Strategy price to free cash flow MSTR

Market value divided by free cash flow over the last twelve months, since 2012.

Today, Oct 23, 2026: n/m; not a meaningful number
Last meaningful: 125×; Feb 2023
10-year median: 40.1×
10-year range: 18.2× to 410×
Peer median: 18.2×

Strategy's price to free cash flow is not a meaningful number today: free cash flow over the last twelve months was zero, negative or not reported.

It was last meaningful in Feb 2023, at 125×.

On the days it had one over the last ten years, its median was 40.1×, from 18.2× in Feb 2017 to 410× in Apr 2019.

Price to free cash flow over time

median 40.1×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2023	125×	82.6×	147×
2022	72.9×	26.2×	143×
2021	50.6×	50.6×	275×
2020	103×	19.2×	103×
2019	53.2×	31.8×	410×
2018	31.5×	19.3×	32.2×
2017	23.9×	18.2×	26.3×
2016	19.0×	12.4×	19.4×
2015	17.3×	16.3×	109×
2014	98.5×	27.1×	140×
2013	139×	34.7×	144×
2012	34.9×	32.2×	459×

Against its peers

Companies in Software - Application nearest Strategy's size, closest first, today.

Company	Price to free cash flow
MSTRStrategy	n/m
TEAMAtlassian	43.7×
ADSKAutodesk	18.6×
VEEVVeeva Systems	n/m
WDAYWorkday	17.8×
ROPRoper Technologies	16.5×
APPAppLovin	n/m
CDNSCadence Design Systems	51.9×
INTUIntuit	10.6×
DDOGDatadog	81.9×
ADBEAdobe	9.7×
Peer median	18.2×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Strategy

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.