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EV / sales at other companies

International Business Machines logo
International Business MachinesIBM
4.3×-0.4×
Salesforce logo
SalesforceCRM
4.2×-2.5×
Oracle logo
OracleORCL
6.4×-3.5×
Blackrock logo
BlackrockBLK
-1.3×
Coinbase Global, Inc. logo
Coinbase Global, Inc.COIN
6.5×+1.5×
Snowflake logo
SnowflakeSNOW
-4.3×

Other financials

Income statement

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Revenue$124.3M+11.9%
Gross profit$83.4M+8.1%
Operating income-$14.5B-144%
Net income-$12.5B-197%
EPS (diluted)-$38.25-132%

Balance sheet

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Cash & equivalents$2.2B+3,561%
Total debt$8.3B+0.8%
Total equity$36.7B+13.8%
Total assets$54.3B+23.6%

Cash flow

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Operating cash flow$14.0M+686%
CapEx$952.0K-65.2%
Free cash flow$13.0M+354%

Valuation

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Market cap$41.39B-60.7%
Enterprise value$47.44B-40.9%
P/S86.5×+54.6×

Profitability

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Gross margin72%-3.6pp
Operating margin518.9%
Net margin1,663.1%+1,587pp

Returns & leverage

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Return on equity28.2%+20.4pp
Debt / equity0.2×0.0×
Current ratio6.1×+5.4×

Where this comes from

Calculated from MicroStrategy’s reported figures.

Based on the most recent quarter.

The official record: MicroStrategy’s 10-Q, filed November 3, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is MicroStrategy's EV / sales?
MicroStrategy (MSTR) reported EV / sales of 209.2× in Q3 2025.
How has MicroStrategy's EV / sales changed year-over-year?
MicroStrategy's EV / sales increased by 163.2% year-over-year, from 79.5× to 209.2×.
What is the long-term trend for MicroStrategy's EV / sales?
Over 4 years (2021 to 2025), MicroStrategy's EV / sales has grown at a 188.4% compound annual growth rate (CAGR), from 9.7× to 673.7×.
What does EV / sales mean?
What the whole business costs relative to its annual sales.
How do you interpret EV / sales?
A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?
Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.