Question 1

What is Strategy's P/E ratio?

Accepted Answer

Strategy (MSTR) P/E ratio is 4.8× as of February 18, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Strategy?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Strategy specifically, the relevant sector benchmark is the current sector median of 29.4×.

Question 5

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

Accepted Answer

Strategy's P/E ratio of 4.8× is below its own 5-year average of 25.9× and below the sector median of 29.4×. That places the current reading at the 1th 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/E ratio range?

Accepted Answer

In the available daily series, Strategy (MSTR) P/E ratio has ranged from a low of 4.1× in 2004 to a high of 730.5× in 2020. The 5-year average is 25.9× and the 5-year median is 22.4×.

Question 7

What was Strategy's P/E ratio in 2023?

Accepted Answer

Strategy (MSTR) P/E ratio at the end of 2023 was 22.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	-$4.03B	—	—	Dec 31, 2025
2024	$64.2B	-$1.17B	—	—	Dec 31, 2024
2023	$9.69B	$429M	22.6×	—	Dec 31, 2023
2022	$1.61B	-$1.47B	—	—	Dec 31, 2022
2021	$5.81B	-$535M	—	—	Dec 31, 2021
2020	$3.66B	-$7.52M	—	—	Dec 31, 2020
2019	$1.46B	$34.4M	42.4×	-20.8×	Dec 31, 2019
2018	$1.42B	$22.5M	63.2×	-22.8×	Dec 31, 2018
2017	$1.5B	$17.5M	86.0×	+61.2×	Dec 31, 2017
2016	$2.26B	$90.9M	24.8×	+5.6×	Dec 31, 2016
2015	$2.04B	$106M	19.3×	-345.3×	Dec 31, 2015
2014	$1.84B	$5.04M	364.5×	+347.7×	Dec 31, 2014
2013	$1.4B	$83.3M	16.8×	-34.3×	Dec 31, 2013
2012	$1.05B	$20.5M	51.1×	-13.9×	Dec 31, 2012
2011	$1.17B	$17.9M	65.0×	+44.2×	Dec 31, 2011
2010	$912M	$43.8M	20.8×	+5.9×	Dec 31, 2010
2009	$1.12B	$74.8M	14.9×	+4.8×	Dec 31, 2009
2008	$441M	$43.5M	10.1×	-8.9×	Dec 31, 2008
2007	$1.13B	$59.7M	19.0×	-1.2×	Dec 31, 2007
2006	$1.43B	$70.9M	20.2×	+2.9×	Dec 31, 2006
2005	$1.12B	$64.7M	17.3×	+11.6×	Dec 31, 2005
2004	$971M	$168M	5.8×	—	Dec 31, 2004
2003	$838M	-$3.9M	—	—	Dec 31, 2003
2002	$205M	$38.1M	5.4×	—	Dec 31, 2002


Dell Technologies (DELL)	16.2×
Western Digital (WDC)	15.7×
Accenture (ACN)	15.4×
Gartner (IT)	14.9×
CDW (CDW)	14.5×
Adobe (ADBE)	14.4×
Leidos Holdings (LDOS)	14.1×
Zoom Communications (ZM)	13.8×
QUALCOMM (QCOM)	13.7×
PTC (PTC)	13.5×
Paycom Software (PAYC)	13.2×
Elastic N.V. (ESTC)	13.2×
Cognizant (CTSH)	13.1×
First Solar (FSLR)	12.7×
GoDaddy (GDDY)	12.7×
Gen Digital (GEN)	11.7×
Duolingo (DUOL)	10.9×
Super Micro Computer (SMCI)	10.9×
Science Applications International (SAIC)	10.3×
Fiserv (FISV)	9.3×
Fidelity National Information Services (FIS)	9.0×
HP (HPQ)	7.5×
Sunrun (RUN)	5.6×
Lyft (LYFT)	1.8×
IBM (IBM)	0.0×

P/E Ratio for Strategy (MSTR) 2002-2026

P/E Ratio daily chart for Strategy (MSTR)

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

About P/E Ratio at Strategy (MSTR)

Strategy P/E Ratio by Year

Strategy P/E Ratio 2023: 22.6×

Strategy P/E Ratio 2019: 42.4×

Strategy P/E Ratio 2018: 63.2×

Strategy P/E Ratio 2017: 86.0×

Strategy P/E Ratio 2016: 24.8×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Strategy (MSTR) Key Financials