MSTR Class A Strategy Inc - Class A Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Feb 19, 2026MSTR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Aug. 8, 2024 | 10-for-1 | Forward |
| July 31, 2002 | 1-for-10 | Reverse |
| Jan. 27, 2000 | 2-for-1 | Forward |
About Strategy Inc - Class A Common Stock Company overview from Wikipedia
Strategy Inc., stylized as Strategy₿ and formerly known as MicroStrategy, is an American company that provides business intelligence (BI) and mobile software. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, the firm develops software to analyze internal and external data in order to make business decisions and to develop mobile apps. It is a public company headquartered in Tysons Corner, Virginia, in the Washington metropolitan area. Its primary business analytics competitors include SAP SE Business Objects, IBM Cognos, and Oracle Corporation's BI Platform. Saylor is the executive chairman and, from 1989 to 2022, was the CEO.
Since 2020, the company's securities are widely considered to be a bitcoin proxy due to Strategy's holdings of the cryptocurrency. Saylor has compared it to a bitcoin spot leveraged ETF, though it is not a regulated investment fund.
As of November 17, 2025, Strategy was reported to own over 650,000 bitcoins, worth roughly $59.69 billion, and is the largest corporate holder of the asset. This strategy has primarily been driven by Saylor.
History
Saylor started MicroStrategy in 1989 with a consulting contract from DuPont, which provided Saylor with $250,000 in start-up capital and office space in Wilmington, Delaware. Saylor was soon joined by company co-founder Sanju Bansal, whom he had met while the two were students at Massachusetts Institute of Technology (MIT). The company produced software for data mining and business intelligence using nonlinear mathematics, an idea inspired by a course on systems-dynamics theory that they took at MIT.
In 1992, MicroStrategy gained its first major client when it signed a $10 million contract with McDonald's. It increased revenues by 100% each year between 1990 and 1996. In 1994, the company's offices and its 50 employees moved from Delaware to Tysons Corner, Virginia.
On June 11, 1998, MicroStrategy became a public company via an initial public offering. The company sold 36 million shares of its common stock, each share priced at $6, under the stock ticker "MSTR" on the NASDAQ stock exchange.
In 2000, MicroStrategy founded Alarm.com as part of its research and development unit.
On March 20, 2000, after a review of its accounting practices, MicroStrategy announced that it would restate its financial results for the preceding two years. Its stock price, which had risen from $7 per share to as high as $333 per share in a year, lost $140 (62% of its value) in a day, in what is regarded as the bursting of the dot-com bubble.
Following MicroStrategy Inc.'s March 20, 2000 announcement that it had significantly overstated its 1998 and 1999 revenues, approximately two dozen class action securities fraud actions were filed in the United States District Court for the Eastern District of Virginia against MicroStrategy. In December 2000, the U.S. Securities and Exchange Commission brought charges against the company and its executives. A lawsuit was subsequently filed against MicroStrategy and certain of its officials over fraud. In December 2000, Saylor, Bansal, and the company's former CFO settled with the SEC without admitting wrongdoing, each paying $350,000 in fines. The officers also paid a combined total of $10 million in disgorgement. The company settled with the SEC, hiring an independent director to ensure regulatory compliance.
In February 2009, MicroStrategy sold Alarm.com to venture capital firm ABS Capital Partners for $27.7 million. The company introduced OLAP Services with a shared data set cache to accelerate reports and ad hoc queries. In 2010, the company began developing and deploying business intelligence software for mobile platforms, such as the iPhone and iPad.
In 2011, MicroStrategy expanded its offerings to include a cloud-based service, MicroStrategy Cloud.
In 2013, MicroStrategy sold Angel to Genesys Telecommunications Laboratories for $110 million.
In August 2022, the attorney general for the District of Columbia sued Saylor for tax fraud, accusing him of illegally avoiding more than $25 million in D.C. taxes by pretending to be a resident of other jurisdictions. MicroStrategy was accused of collaborating with Saylor to facilitate his tax evasion by misreporting his residential address to local and federal tax authorities and failing to withhold D.C. taxes. MicroStrategy said the case is "a personal tax matter involving Mr. Saylor" and called the claims against the company "false" and it would "defend aggressively against this overreach." In June 2024, Saylor and MicroStrategy reached a $40 million settlement agreement with the District of Columbia.
Saylor resigned as CEO effective August 8, 2022. Phong Le, who had been president, succeeded him. Saylor remains the executive chairman of MicroStrategy. In a press release announcing the transition, Saylor said that he would focus on the company's bitcoin acquisition strategy and that Phong would manage overall corporate operations.
Bitcoin purchases
In August 2020, MicroStrategy invested $250 million in bitcoin as a treasury reserve asset, citing declining returns from cash, a weakening dollar, and other global macroeconomic factors. The company went on to make several additional large purchases of bitcoin; on September 19, 2022, MicroStrategy and its subsidiaries held approximately 130,000 BTC, acquired at an aggregate purchase price of $3.98 billion at an average purchase price of $30,639 per bitcoin. Executive chairman Saylor has been described as working to "funnel nearly all of Strategy’s available funds" into Bitcoin.
On the company's quarterly earnings call on May 3, 2022, MicroStrategy CFO Phong Le stated that the company would face a margin call if bitcoin's price fell to about $21,000. A margin call would obligate the company to sell some of its bitcoin holdings. Le stated that the company could add more collateral to its loan to avoid such a situation. After bitcoin's price fell to about $20,800 in June 2022, the company said that it had not received a margin call and that it had enough capital to withstand further volatility. On December 22, 2022, MicroStrategy sold 704 BTC, which represented its first time selling any bitcoin, for an amount of around $11.8 million.
On September 25, 2023, MicroStrategy announced that, during the period between August 1, 2023, and September 24, 2023, MicroStrategy and its subsidiaries acquired 5,445 bitcoins for $147.3 million in cash, at an average price of $27,053 per bitcoin, inclusive of fees and expenses.
As of December 8, 2024, MicroStrategy was reported to own 423,650 bitcoins, worth $42.43 billion, and is the largest corporate holder of the asset. Like other cryptocurrency treasury firms, MicroStrategy doesn't give investors on-chain data that would allow public verification of its reserves. MicroStrategy purchased 149,880 bitcoins in the month beginning on November 11, 2024. On the strength of this asset, MicroStrategy was included in the Nasdaq-100 effective December 23, 2024.
A further 4,225 bitcoins were acquired between July 7–13, 2025 for $472.5M at an average price of $111,827 per Bitcoin.
Strategy has launched four credit instruments in the second and third quarter of 2025 worth $4 billion, with more to come. Michael Saylor told Bloomberg that these are high-yield perpetual securities aiming to reduce bitcoin volatility and risk for investors.
In late November 2025 Forbes reported that the shares of Strategy had dropped by 60% compared to the previous year, with its market capitalization down to $49 billion, which was below the value of the $56 billion in bitcoin it was holding at the same time. This was followed by a statement from Strategy CEO Phong Le about a potential sell of bitcoins by Strategy, which market observers saw as a contributing factor in a drop of bitcoin price below $86,000 in early December 2025.
Products
MicroStrategy 2020 is the latest platform release of the company's business intelligence software.
MicroStrategy 2019, the prior platform release, attempted to improve connectivity to data sources and applications and allow for easier mobile application development. it also offered Bluetooth identity detection and voice. The earlier suite of software, MicroStrategy 10, consisted of MicroStrategy Analytics, MicroStrategy Mobile, and Usher. MicroStrategy 10.10, released in December 2017, added MicroStrategy Workstation. It uses business intelligence and predictive analytics to search through and perform analytics on big data from a variety of sources, including data warehouses, Excel files, and Apache Hadoop distributions.
MicroStrategy Mobile, introduced in 2010, incorporates analytics capabilities to apps for iPhone, iPad, Android, and BlackBerry.
Usher is a digital credential and identity intelligence product for organizations to control digital and physical access. It replaces physical badges and passwords with secure digital badges, and generates information on user behavior and resource usage.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MSTR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -10.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MSTR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 68.7% | · | 77.2% | Weak | |
| Operating Margin (TTM) | -1140.8% | · | 27.6% | Weak | |
| EBITDA Margin (TTM) | -1135.5% | · | 27.6% | Weak | |
| Pretax Margin (TTM) | -1157.9% | · | 31.9% | Weak | |
| Net Profit Margin (TTM) | -806.3% | · | 25.5% | Weak | |
| ROA (TTM) | -8.8% | · | 11.0% | Weak | |
| ROE (TTM) | -12.3% | · | 22.1% | Weak | |
| ROIC | -7.2% | · | 12.9% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MSTR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | · | 0.4 | Low debt | |
| Current Ratio (MRQ) | 5.6 | · | 1.4 | Strong liquidity | |
| Quick Ratio | 5.5 | · | 0.8 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.2 | · | 0.3 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MSTR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.0% | · | · | · | |
| Revenue CAGR 3Y | -1.5% | · | · | · | |
| Revenue CAGR 5Y | -0.15% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MSTR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.6 | Weak | |
| Receivables Turnover | 2.5 | · | 5.8 | Weak | |
| Revenue / Employee | ≈$310.1K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 29, 2026 | $-24.77 | $-7.67 | -223.0% |
| March 31, 2026 | $-38.25 | $-4.39 | -770.4% | |
| Dec. 31, 2025 | $-42.93 | $3.03 | -1517.9% | |
| Sept. 30, 2025 | $8.42 | $8.31 | 1.3% | |
| June 30, 2025 | $32.60 | $-0.09 | 34929.1% | |
| March 31, 2025 | $6.54 | $-0.11 | 5928.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $477M | $463M | $496M | $499M | $511M | $481M | $486M | $498M | $504M | $514M | $530M | $580M | |
| Cost of Revenue | $149M | $129M | $110M | $103M | $92M | $91M | $100M | $99M | $97M | $93M | $101M | $135M | |
| Gross Profit | $328M | $334M | $386M | $396M | $419M | $390M | $386M | $398M | $407M | $420M | $429M | $445M | |
| R&D Expense | $94M | $118M | $121M | $127M | $117M | $104M | $109M | $102M | $79M | $73M | $65M | $103M | |
| SG&A Expense | $152M | $141M | $115M | $111M | $96M | $80M | $87M | $86M | $80M | $79M | $81M | $96M | |
| Operating Expenses | $5.77B | $2.19B | $501M | $1.67B | $1.20B | $403M | $387M | $394M | $334M | $311M | $295M | $440M | |
| Operating Income | $-5.44B | $-1.85B | $-115M | $-1.28B | $-785M | $-14M | $-1M | $4M | $73M | $110M | $134M | $5M | |
| Other Non-op | $-17M | $4M | $-5M | $6M | $2M | $-7M | $28M | $5M | $-7M | $3M | $4M | $6M | |
| Pretax Income | $-5.53B | $-1.93B | $-125M | $-1.32B | $-811M | $-20M | $38M | $20M | $71M | $115M | $138M | $11M | |
| Income Tax | $-1.68B | $-768M | $-554M | $147M | $-276M | $-12M | $4M | $-2M | $53M | $23M | $32M | $6M | |
| Net Income | $-3.85B | $-1.17B | $429M | $-1.47B | $-535M | $-8M | $34M | $23M | $18M | $92M | $106M | $5M | |
| EPS (Basic) | $-15.23 | $-6.06 | $3.14 | $-12.98 | $-53.44 | $-0.78 | $3.35 | $1.98 | $1.59 | $8.07 | $9.33 | $0.45 | |
| EPS (Diluted) | $-15.23 | $-6.06 | $2.64 | $-12.98 | $-53.44 | $-0.78 | $3.33 | $1.97 | $1.58 | $8.01 | $9.18 | $0.44 | |
| Shares (Basic) | 277,660,000 | 192,549,000 | 136,706,000 | 113,209,000 | 10,020,000 | 9,684,000 | 10,256,000 | 11,375,000 | 11,444,000 | 11,425,000 | 11,355,000 | 11,301,000 | |
| Shares (Diluted) | 277,660,000 | 192,549,000 | 165,662,000 | 113,209,000 | 10,020,000 | 9,684,000 | 10,328,000 | 11,412,000 | 11,547,000 | 11,516,000 | 11,539,000 | 11,356,000 | |
| EBITDA | $-5.42B | $-1.84B | $-101M | $-1.26B | $-773M | $-293.0K | $16M | $8M | $87M | $125M | $155M | $30M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.30B | $38M | $47M | $44M | $63M | $60M | $457M | $110M | $420M | $402M | $292M | $147M | |
| Short-term Investments | · | · | · | $0 | $0 | $0 | $109M | $466M | $255M | $187M | $193M | $199M | |
| Receivables | $206M | $181M | $184M | $189M | $189M | $197M | $164M | $171M | $165M | $83M | $68M | $79M | |
| Prepaid Expense | $55M | $31M | $35M | $24M | $14M | $14M | $23M | $30M | $19M | $12M | $11M | $18M | |
| Current Assets | $2.56B | $252M | $268M | $265M | $268M | $273M | $753M | $778M | $861M | $685M | $565M | $462M | |
| PP&E (Net) | $29M | $26M | $29M | $32M | $37M | $43M | $50M | $52M | $53M | $57M | $66M | $78M | |
| PP&E (Gross) | $147M | $160M | $159M | $158M | $159M | $162M | $159M | $156M | $155M | $158M | $163M | $171M | |
| Accum. Depreciation | $118M | $133M | $130M | $125M | $123M | $119M | $109M | $104M | $101M | $100M | $97M | $93M | |
| Total Assets | $61.64B | $25.84B | $4.76B | $2.41B | $3.56B | $1.47B | $917M | $856M | $933M | $768M | $657M | $559M | |
| Accounts Payable | · | · | · | · | · | · | · | $34M | $31M | $37M | $32M | $35M | |
| Current Liabilities | $456M | $355M | $323M | $317M | $312M | $286M | $270M | $258M | $271M | $185M | $173M | $197M | |
| Capital Leases | $46M | $56M | $61M | $67M | $77M | $84M | $103M | $0 | · | · | · | · | |
| Deferred Tax | $1.93B | $407.0K | $357.0K | $198.0K | $109.0K | $8M | $26.0K | $37.0K | $4.0K | $294.0K | $17.0K | $4M | |
| Other Non-current Liabilities | $5M | $5M | $22M | $17M | $26M | $33M | $30M | $61M | $50M | $16M | $20M | $23M | |
| Total Liabilities | $10.60B | $7.61B | $2.60B | $2.79B | $2.58B | $913M | $408M | $326M | $327M | $216M | $202M | $234M | |
| Long-term Debt | $8.19B | $7.19B | $2.18B | $2.38B | $2.16B | · | · | · | · | · | · | · | |
| Total Debt | $8.19B | $7.19B | $2.18B | $2.38B | $2.16B | · | · | · | · | · | · | · | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | · | · | $507M | |
| Retained Earnings | $6.32B | $-2.17B | $-999M | $-1.43B | $41M | $576M | $583M | $549M | $527M | $494M | $403M | $297M | |
| Treasury Stock | · | $0 | $782M | $782M | $782M | $782M | $659M | $586M | $475M | $475M | $475M | $475M | |
| AOCI | $-5M | $-15M | $-11M | $-14M | $-8M | $-4M | $-10M | $-10M | $-6M | $-11M | $-7M | $-4M | |
| Stockholders' Equity | $44.12B | $18.23B | $2.16B | $-383M | $979M | $446M | $509M | $530M | $606M | $566M | $455M | $324M | |
| Liabilities + Equity | $61.64B | $25.84B | $4.76B | $2.41B | $3.56B | $1.47B | $917M | $856M | $933M | $768M | $657M | $559M |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $18M | $15M | $11M | $11M | $13M | $9M | $4M | $16M | $20M | $21M | $25M | |
| Stock-based Comp | $53M | $77M | $70M | $64M | $44M | $11M | $10M | $15M | $14M | $12M | $17M | $12M | |
| Deferred Tax | $-1.68B | $-768M | $-569M | $125M | $-279M | $-21M | $-3M | $-8M | $-4M | $-4M | $10M | $-1M | |
| Restructuring | · | · | · | · | · | · | · | $0 | $0 | $45.0K | $279.0K | $15M | |
| Other Non-cash | $5.39B | $1.79B | $68M | $1.27B | $853M | $58M | $2M | $-22M | $36M | $-4M | $-4M | $-26M | |
| Operating Cash Flow | $-67M | $-53M | $13M | $3M | $94M | $54M | $61M | $11M | $78M | $111M | $150M | $15M | |
| CapEx | $8M | $3M | $3M | $2M | $3M | $4M | $10M | $7M | $4M | $2M | $3M | $12M | |
| Investing Cash Flow | $-22.51B | $-22.09B | $-1.91B | $-279M | $-2.63B | $-1.02B | $354M | $-209M | $-70M | $4M | $-8M | $-82M | |
| Stock Issued | $16.27B | $16.36B | $2.03B | $47M | $1.00B | $0 | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | $0 | $0 | $123M | $73M | $111M | $0 | $0 | · | · | |
| Net Stock Activity | $16.27B | $16.36B | $2.03B | $47M | $0 | $-123M | $-73M | $-111M | · | · | · | · | |
| Dividends Paid | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Financing Cash Flow | $24.84B | $22.13B | $1.89B | $265M | $2.54B | $563M | $-66M | $-109M | $2M | $-1M | $9M | $-1M | |
| Net Change in Cash | $2.26B | $-9M | $-2M | $-14M | $4M | $-397M | $347M | $-310M | $18M | $110M | $145M | $-73M | |
| Taxes Paid | $13M | $1M | $30M | $22M | $7M | $7M | $6M | $13M | $29M | $24M | $13M | $6M | |
| Free Cash Flow | $-75M | $-56M | $10M | $725.0K | $91M | $50M | $51M | $4M | $74M | $108M | $146M | $2M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.7% | 72.1% | 77.8% | 79.4% | 82.0% | 81.1% | 79.4% | 80.0% | 80.8% | 81.8% | 80.9% | 76.7% | |
| Operating Margin | -1140.8% | -399.8% | -23.2% | -255.5% | -153.6% | -2.8% | -0.21% | 0.80% | 14.7% | 21.0% | 25.3% | 0.88% | |
| Net Margin | -806.3% | -251.7% | 86.5% | -294.4% | -104.8% | -1.6% | 7.1% | 4.5% | 3.5% | 17.8% | 20.0% | 0.87% | |
| Pretax Margin | -1157.9% | -417.4% | -25.1% | -264.9% | -158.9% | -4.2% | 7.9% | 4.1% | 14.4% | 22.1% | 26.0% | 1.9% | |
| EBITDA Margin | -1135.5% | -396.0% | -20.3% | -253.4% | -151.4% | -0.06% | 3.2% | 1.5% | 17.2% | 24.4% | 29.3% | 5.2% | |
| ROA | -8.8% | -6.8% | 12.0% | -49.3% | -21.3% | -0.63% | 3.9% | 2.5% | 2.2% | 12.8% | 17.4% | 0.88% | |
| ROE | -8.4% | -10.6% | 28.6% | 503.9% | -74.4% | -1.6% | 6.7% | 3.9% | 3.0% | 18.1% | 27.2% | 1.6% | |
| ROIC | -7.2% | -4.4% | 9.1% | -71.0% | -16.5% | -0.93% | -0.18% | 0.83% | 3.1% | 15.7% | 22.6% | 0.72% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.6 | 0.7 | 0.8 | 0.8 | 0.9 | 1.0 | 2.8 | 3.0 | 4.1 | 3.7 | 3.3 | 2.3 | |
| Quick Ratio | 5.5 | 0.6 | 0.7 | 0.7 | 0.8 | 0.9 | 2.7 | 2.9 | 4.0 | 3.6 | 3.2 | 2.1 | |
| Debt / Equity | 0.2 | 0.4 | 1.0 | -6.2 | 2.2 | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.2 | 0.4 | 1.0 | -6.2 | 2.2 | · | · | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 | 0.6 | 0.6 | 0.7 | 0.9 | 1.0 | |
| Receivables Turnover | 2.5 | 2.5 | 2.7 | 2.6 | 2.6 | 2.7 | 2.9 | 3.0 | 6.6 | 6.8 | 7.2 | 7.0 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $1.72 | $2.41 | $29.96 | $44.10 | $50.97 | $49.64 | $47.09 | $43.61 | $43.69 | $44.47 | $45.92 | $51.06 | |
| Cash Flow / Share | $-0.24 | $-0.28 | $0.77 | $0.28 | $9.36 | $5.54 | $5.89 | $0.93 | $6.78 | $9.60 | $12.97 | $1.29 | |
| EPS (TTM) | $-15.23 | $-6.06 | $2.64 | $-12.98 | $-53.44 | $-0.78 | $3.33 | $1.97 | $1.58 | $8.01 | $9.18 | $0.44 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.0% | -6.6% | -0.60% | -2.2% | 6.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.5% | -3.2% | 1.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -0.15% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $477M | $463M | $496M | $499M | $511M | $481M | $486M | $498M | $504M | $514M | $530M | $580M | |
| Net Income TTM | $-3.85B | $-1.17B | $429M | $-1.47B | $-535M | $-8M | $34M | $23M | $18M | $92M | $106M | $5M | |
| P/E | -10.0 | -47.8 | 23.9 | -1.1 | -1.0 | -49.8 | 4.3 | 6.5 | 8.3 | 2.5 | 2.0 | 36.9 | |
| Earnings Yield | -10.0% | -2.1% | 4.2% | -91.7% | -98.2% | -2.0% | 23.4% | 15.4% | 12.0% | 40.6% | 51.2% | 2.7% | |
| Annual Payout | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Income Statement
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123M | $129M | $114M | $111M | $121M | $116M | $111M | $115M | $124M | $129M | $120M | $122M | $133M | $125M | $122M | $119M | |
| Cost of Revenue | $42M | $38M | $36M | $34M | $34M | $34M | $31M | $30M | $28M | $27M | $27M | $28M | $27M | $25M | $25M | $26M | |
| Gross Profit | $81M | $91M | $79M | $77M | $87M | $82M | $81M | $85M | $96M | $103M | $93M | $94M | $106M | $100M | $97M | $94M | |
| R&D Expense | $23M | $23M | $24M | $24M | $26M | $33M | $30M | $29M | $30M | $30M | $29M | $31M | $32M | $30M | $32M | $34M | |
| SG&A Expense | $37M | $38M | $36M | $41M | $36M | $34M | $36M | $35M | $29M | $29M | $29M | $28M | $29M | $27M | $29M | $27M | |
| Operating Expenses | $17.53B | $-3.80B | $-13.95B | $6.00B | $1.10B | $514M | $281M | $289M | $139M | $128M | $120M | $114M | $300M | $94M | $1.01B | $264M | |
| Operating Income | $-17.45B | $3.89B | $14.03B | $-5.92B | $-1.02B | $-433M | $-200M | $-204M | $-43M | $-25M | $-27M | $-20M | $-194M | $6M | $-918M | $-170M | |
| Other Non-op | $-4M | $-716.0K | $-8M | $-4M | $6M | $-5M | $694.0K | $2M | $-6M | $2M | $-250.0K | $-1M | $-6M | $5M | $5M | $2M | |
| Pretax Income | $-17.46B | $3.87B | $14.01B | $-5.94B | $-1.03B | $-479M | $-215M | $-214M | $-61M | $-34M | $-38M | $8M | $-214M | $-3M | $-926M | $-179M | |
| Income Tax | $-5.02B | $1.09B | $3.98B | $-1.73B | $-356M | $-139M | $-112M | $-161M | $-150M | $110M | $-60M | $-453M | $35M | $24M | $136M | $-48M | |
| Net Income | $-12.44B | $2.79B | $10.02B | $-4.22B | $-671M | $-340M | $-103M | $-53M | $89M | $-143M | $22M | $461M | $-250M | $-27M | $-1.06B | $-131M | |
| EPS (Basic) | $-44.27 | $9.30 | $36.23 | $-16.49 | $-3.46 | $-1.72 | $-0.57 | $-0.31 | $-36.50 | $-1.01 | $1.68 | $38.97 | $95.00 | $-2.39 | $-94.01 | $-11.58 | |
| EPS (Diluted) | $-39.76 | $8.42 | $32.60 | $-16.49 | $-3.46 | $-1.72 | $-0.57 | $-0.31 | $-29.66 | $-1.01 | $1.52 | $31.79 | $95.00 | $-2.39 | $-94.01 | $-11.58 | |
| Shares (Basic) | · | 284,376,000 | 275,244,000 | 256,473,000 | · | 197,273,000 | 178,607,000 | 171,942,000 | · | 142,214,000 | 13,247,000 | 11,834,000 | · | 11,308,000 | 11,300,000 | 11,289,000 | |
| Shares (Diluted) | · | 315,393,000 | 306,764,000 | 256,473,000 | · | 197,273,000 | 178,607,000 | 171,942,000 | · | 142,214,000 | 16,095,000 | 14,575,000 | · | 11,308,000 | 11,300,000 | 11,289,000 | |
| EBITDA | · | $3.89B | $14.03B | $-5.91B | · | $-433M | $-200M | $-201M | · | $-25M | $-27M | $-17M | · | $6M | $-918M | $-167M |
Balance Sheet
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.30B | $54M | $50M | $60M | $38M | $46M | $67M | $81M | · | $45M | $66M | $94M | · | $60M | $69M | $93M | |
| Receivables | $206M | $113M | $118M | $105M | $181M | $107M | $112M | $115M | · | $129M | $122M | $139M | · | $110M | $119M | $127M | |
| Prepaid Expense | $55M | $44M | $43M | $37M | $31M | $31M | $27M | $43M | · | $24M | $20M | $24M | · | $25M | $25M | $21M | |
| Current Assets | $2.56B | $214M | $213M | $204M | $252M | $186M | $208M | $242M | · | $200M | $210M | $260M | · | $202M | $220M | $247M | |
| PP&E (Net) | $29M | $30M | $30M | $28M | $26M | $28M | $28M | $29M | · | $30M | $31M | $31M | · | $33M | $35M | $36M | |
| PP&E (Gross) | $147M | · | · | · | $160M | · | · | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $118M | · | · | · | $133M | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $61.64B | $73.62B | $64.77B | $43.92B | $25.84B | $8.34B | $7.05B | $6.35B | $4.76B | $3.37B | $3.36B | $3.03B | · | $2.55B | $2.57B | $3.64B | |
| Current Liabilities | $456M | $324M | $315M | $309M | $355M | $288M | $446M | $310M | · | $268M | $273M | $312M | · | $261M | $274M | $305M | |
| Capital Leases | $46M | $48M | $51M | $54M | $56M | $57M | $57M | $58M | · | $60M | $64M | $65M | · | $69M | $72M | $74M | |
| Deferred Tax | $1.93B | $6.95B | $5.87B | $1.88B | $407.0K | $357.0K | $357.0K | $357.0K | · | $198.0K | $198.0K | $198.0K | · | $0 | $105.0K | $109.0K | |
| Other Non-current Liabilities | $5M | $5M | $5M | $4M | $5M | $6M | $6M | $18M | · | $18M | $18M | $18M | · | $30M | $26M | $26M | |
| Total Liabilities | $10.60B | $15.50B | $14.40B | $10.39B | $7.61B | $4.57B | $4.22B | $3.95B | · | $2.53B | $2.54B | $2.58B | · | $2.75B | $2.76B | $2.78B | |
| Long-term Debt | $8.19B | $8.17B | $8.16B | $8.14B | $7.19B | $4.21B | $3.85B | $3.56B | · | $2.18B | $2.18B | $2.18B | · | $2.38B | $2.37B | $2.36B | |
| Total Debt | · | $8.17B | $8.16B | $8.14B | · | $4.21B | $3.85B | $3.56B | · | $2.18B | $2.18B | $2.18B | · | $2.38B | $2.37B | $2.36B | |
| Retained Earnings | $6.32B | $18.95B | $16.32B | $6.35B | $-2.17B | $-1.50B | $-1.15B | $-1.05B | · | $-1.09B | $-945M | $-967M | · | $-1.18B | $-1.15B | $-89M | |
| Treasury Stock | · | · | · | · | · | $782M | $782M | $782M | · | $782M | $782M | $782M | · | $782M | $782M | $782M | |
| AOCI | $-5M | $-5M | $-5M | $-12M | $-15M | $-10M | $-14M | $-13M | · | $-15M | $-13M | $-13M | · | $-18M | $-14M | $-10M | |
| Stockholders' Equity | $44.12B | $52.33B | $47.48B | $32.22B | $18.23B | $3.77B | $2.83B | $2.40B | $2.16B | $840M | $819M | $443M | $-383M | $-200M | $-187M | $863M | |
| Liabilities + Equity | $61.64B | $73.62B | $64.77B | $43.92B | $25.84B | $8.34B | $7.05B | $6.35B | · | $3.37B | $3.36B | $3.03B | · | $2.55B | $2.57B | $3.64B |
Cash Flow
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $4M | $9M | $7M | $5M | $6M | $4M | $3M | $5M | $3M | $3M | $3M | $4M | $2M | $2M | $3M | |
| Stock-based Comp | $10M | $15M | $16M | $12M | $19M | $19M | $21M | $18M | $20M | $17M | $15M | $18M | $17M | $17M | $15M | $14M | |
| Other Non-cash | · | · | · | $4.20B | · | · | · | $61M | · | · | · | $-445M | · | · | · | $157M | |
| Operating Cash Flow | $-22M | $-8M | $-35M | $-2M | $-17M | $-41M | $-23M | $29M | $1M | $-7M | $-18M | $37M | $-18M | $-1M | $-21M | $44M | |
| CapEx | $584.0K | $3M | $2M | $3M | $284.0K | $426.0K | $723.0K | $2M | $347.0K | $1M | $639.0K | $499.0K | $635.0K | $332.0K | $878.0K | $641.0K | |
| Investing Cash Flow | $-3.09B | $-4.96B | $-6.79B | $-7.67B | $-18.08B | $-1.58B | $-795M | $-1.64B | $-1.21B | $-163M | $-348M | $-180M | $-45M | $-6M | $-11M | $-216M | |
| Stock Issued | $4.41B | $2.20B | $5.26B | $4.41B | $15.12B | $1.11B | $0 | $138M | $1.21B | $148M | $335M | $341M | $47M | $0 | $0 | $0 | |
| Net Stock Activity | · | · | · | $4.41B | · | · | · | $138M | · | · | · | $341M | · | · | · | · | |
| Financing Cash Flow | $5.37B | $4.97B | $6.81B | $7.69B | $18.09B | $1.59B | $803M | $1.65B | $1.21B | $150M | $338M | $188M | $45M | $2M | $11M | $207M | |
| Net Change in Cash | $2.25B | $4M | $-10M | $22M | $-8M | $-21M | $-15M | $35M | $2M | $-21M | $-28M | $46M | $-16M | $-9M | $-23M | $35M | |
| Free Cash Flow | · | · | · | $-5M | · | · | · | $27M | · | · | · | $37M | · | · | · | $43M |
Profitability
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 70.5% | 68.8% | 69.4% | · | 70.4% | 72.2% | 74.0% | · | 79.4% | 77.5% | 77.1% | · | 79.8% | 79.3% | 78.5% | |
| Operating Margin | · | 3023.4% | 12256.3% | -5331.4% | · | -372.7% | -179.7% | -176.8% | · | -19.5% | -22.2% | -16.7% | · | 4.8% | -752.1% | -142.5% | |
| Net Margin | · | 2164.1% | 8752.8% | -3797.2% | · | -293.1% | -92.0% | -46.1% | · | -110.8% | 18.5% | 378.3% | · | -21.6% | -870.2% | -109.6% | |
| Pretax Margin | · | 3008.2% | 12233.4% | -5350.4% | · | -412.4% | -193.0% | -185.6% | · | -26.1% | -31.6% | 6.6% | · | -2.5% | -758.7% | -149.9% | |
| EBITDA Margin | · | 3023.4% | 12256.3% | -5325.5% | · | -372.7% | -179.7% | -174.1% | · | -19.5% | -22.2% | -13.8% | · | 4.8% | -752.1% | -140.2% | |
| ROA | · | 6.8% | 27.9% | -16.8% | · | -5.8% | -2.0% | -1.1% | · | -4.9% | 0.75% | 13.8% | · | -0.98% | -40.9% | -4.3% | |
| ROE | · | 9.9% | 39.8% | -24.4% | · | -14.8% | -5.6% | -3.7% | · | -44.8% | 7.0% | 70.6% | · | -20.8% | 1937.6% | -21.3% | |
| ROIC | · | 4.6% | 18.0% | -10.4% | · | -3.9% | -1.4% | -0.85% | · | -3.5% | 0.52% | -44.7% | · | 2.4% | -48.1% | -3.9% |
Liquidity & Solvency
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 0.7 | 0.7 | 0.7 | · | 0.6 | 0.5 | 0.8 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.8 | |
| Quick Ratio | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.4 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.7 | |
| Debt / Equity | · | 0.2 | 0.2 | 0.3 | · | 1.1 | 1.4 | 1.5 | · | 2.6 | 2.7 | 4.9 | · | -11.9 | -12.7 | 2.7 | |
| LT Debt / Equity | · | 0.2 | 0.2 | 0.3 | · | 1.1 | 1.3 | 1.5 | · | 2.6 | 2.7 | 4.9 | · | -11.9 | -12.7 | 2.7 |
Efficiency
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | · | 1.2 | 1.0 | 1.0 | · | 1.0 | 1.0 | 0.9 | · | 1.1 | 1.0 | 0.9 | · | 1.1 | 1.0 | 0.9 |
Per Share
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | · | $0.41 | $0.37 | $0.43 | · | $0.59 | $6.24 | $6.70 | · | $9.10 | $7.48 | $8.36 | · | $11.09 | $10.80 | $10.57 | |
| Cash Flow / Share | · | · | · | $-0.01 | · | · | · | $1.66 | · | · | · | $2.57 | · | · | · | $3.87 | |
| EPS (TTM) | · | $21.07 | · | · | · | $-32.26 | $-31.55 | $-29.46 | · | $127.30 | $125.92 | $30.39 | · | $-115.70 | $-116.92 | $-53.62 |
Valuation (TTM)
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $475M | · | · | · | $467M | $481M | $490M | · | $504M | $500M | $502M | · | $501M | $504M | $507M | |
| Net Income TTM | · | $7.92B | · | · | · | $-407M | $-210M | $-85M | · | $90M | $207M | $-878M | · | $-1.31B | $-1.32B | $-556M | |
| P/E | · | 15.3 | · | · | · | -5.2 | -4.4 | -5.8 | · | 0.3 | 0.3 | 1.0 | · | -0.2 | -0.1 | -0.9 | |
| Earnings Yield | · | 6.5% | · | · | · | -19.1% | -22.9% | -17.3% | · | 387.8% | 367.7% | 104.0% | · | -545.1% | -711.6% | -110.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Revenue | $477M | $463M | · | · | · |
| Gross Margin % | 68.7% | 72.1% | · | · | · |
| Operating Margin % | -1140.8% | -399.8% | · | · | · |
| Net Income | $-3.85B | $-1.17B | · | · | · |
| Diluted EPS | $-15.23 | $-6.06 | · | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.4 | · | · | · |
| Current Ratio | 5.6 | 0.7 | · | · | · |
| Quick Ratio | 5.5 | 0.6 | · | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-75M | $-56M | · | · | · |
Institutional owners (13F) 1,085 filers · $43.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 137 (-30 vs prior Q) | 172 (+8 vs prior Q) | 412 (-64 vs prior Q) | 312 (+17 vs prior Q) | +27.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $3,656,355,527 | 24,062,886 | 8.50% | Shares |
| Capital International Investors | $3,034,130,047 | 34,902,002 | 7.06% | Shares |
| CLEAR STREET LLC | $2,414,049,837 | 5,971,971 | 5.61% | Shares |
| Toroso Investments, LLC | $2,220,931,590 | 14,616,200 | 5.16% | Call option |
| WOLVERINE TRADING, LLC | $1,864,249,904 | 5,711,200 | 4.33% | Call option |
| BlackRock, Inc. | $1,685,945,111 | 19,394,284 | 3.92% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,425,469,447 | 16,397,900 | 3.31% | Put option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,334,671,757 | 15,353,408 | 3.10% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,298,612,411 | 14,938,599 | 3.02% | Shares |
| CITADEL ADVISORS LLC | $1,106,905,769 | 12,733,300 | 2.57% | Put option |
| JANE STREET GROUP, LLC | $1,079,227,257 | 12,414,900 | 2.51% | Put option |
| WOLVERINE TRADING, LLC | $1,072,354,984 | 3,285,200 | 2.49% | Put option |
| CITADEL ADVISORS LLC | $1,066,100,827 | 12,263,900 | 2.48% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,062,188,977 | 12,218,900 | 2.47% | Call option |
| JANE STREET GROUP, LLC | $1,041,386,628 | 11,979,600 | 2.42% | Call option |
| CTC LLC | $1,002,407,216 | 115,312 | 2.33% | Call option |
| CTC LLC | $814,638,416 | 93,712 | 1.89% | Put option |
| Invesco Ltd. | $811,985,528 | 9,340,682 | 1.89% | Shares |
| MORGAN STANLEY | $811,096,588 | 9,330,454 | 1.89% | Shares |
| STATE STREET CORP | $654,370,878 | 7,527,561 | 1.52% | Shares |
| CLEAR STREET LLC | $550,561,260 | 1,362,000 | 1.28% | Put option |
| GOLDMAN SACHS GROUP INC | $505,077,319 | 5,810,162 | 1.17% | Shares |
| UBS Group AG | $429,730,719 | 4,943,411 | 1.00% | Shares |
| GOLDMAN SACHS GROUP INC | $411,683,094 | 4,735,800 | 0.96% | Put option |
| GEODE CAPITAL MANAGEMENT, LLC | $399,295,885 | 4,606,751 | 0.93% | Shares |
| Capital World Investors | $374,760,224 | 4,310,934 | 0.87% | Shares |
| NORGES BANK | $345,935,849 | 3,979,476 | 0.80% | Shares |
| Harvest Portfolios Group Inc. | $271,389,114 | 3,121,927 | 0.63% | Shares |
| Capital Research Global Investors | $260,251,581 | 2,993,437 | 0.61% | Shares |
| JANE STREET GROUP, LLC | $232,765,680 | 2,677,622 | 0.54% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $221,992,446 | 2,553,692 | 0.52% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $219,144,445 | 2,520,930 | 0.51% | Shares |
| Point72 Europe (London) LLP | $202,992,300 | 630,000 | 0.47% | Call option |
| Toroso Investments, LLC | $198,461,895 | 1,306,100 | 0.46% | Put option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $196,401,505 | 1,573,730 | 0.46% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $182,061,411 | 2,094,345 | 0.42% | Shares |
| WELLS FARGO & COMPANY/MN | $173,360,428 | 1,994,253 | 0.40% | Shares |
| NORTHERN TRUST CORP | $159,216,990 | 1,831,554 | 0.37% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $156,110,198 | 1,795,815 | 0.36% | Shares |
| Belvedere Trading LLC | $144,755,836 | 1,665,200 | 0.34% | Put option |
| Toroso Investments, LLC | $142,958,663 | 940,827 | 0.33% | Shares |
| LMR Partners LLP | $142,104,471 | 1,634,700 | 0.33% | Put option |
| D. E. Shaw & Co., Inc. | $141,061,311 | 1,622,700 | 0.33% | Call option |
| Clear Street Group Inc. | $135,173,368 | 1,554,968 | 0.31% | Shares |
| WELLS FARGO & COMPANY/MN | $132,324,846 | 1,522,200 | 0.31% | Put option |
| PEAK6 LLC | $128,021,811 | 1,472,700 | 0.30% | Put option |
| Marex Group Ltd | $127,928,709 | 1,471,629 | 0.30% | Shares |
| Legal & General Group Plc | $123,526,400 | 1,420,987 | 0.29% | Shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | $119,276,653 | 1,372,100 | 0.28% | Put option |
| Belvedere Trading LLC | $119,120,179 | 1,370,300 | 0.28% | Call option |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Apex Capital, LLC, Sanford J. Colen ×3 filings | Nov. 6, 2014 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 27 insiders · 16 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Phong Le | President & CEO | June 8, 2026 M | 126,323 | 2 | 15 | $-11,807,592 |
| Andrew Kang | EVP & CFO | June 8, 2026 M | 71,044 | 0 | 18 | $-6,022,437 |
| Douglas King Thede | Senior EVP & CFO | Sept. 5, 2013 A | · | 0 | 0 | $0 |
| Paul N Zolfaghari | President | Sept. 5, 2013 A | 166 | 0 | 0 | $0 |
| Jonathan F Klein | President & CLO | Sept. 5, 2013 A | 0 | 0 | 0 | $0 |
| BANSAL SANJU K | Vice Chairman, EVP and COO | Sept. 10, 2010 S | 0 | 0 | 0 | $0 |
| Wei-Ming Shao | SEVP & General Counsel | Aug. 23, 2024 M | 6,460 | 0 | 0 | $0 |
| Jeanine Montgomery | SVP & CAO | June 17, 2024 M | 567 | 0 | 0 | $0 |
| SAYLOR MICHAEL J | Executive Chairman | April 25, 2024 M | 0 | 0 | 0 | $0 |
| Timothy Edwin Lang | SEVP & CTO | Feb. 9, 2023 M | 2,882 | 0 | 0 | $0 |
| Kevin Adkisson | SEVP & CRO | Nov. 15, 2022 M | 259 | 0 | 0 | $0 |
| David J Rennyson | SEVP, Worldwide Sales | Feb. 8, 2018 A | · | 0 | 0 | $0 |
| Stephen H. Holdridge | SEVP, Worldwide Services | Nov. 14, 2017 A | · | 0 | 0 | $0 |
| Marcus H Starke | SEVP & Chief Marketing Officer | May 4, 2014 A | · | 0 | 0 | $0 |
| Peng Xiao | Senior EVP & CTO | Sept. 5, 2013 A | · | 0 | 0 | $0 |
| Eduardo S Sanchez | VP, Worldwide Sales | March 1, 2006 M | 842 | 0 | 0 | $0 |
| Brian P Brooks | Director | May 31, 2026 A | 1,092 | 0 | 0 | $0 |
| Gregg Winiarski | Director | May 31, 2026 A | 1,092 | 0 | 0 | $0 |
| Jane A Dietze | Director | May 31, 2026 A | 1,092 | 0 | 0 | $0 |
| Stephen X Graham | Director | May 31, 2026 A | 8,356 | 0 | 0 | $0 |
| Carl J Rickertsen | Director | Aug. 13, 2024 M | 0 | 0 | 0 | $0 |
| Leslie J Rechan | Director | May 31, 2024 A | 497 | 0 | 0 | $0 |
| Robert H Epstein | Director | May 31, 2017 A | 0 | 0 | 0 | $0 |
| Thomas P Spahr | Director | Nov. 15, 2011 S | 10,500 | 0 | 0 | $0 |
| Jarrod M Patten | · | Aug. 7, 2026 M | 28,406 | 0 | 5 | $-761,483 |
| Adam M Mcdonald | · | Aug. 29, 2008 M | 0 | 0 | 0 | $0 |
| Arthur S Locke III | · | Dec. 9, 2005 M | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 73 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CEPI · ETF Opportunities Trust | 4.80% | 56,694 NS | July 31, 2026 | N-PORT |
| PFF · iShares Trust | 4.77% | 6,412,768 SH | Sept. 11, 2026 | Daily |
| LFGY · Tidal Trust II | 2.98% | 29,160 NS | July 31, 2026 | N-PORT |
| ULTY · Tidal Trust II | 2.73% | 217,000 NS | July 31, 2026 | N-PORT |
| SATO · Invesco Exchange-Traded Fund Trust … | 2.53% | 1,340 SH | Oct. 5, 2026 | Daily |
| IGV · iShares Trust | 1.46% | 1,514,110 SH | Sept. 11, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.85% | 77,585 SH | Oct. 5, 2026 | Daily |
| QNXT · iShares Trust | 0.81% | 1,730 SH | Sept. 11, 2026 | Daily |
| IMCV · iShares Trust | 0.60% | 53,883 SH | Sept. 11, 2026 | Daily |
| QQQE · Direxion Shares ETF Trust | 0.60% | 85,439 NS | July 31, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.50% | 2,125,006 SH | Aug. 19, 2026 | Daily |
| VLUE · iShares Trust | 0.49% | 362,622 SH | Sept. 11, 2026 | Daily |
| BLOX · Tidal Trust II | 0.43% | 13,084 NS | July 31, 2026 | N-PORT |
| FOWF · Pacer Funds Trust | 0.35% | 589 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.33% | 12,644 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.32% | 3,796,168 SH | Aug. 19, 2026 | Daily |
| IMCB · iShares Trust | 0.30% | 38,739 SH | Sept. 11, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.28% | 7,169,034 SH | Aug. 19, 2026 | Daily |
| EUSA · iShares, Inc. | 0.25% | 37,427 SH | Sept. 11, 2026 | Daily |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0.24% | 1,682,083 SH | Oct. 5, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 0.24% | 7,610,532 SH | Oct. 5, 2026 | Daily |
| IYW · iShares Trust | 0.21% | 405,170 SH | Sept. 11, 2026 | Daily |
| IGM · iShares Trust | 0.19% | 156,451 SH | Sept. 11, 2026 | Daily |
| IWX · iShares Trust | 0.16% | 47,323 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.15% | 4,854 SH | Sept. 11, 2026 | Daily |
| QRMI · Global X Funds | 0.15% | 224 NS | July 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 0.14% | 7,643 SH | Sept. 11, 2026 | Daily |
| PTNQ · Pacer Funds Trust | 0.14% | 18,314 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 0.14% | 2,412 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.14% | 760 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 0.14% | 114 NS | July 31, 2026 | N-PORT |
| QYLD · Global X Funds | 0.14% | 118,054 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 0.14% | 48 NS | July 31, 2026 | N-PORT |
| USXF · iShares Trust | 0.13% | 15,409 SH | Sept. 11, 2026 | Daily |
| QSIX · Pacer Funds Trust | 0.13% | 255 NS | July 31, 2026 | N-PORT |
| EVUS · iShares Trust | 0.12% | 3,684 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.12% | 12,899 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.11% | 728,571 SH | Sept. 11, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.11% | 3,138,522 SH | Aug. 19, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.10% | 1,927 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.10% | 1,891,770 SH | Aug. 19, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.09% | 3,070 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.08% | 197,463 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.08% | 3,933 SH | Oct. 5, 2026 | Daily |
| IWL · iShares Trust | 0.07% | 12,682 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.06% | 6,411 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.06% | 41,853 SH | Oct. 5, 2026 | Daily |
| IYY · iShares Trust | 0.06% | 14,160 SH | Sept. 11, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.06% | 5,766 SH | Aug. 19, 2026 | Daily |
| IWB · iShares Trust | 0.06% | 225,915 SH | Sept. 11, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.06% | 7 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.06% | 429,836 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.06% | 89,910 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 118,847 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.05% | 386,357 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.05% | 74,021 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.05% | 1,293 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 45,604 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.05% | 5,597 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.05% | 27,828 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.04% | 3,674 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.04% | 10,504,713 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.04% | 53,955 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.04% | 27,559 SH | Aug. 19, 2026 | Daily |
| TOK · iShares Trust | 0.04% | 716 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.04% | 23,608 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.04% | 8,374 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.03% | 86,009 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 4,911 SH | Oct. 5, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.03% | 17,228 SH | Oct. 5, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.02% | 78,649 SH | Sept. 11, 2026 | Daily |
| PEVC · Pacer Funds Trust | 0.02% | 6 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 273,554 SH | Aug. 19, 2026 | Daily |
MSTR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
15 analysts · 2026-10-03Mean target $236.80 +43.9%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MSTR | · | -10.0 | 3.0% | -806.3% | -8.4% | 68.7% |
| CDNS | $84.96B | 77.0 | 14.1% | 20.9% | 21.2% | · |
| SNPS | $84.41B | 56.4 | 15.1% | 18.9% | 7.1% | 77.0% |
| APP | $227.96B | 69.1 | 70.0% | 60.8% | 201.9% | · |
| ADBE | $132.21B | 19.2 | 10.5% | 30.0% | 61.8% | 89.3% |
| INTU | $84.83B | 19.2 | 13.9% | 21.3% | 24.0% | · |
| ADSK | $53.90B | 48.6 | 17.5% | 15.6% | 39.0% | 91.0% |
| WDAY | $45.51B | 67.8 | 13.1% | 7.3% | 8.2% | · |
| ROP | $47.45B | 31.3 | 12.3% | 19.4% | 7.8% | 69.2% |
| ZM | · | 14.9 | 4.4% | 39.0% | 20.3% | 77.0% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
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