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Crypto · Financial Services · Nasdaq

MSTRStrategy

MSTR quote by TradingView
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Where it stands

MSTR among the 32 companies we cover

All 32 →

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.0%20th of 26 · median +32.3%
Return on equity
-24.6%10th of 26 · median -52.8%
Free cash flow margin
-2.2%3rd of 20 · median -96.1%
Debt / equity (less is better)
0.122nd of 13 · median 0.68

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 years10 years Download CSV
Choose the peers

Crypto companies (up to 9):

Each company's latest fiscal year
CompanyYearRevenueSales growthGross marginOperating marginNet marginFCF marginReturn on equityDebt / 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/mn/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/mn/m
Revenuepeer median $319.0M
Sales growthpeer median +44.8%
Gross margin
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

Sales growth, FY2021 to FY2025

Revenue against the fiscal year before.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec +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+21.5%+8.3%+34.2%+71.9%
CLSK Sep +393%+235%+28.0%+125%+102%
HUT Dec ---+69.1%+44.8%
FIGR Dec ---+62.7%+48.7%
MARA Dec n/m−59.2%+484%+67.3%−39.2%
ABTC Dec -−22.6%−34.6%+10.1%+159%
GEMI Dec ---+44.9%+26.3%
WULF Dec --+361%+102%+20.3%
Peer median-+17.6%+18.2%+62.7%+44.8%

Gross margin, FY2021 to FY2025

Gross profit / revenue.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec 82.0%79.4%77.8%72.1%68.7%
CORZ Dec 43.9%1.3%24.6%23.7%11.9%
RIOT Dec -----
CLSK Sep -----
HUT Dec -----
FIGR Dec -----
MARA Dec 73.4%−28.6%---
ABTC Dec 57.8%53.0%5.3%--
GEMI Dec -----
WULF Dec -26.3%53.5%49.8%39.2%
Peer median57.8%13.8%24.6%--

Free cash flow, FY2021 to FY2025

Cash from operations minus capital spending.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec $91.1M$725K$9.8M−$56.0M−$75.5M
CORZ Dec −$56.7M−$178.8M$49.0M−$52.1M−$450.8M
RIOT Dec −$233.2M−$147.9M−$160.6M−$495.4M−$774.3M
CLSK Sep −$163.2M$54.2M−$78.7M−$299.8M−$605.7M
HUT Dec -----
FIGR Dec -----
MARA Dec −$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 -−$95.2M−$70.9M−$292.4M−$1.2B
Peer median−$163.2M−$121.5M−$78.7M−$292.4M−$690.0M

FCF margin, FY2021 to FY2025

Free cash flow / revenue.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec 17.8%0.1%2.0%−12.1%−15.8%
CORZ Dec −10.4%−27.9%9.7%−10.2%−141.3%
RIOT Dec −109.4%−57.1%−57.2%−131.5%−119.6%
CLSK Sep −415.5%41.2%−46.7%−79.1%−79.0%
HUT Dec -----
FIGR Dec -----
MARA Dec −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 -−633.2%−102.4%−208.8%−702.5%
Peer median−109.4%−80.8%−88.6%−84.8%−128.0%

Return on equity, FY2021 to FY2025

Net income / shareholders' equity at the year end.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec −54.7%n/m19.8%−3.8%−8.7%
CORZ Dec 3.5%n/mn/mn/mn/m
RIOT Dec −1.1%−44.3%−2.6%3.5%−23.2%
CLSK Sep −7.1%−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 −4.4%−179.8%16.2%13.1%−37.8%
ABTC Dec −52.3%n/m8.4%42.3%−23.0%
GEMI Dec --n/mn/m−107.8%
WULF Dec -−77.1%−33.0%−29.6%n/m
Peer median−4.4%−44.3%−2.6%4.8%−23.0%

Debt / equity, FY2021 to FY2025

Total debt / shareholders' equity at the year end.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec 2.20n/m1.010.230.19
CORZ Dec 0.54n/mn/mn/mn/m
RIOT Dec --0.000.190.29
CLSK Sep -0.030.010.000.30
HUT Dec -1.460.380.31-
FIGR Dec ---1.330.45
MARA Dec 1.072.030.200.591.04
ABTC Dec 0.290.550.010.01-
GEMI Dec -----
WULF Dec -1.060.560.00n/m
Peer median0.541.060.110.190.37

EPS (diluted), FY2021 to FY2025

Diluted earnings per share, on today's share count after splits.
CompanyFY2021FY2022FY2023FY2024FY2025
MSTR Dec −$5.34−$12.98$2.64−$6.06−$15.23
CORZ Dec $0.20−$6.30−$0.65−$4.87−$0.88
RIOT Dec −$0.17−$3.65−$0.28$0.34−$1.95
CLSK Sep −$0.75-−$1.30--
HUT Dec -−$0.94$0.44$3.40−$2.14
FIGR Dec --−$0.93$0.00$0.44
MARA Dec −$0.30−$6.12$1.06$1.72−$3.69
ABTC Dec −$1.22−$546.56$0.04$0.49−$0.17
GEMI Dec --−$66.25−$32.24−$15.52
WULF Dec -−$0.82−$0.35−$0.21−$1.66
Peer median−$0.30−$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 →

Next Industry numbers →

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.