MicroStrategy Incorporated Financial Ratios — STRK Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	10	10.34	33.25	1.71	30.24	20.56	3.56	4.18	6.07	-1.3	-173.45	- -	- -	- -	- -
Return on Assets (%)	4.29	4.41	15.67	0.88	17.43	12.94	2.14	2.52	3.88	-0.63	-21.32	-49.26	11.97	-7.62	-8.8
Return on Capital (%)	10	10.34	- -	1.71	30.24	20.56	3.56	- -	5.56	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	11.54	12.84	- -	2.88	26.73	17.58	3.24	- -	-0.16	- -	- -	- -	- -	- -	- -
Gross Margin (%)	75.67	75.06	75.94	76.68	80.92	81.86	80.82	80.01	79.44	81.06	82.01	79.37	77.85	72.06	68.69
EBITDA Margin (%)	7.1	9.82	7.96	7.78	29.35	25.21	17.62	1.54	1.56	14.65	11.25	4.29	3.09	-9.78	-3.23
Operating Margin (%)	3.88	5.85	3.38	3.42	25.35	21.33	14.53	0.8	-0.21	11.87	9.02	2.11	0.16	-13.62	-8.57
Incremental Operating Margin (%)	-35.99	42.84	-134.39	10.05	-229.11	151.99	372.82	1,115.89	- -	-1,038.54	-36.56	309.18	324.34	- -	- -
Pretax Margin (%)	4.69	5.69	2.91	1.91	26.02	22.38	14.19	4.12	7.87	-4.15	-158.86	-264.88	-25.09	-417.37	-1,157.92
Profit Margin (%)	3.34	3.63	14.47	0.87	19.99	17.96	3.61	4.52	7.06	-1.57	-104.84	-294.39	86.47	-251.73	-806.35
Net Income to Common Margin (%)	3.34	3.63	14.47	0.87	19.99	17.96	3.61	4.52	7.06	-1.57	-104.84	-294.39	86.47	-251.73	-886.26
Effective Tax Rate (%)	13.46	30.22	- -	54.44	23.16	19.75	74.54	- -	10.21	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	10	10.34	33.25	1.71	30.24	20.56	3.56	4.18	6.07	-1.3	-173.45	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	103	571	2,232	2,446	2,244	7,248	8,236
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	31
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	103	571	2,232	2,446	2,243	7,248	8,205
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	13.62	8.11	38.85	114.22	146.35	-159.97	-535.1
Net Debt/EBITDA	-5.23	-4.01	-4.8	-3.26	-1.88	-3.1	-4.73	-14.31	-60.16	6.06	36.41	109.03	139.31	-157.89	-382.58
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	-103.22	10	48.42	232.01	2,790.64	-114.84	-201.33
Net Debt/EBIT	-9.57	-6.74	-11.33	-7.41	-2.18	-3.67	-5.74	-27.61	455.82	7.48	45.38	221.47	2,656.44	-113.34	-143.95
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.97	0.4	0.31	-0.73	-0.24
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-88.23	-5.06	-38.6	-357.3	-346.75
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.58	0.2	0.02	-1.02	-0.63
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29	53	49	62	65
Common Equity/Total Assets	41.51	43.71	49.91	53.2	61.38	64.31	56.43	64.17	63.66	39.3	1.17	-59.26	-20.98	-8.38	10.26
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.34	103.19	227.97	- -	103.61	39.76	16.07
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.06	49.77	98.18	240.26	180.25	142.63	38.2
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	11.28	38.94	62.74	101.48	47.1	28.04	13.31
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.34	103.19	227.97	-638.54	103.64	39.76	16.14
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.06	49.77	98.18	240.3	180.29	142.64	38.35
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	11.28	38.94	62.74	101.5	47.11	28.05	13.36
Net Debt to Equity	-118.14	-111.35	-70.95	-45.28	-64.21	-72.8	-69.38	-20.75	-89.81	77.15	213.68	-609.52	98.65	39.24	11.54
Net Debt/Capital (%)	1,773.42	1,579.62	-305.44	-97.7	-263.65	-436.19	-394.94	-25.03	-198.4	39.25	94.66	239.71	178.33	141.84	30.71
EBITDA	38	56	46	45	156	130	89	8	8	70	57	21	15	-45	-15
EBITDA-CapEx	1	26	35	33	152	127	85	1	-3	-1,058	-2,572	-269	-1,890	-22,132	-22,528
Operating Income (Loss)	21	33	19	20	134	110	73	4	-1	57	46	11	1	-63	-41

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.91	1.02	1.53	1.75	2.81	3.18	2.49	2.23	2.1	0.21	0.2	0.14	0.14	0.11	5.04
Current Ratio	1.57	1.65	2.06	2.34	3.27	3.69	3.18	3.01	2.79	0.95	0.86	0.83	0.83	0.71	5.62
Quick Ratio	1.35	1.42	1.9	2.15	3.21	3.63	3.1	2.89	2.7	0.9	0.81	0.73	0.71	0.62	5.49
CFO/Avg Current Liab	0.3	0.23	0.13	0.07	0.81	0.62	0.34	0.04	0.23	0.19	0.31	0.01	0.04	-0.16	-0.17
Common Equity/Total Assets	41.51	43.71	49.91	53.2	61.38	64.31	56.43	64.17	63.66	39.3	1.17	-59.26	-20.98	-8.38	10.26
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.34	103.19	227.97	- -	103.61	39.76	16.07
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.06	49.77	98.18	240.26	180.25	142.63	38.2
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	11.28	38.94	62.74	101.48	47.1	28.04	13.31
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.34	103.19	227.97	-638.54	103.64	39.76	16.14
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.06	49.77	98.18	240.3	180.29	142.64	38.35
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	11.28	38.94	62.74	101.5	47.11	28.05	13.36
CFO/Total Liabilities	21.35	17.97	10.88	6.23	74.25	51.16	23.92	3.26	14.92	5.88	3.64	0.11	0.49	-0.7	-0.63
CFO/CapEx	1.66	1.68	2.71	1.18	42.97	47.32	19.67	1.55	5.98	0.05	0.04	0.01	0.01	- -	- -
Altman's Z-Score	2.28	2.44	2.34	2.53	3.13	2.85	2.35	2.22	2.05	3.55	0.95	-2.68	-0.85	-1.5	4.21

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.08	6.16	6.57	7.04	7.22	6.78	4.05	2.96	2.9	2.66	2.64	2.64	2.66	2.54	2.47
Days Sales Outstanding	60.06	59.28	55.53	51.87	50.56	53.82	90.08	123.49	125.67	137.04	138.19	138.38	137.21	143.74	147.98
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	5.63	3.23	3.43	3.59	3	2.72	2.87	3.09	5.94	4.06	2.02	2.31	2.55	2.7	2.89
Accounts Payable Turnover Days	64.79	112.94	106.48	101.78	121.47	134.15	127.15	118.11	61.49	89.89	180.56	157.82	142.86	135.42	126.19
Cash Conversion Cycle	-4.73	-53.66	-50.96	-49.9	-70.92	-80.32	-37.08	5.37	64.18	47.15	-42.37	-19.44	-5.66	8.31	21.78
Inventory to Cash Days	60.06	59.28	55.53	51.87	50.56	53.82	90.08	123.49	125.67	137.04	138.19	138.38	137.21	143.74	147.98
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	200	223	220	147	292	402	420	110	457	60	63	44	47	38	2,301
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6,920
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	103	571	2,232	2,446	2,244	7,248	8,236
Enterprise Value	-200	-223	-357	-345	-486	-589	-675	-576	-462	511	2,168	2,403	2,197	7,210	12,854
Total Capital	188	209	292	297	403	494	527	549	687	1,147	2,273	1,018	1,244	5,081	21,478
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.06	49.77	98.18	240.3	180.29	142.64	38.35
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	-0.22	1.12	1.03	1.02	1.02	1.01	0.64
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.06	4.25	4.81	4.43	15.56	26.94
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.26	37.74	112.17	143.3	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.95	47.04	227.86	2,732.41	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.53	19.18	38.58	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.43	0.79	6.81	1.26	0.33	0.57
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-200	-223	-220	-147	-292	-402	-420	-110	-353	511	2,168	2,403	2,197	7,210	12,854
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	537	566	576	580	530	514	504	498	486	481	511	499	496	463	477
TTM EBITDA	38	56	46	45	156	130	89	8	8	70	57	21	15	-45	-15
TTM Operating Income	21	33	19	20	134	110	73	4	-1	57	46	11	1	-63	-41
TTM Cash Flow to Firm	61	50	30	15	150	111	78	11	61	54	113	62	-156	-16	-22
TTM Free Cash Flow to Firm	98	80	41	27	153	113	82	17	71	1,182	2,742	353	1,749	22,071	22,490

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.95	47.04	227.86	2,732.41	- -	- -
Enterprise Value	-200	-223	-357	-345	-486	-589	-675	-576	-462	511	2,168	2,403	2,197	7,210	12,854
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	10	- -	- -	- -	- -	- -	73.08
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.06	4.25	4.81	4.43	15.56	26.94
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.26	37.74	112.17	143.3	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.06	4.25	4.81	4.43	15.56	26.94
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.06	4.25	4.81	4.43	15.56	26.94
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.06	4.25	4.81	4.43	15.56	26.94
EV/EBITDA Average	-5.23	-4.01	-4.8	-3.26	-1.88	-3.1	-4.73	-14.31	-46.54	7.26	37.74	112.17	143.3	-159.13	-835.13
EV/EBITDA High	-5.23	-4.01	-4.8	-3.26	-1.88	-3.1	-4.73	-14.31	-46.54	7.26	37.74	112.17	143.3	-159.13	-835.13
EV/EBITDA Low	-5.23	-4.01	-4.8	-3.26	-1.88	-3.1	-4.73	-14.31	-46.54	7.26	37.74	112.17	143.3	-159.13	-835.13
EV/EBIT Average	-9.57	-6.74	-11.33	-7.41	-2.18	-3.67	-5.74	-27.61	352.6	8.95	47.04	227.86	2,732.41	-114.23	-314.22
EV/EBIT High	-9.57	-6.74	-11.33	-7.41	-2.18	-3.67	-5.74	-27.61	352.6	8.95	47.04	227.86	2,732.41	-114.23	-314.22
EV/EBIT Low	-9.57	-6.74	-11.33	-7.41	-2.18	-3.67	-5.74	-27.61	352.6	8.95	47.04	227.86	2,732.41	-114.23	-314.22
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	10.04	- -	- -	- -	- -	- -	78.76
High Price	- -	- -	- -	- -	- -	- -	- -	- -	10.11	- -	- -	- -	- -	- -	129.48
Enterprise Value Average	-200	-223	-220	-147	-292	-402	-420	-110	-353	511	2,168	2,403	2,197	7,210	12,854
Enterprise Value High	-200	-223	-220	-147	-292	-402	-420	-110	-353	511	2,168	2,403	2,197	7,210	12,854
Enterprise Value Low	-200	-223	-220	-147	-292	-402	-420	-110	-353	511	2,168	2,403	2,197	7,210	12,854

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	108	113	113	113	114	114	114	106	101	96	113	115	169	246	312
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

MicroStrategy Incorporated

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