MicroStrategy Incorporated (MSTR)
NEGATIVEファンダメンタル
31
株価
$126.83
時価総額
$48.72B
パート1 · 企業の価値
概要
Strategy, formerly MicroStrategy, began as a maker of business-intelligence and analytics software that companies use to build dashboards and reports from their own data. Since 2020 it has become primarily known as a corporate treasury built around Bitcoin: it has raised billions of dollars through stock and debt sales specifically to buy and hold bitcoin, and now holds hundreds of thousands of coins. The software business still generates revenue and cash flow, but Bitcoin holdings, not software sales, now dominate the company's balance sheet and market value.
収益の仕組み
The software business earns money from subscription and cloud services, older-style perpetual license sales being phased out, and support/maintenance fees on existing licenses — a small, roughly flat-to-declining revenue base of a few hundred million dollars a year. Alongside it, Strategy raises new capital by issuing shares and convertible debt and uses the proceeds to buy more bitcoin, whose fair-value changes now flow through the income statement and dwarf the software business's results; reported profit or loss in a given period is driven mainly by bitcoin's price, not by software sales.
競争優位性（moat）
明確な優位性なし · なしThe software segment is a small, mature player in a market dominated by much larger business-intelligence providers such as Microsoft, Salesforce and Oracle, with no scale, brand or switching-cost advantage strong enough to be called durable. Whatever edge the company has today comes almost entirely from its bitcoin balance sheet, not from a defensible position in its original product line.
需要を左右する要因
景気循環型The company's results are now driven almost entirely by the price of bitcoin, which swings far more than a typical business cycle, rallying and falling by large percentages within months. The small software business, by contrast, follows the ordinary enterprise-IT spending cycle, but it is now too small relative to the bitcoin holdings to meaningfully offset those swings.
主なリスク
- Bitcoin price risk — Reported profit or loss and the balance-sheet value of the company's main asset are now driven by bitcoin's market price, which is highly volatile and entirely outside the company's control.
- Leverage and dilution — The strategy has been funded with large amounts of debt and repeated stock issuance, which dilutes existing shareholders and creates repayment obligations against an asset, bitcoin, that generates no cash flow of its own.
- Regulatory risk on digital assets — Changes in how regulators treat corporate bitcoin holdings, custody arrangements, or accounting rules could materially affect the company's reported results or ability to operate its strategy.
- Declining legacy software business — The original software segment, now a small part of the business, has faced years of competitive pressure from larger vendors and a difficult shift from license to subscription revenue.
強気材料
Buyers see the company as a leveraged, liquid way to gain exposure to bitcoin's price without buying it directly, and expect that continued institutional demand for bitcoin, combined with the company's ability to keep raising capital against its holdings, will keep growing its bitcoin-per-share over time.
弱気材料
Sellers worry that the strategy is essentially a leveraged bet funded by debt and repeated share issuance, that a sustained fall in bitcoin's price would hit both the balance sheet and the ability to refinance, and that the original software business is too small and competitively weak to provide a cushion if the bitcoin strategy goes wrong.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$498M
直近12か月（2026/6/30まで）
純利益
$-30.41B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$-75M
自己資本合計
$44.12B
負債合計
$10.60B
流動比率
5.39
利払い倍率
-
負債/EBITDA
-
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$229.07
現在株価
$126.83
安全マージン
+44.6%
適正価値レンジ
$217.62 - $240.53
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-8.7%
P/B レシオ
-
P/FCF
-
粗利益率
67.6%
ROIC
-55.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
-55.2%
WACC
15.2%
ROIC − WACC
-70.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（6）
- Price CAGR 19.71%
- Gross Margin 67.6%
- Debt/Equity ratio
- Current Ratio
- Low reliance on intangibles
- Analyst Consensus 88% Buy
不合格（11）
- EPS shows upward trend
- ROIC -55.2%
- Operating Margin -7295.4%
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -60.8%
- Revenue Growth 5Y -0.1%
- Earnings Surprise avg -627.5%
- Share Dilution 31.2%
- Piotroski F-Score 3/9
データなし（10）
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Net Margin Trend (invalid data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Michael J. Saylor | Executive Chairman | 60 |
| Mr. Phong Q. Le | President, CEO & Director | 48 |
| Mr. Andrew Kang | Executive VP, CFO & Principal Accounting Officer | 49 |
| Mr. Thomas C. Chow Esq. | Executive VP, General Counsel & Corporate Secretary | 46 |
| Mr. Reza Virasteh | Executive Vice President of Operations | - |
| Ms. Ponna Arumugam | Executive VP & CTO | - |
| Mr. Chaitanya Jain | Head of Investor Relations | - |
| Ms. Joty Paparello | Executive VP & Chief Human Resource Officer | - |
| Mr. Saurabh Abhyankar | Executive VP & Chief Product Officer | - |
| Mr. Jeremy Price | Senior Vice President of Financial Planning & Analysis | - |
監査リスク
9
取締役会リスク
10
報酬リスク
6
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for MSTR, sourced from Markets Gazette.
- 1d agoPOSITIVEMSTR sale mentre Strategy mantiene Bitcoin e crea riserva da $1,59 mld
MicroStrategy (formerly Strategy) did not purchase Bitcoin last week but utilized a stock sale of approximately $2 billion to bolster its liquidity. This strategic move occurred as Bitcoin experienced a significant surge, climbing nearly 25% in the past week and nearing $80,000. MicroStrategy's stock saw a notable increase of about 7.2% on Monday, ultimately closing up 2.5% for the day and a substantial 34% over the week, outperforming crypto-exposed peers like Coinbase and Robinhood. The company has built a cash pool of $1.59 billion, according to an SEC filing, positioning itself to manage its Bitcoin holdings effectively amidst market volatility.
- 1d agoNEUTRALStrategy launches $1.6B cash pool after $2B common shares raise, maintains hold on BTC buys
MicroStrategy has successfully raised $2 billion through the sale of common shares, bolstering its cash reserves to approximately $1.59 billion. Despite this significant capital infusion, the company has maintained its Bitcoin holdings at 840,447 BTC and has not engaged in new Bitcoin purchases. This strategic move suggests a cautious approach to further Bitcoin accumulation, prioritizing liquidity and potentially awaiting more favorable market conditions or specific investment opportunities. Investors will monitor future capital allocation decisions closely.
- 4d agoPOSITIVEAzioni crypto MARA, COIN, Strive, MSTR in rally con l'avvio del bull run, ma i rischi restano
MicroStrategy Incorporated (MSTR) is experiencing a significant rally, alongside other crypto-related stocks like MARA Holdings, Coinbase, and CleanSpark. This surge is primarily driven by the ongoing recovery in Bitcoin and major altcoins. MSTR's stock has seen substantial gains, reflecting the broader positive sentiment in the cryptocurrency market. The upward trend is expected to continue if the crypto rally gains further momentum, indicating a strong correlation between digital asset performance and these equity investments. Investors are closely watching the crypto market's trajectory for further upside potential in these stocks.
- 5d agoPOSITIVEPrevisioni MSTR: rally di Bitcoin e aumento degli afflussi ETF
MicroStrategy Inc. (MSTR) shares experienced a significant surge, reaching $115.65 in pre-market trading, a level not seen since June 22nd and representing a 40% increase from its year-to-date low. This rally is closely tied to the broader recovery in Bitcoin prices and a positive shift in market sentiment, as indicated by the Crypto Fear and Greed Index entering the 'greed' zone at 61. The associated YieldMax MSTR Option Income Strategy ETF (MSTY) also saw gains, climbing to $13.95. The strong performance suggests that MSTR is benefiting from the renewed optimism in the cryptocurrency market, potentially signaling a positive outlook for investors.
- 8d agoNEUTRALStrategy (MSTR) sale del 3%: raccoglie $333M con vendita di azioni
Strategy Inc. (formerly MicroStrategy) saw its stock rise 3% as the company sold 3.46 million shares between August 10-16, generating approximately $333.7 million in net proceeds. This move comes as the Bitcoin-focused firm, led by Michael Saylor, maintained its Bitcoin holdings unchanged during the same period. The continuous use of equity markets to bolster liquidity, while keeping Bitcoin reserves stable, suggests a strategy of financial maneuvering rather than direct asset accumulation or divestment. Investors are observing Strategy's approach to funding its Bitcoin strategy through share sales.
- 8d agoNEGATIVESaylor’s Strategy Sells More Stock to Repurchase Preferred
Michael Saylor, CEO of MicroStrategy, has sold a significant portion of his personal stock holdings. The sales, totaling over 300,000 shares, are reportedly aimed at funding his Bitcoin accumulation strategy, which involves repurchasing preferred shares. While Saylor maintains his commitment to Bitcoin, this move signals a potential shift in his personal liquidity management and could be interpreted by the market as a sign of reduced confidence in the company's immediate stock performance, despite the ongoing Bitcoin acquisition efforts.
- 15d agoNEGATIVEStrategy Sells More Bitcoin, Stock to Bolster Cash Stockpile
MicroStrategy Inc. continues its strategy of selling Bitcoin and common shares to increase its cash reserves. This move suggests a potential liquidity crunch or a strategic shift away from holding significant Bitcoin assets. Investors may interpret this as a sign of financial strain or a lack of confidence in Bitcoin's short-term price appreciation, potentially impacting the company's stock valuation.
- 22d agoNEUTRALStrategy Sells More Bitcoin, Stock as It Pushes on With Overhaul
MicroStrategy Inc. is strategically reducing its Bitcoin holdings and selling its own shares as part of a broader corporate overhaul aimed at strengthening its capital structure. The company is actively raising capital through these asset sales, signaling a shift in its treasury management strategy. While the sale of Bitcoin might be interpreted by some as a bearish signal for the cryptocurrency, the company's focus on capital enhancement and strategic restructuring could be viewed positively by equity investors. The dual approach suggests a complex financial maneuver balancing digital asset exposure with corporate financial health.
- 29d agoNEUTRALStrategy sells MSTR shares, buys back $25M in STRC preferred stock
Strategy has divested its holdings in MicroStrategy Incorporated (MSTR), raising $544.5 million. Concurrently, the firm repurchased $25 million of STRC preferred stock and increased its US dollar reserves to $3.75 billion. While the sale of MSTR shares indicates a shift in Strategy's portfolio, the substantial capital raised and reinvestment in STRC suggest a strategic reallocation rather than a negative outlook on MSTR itself. Investors should monitor Strategy's future investment decisions for further directional cues.
- 7/22/2026POSITIVEWall Street Won’t Give Up on Strategy, Sees 170% Upside
Despite a significant downturn in confidence across various markets, Wall Street analysts remain bullish on MicroStrategy Incorporated, with price targets suggesting an extraordinary upside potential of 170%. This sustained analyst optimism, even amidst broader market skepticism, indicates a strong conviction in the company's strategic direction and its Bitcoin holdings. Investors are watching closely to see if this analyst support can translate into tangible stock performance, potentially signaling a turning point for the company.
via Markets Gazette