Strategy Inc. (STRC) intrinsic value & 10-year financials
Strategy Inc. (STRC) has a Graham intrinsic value of $13.07 per share. Over the last 10 fiscal years revenue shrank 0.8% a year to $477.2M, with an average return on invested capital of -7.2%.
- Graham intrinsic value
- $13.07
- Revenue (FY2025)
- $477.2M
- Revenue growth (10-yr CAGR)
- -0.8%
- ROIC (10-yr avg)
- -7.2%
- Free cash flow (FY2025)
- -$75.5M
STRC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $477.2M | -$3.8B | -$15.23 | -$75.5M | -1140.8% | -10.0% |
| FY2024 | $463.5M | -$1.2B | -$6.06 | -$56.0M | -399.8% | -7.5% |
| FY2023 | $496.3M | $429.1M | $2.20 | $9.8M | -23.2% | -1.8% |
| FY2022 | $499.3M | -$1.5B | -$10.82 | $725.0K | -255.5% | -49.4% |
| FY2021 | $510.8M | -$535.5M | -$4.45 | $91.1M | -153.6% | -24.6% |
| FY2020 | $480.7M | -$7.5M | -$0.07 | $50.0M | -2.8% | -1.1% |
| FY2019 | $486.3M | $34.4M | $0.28 | $50.7M | -0.2% | -0.3% |
| FY2018 | $497.6M | $22.5M | $0.16 | $3.8M | 0.8% | 0.9% |
| FY2017 | $503.8M | $17.6M | $0.13 | $74.3M | 14.8% | 6.5% |
| FY2016 | $513.6M | $90.9M | $0.66 | $108.3M | 21.0% | 15.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Strategy Inc is facing top-line stagnation, with revenue contracting over the decade.
Strategy Inc has historically struggled to out-earn its cost of capital, averaging just -7.2% ROIC.
Strategy Inc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Strategy Inc is modeled at -0.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.07 per share.