Recent News
On July 29, 2025 the company reported additional Bitcoin purchases and a year-to-date BTC yield figure that highlighted material accumulation during 2025. On August 14, 2025 corporate filings noted completion of a legal name change aligning the company brand with its bitcoin-first strategy. On September 5, 2025 analysts highlighted potential S&P 500 inclusion scenarios tied to Bitcoin-driven EPS metrics. In the most recent coverage Citi initiated formal coverage with a Buy/High‑Risk view centered on Bitcoin exposure and a $485 target, emphasizing both upside tied to BTC and substantial downside in bear cases. Market commentary in mid‑October linked short-term gains in crypto-related equities to shifting Fed rate expectations that lifted crypto sentiment.
Technical Analysis
ADX / DI+/DI-: ADX at 19.51 registers below 20, indicating no established trend. DIpositive shows a dip & reversal while DInegative reads increasing; the concurrent DI signals produce a mixed directional picture that amplifies the stock’s sensitivity to external BTC-driven catalysts and supports a near-term range with episodic directional moves tied to Bitcoin.
MACD: MACD at -11.56 with a decreasing trend and a signal line at -8.62 registers bearish momentum; continued MACD weakness favors downside pressure until momentum turns upwards or MACD crosses above the signal line.
MRO: MRO at 8.27 with a peak & reversal suggests price currently sits above model targets and carries a higher likelihood of correction toward intrinsic guidance, adding mean-reversion bias to the technical outlook.
RSI: RSI at 43.15 with a decreasing trend denotes below‑neutral momentum without entering oversold territory, supporting potential for further consolidation rather than immediate rebound.
Price vs Moving Averages and Bands: Last close at $296.61 trades below the 20‑day average ($319.25), 50‑day average ($335.06), and 200‑day average ($349.24), while price sits just above the 1x lower Bollinger band ($291.37). Short‑term EMAs (12‑day EMA $307.80, 26‑day EMA $320.22) display decreasing pressure, indicating short-term mean reversion risk unless crypto catalysts trigger outsized flows.
Volatility & Volume: 42‑day beta at 2.49 and 52‑week beta at 2.25 reflect elevated systematic sensitivity; trading volume sits below recent 10‑ and 200‑day averages, implying current moves may require renewed participation to sustain trends.
Fundamental Analysis
Profitability & Margins: EBIT registers at $14,023,719,000 and EBITDA at $14,032,837,000, with an EBIT margin of 122.49%. That EBIT margin stands well above the industry peer mean of 34.25% and the industry peer median of 43.47%, reflecting sizable non‑operating or revaluation gains tied to digital assets alongside operating performance. QoQ EBIT margin fell by 3.30% while YoY EBIT margin declined by 69.40%, signaling sizable year-over-year swing effects in margin drivers.
Earnings & Guidance Metrics: Reported EPS at $32.60 exceeded the estimate of $6.76 by $25.84, producing an EPS surprise of 382.25%. Forward EPS reads -$0.1075 and forward PE sits at -3,397.39, indicating forward projections that incorporate sizable volatility and non-recurring items; current trailing PE remains modest at 12.02.
Cash Flow & Capital Structure: Free cash flow recorded $-6,822,212,000 and operating cash flow shows $-34,913,000, while cash and short‑term investments register $50,095,000. Net debt totals $8,112,535,000 against market capitalization of $105,644,391,732 and enterprise value $113,808,144,732. Interest coverage appears robust at 783.58, reflecting current earnings power despite negative operating cash flow. Current ratio at 0.68 and cash ratio at 0.159 reflect tight near‑term liquidity versus current liabilities of $314,572,000.
Efficiency & Returns: Asset turnover measures 0.21% and asset growth at 47.48% indicate a capital‑heavy balance sheet relative to revenue generation. Return on assets at 18.44% and return on equity at 21.11% sit above the industry peer mean returns, reinforcing that reported profitability currently outpaces typical software peers largely due to non‑operating items.
Valuation Summary: WMDST values the stock as under‑valued based on the combination of market capitalization, enterprise value, and reported earnings. The valuation reflects persistent BTC exposure embedded within the balance sheet and elevated trailing earnings, while free cash flow shortfall and tight liquidity create material caveats to that valuation assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 62.3 M |
| Operating Cash Flow | $ -34.91 M | |
| Capital Expenditures | $ -6.79 B | |
| Change In Working Capital | $ -24.32 M | |
| Dividends Paid | $ -48.95 M | |
| Cash Flow Delta | $ -10.13 M | |
| End Period Cash Flow | $ 52.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 114.5 M | |
| Forward Revenue | $ -86.27 K | |
| COSTS | ||
| Cost Of Revenue | $ 35.8 M | |
| Depreciation | $ 9.1 M | |
| Depreciation and Amortization | $ 9.1 M | |
| Research and Development | $ 24.1 M | |
| Total Operating Expenses | $ 130.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 78.7 M | |
| EBITDA | $ 14.0 B | |
| EBIT | $ 14.0 B | |
| Operating Income | $ -15.52 M | |
| Interest Income | — | |
| Interest Expense | $ 17.9 M | |
| Net Interest Income | $ -17.90 M | |
| Income Before Tax | $ 14.0 B | |
| Tax Provision | $ 4.0 B | |
| Tax Rate | 28.452 % | |
| Net Income | $ 10.0 B | |
| Net Income From Continuing Operations | $ 10.0 B | |
| EARNINGS | ||
| EPS Estimate | $ 6.76 | |
| EPS Actual | $ 32.60 | |
| EPS Difference | $ 25.84 | |
| EPS Surprise | 382.249 % | |
| Forward EPS | $ -0.11 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 64.8 B | |
| Intangible Assets | $ 64.4 B | |
| Net Tangible Assets | $ -13.99 B | |
| Total Current Assets | $ 213.5 M | |
| Cash and Short-Term Investments | $ 50.1 M | |
| Cash | $ 50.1 M | |
| Net Receivables | $ 117.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 109.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 44.2 M | |
| Short-Term Debt | $ 349.0 K | |
| Total Current Liabilities | $ 314.6 M | |
| Net Debt | $ 8.1 B | |
| Total Debt | $ 8.2 B | |
| Total Liabilities | $ 14.4 B | |
| EQUITY | ||
| Total Equity | $ 47.5 B | |
| Retained Earnings | $ 16.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 168.98 | |
| Shares Outstanding | 280.959 M | |
| Revenue Per-Share | $ 0.41 | |
| VALUATION | Market Capitalization | $ 105.6 B |
| Enterprise Value | $ 113.8 B | |
| Enterprise Multiple | 8.11 | |
| Enterprise Multiple QoQ | -151.459 % | |
| Enterprise Multiple YoY | -105.592 % | |
| Enterprise Multiple IPRWA | high: 634.148 mean: 92.695 median: 82.154 MSTR: 8.11 low: -577.222 |
|
| EV/R | 994.062 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.364 | |
| Asset To Liability | 4.497 | |
| Debt To Capital | 0.147 | |
| Debt To Assets | 0.127 | |
| Debt To Assets QoQ | -32.035 % | |
| Debt To Assets YoY | 516.181 % | |
| Debt To Assets IPRWA | high: 1.095 mean: 0.162 MSTR: 0.127 median: 0.098 low: 0.002 |
|
| Debt To Equity | 0.173 | |
| Debt To Equity QoQ | -31.972 % | |
| Debt To Equity YoY | 237.976 % | |
| Debt To Equity IPRWA | high: 3.008 mean: 0.301 median: 0.176 MSTR: 0.173 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.225 | |
| Price To Book QoQ | -15.797 % | |
| Price To Book YoY | -77.741 % | |
| Price To Book IPRWA | high: 34.07 mean: 12.237 median: 10.727 MSTR: 2.225 low: -16.218 |
|
| Price To Earnings (P/E) | 12.018 | |
| Price To Earnings QoQ | -161.952 % | |
| Price To Earnings YoY | -104.609 % | |
| Price To Earnings IPRWA | high: 564.562 mean: 141.217 median: 130.187 MSTR: 12.018 low: -357.639 |
|
| PE/G Ratio | -0.041 | |
| Price To Sales (P/S) | 922.755 | |
| Price To Sales QoQ | 20.362 % | |
| Price To Sales YoY | 262.877 % | |
| Price To Sales IPRWA | MSTR: 922.755 high: 113.355 median: 48.199 mean: 45.679 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -3397.393 | |
| Forward PE/G | 11.449 | |
| Forward P/S | -1224621.138 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -109.272 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.002 | |
| Asset Turnover Ratio QoQ | -33.648 % | |
| Asset Turnover Ratio YoY | -87.312 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 mean: 0.132 median: 0.129 MSTR: 0.002 low: 0.0 |
|
| Receivables Turnover | 1.029 | |
| Receivables Turnover Ratio QoQ | 32.428 % | |
| Receivables Turnover Ratio YoY | 5.009 % | |
| Receivables Turnover Ratio IPRWA | high: 4.687 mean: 1.427 median: 1.257 MSTR: 1.029 low: 0.131 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 88.651 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.132 | |
| CapEx To Revenue | -59.284 | |
| CapEx To Depreciation | -744.385 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 58.5 B | |
| Net Invested Capital | $ 55.6 B | |
| Invested Capital | $ 55.6 B | |
| Net Tangible Assets | $ -13.99 B | |
| Net Working Capital | $ -101.11 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.159 | |
| Current Ratio | 0.679 | |
| Current Ratio QoQ | 2.878 % | |
| Current Ratio YoY | 45.337 % | |
| Current Ratio IPRWA | high: 9.787 mean: 1.711 median: 1.353 MSTR: 0.679 low: 0.079 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.585 | |
| Cost Of Debt | 0.156 % | |
| Interest Coverage Ratio | 783.579 | |
| Interest Coverage Ratio QoQ | -326.213 % | |
| Interest Coverage Ratio YoY | -6172.168 % | |
| Interest Coverage Ratio IPRWA | MSTR: 783.579 high: 181.115 median: 54.034 mean: 37.796 low: -203.84 |
|
| Operating Cash Flow Ratio | 31.812 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 131.534 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 204.699 | |
| Dividend Payout Ratio | 0.005 | |
| Dividend Rate | $ 0.17 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 47.481 % | |
| Revenue Growth | 3.081 % | |
| Revenue Growth QoQ | -138.614 % | |
| Revenue Growth YoY | -193.335 % | |
| Revenue Growth IPRWA | high: 32.808 % median: 9.099 % mean: 7.006 % MSTR: 3.081 % low: -28.474 % |
|
| Earnings Growth | -296.733 % | |
| Earnings Growth QoQ | -174.239 % | |
| Earnings Growth YoY | 218.728 % | |
| Earnings Growth IPRWA | high: 157.143 % median: 5.491 % mean: 4.858 % low: -195.0 % MSTR: -296.733 % |
|
| MARGINS | ||
| Gross Margin | 68.774 % | |
| Gross Margin QoQ | -0.922 % | |
| Gross Margin YoY | -4.799 % | |
| Gross Margin IPRWA | high: 91.297 % mean: 72.379 % MSTR: 68.774 % median: 68.585 % low: 33.069 % |
|
| EBIT Margin | 12249.073 % | |
| EBIT Margin QoQ | -329.599 % | |
| EBIT Margin YoY | -6939.657 % | |
| EBIT Margin IPRWA | MSTR: 12249.073 % high: 74.313 % median: 43.473 % mean: 34.252 % low: -124.558 % |
|
| Return On Sales (ROS) | -13.559 % | |
| Return On Sales QoQ | -99.746 % | |
| Return On Sales YoY | -92.429 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.767 % MSTR: -13.559 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -6.82 B | |
| Free Cash Flow Yield | -6.458 % | |
| Free Cash Flow Yield QoQ | -28.332 % | |
| Free Cash Flow Yield YoY | 123.77 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % median: 0.694 % mean: 0.639 % MSTR: -6.458 % low: -8.108 % |
|
| Free Cash Growth | -11.086 % | |
| Free Cash Growth QoQ | -80.751 % | |
| Free Cash Growth YoY | -77.5 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.572 % MSTR: -11.086 % low: -316.997 % |
|
| Free Cash To Net Income | -0.681 | |
| Cash Flow Margin | 8740.814 % | |
| Cash Flow To Earnings | 0.999 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 18.439 % | |
| Return On Assets QoQ | -252.514 % | |
| Return On Assets YoY | -1305.163 % | |
| Return On Assets IPRWA | MSTR: 18.439 % high: 14.05 % median: 4.609 % mean: 3.674 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | 21.756 % | |
| Return On Equity (ROE) | 0.211 | |
| Return On Equity QoQ | -261.258 % | |
| Return On Equity YoY | -683.389 % | |
| Return On Equity IPRWA | high: 0.214 MSTR: 0.211 median: 0.079 mean: 0.067 low: -0.337 |
|
| DuPont ROE | 25.187 % | |
| Return On Invested Capital (ROIC) | 18.033 % | |
| Return On Invested Capital QoQ | -273.012 % | |
| Return On Invested Capital YoY | -108.944 % | |
| Return On Invested Capital IPRWA | MSTR: 18.033 % high: 14.979 % median: 7.176 % mean: 5.594 % low: -13.978 % |
|