Financials Strategy Incorporated

Equities

MSTR

US5949724083

Software

Real-time Estimate Cboe BZX Other stock markets 19:07:29 16/07/2025 BST			5-day change	1st Jan Change
454.30 ^USD	+2.71%		+8.54%	+55.68%

02:44pm	Bitmine shares soar as billionaire Thiel reveals 9.1% stake	RE
07-15	Social Buzz: Wallstreetbets Stocks Mixed Pre-Bell Tuesday; Opendoor Technologies to Advance, Strategy to Decline	MT

Projected Income Statement: Strategy Incorporated

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	510.8	499.3	496.3	463.5	462.7	477	487.5
Change	-	-2.25%	-0.6%	-6.61%	-0.17%	3.09%	2.2%
EBITDA ¹	101.6	85.04	84.9	31.82	37.97	34.6	-
Change	-	-16.28%	-0.16%	-62.53%	19.35%	-8.88%	-
EBIT ¹	46.09	82.86	-115	-1,853	-4,817	-106.9	1,676
Change	-	79.76%	-238.85%	-1,510.63%	-159.97%	97.78%	1,667.66%
Interest Paid ¹	-29.15	-53.14	-48.96	-61.94	-72.26	-104.9	-
Earnings before Tax (EBT) ¹	-811.4	-1,322	-124.5	-1,934	-6,038	-122.1	13,385
Change	-	-62.99%	90.58%	-1,453.38%	-212.14%	97.98%	11,064.6%
Net income ¹	-535.5	-1,470	429.1	-1,167	-4,348	-122.5	1,504
Change	-	-174.48%	129.2%	-371.87%	-272.67%	97.18%	1,328.39%
Announcement Date	01/02/22	02/02/23	06/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	110.6	127.4	122.9	125.4	128	134.5	119.3	122.1	125.4	132.6	121.9	120.4	129.5	124.5	115.2	111.4	116.1	120.7	111.1	112.7	115.6	118.4	113.8	114.1	120.5	126.5
Change	-	15.21%	-3.54%	1.99%	2.11%	5.09%	-11.33%	2.34%	2.69%	5.74%	-8.03%	-1.24%	7.53%	-3.85%	-7.42%	-3.3%	4.15%	3.99%	-7.98%	1.45%	2.62%	2.39%	-3.87%	0.25%	5.59%	4.99%
EBITDA ¹	9.4	30.04	21.44	24.84	30.31	24.99	17.22	17.08	25.83	24.9	-	16.16	27.86	21.29	8.772	4.088	4.857	14.1	2.987	9.95	10.87	11.68	8.4	8.4	8.3	9.8
Change	-	219.63%	-28.65%	15.87%	22.04%	-17.55%	-31.11%	-0.76%	51.21%	-3.61%	-	-	72.42%	-23.58%	-58.8%	-53.4%	18.81%	190.28%	-78.81%	233.11%	9.25%	7.48%	-28.1%	0%	-1.19%	18.07%
EBIT ¹	6.328	-20.27	10.94	10.53	15.5	9.12	14.52	15.01	6.785	23.15	16.16	-26.71	25.12	-42.78	-203.7	-200.3	-432.6	-1,016	-5,921	-16.05	-16.31	-11.47	-11.65	-15.62	-15.25	-7.375
Change	-	-420.34%	153.98%	-3.8%	47.28%	-41.18%	59.27%	3.33%	-54.79%	241.18%	-30.2%	-265.28%	194.05%	-270.34%	-376.11%	1.68%	-116%	-134.97%	-482.58%	99.73%	-1.56%	29.63%	-1.54%	-34.12%	2.4%	51.64%
Charge d'intérêts ¹	-	-	-2.396	-4.401	-10.72	-11.63	-11.04	-13.19	-14.07	-14.83	-14.93	-11.1	-11.01	-11.93	-11.88	-15.47	-18.13	-16.46	-17.11	-15.84	-16.61	-17.84	-19.2	-20.68	-22.28	-24.4
Earnings before Tax (EBT) ¹	-	-	-184.3	-419.5	-59.12	-148.4	-178.8	-926.2	-3.118	-214.4	8.006	-38.05	-33.83	-60.64	-213.9	-215	-478.7	-1,027	-5,942	-33.07	-33.56	-28.88	-27.33	-31.33	-30.97	-24.43
Change	-	-	-	-127.66%	85.91%	-151.08%	-20.44%	-418.08%	99.66%	-6,775.66%	103.73%	-575.31%	11.09%	-79.24%	-252.69%	-0.54%	-122.59%	-114.49%	-478.77%	99.44%	-1.49%	13.96%	5.35%	-14.63%	1.17%	21.1%
Net income ¹	3.387	-14.23	-110	-299.3	-36.14	-89.98	-130.8	-1,062	-27.08	-249.7	461.2	22.24	-143.4	89.13	-53.12	-102.6	-340.2	-670.8	-4,228	-39.03	-42.08	-37.92	-27.37	-31.37	-31	-24.47
Change	-	-520.11%	-673.21%	-172.08%	87.93%	-149%	-45.32%	-712.46%	97.45%	-822%	284.72%	-95.18%	-744.88%	162.13%	-159.6%	-93.08%	-231.69%	-97.2%	-530.29%	99.08%	-7.81%	9.89%	27.83%	-14.62%	1.17%	21.08%
Announcement Date	28/07/20	27/10/20	29/04/21	29/07/21	28/10/21	01/02/22	03/05/22	02/08/22	01/11/22	02/02/23	01/05/23	01/08/23	01/11/23	06/02/24	29/04/24	01/08/24	30/10/24	05/02/25	01/05/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Strategy Incorporated

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	2,136	7,154	3,765	3,902	4,094
Change	-	-	-	234.93%	-47.37%	3.64%	4.92%
Announcement Date	01/02/22	02/02/23	06/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Strategy Incorporated

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	-	-	2.938	2.978	4.205	4.163	3.51
Change	-	-	-	1.36%	41.2%	-0.99%	-15.69%
Free Cash Flow (FCF) ¹	91.13	0.725	9.774	-56.01	-22.15	64.76	191.8
Change	-	-99.2%	1,248.14%	-673.05%	60.45%	392.37%	196.23%
Announcement Date	01/02/22	02/02/23	06/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Strategy Incorporated

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	19.89%	17.03%	17.11%	6.86%	8.21%	7.25%	-
EBIT Margin (%)	-	-	9.02%	16.6%	-23.18%	-399.82%	-1,041.21%	-22.41%	343.81%
EBT Margin (%)	-	-	-158.86%	-264.88%	-25.09%	-417.37%	-1,305.06%	-25.59%	2,745.7%
Net margin (%)	-	-	-104.84%	-294.39%	86.47%	-251.73%	-939.75%	-25.68%	308.63%
FCF margin (%)	-	-	17.84%	0.15%	1.97%	-12.09%	-4.79%	13.58%	39.35%
FCF / Net Income (%)	-	-	-17.02%	-0.05%	2.28%	4.8%	0.51%	-52.88%	12.75%
Profitability
ROA	-0.07%	-0.71%	-19.52%	-26.72%	-2%	-7.57%	-	-	-
ROE	6.62%	-1.42%	-69.91%	-493.35%	48.17%	-11.44%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	25.16x	224.84x	99.16x	112.78x	-
Debt / Free cash flow	-	-	-	-	218.52x	-127.72x	-170x	60.25x	21.34x
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	0.59%	0.64%	0.91%	0.87%	0.72%
CAPEX / EBITDA (%)	-	-	-	-	3.46%	9.36%	11.07%	12.03%	-
CAPEX / FCF (%)	-	-	-	-	30.06%	-5.32%	-18.98%	6.43%	1.83%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	-0.078	-5.344	-12.98	2.642	-6.06	-16.19	-0.4133	6.445
Change	-	-	-6,751.28%	-142.95%	120.35%	-329.37%	-167.19%	97.45%	1,659.29%
Nbr of stocks (in thousands)	-	92,670	106,452	113,177	156,369	245,459	279,342	279,342	279,342
Announcement Date	-	28/01/21	01/02/22	02/02/23	06/02/24	05/02/25	-	-	-