MicroStrategy Incorporated (MSTR)财务
NASDAQ · Technology · Software - Application · 员工1,539人 · CEO Phong Q. Le
- 股价
- $130.51 -7.84%
- 市值
- $525亿
- 企业价值
- $568亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-02-04 EPS预期 $8.75
营收(TTM)–– 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)–– 对比去年同期营业利润 –
净利润(TTM)–– 对比去年同期税后,含营业外收益
自由现金流(TTM)–– 对比去年同期资本支出 –
稀释EPS(TTM)–– 对比去年同期最近4个季度之和
净现金-$8.7亿+89.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $525亿 EV $568亿
- 营收
- – 过去12个月
- 营收增速
- +5% FY2026年一致预期
- 净利润率
- – 净利润 / 营收,TTM
- P/E
- -2.3× 预期 -6.9×(FY2026)
- P/S
- 106.1× 股价 / 营收,TTM
- EV / EBITDA
- -12.1× TTM
- 自由现金流
- – 过去12个月
- 净利润
- – 过去12个月
- 营收预期
- $4.99亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $1.26亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收低于预期1.8%,EPS 超预期121.6%营收$1.25亿,预期$1.28亿(-1.8%);EPS $44.75,预期$20.19(+121.6%)。
- 净债务 $8.7亿现金 + 短期投资 $59.1亿,含租赁债务 $67.8亿;一年前净债务 $81.7亿。
上一季度:Q3 '26
截至2026-10-25的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1.25亿 | – | – |
| 毛利率 | 71.5% | – | – |
| 营业利润 | $209亿 | – | – |
| 营业利润率 | 16,670.9% | – | – |
| 净利润 | $195亿 | – | – |
| 稀释EPS | $44.75 | – | – |
| R&D | $2410万 | – | – |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1.25亿 | $1.28亿 | -1.8% |
| EPS(一致预期口径) | $44.75 | $20.19 | +121.6% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Product Licenses And Subscription Services | $6650万 | +38.6% | 50.0% | $2.98亿 | – | |
| Maintenance | – | – | – | – | – | |
| Subscription And Circulation | $6290万 | +54.0% | 47.2% | $2.19亿 | +59.4% | |
| License | $367万 | -48.9% | 2.8% | $3440万 | -15.7% | |
| Technology Service | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| North America | $6840万 | +4.7% | 55.9% | $2.81亿 | +8.0% | |
| E M E A | $4250万 | +7.7% | 34.7% | $1.72亿 | +8.9% | |
| Other Regions | $1150万 | +18.0% | 9.4% | $4520万 | +2.3% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '24分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Software Business | – | – | -$1850万 | – | – | – | – |
| Corporate (unallocated) | – | – | -$4.14亿 | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 自由现金流
- –
- 股东回报 / FCF
- –
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | -2.3× | 20.1× 5年中的1年 | 20.1× – 20.1× |
| EV / EBITDA | -12.1× | – | – |
| EV / 营收 | 114.7× | 57.4× | 8.0× – 135.9× |
| 股价 / FCF | -2.4× | – | – |
| 股价 / 净资产 | 0.8× | 3.4× 5年中的4年 | 0.9× – 5.6× |
| FCF收益率 | -41.4% | -35.3% | -50.5% – -17.9% |
| 投入资本回报率 | 11.7% | -14.5% | -60.9% – 8.9% |
| 净资产收益率 | -26.0% | 67.0% | -54.7% – 383.6% |
分析师
一致目标价 $248.55 (+90.4%)
区间 $155.00 – $435.00 · 评级 Buy
强烈买入0
买入18
持有8
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4.99亿 | +4.6% | -$19.01 | -24.8% | -6.9× | 8 |
| FY2027 | $5.12亿 | +2.6% | $20.91 | +210.0% | 6.2× | 6 |
| FY2028 | $5.27亿 | +2.9% | $22.71 | +8.6% | 5.7× | 3 |
| FY2029 | $4.76亿 | -9.6% | $100.57 | +342.9% | 1.3× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Strategy Inc在近期10-Q / 10-K文件中标记的全部289项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| -$83.2亿 | $140亿 | -159.2% | – | – | – | |
| $1560万 | $1800万 | -13.1% | – | – | – | |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.24亿 | $1.18亿 | +5.0% | $2.06亿 | $1.81亿 | +13.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $296万 | $295万 | +0.2% | $335万 | $219万 | +52.9% |
| Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $0 | – | – | $0 | – | – |
| Accrued Income Taxes, Current | $180万2025-12-31 | $950万 | -81.1% | $180万 | $950万 | -81.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.18亿2025-12-31 | $1.33亿 | -11.7% | $1.18亿 | $1.33亿 | -11.7% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$520万2025-12-31 | -$1540万 | +66.2% | -$520万 | -$1540万 | +66.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$843万 | -$502万 | -68.0% | -$517万 | -$1540万 | +66.4% |
| Additional Paid in Capital, Common Stock | $461亿 | $312亿 | +47.9% | $378亿 | $204亿 | +85.2% |
| Amortization of Debt Issuance Costs | $612万 | $640万 | -4.3% | $2540万 | $1530万 | +65.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1430万 | $1570万 | -9.4% | $5420万 | $7420万 | -27.0% |
| Assets | $526亿 | $648亿 | -18.9% | $616亿 | $258亿 | +138.5% |
| Assets, Current | $26.7亿 | $2.13亿 | +1,150.2% | $25.6亿 | $2.52亿 | +916.2% |
| Billed Contracts Receivable | $1.27亿 | $1.21亿 | +4.9% | $2.09亿 | $1.83亿 | +14.0% |
| Capitalized Computer Software, Additions | – | – | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $7930万2025-12-31 | $4830万 | +64.2% | $7930万 | $4830万 | +64.2% |
| Cash and Cash Equivalents, at Carrying Value | $17.1亿 | $5010万 | +3,317.2% | $23亿 | $3810万 | +5,937.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $17.1亿 | $5210万 | +3,187.2% | $23亿 | $3990万 | +5,673.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4.96亿 | -$1010万 | -4,793.9% | $22.6亿 | -$878万 | +25,891.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$82.2亿 | $100亿 | -182.0% | -$38.4亿 | -$11.7亿 | -227.9% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $1330万 | – | – | – | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $700万 | – | – | – | – | – |
| Contract with Customer, Liability, Current | $2.23亿 | $2.14亿 | +4.0% | $2.72亿 | $2.38亿 | +14.3% |
| Contract with Customer, Liability, Noncurrent | $326万 | $420万 | -22.4% | $545万 | $497万 | +9.7% |
| Contract with Customer, Liability, Revenue Recognized | $7820万 | $7150万 | +9.4% | $2.43亿 | $2.25亿 | +7.8% |
| Convertible Preferred Dividends, Net of Tax | $0 | $1680万 | -100.0% | – | – | – |
| Cost of Goods and Services Sold | $4080万 | $3580万 | +14.2% | $1.49亿 | $1.29亿 | +15.4% |
| CryptoAssetCost | $639亿 | – | – | $504亿 | $280亿 | +80.3% |
| CryptoAssetFairValue | $497亿 | – | – | $589亿 | $239亿 | +146.2% |
| CryptoAssetNumberOfUnits | 846,000 Bitcoin | – | – | 672,500 Bitcoin | 447,470 Bitcoin | +50.3% |
| CryptoAssetPurchase | $64.2亿 | $67.7亿 | -5.1% | $225亿 | $221亿 | +1.8% |
| CryptoAssetSale | $8320万 | $0 | – | $0 | $0 | – |
| CryptoAssetUnrealizedLossOperating | $145亿2026-03-31 | $59.1亿 | +144.8% | $54亿 | $0 | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.4万 | -$520万 | +100.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $542万 | $537万 | +0.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $615万 | $23.8万 | +2,483.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $70.8万 | $7.2万 | +883.3% |
| Custody Fees | $424万 | $488万 | -13.1% | – | – | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $7.36亿 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Current | $7.36亿 | – | – | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$11.2亿 | -$5.05亿 | -120.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $182万 | -$12.3万 | +1,576.4% |
| Deferred Income Tax Assets, Net | $511万 | $572万 | -10.5% | $451万 | $15.3亿 | -99.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$16.8亿 | -$7.68亿 | -119.3% |
| Deferred Income Tax Liabilities, Net | $136万 | $58.7亿 | -100.0% | $19.3亿 | $40.7万 | +473,230.2% |
| Deferred Income Taxes and Tax Credits | -$14万 | $39.8亿 | -100.0% | -$16.8亿 | -$7.76亿 | -117.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$5.7亿 | -$2.62亿 | -117.1% |
| Deferred Tax Asset, Interest Carryforward | $3630万2025-12-31 | $2500万 | +45.4% | $3630万 | $2500万 | +45.4% |
| Deferred Tax Assets, Capital Loss Carryforwards | $2440万 | – | – | – | – | – |
| Deferred Tax Assets, Deferred Income | $102万2025-12-31 | $90.2万 | +13.2% | $102万 | $90.2万 | +13.2% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.12亿2025-12-31 | $8840万 | +27.2% | $1.12亿 | $8840万 | +27.2% |
| Deferred Tax Assets, Gross | $5.3亿2025-12-31 | $15.6亿 | -65.9% | $5.3亿 | $15.6亿 | -65.9% |
| Deferred Tax Assets, Net | – | – | – | $15.2亿2024-12-31 | $7.57亿 | +101.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.29亿2025-12-31 | $15.5亿 | -65.9% | $5.29亿 | $15.5亿 | -65.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3.27亿2025-12-31 | $2.31亿 | +41.6% | $3.27亿 | $2.31亿 | +41.6% |
| Deferred Tax Assets, Other | $672万2025-12-31 | $185万 | +262.4% | $672万 | $185万 | +262.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $1430万2025-12-31 | $629万 | +127.0% | $1430万 | $629万 | +127.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $526万2025-12-31 | $520万 | +1.2% | $526万 | $520万 | +1.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-02