Question 1

What is Strategy's EV/EBITDA ratio?

Accepted Answer

Strategy (MSTR) EV/EBITDA ratio is 84.8× as of February 18, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Strategy?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Strategy specifically, the relevant sector benchmark is the current sector median of 19.5×.

Question 5

Is Strategy's EV/EBITDA ratio high or low?

Accepted Answer

Strategy's EV/EBITDA ratio of 84.8× is above its own 5-year average of 42.1× and above the sector median of 19.5×. That places the current reading at the 80th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Strategy's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Strategy (MSTR) EV/EBITDA ratio has ranged from a low of 0.6× in 2002 to a high of 293.3× in 2023. The 5-year average is 42.1× and the 5-year median is 13.0×.

Question 7

What was Strategy's EV/EBITDA ratio in 2022?

Accepted Answer

Strategy (MSTR) EV/EBITDA ratio at the end of 2022 was 187.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Strategy's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$44.67B	−$5.44B	—	—	Dec 31, 2025
2024	$64.18B	−$1.85B	—	—	Dec 31, 2024
2023	$9.69B	−$61.04M	—	—	Dec 31, 2023
2022	$1.61B	$21.42M	187.4×	—	Dec 31, 2022
2021	$5.81B	−$432.12M	—	—	Dec 31, 2021
2020	$3.66B	$70.41M	59.2×	-44.2×	Dec 31, 2020
2019	$1.46B	$9.61M	103.4×	-6.8×	Dec 31, 2019
2018	$1.42B	$7.68M	110.2×	+100.9×	Dec 31, 2018
2017	$1.50B	$89.58M	9.2×	-4.1×	Dec 31, 2017
2016	$2.26B	$124.86M	13.4×	+3.3×	Dec 31, 2016
2015	$2.04B	$155.51M	10.0×	-23.0×	Dec 31, 2015
2014	$1.84B	$45.13M	33.0×	+10.2×	Dec 31, 2014
2013	$1.40B	$45.80M	22.8×	+8.0×	Dec 31, 2013
2012	$1.05B	$55.92M	14.8×	-14.0×	Dec 31, 2012
2011	$1.17B	$33.57M	28.8×	+17.1×	Dec 31, 2011
2010	$912.37M	$63.39M	11.6×	+2.4×	Dec 31, 2010
2009	$1.12B	$96.93M	9.2×	+4.9×	Dec 31, 2009
2008	$440.53M	$74.50M	4.3×	-6.6×	Dec 31, 2008
2007	$1.13B	$96.74M	10.8×	-1.8×	Dec 31, 2007
2006	$1.43B	$107.42M	12.6×	+2.6×	Dec 31, 2006
2005	$1.12B	$102.36M	10.0×	-1.2×	Dec 31, 2005
2004	$971.01M	$76.77M	11.3×	-9.2×	Dec 31, 2004
2003	$838.00M	$38.51M	20.4×	+12.1×	Dec 31, 2003
2002	$205.30M	$28.80M	8.3×	-128.8×	Dec 31, 2002
2001	$353.90M	$2.30M	137.1×	—	Dec 31, 2001


Zebra Technologies (ZBRA)	12.6×
Micron Technology (MU)	12.5×
NXP Semiconductors (NXPI)	12.3×
Block (XYZ)	11.9×
Qorvo (QRVO)	11.3×
Broadridge Financial Solutions (BR)	11.1×
Adobe (ADBE)	10.9×
Super Micro Computer (SMCI)	10.8×
CDW (CDW)	10.8×
QUALCOMM (QCOM)	10.6×
Accenture (ACN)	10.5×
NetApp (NTAP)	10.5×
Amkor Technology (AMKR)	10.3×
GoDaddy (GDDY)	10.2×
Block (SQ)	10.0×
EPAM Systems (EPAM)	9.6×
Science Applications International (SAIC)	9.4×
Skyworks Solutions (SWKS)	9.2×
Corpay (CPAY)	8.5×
Paycom Software (PAYC)	8.2×
Gen Digital (GEN)	7.4×
Cognizant (CTSH)	7.2×
Fidelity National Information Services (FIS)	7.0×
Fiserv (FISV)	6.9×
HP (HPQ)	6.4×

EV/EBITDA for Strategy (MSTR)

EV/EBITDA daily chart for Strategy (MSTR)

Historical EV/EBITDA for Strategy (MSTR) from 2001 to 2025

About EV/EBITDA at Strategy (MSTR)

Strategy EV/EBITDA by Year

Strategy EV/EBITDA 2022: 187.4×

Strategy EV/EBITDA 2020: 59.2×

Strategy EV/EBITDA 2019: 103.4×

Strategy EV/EBITDA 2018: 110.2×

Strategy EV/EBITDA 2017: 9.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Strategy (MSTR) Key Financials

EV/EBITDA daily chart for Strategy (MSTR)

Historical EV/EBITDA for Strategy (MSTR) from 2001 to 2025

About EV/EBITDA at Strategy (MSTR)

Strategy EV/EBITDA by Year

Strategy EV/EBITDA 2022: 187.4×

Strategy EV/EBITDA 2020: 59.2×

Strategy EV/EBITDA 2019: 103.4×

Strategy EV/EBITDA 2018: 110.2×

Strategy EV/EBITDA 2017: 9.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Strategy's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Strategy?

+Is Strategy's EV/EBITDA ratio high or low?

+What is Strategy's historical EV/EBITDA ratio range?

+What was Strategy's EV/EBITDA ratio in 2022?

+Why does Strategy's EV/EBITDA ratio change over time?

Strategy (MSTR) Key Financials