# Strategy CDR (CAD Hedged) (MSTR.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Technology / Software. Price C$9.20, market value C$78.1 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Strategy CDR (CAD Hedged) reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 156.8×**. Each dollar of revenue is priced at 156.8×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: -27.8%** (5-yr avg -38.3%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 67.6%**. Strategy CDR (CAD Hedged) keeps 67.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -8.1%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -806.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -7.5%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -0.1%**. Return on all capital, debt included, is -0.1%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -49.3%**. Each dollar of assets produces -49.3% of profit.

## Growth
- **Revenue growth (1 yr): 3.0%** (3-yr -1.5%/yr). Revenue grew 3.0% over the last year.

## Financial health
- **Debt to equity: 0.16**. Debt is 0.16 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Strategy CDR (CAD Hedged) holds more cash than debt.
- **Current ratio: 5.62** (quick 5.62). Current assets cover the next year's liabilities 5.62 times.
- **Altman Z-score: 5.47**. A Z-score of 5.47 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Strategy CDR (CAD Hedged) does not currently pay a dividend, but it returned -19.0% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -50.3%** (YTD -16.3%, 3-mo 39.1%). The shares are down 50.3% over twelve months including dividends.
- **From 52-week high: -48.9%** (64.0% above the low). Trading 49% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 40**. An RSI of 40 is neutral.
- **Beta (1 yr): 2.38** (volatility 84%). Beta of 2.38 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MSTR.TO · Page: https://foliofundamentals.com/stocks/mstr.to

Not investment advice.