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Signal Ledger LabStrategy
MSTRSIGNAL LEDGER VALUATIONWhat the shares are worth today if management delivers the targets it has set for each business: every business valued at FY2030 and discounted back, every input cited.
Research updated 2026-10-23 00:34:18 UTCBUY below $97.50WATCHSELL above $182.81
Price viewWATCH
Buy below · 80% of FV$97.50
Sell above · 150% of FV$182.81
BUY below 80% of FV · WATCH from 80% to 150% · SELL above 150%. Thresholds use unrounded fair values.
REPORTED FIGURES / LATEST SEC FILING
What MSTR reported, business by business.
SEC 10-Q ↗ · quarter ended 2026-06-30 · filed 2026-08-03 · checked 2026-10-29 01:21 UTC; an earnings release published before the 10-Q or 10-K is not included.
- Reported revenue
- $0.122B
- Reported net income
- −$8.22B
- Reported diluted EPS
- $-24.45
RECONCILED Business rows reconcile to SEC revenue from the same filing and reporting period. Unverified segment profits remain blank.
Non-overlapping reported revenue lines, 2026-04-01 to 2026-06-30. Reported results; the valuation above uses the dated research assumptions.
| Business | Revenue | Share of revenue | Operating profit | Margin |
|---|---|---|---|---|
| Product licenses | $0.004B | 3.0% | — | — |
| Subscription services | $0.063B | 51.4% | — | — |
| Product support | $0.04B | 32.9% | — | — |
| Other services | $0.016B | 12.7% | — | — |
| Consolidated revenue | $0.122B | 100% | — |
View reported source cells
Accession 0001050446-26-000044
Product licenses
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Product licenses $ 3,667 $ 7,177 $ 9,168 $ 14,447; Total revenues 122,368 114,488 246,668 225,554
Subscription services
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Subscription services 62,858 40,824 121,737 77,927; Total revenues 122,368 114,488 246,668 225,554
Product support
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Product support 40,245 52,081 84,435 104,610; Total revenues 122,368 114,488 246,668 225,554
Other services
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Other services 15,598 14,406 31,328 28,570; Total revenues 122,368 114,488 246,668 225,554
THE COMPANY
What does Strategy do?
Bitcoin treasury company with enterprise software operations
Businesses: Bitcoin treasury · Software
EVIDENCE
Follow every input to its source
Read the full valuation for each business, the assumptions behind it and the cited evidence.