Strategy - Public Comps and Valuation Multiples

Strategy Overview

About Strategy

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software.

Founded

1989

HQ

Employees

1.5K+

Website

strategy.com

Sectors

BI & Analytics Software
Productivity Software
Blockchain & Crypto
Asset Management
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $461M

LTM EBITDA $30.7M

EV

$106B

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Strategy Financials

As of August 2025, Strategy reported last 12-month revenue of $461M and EBITDA of $30.7M.

In the same period, Strategy generated $323M in LTM gross profit and $3.8B in net income.

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Strategy P&L

In the most recent fiscal year, Strategy reported revenue of $463M and EBITDA of -$1.9B.

Strategy expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$461M	XXX	$463M	XXX	XXX	XXX
Gross Profit	$323M	XXX	$334M	XXX	XXX	XXX
Gross Margin	70%	XXX	72%	XXX	XXX	XXX
EBITDA	$30.7M	XXX	-$1.9B	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-400%	XXX	XXX	XXX
EBIT	$3.0B	XXX	-$63.1M	XXX	XXX	XXX
EBIT Margin	642%	XXX	-14%	XXX	XXX	XXX
Net Profit	$3.8B	XXX	-$1.2B	XXX	XXX	XXX
Net Margin	818%	XXX	-252%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Strategy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $461M. EBITDA for the last twelve months was $30.7M. In the most recent fiscal year, Strategy achieved $463M in revenue and -$1.9B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$461M	Analyst estimates available to subscribers	$463M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$323M	Analyst estimates available to subscribers	$334M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	70.1% gross margin	Analyst estimates available to subscribers	72.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$30.7M	Analyst estimates available to subscribers	-$1.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.7% EBITDA margin	Analyst estimates available to subscribers	-400.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$3.0B	Analyst estimates available to subscribers	-$63.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	642.2% EBIT margin	Analyst estimates available to subscribers	-13.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$3.8B	Analyst estimates available to subscribers	-$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	817.7% net profit margin	Analyst estimates available to subscribers	-251.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$7.2B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Strategy

This financial data table provides comprehensive performance metrics for Strategy, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Strategy generated $461M in revenue over the last twelve months.
The company achieved $30.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $323M.
Net income over the last twelve months reached $3.8B.

Fiscal Year Performance

In the most recent fiscal year, Strategy reported $463M in total revenue.
Fiscal year EBITDA was -$1.9B.
The company maintained a gross profit margin of 72.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -400.2%.
Net profit margin reached -251.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Strategy. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Strategy Stock Performance

Strategy has current market cap of $95.0B, and EV of $106B.

Market Cap Evolution

Strategy Stock Data

As of September 18, 2025, Strategy's stock price is $335.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$106B	$95.0B	XXX	XXX	XXX	XXX	$20.08

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Strategy Valuation Multiples

Strategy's trades at 228.9x EV/Revenue multiple, and -57.2x EV/EBITDA.

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Strategy Financial Valuation Multiples

As of September 18, 2025, Strategy has market cap of $95.0B and EV of $106B.

Equity research analysts estimate Strategy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Strategy has a P/E ratio of 25.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$95.0B	XXX	$95.0B	XXX	XXX	XXX
EV (current)	$106B	XXX	$106B	XXX	XXX	XXX
EV/Revenue	230.3x	XXX	228.9x	XXX	XXX	XXX
EV/EBITDA	3449.7x	XXX	-57.2x	XXX	XXX	XXX
EV/EBIT	35.9x	XXX	-1680.6x	XXX	XXX	XXX
EV/Gross Profit	328.7x	XXX	n/a	XXX	XXX	XXX
P/E	25.2x	XXX	-81.4x	XXX	XXX	XXX
EV/FCF	-2001.4x	XXX	-4.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Strategy Margins & Growth Rates

Strategy's last 12 month revenue growth is 3%

Strategy's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.3M for the same period.

Strategy's rule of 40 is -10% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Strategy's rule of X is 13% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Strategy Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-400%	XXX	XXX	XXX
EBITDA Growth	30%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-10%	XXX	-398%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	13%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	30%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	26%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	86%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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