Microstrategy Inc. - Ordinary Shares - Class A
MSTR - Insider Information
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+ FollowMarket Cap$52.52B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 performance & capital/Bitcoin scale (very strong, record results)
- Q3 was described as “exceptionally strong” across the business; Strategy reported record ~$20.9B fair value gain and record ~$19.1B net income with record ~$20.9B operating income (highest in company history).
- End of Q3 holdings: ~848,517 BTC; BTC price cited as roughly $58.7k → ~$83.6k during the quarter.
- MSTR stock performance: MSTR +76% during the quarter; market cap ~$62B as of Oct 23.
- Treasury growth: treasury assets grew from ~$54B (end Q1) to ~$74B by Oct 23, including ~$68.9B BTC + ~$5.1B USD.
- Investor impact: the company emphasizes its scale (largest institutional Bitcoin holder) and its ability to actively manage BTC + cash through cycles.
Balance-sheet credit metrics & resilience (good)
- Net leverage improved meaningfully to ~2.4% (down from 8.4% in Q2).
- They highlight downside protection: BTC could fall to ~$18k before 1x coverage for liabilities by Bitcoin asset value (as described).
- NAV & amplification (key internal metrics): NAV ~1.15x and amplification ~1.28x.
- Preferred/debt: ~$6.7B convertible debt and ~$13.1B preferred equity (notional). Multiple coverage described as strong (e.g., BTC “Rating” ~42x; 4 of 6 converts trading above par).
- Surprising/positive: they argue the “fortress” profile they built in the prior bear market is now positioned to amplify returns in a new bull cycle.
Digital equity outlook: bull-cycle expectations + “double BTC per share” goal (forecast)
- Core thesis: MSTR = amplified Bitcoin (equity) + digital credit (to enhance/catalyze amplification).
- Management reiterates the objective to double Bitcoin per share over the next ~7 years.
- They expect a bull market dynamic to re-accelerate: mNAV expansion (they cite historical bull-cycle medians) and stronger equity amplification as credit sales/residual effects come back online.
- Growth framing: through this cycle they claim they expanded BTC holdings far more than prior bull markets (e.g., ~132k BTC previously → ~848k BTC now), with emphasis that 0% BTC encumbered by their debt/preferreds in this period (contrasting with prior cycles).
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$-28.52
120% downside
Current Fair Value
120% downsideOvervalued by 120% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $52.52 Billion |
|---|---|
| Enterprise Value | $51.17 Billion |
| Earnings per Share | $-13.89 |
| Beta | 3.57 |
| Outstanding Shares | 400,148,000 |
Return
| Return on Equity | -46.88% |
|---|---|
| Return on Assets | -27.55% |
| Return on Invested Capital | -10.28% |
Valuation & Multiples
| P/E Ratio | -2.27 |
|---|---|
| PEG | 0.52 |
| Price to Sales | 142.54 |
| Price to Book Ratio | 1.26 |
| Enterprise Value to Revenue | 103.35 |
| Enterprise Value to EBIT | -9.56 |
| Enterprise Value to Net Income | -4 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.01 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$20.19
Consensus analyst estimateRevenue Estimate
$127.76 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$24.90
Consensus analyst estimateRevenue Estimate
$128.32 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.21, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2080▼ 96.16% |
|---|---|
| Total Calls | 1,612,325▼ 97.53% |
| Total Puts | 335,300▼ 99.56% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.76%▼ 59.80% |
|---|---|
| Total Invested | $919.36M▼ 95.00% |
| Investors Holding | 379▼ 635.00% |
About Microstrategy Inc.
2,396 employees
CEO: Michael Saylor
MicroStrategy is a worldwide leader in enterprise analytics and mobility software. A pioneer in the BI and analytics space, MicroStrategy delivers innovative software that empowers people to make better decisions and transform the way th...