Composer: Freddie Mercury
Album: Queen II
Meter: 4/4
Key: F-Major

Intro | Verse | Verse' - Outro |

This song is the first Mercury-composed piano ballad in the Queen canon. It is a relatively (for Queen standard) simple song hence the analysis will be short. The harmony stays firmly in F-Major, with minimal chromatic content. The form lacks a contrasting Bridge on the other hand we have an extension in the second Verse. The phrasing is often not foursquared.
There is no percussive instrument in the mix and guitar either (?), the tempo changes several times. Oddly for Queen the song is free from any syncopations. Interesting similarity with May's piano ballad "Dear Friend" the two-verse form, predominantly diatonic harmony, and syncopation free rhythm.

Consider that in the vinyl era the listeners did not know where exactly the border between Masterstroke and the segued Nevermore is except the slight change in the stereo mixing. This split position results in the latter song getting a more "compact" sounding intro without any sound leaked from the preceding track. It is two measures long, with the repetition of a one measure pattern. Its arpeggio pattern was introduced six measures long in the Outro of "Masterstroke" with slight modifications.

| F    | -    |
| I    | -    |

The first Verse is 13 measures long with 4+3+4+2 phrasing. The last two measure phrase serves as intro for the second Verse.

| F    | Dm   | C    | Bb  F |
| I    | vi   | V    | IV  I |

| F    | Dm   | Am   |
| I    | vi   | iii  |

| Bb F | Bb F | G    | C  7 |
| IV I | IV I | V/V  | V    |

| F    | -    |
| I    | -    |

The second phrase start the same as the first. Similar technique can be observed in some other Queen song eg. in "Killer Queen" ("She keeps ... Antoanette"). Simple backing vocal harmonies are sung in m.6-7. The third phrase starts with double speed harmonic rhythm. The section closes with a strong chain of fifths.  

The second Verse, has more overdubs: piano (m.3), the same vocal harmonies in m.6-7, then oscillating "nevermore" harmonies in m.8-9, then more "aaah" harmonies until m.18, then lead-harmonizing "nevermore" harmonies. Bass enters in m.10.
From m.12 the music is altered. The climactic fourth phrase is speeding up a bit (also the harmonic rhythm), then slowing down for the next phrase with only "aaah" harmonies. Then we have two "nevermore" phrases with plagal cadence. Bass plays its lass notes in m.21. The last two measure phrase features the opening piano hook developed into a simple ending.

| A7   | Dm Bb | Am   | -    |
| V/vi | vi IV | iii  | -    |

| Dm7  | /C   |
| vi   | -    |  

| Bb   | -    |
| IV   | -    |

| F    | -    |
| I    | -    |

| F    | -    |
| I    | -    |