Question 1

What is Strategy's P/B ratio?

Accepted Answer

Strategy (MSTR) P/B ratio is 0.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Strategy?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Strategy specifically, the relevant sector benchmark is the current sector median of 5.6×.

Question 5

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

Accepted Answer

Strategy's P/B ratio of 0.7× is below its own 5-year average of 10.1× and below the sector median of 5.6×. That places the current reading at the 3th 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/B ratio range?

Accepted Answer

In the available daily series, Strategy (MSTR) P/B ratio has ranged from a low of 0.6× in 2026 to a high of 96.6× in 2021. The 5-year average is 10.1× and the 5-year median is 5.6×.

Question 7

What was Strategy's P/B ratio in 2025?

Accepted Answer

Strategy (MSTR) P/B ratio at the end of 2025 was 0.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$51B	0.9×	-2.6×	Dec 31, 2025
2024	$64.2B	$18.2B	3.5×	-1.0×	Dec 31, 2024
2023	$9.69B	$2.16B	4.5×	—	Dec 31, 2023
2022	$1.61B	-$383M	—	—	Dec 31, 2022
2021	$5.81B	$979M	5.9×	-0.7×	Dec 31, 2021
2020	$3.66B	$553M	6.6×	+3.7×	Dec 31, 2020
2019	$1.46B	$509M	2.9×	+0.2×	Dec 31, 2019
2018	$1.42B	$530M	2.7×	+0.1×	Dec 31, 2018
2017	$1.5B	$591M	2.5×	-1.5×	Dec 31, 2017
2016	$2.26B	$552M	4.1×	-0.4×	Dec 31, 2016
2015	$2.04B	$455M	4.5×	-1.2×	Dec 31, 2015
2014	$1.84B	$324M	5.7×	+1.1×	Dec 31, 2014
2013	$1.4B	$310M	4.5×	-0.7×	Dec 31, 2013
2012	$1.05B	$200M	5.2×	-1.7×	Dec 31, 2012
2011	$1.17B	$169M	6.9×	+0.8×	Dec 31, 2011
2010	$912M	$149M	6.1×	+0.9×	Dec 31, 2010
2009	$1.12B	$214M	5.2×	+2.0×	Dec 31, 2009
2008	$441M	$138M	3.2×	-7.8×	Dec 31, 2008
2007	$1.13B	$103M	11.0×	+0.2×	Dec 31, 2007
2006	$1.43B	$133M	10.8×	+4.6×	Dec 31, 2006
2005	$1.12B	$181M	6.2×	+2.2×	Dec 31, 2005
2004	$971M	$241M	4.0×	-14.9×	Dec 31, 2004
2003	$838M	$44.3M	18.9×	—	Dec 31, 2003
2002	$205M	-$34.5M	—	—	Dec 31, 2002


Science Applications International (SAIC)	2.9×
Zebra Technologies (ZBRA)	2.9×
Zoom Communications (ZM)	2.9×
Fortive (FTV)	2.9×
IREN (IREN)	2.8×
Trimble (TRMB)	2.7×
Twilio (TWLO)	2.5×
Amkor Technology (AMKR)	2.5×
First Solar (FSLR)	2.1×
EPAM Systems (EPAM)	2.1×
Qorvo (QRVO)	2.1×
IonQ (IONQ)	2.1×
Intel (INTC)	2.0×
Roper Technologies (ROP)	2.0×
Cognizant (CTSH)	1.9×
Okta (OKTA)	1.9×
Super Micro Computer (SMCI)	1.8×
Lyft (LYFT)	1.7×
Block (XYZ)	1.7×
Hewlett Packard Enterprise (HPE)	1.5×
Fidelity National Information Services (FIS)	1.5×
Skyworks Solutions (SWKS)	1.4×
Fiserv (FISV)	1.1×
Sunrun (RUN)	1.0×
IBM (IBM)	0.0×

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

P/B Ratio daily chart for Strategy (MSTR)

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

About P/B Ratio at Strategy (MSTR)

Strategy P/B Ratio by Year

Strategy P/B Ratio 2025: 0.9×

Strategy P/B Ratio 2024: 3.5×

Strategy P/B Ratio 2023: 4.5×

Strategy P/B Ratio 2021: 5.9×

Strategy P/B Ratio 2020: 6.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Strategy (MSTR) Key Financials