FIGR Dec	-	-	-	-	-	-	-	−22.9%	5.0%	26.4%
MARA Dec	−78.3%	n/m	−820.2%	−296.7%	−239.8%	−18.7%	−589.4%	67.4%	82.5%	−144.6%
ABTC Dec	-	-	−23.8%	−114.6%	−107.9%	−177.7%	−755.9%	61.0%	599.6%	−82.7%
GEMI Dec	-	-	-	-	-	-	-	−325.7%	−111.5%	−324.6%
WULF Dec	-	−1.3%	0.8%	−4.6%	−3.3%	-	−603.9%	−106.1%	−51.7%	−392.6%
Peer median	-	-	−381.6%	−114.6%	−112.4%	−13.0%	−335.2%	−22.9%	5.0%	−96.2%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	$108.3M	$74.3M	$3.8M	$50.7M	$50.0M	$91.1M	$725K	$9.8M	−$56.0M	−$75.5M
CORZ Dec	-	-	-	-	−$23.8M	−$56.7M	−$178.8M	$49.0M	−$52.1M	−$450.8M
RIOT Dec	−$5.6M	-	−$39.2M	−$20.4M	−$11.0M	−$233.2M	−$147.9M	−$160.6M	−$495.4M	−$774.3M
CLSK Sep	-	−$1.4M	−$1.3M	−$163.2M	−$6.7M	-	$54.2M	−$78.7M	−$299.8M	−$605.7M
HUT Dec	-	-	-	-	-	-	-	-	-	-
FIGR Dec	-	-	-	-	-	-	-	-	-	-
MARA Dec	$10.2M	−$10.8M	−$13.5M	−$3.3M	−$25.5M	−$292.8M	−$217.6M	−$343.3M	−$927.8M	−$1.2B
ABTC Dec	-	-	-	-	-	−$8.2M	−$10.9M	−$57.9M	−$60.6M	-
GEMI Dec	-	-	-	-	-	-	-	−$208.0M	−$110.2M	−$220.1M
WULF Dec	−$1.1M	−$25K	$682K	−$955K	−$549K	-	−$95.2M	−$70.9M	−$292.4M	−$1.2B
Peer median	−$1.1M	−$1.4M	−$7.4M	−$11.8M	−$11.0M	−$145.0M	−$121.5M	−$78.7M	−$292.4M	−$690.0M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	21.1%	14.8%	0.8%	10.4%	10.4%	17.8%	0.1%	2.0%	−12.1%	−15.8%
CORZ Dec	-	-	-	-	−39.4%	−10.4%	−27.9%	9.7%	−10.2%	−141.3%
RIOT Dec	-	-	−500.3%	−298.0%	−91.0%	−109.4%	−57.1%	−57.2%	−131.5%	−119.6%
CLSK Sep	-	−305.2%	−220.5%	−415.5%	−66.6%	-	41.2%	−46.7%	−79.1%	−79.0%
HUT Dec	-	-	-	-	-	-	-	-	-	-
FIGR Dec	-	-	-	-	-	-	-	-	-	-
MARA Dec	27.7%	n/m	−863.4%	−280.4%	−585.6%	−184.0%	−184.8%	−88.6%	−141.4%	−133.4%
ABTC Dec	-	-	-	-	-	−46.6%	−104.5%	−89.0%	−84.8%	-
GEMI Dec	-	-	-	-	-	-	-	−212.0%	−77.5%	−122.6%
WULF Dec	-	−0.1%	3.7%	−5.4%	−4.1%	-	−633.2%	−102.4%	−208.8%	−702.5%
Peer median	-	-	−360.4%	−289.2%	−66.6%	−78.0%	−80.8%	−88.6%	−84.8%	−128.0%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	16.3%	3.0%	4.2%	6.8%	−1.7%	−54.7%	n/m	19.8%	−3.8%	−8.7%
CORZ Dec	-	-	-	-	n/m	3.5%	n/m	n/m	n/m	n/m
RIOT Dec	−28.6%	−40.6%	n/m	−76.4%	−5.1%	−1.1%	−44.3%	−2.6%	3.5%	−23.2%
CLSK Sep	-	−66.4%	n/m	−7.1%	−142.1%	-	−14.2%	−20.4%	−8.3%	16.8%
HUT Dec	-	-	-	-	-	-	−36.3%	4.5%	34.0%	−15.9%
FIGR Dec	-	-	-	-	-	-	-	−21.6%	4.8%	10.9%
MARA Dec	n/m	n/m	n/m	−96.4%	−3.4%	−4.4%	−179.8%	16.2%	13.1%	−37.8%
ABTC Dec	-	-	−177.7%	−66.3%	−38.2%	−52.3%	n/m	8.4%	42.3%	−23.0%
GEMI Dec	-	-	-	-	-	-	-	n/m	n/m	−107.8%
WULF Dec	−0.5%	−1.7%	1.1%	−6.6%	−3.7%	-	−77.1%	−33.0%	−29.6%	n/m
Peer median	-	−40.6%	-	−66.3%	−5.1%	−2.8%	−44.3%	−2.6%	4.8%	−23.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	-	-	-	-	1.09	2.20	n/m	1.01	0.23	0.19
CORZ Dec	-	-	-	-	-	0.54	n/m	n/m	n/m	n/m
RIOT Dec	-	-	0.29	-	-	-	-	0.00	0.19	0.29
CLSK Sep	-	0.01	0.02	-	0.06	-	0.03	0.01	0.00	0.30
HUT Dec	-	-	-	-	-	-	1.46	0.38	0.31	-
FIGR Dec	-	-	-	-	-	-	-	-	1.33	0.45
MARA Dec	n/m	0.24	0.34	0.27	-	1.07	2.03	0.20	0.59	1.04
ABTC Dec	-	-	-	-	-	0.29	0.55	0.01	0.01	-
GEMI Dec	-	-	-	-	-	-	-	-	-	-
WULF Dec	0.24	0.24	0.23	0.24	-	-	1.06	0.56	0.00	n/m
Peer median	-	0.24	0.26	-	-	0.54	1.06	0.11	0.19	0.37

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSTR Dec	$0.80	$0.16	$0.20	$0.33	−$0.08	−$5.34	−$12.98	$2.64	−$6.06	−$15.23
CORZ Dec	-	-	-	-	−$0.14	$0.20	−$6.30	−$0.65	−$4.87	−$0.88
RIOT Dec	−$1.05	−$3.30	−$4.33	−$1.02	−$0.33	−$0.17	−$3.65	−$0.28	$0.34	−$1.95
CLSK Sep	-	−$0.42	−$13.62	−$0.75	−$2.44	-	-	−$1.30	-	-
HUT Dec	-	-	-	-	-	-	−$0.94	$0.44	$3.40	−$2.14
FIGR Dec	-	-	-	-	-	-	-	−$0.93	$0.00	$0.44
MARA Dec	−$7.56	−$19.20	−$2.41	−$0.53	−$0.13	−$0.30	−$6.12	$1.06	$1.72	−$3.69
ABTC Dec	-	-	−$0.51	−$2.05	−$1.14	−$1.22	−$546.56	$0.04	$0.49	−$0.17
GEMI Dec	-	-	-	-	-	-	-	−$66.25	−$32.24	−$15.52
WULF Dec	−$0.03	−$0.11	$0.07	−$0.41	−$0.22	-	−$0.82	−$0.35	−$0.21	−$1.66
Peer median	−$1.05	−$1.86	−$2.41	−$0.75	−$0.28	−$0.23	−$4.88	−$0.35	$0.17	−$1.80

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out MSTR and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on MSTR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MSTR/export.csv") into a cell.