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    Strive (ASST) Issues Preferred Stock As Valuation Looks About Right

    Simply Wall St·10/16/2026 11:34:02
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    Strive (ASST) has just completed a $630 million fixed income offering of 15.00% Perpetual SATS Preferred Stock, a callable senior preferred security that now sits alongside the common stock in the capital structure.

    Strive’s common stock has been volatile around this capital raise, with a 1-day share price return of 3.93% at a US$25.65 close, offset by a 7-day share price decline of 9.14%. However, a 90-day share price return of 116.27% and a 1-year total shareholder return of 42.50% point to strong recent momentum, despite a weaker 3-year total shareholder return, which is down 28.85%.

    Compare Strive’s preferred issuance with other balance sheet focused plays by scanning our curated list of list of solid balance sheet and fundamentals (25 results) that investors are watching around fixed income style opportunities.

    Strive’s preferred deal reshapes both the risk profile and income mix for new money. After this rally and volatility, does the current valuation still compensate buyers for that extra layer of complexity?

    Price-to-Book of 3.4x: Is It Justified For Strive?

    Valuation on Strive now hinges on what investors are willing to pay for its equity relative to book value, with the stock trading on a P/B of 3.4x at a last close of $25.65 while peers and the broader US Medical Equipment group sit at different levels.

    The price to book multiple compares the market value of the equity to the accounting value of net assets. For an asset manager that is still loss making and reports a net loss of $975.46 million on revenue of $8.50 million, investors often lean on P/B when earnings based metrics do not yet tell a clean story.

    Against direct peers that are referenced in the analysis, Strive is described as good value, with its 3.4x P/B sitting below a peer average of 6.7x. That gap suggests the market is assigning a lower pricing multiple to the balance sheet than similar businesses, which some investors might view as a relative discount for the same dollar of equity.

    The comparison shifts once you widen the lens to the US Medical Equipment industry, where the average P/B is 2.5x. On that yardstick Strive screens as more expensive, since the 3.4x multiple is meaningfully higher than the sector level. The tension between looking cheap versus immediate peers but expensive versus the industry as a whole is central to how investors might judge whether the preferred issuance and rapid share price moves are already reflected in today’s tag.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 3.4x (ABOUT RIGHT)

    Still, Strive carries clear pressure points, including a reported net loss of $975.46 million and a 3-year total shareholder return that declined 28.85%.

    Find out about the key risks to this Strive narrative.

    Next Steps

    Mixed signals around Strive can feel confusing, especially with both risks and rewards on the table. Act quickly, review the data for yourself, then weigh the 2 key rewards and 4 important warning signs.

    Looking for more Strive sized investment ideas?

    If Strive has you rethinking where to put fresh cash, use this moment to scan other opportunities before the next wave of prices moves without you.

    • Target resilient returns by reviewing a curated 32 resilient stocks with low risk scores that filters for businesses with steadier profiles when markets start to feel jumpy.
    • Hunt for mispriced quality using the 33 high quality undervalued stocks that spotlights companies with solid fundamentals trading below what their financials might suggest.
    • Flag income opportunities early by scanning a focused 8 dividend fortresses built around higher yielding stocks that still pass key balance sheet and payout checks.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.