As of Q4'25, MicroStrategy's ( MSTR ) latest Price-to-Book ( P/B ) ratio stands at 0.88, marking a significant decrease from previous quarters. This value reflects a continued downward movement in the company's P/B ratio over the most recent period. From Q1'23 to Q4'25, the P/B ratio for MSTR exhibited notable volatility, initially rising from 8.99 in Q1'23 to a peak of 13.13 in Q3'24 before entering a sharp decline. After Q3'24, the ratio fell rapidly, dropping to 4.72 in Q4'24 and continuing downward to 0.88 by Q4'25. This trend suggests a substantial contraction in market valuation relative to book value, especially pronounced in the last year of the period.