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MicroStrategy MSTR Return on invested capital

Return on invested capital at other companies

International Business Machines logo
International Business MachinesIBM
13.2%+4.1pp
Salesforce logo
SalesforceCRM
10.5%+0.8pp
Oracle logo
OracleORCL
30.6%+13.6pp
Blackrock logo
BlackrockBLK
10.9%
Coinbase Global, Inc. logo
Coinbase Global, Inc.COIN
12.6%-191pp
Snowflake logo
SnowflakeSNOW
-326.9%-476pp

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 trailing twelve months.

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 return on invested capital?
MicroStrategy (MSTR) reported return on invested capital of 5.8% in Q3 2025.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.