Strategy annual debt-to-equity ratio
2018
2019
2020
2021
2023
2024
2025
Strategy Debt-to-Equity Ratio Growth & History (MSTR)
Strategy's debt-to-equity ratio was 0.19 for fiscal 2025.
View full Strategy company overviewStrategy annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.19 | −0.05 | −20.23% |
| 2024 | 2024-12-31 | 0.23 | −0.81 | −77.49% |
| 2023 | 2023-12-31 | 1.04 | — | — |
| 2021 | 2021-12-31 | 2.29 | 0.99 | +75.64% |
| 2020 | 2020-12-31 | 1.30 | 1.08 | +486.40% |
| 2019 | 2019-12-31 | 0.22 | 0.22 | — |
| 2018 | 2018-12-31 | 0.00 | — | — |
Strategy quarterly debt-to-equity ratio
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.22 | 0.05 | +26.71% |
| Q1 2026 | 2026-03-31 | 0.23 | −0.03 | −11.41% |
| Q4 2025 | 2025-12-31 | 0.19 | −0.05 | −20.23% |
| Q3 2025 | 2025-09-30 | 0.16 | −0.97 | −86.11% |
| Q2 2025 | 2025-06-30 | 0.17 | −1.20 | −87.44% |
| Q1 2025 | 2025-03-31 | 0.25 | −1.25 | −83.13% |
| Q4 2024 | 2024-12-31 | 0.23 | −0.81 | −77.49% |
| Q3 2024 | 2024-09-30 | 1.13 | −1.53 | −57.55% |
| Q2 2024 | 2024-06-30 | 1.38 | −1.36 | −49.68% |
| Q1 2024 | 2024-03-31 | 1.51 | −3.55 | −70.20% |
| Q4 2023 | 2023-12-31 | 1.04 | — | — |
| Q3 2023 | 2023-09-30 | 2.67 | — | — |
| Q2 2023 | 2023-06-30 | 2.74 | — | — |
| Q1 2023 | 2023-03-31 | 5.06 | 2.24 | +79.20% |
| Q1 2022 | 2022-03-31 | 2.82 | −2.13 | −42.96% |
| Q4 2021 | 2021-12-31 | 2.29 | 0.99 | +75.64% |
| Q3 2021 | 2021-09-30 | 4.84 | 4.59 | +1870.38% |
| Q2 2021 | 2021-06-30 | 28.83 | 28.61 | +13347.33% |
| Q1 2021 | 2021-03-31 | 4.95 | 4.73 | +2177.53% |
| Q4 2020 | 2020-12-31 | 1.30 | 1.08 | +486.40% |
| Q3 2020 | 2020-09-30 | 0.25 | 0.02 | +10.43% |
| Q2 2020 | 2020-06-30 | 0.21 | −0.02 | −8.24% |
| Q1 2020 | 2020-03-31 | 0.22 | −0.02 | −10.23% |
| Q4 2019 | 2019-12-31 | 0.22 | 0.22 | — |
| Q3 2019 | 2019-09-30 | 0.22 | — | — |
| Q2 2019 | 2019-06-30 | 0.23 | — | — |
| Q1 2019 | 2019-03-31 | 0.24 | — | — |
| Q4 2018 | 2018-12-31 | 0.00 | — | — |
Strategy debt-to-equity ratio trends
Over the last five fiscal years, Strategy's debt-to-equity ratio decreased from 1.30 to 0.19, a change of −1.12. The latest reported quarter, Q2 2026, shows 0.22.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Strategy source filings ↗Community posts
Strategy doubles preferred-securities buyback authorisation to $2 billion
Strategy’s ($MSTR) board increased its digital credit securities repurchase authorisation from $1 billion to $2 billion, including purchases already made. The programme covers preferred securities, not MSTR common shares. The accompanying w ...