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FRed Flag

Strategy Inc(MSTR)

F

Financial data as of Dec 31, 2025Improving · Crypto Related

FCF Margin-4731.3%Free Cash Flow / Revenue
Cash Conversion1.7%Operating CF / Net Income
Free Cash Flow-$22.6B
Revenue$477.2M
Net Cash-$5.9BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio5.62Adequate short-term liquidity
YoY FCF Growth+82.8%0 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-1Negative FCF in 4 of last 4 quarters
→
-1Low cash conversion rate (2%)
→
+1Strong YoY FCF growth (82.8% YoY)
→
-1Only 0 positive quarters recently
→
FinalF

Analysis Summary

Strengths

  • Strong liquidity (current ratio: 5.62)
  • Strong YoY FCF growth (+82.8%)

Concerns

  • Negative FCF margin (-4731.3%)
  • Weak cash conversion (2%)
  • Net debt position ($5.9B)
  • Only 0 positive FCF quarters recently

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin-4731.3%
Net Margin-806.3%
Operating CF Margin-14.1%
CapEx Ratio4717.3%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$5.9BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio5.62Strong liquidity
Debt / Equity0.19Low leverage

Quarterly FCF Trend

+82.8% YoYImproving (+82.8%)

Free cash flow per quarter

Sector Comparison — Crypto Related

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameStrategy Inc
SectorCrypto Related
Free Cash Flow-$22.6B
Revenue$477.2M
Net Income-$3.8B
Operating Cash Flow-$67.2M
Capital Expenditure$22.5B
FCF Margin-4731.3%
Cash Conversion Rate1.7%
Net Margin-806.3%
Total Debt$8.2B
Total Cash$2.3B
Net Cash-$5.9B
Current Ratio5.62
Debt / Equity0.19
Debt / FCFN/A
YoY FCF Growth+82.8%
Positive Quarters0 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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