Question 1

What is Strategy's P/FCF ratio?

Accepted Answer

Strategy (MSTR) P/FCF ratio is 7.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Strategy?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Strategy specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Strategy's P/FCF ratio high or low?

Accepted Answer

Strategy's P/FCF ratio of 7.4× is below its own 5-year average of 9.2× and below the sector median of 21.8×. That places the current reading at the 31th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Strategy (MSTR) P/FCF ratio has ranged from a low of 1.5× in 2002 to a high of 746.0× in 2012. The 5-year average is 9.2× and the 5-year median is 9.2×.

Question 7

What was Strategy's P/FCF ratio in 2019?

Accepted Answer

Strategy (MSTR) P/FCF ratio at the end of 2019 was 28.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Strategy's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$44.7B	-$3.16B	—	—	Dec 31, 2025
2024	$64.2B	-$22.1B	—	—	Dec 31, 2024
2023	$9.69B	-$1.89B	—	—	Dec 31, 2023
2022	$1.61B	-$287M	—	—	Dec 31, 2022
2021	$5.81B	-$2.54B	—	—	Dec 31, 2021
2020	$3.66B	-$1.08B	—	—	Dec 31, 2020
2019	$1.46B	$50.7M	28.7×	-347.4×	Dec 31, 2019
2018	$1.42B	$3.78M	376.2×	+355.9×	Dec 31, 2018
2017	$1.5B	$74.3M	20.2×	-0.6×	Dec 31, 2017
2016	$2.26B	$108M	20.8×	+5.9×	Dec 31, 2016
2015	$2.04B	$137M	14.9×	—	Dec 31, 2015
2014	$1.84B	-$6.2M	—	—	Dec 31, 2014
2013	$1.4B	$13.5M	104.3×	+14.9×	Dec 31, 2013
2012	$1.05B	$11.7M	89.4×	+7.6×	Dec 31, 2012
2011	$1.17B	$14.2M	81.8×	+65.9×	Dec 31, 2011
2010	$912M	$57.4M	15.9×	+0.8×	Dec 31, 2010
2009	$1.12B	$74M	15.1×	+5.4×	Dec 31, 2009
2008	$441M	$45.2M	9.8×	-3.7×	Dec 31, 2008
2007	$1.13B	$84.3M	13.5×	-0.9×	Dec 31, 2007
2006	$1.43B	$99.6M	14.4×	+3.2×	Dec 31, 2006
2005	$1.12B	$101M	11.1×	-1.0×	Dec 31, 2005
2004	$971M	$79.9M	12.2×	-13.3×	Dec 31, 2004
2003	$838M	$32.9M	25.5×	—	Dec 31, 2003
2002	$205M	-$4.05M	—	—	Dec 31, 2002


First Solar (FSLR)	12.7×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Strategy (MSTR) 2003-2026

P/FCF Ratio daily chart for Strategy (MSTR)

Historical P/FCF Ratio for Strategy (MSTR) from 2002 to 2025

About P/FCF Ratio at Strategy (MSTR)

Strategy P/FCF Ratio by Year

Strategy P/FCF Ratio 2019: 28.7×

Strategy P/FCF Ratio 2018: 376.2×

Strategy P/FCF Ratio 2017: 20.2×

Strategy P/FCF Ratio 2016: 20.8×

Strategy P/FCF Ratio 2015: 14.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Strategy (MSTR) Key Financials