MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock

STRF

Software - Application · Technology

Price

$96.11

+1.18 (+1.24%)

Market Cap

$28.55B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+193.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 100.2M (2021) → 294.0M (2025)

STRF is a perpetual preferred stock offering a fixed 10% annual dividend on a $100 stated amount, with dividends paid quarterly in cash. The stock is designed to provide income-focused investors with a high-yield investment linked to MicroStrategy's significant Bitcoin assets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-132.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$94M/ year

↓ Declining (-21% vs prior year)

19.7% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

MicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

67.1%

Premium pricing power — 67.1% gross margin

Operating Margin

-12.0%

Losing money on operations — -12.0%

ROCE

-0.0%

Weak — -0.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+6.8%

Slow sales growth (6.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-4344.3%

Burning cash (-4344.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.18

Conservative — low debt load (0.18)

Interest Cover

9.30x

Comfortably covers interest (9.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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