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The latest data point for MSTR's EV/EBITDA ratio in Q1'26 stands at -3194.28, indicating a severe negative valuation multiple that suggests significant operational losses or market distortions relative to enterprise value. This marks a sharp deterioration from the prior quarter's -9.06 in Q4'25, highlighting potential volatility in the company's fundamentals. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited high volatility, starting at -48.42 in Q2'23 and fluctuating through negative territory, with a notable low of -274.42 in Q4'23 and a brief positive shift to 17.20 in Q2'25 before declining again. The overall trend shows persistent negativity, with an inflection point toward improvement in early 2025 that reversed dramatically by Q1'26, underscoring unstable earnings performance and potential risks for investors relying on this metric.